How much would you need to borrow for the cheapest?
If you are $80K or $100K or not sure how much you are talking in debt, that could strangle you.
Don’t forget, we’re in an inflationary environment - and tuition and other costs are likely to rise each year. One school already announced a 9% hike (Elon).
Also, interest rates are going to be raised at least several times b4 you start and I’m not sure if you’ll have a variable or fixed rate loan - but you’ll have added cost there too.
So I think simply saying - I’ll borrow money (if you even can above the $5500) - is a dangerous thing to say - if - you need to borrow substantially - and I’m not sure if that’s the case - hard to tell.
But I would recommend that if you have to borrow the bulk of the amount for any of these schools, then you should reset and find much cheaper schools - and depending on your stats (GPA, ACT/SAT) they’re out there even at this late date.
If your borrowing is limited to a small amount, it’s different.
YOU the student can borrow $5500 in your name only for your freshman year. Anything above that amount in loans will require either a qualified cosigner, or your parents will need to take the loans.
What folks are asking is…can or will your parents assume these loans? How much can they contribute annually without taking loans.
And again I ask…do you have any truly affordable acceptances? These all sounds like stretches financially from what you have written here.
I do hope you have some affordable acceptances. If not, you can consider a gap year, and applications for fall 2023 to places that are affordable for your family.
Or and everyone hates when I say it - but if you have a 3.5 and a decent ACT - 30+, you can still get into U of Alabama for cheap. Or UAH for a mid size. And if you have a 3.9 UW - no test score needed - for U of Arizona for cheap.
Cheap is relative - but depending on your #s - $20K or even less depending on GPA/Scores which I assume have to be good to have gotten into UR and Umass Honors.
It’s likely too late for Honors but both are your typical, solid state flagships (a la UMASS).
What’s unweighted. That will be under $20k at Bama. If unweighted a 4 will be $16-18k at Arizona. A 3.9 add $5k.
UAH cheap for mid size.
I’m sure there are other dirt cheap you can apply to. This is just three I’m mentioning.
For kids who have financial constraints, they should always, in my opinion, include a guaranteed affordable school in their set.
Not sure we yet know what OP can or can’t afford but sounds like budget or level of debt were never discussed when that is the first thing that should be discussed.
If the student has significant need than hopefully UR comes with a strong #. Syracuse likely won’t.
My daughter only received a small amount of merit. That didn’t change. It was need-based aid that was taken away. I thought the OP was looking at/considering both but that she didn’t get any merit from Roch. I was just weighing in on any potential need-based aid.
The question is, why apply to all these schools in the first place if you can’t afford them? Even if you manage to convince your parents to co-sign these loans to pay your tuition, you’re looking at well over $120,000 in debt. That’s financial suicide. I would scrap these schools and rethink your options, even if it means a gap year. There are most certainly better scholarships and financial aid packages out there. BTW, did you do your FAFSA? If not, then do so ASAP so you know if these schools might offer a financial aid package to make them affordable. Syracuse is a private school and might come out affordable after financial aid.
Both Rochester and Syracuse use the CSS Profile to determine awarding of institutional need based aid. The published deadlines for both have passed, but I guess it’s worth a try.
Decisions are being released about now, and that includes financial aid awards. This is a case where last minute might not work.
Just want to circle back with this. Obviously an athletic conference doesn’t mean exacts because we’ll Miss State isn’t Vandy, Dartmouth isn’t Harvard, and Pitt isn’t Duke.
But in addition to the ranking I shared which shows Rochester is in the first part of the 30s in US News, their fellow athletic conference members are
Brandeis
Carnegie Mellon
Case Western
Chicago
Emory
NYU
WUSTL
I think it’s a higher caliber school than people realize.
