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going to School 2 would put us roughly $63000 in debt
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<p>First, be fair. Your parents offered you $120K for college. Most CC kids would do the 1000 mile dash for that kind of gift. Be grateful and be real. If you want Pomona--it's not a matter of convincing your parents--or putting pressure on them to 'loan' you extra money. If you want Pomona--you need to figure out a way to whittle that debt load down to $30k all in.</p>
<p>Personally, I wouldn't want to bank on the law school salary when you're not actually entering law school, Lux. Pomona for an English major is much different than say, MIT for an engineering degree. Borrowing $100K for a BA from Pomona is nuts. </p>
<p>Secondly, start looking at what kind of study abroad opportunities you could do at UT. Pomona is nice--but what if you could do a semester at HEI in Geneva, a semester at Oxford and a semester travelling to large Thrid World Cities (interesteddad's D did this program in the fall). Can you negotiate with UT for three semesters abroad instead of two? On their nickel?</p>
<p>Wouldn't those experiences make you a better law school candidate? </p>
<p>I think they might (lawyers feel free to chime in). I also think UT offers a better prospective client base if you plan to return to Texas to practice law.</p>
<p>calmom stating that the "get out of Texas factor" is worth $100k is rather ironic, considering that the area surrounding Pomona is largely a hot, smoggy suburban wasteland... I think plenty of folks would trade the Inland Empire for Austin in a heartbeat.</p>
<p>On a more substantive note, are we talking about Plan II honors here, or another UT honors program?</p>
<p>Don't debate the issue one minute further. You have received excellent advice so far. I will add one more piece that was passed down to me.</p>
<p>Learn, Remember, and Live the "Rule of 72". </p>
<p>Take the number 72, divide it by the interest rate you can earn at your local bank right now. That is how many years it will take for your money to double.</p>
<p>Example: Current interest rate of 5%. 72 divided by 5= 14.4. 14.4 years for your money to double!</p>
<p>$100,000 becomes $200,000 in 14.4 years, when you are 35! That money will be waiting for you when you want it to buy a house, or:</p>
<p>$400,000 dollars will be waiting for you when you are 50! Your kids can go to any school they can get into, no worries, or;</p>
<p>$800,000 will be there when you are 65! </p>
<p>Dream about that! This is all in addition to what you earn on your own. Go hug your parents and put Pomona way out of your thoughts.</p>
<p>Luxor....just a note. That $6000 you have in your name has no asset protection. That means that for the first year, you will use about 2000, leaving 4000. The second year you will use 33% of that and so forth. </p>
<p>I think this is a family decision. If it's possible to make it work for the family, then go for it.</p>
<p>Most studies I have seen show that the finanicial difference between the cost of a good in-state public school and a costly private one will not usually be recovered by the post-educational opportunities. In other words, the $100K additional (and lost income generation it might provide) will not be made up for by increased salary and other opportunities that might arise by going to Pamona (if, indeed, there are any at all).</p>
<p>That said, then, you must decide if the $100K is worth the enhanced experience you think you will receive at Pamona. Others have pointed out the other kinds of experiences that you might get for yourself with the $100K--are they equivalent to 4 years of (what you hope will be) a really stimulating college experience?</p>
<p>Before you decide, consider whether or not you think you could create a just-as-satifying (or almost-as-satisfying) experience at UT. UT is a really big place with lots of resources and I am sure it would be very misleading to generalize about the experience you will have there. With some likelihood, a really satisfying and high-quality experience can be found there for you if you are willing to look for it. At Pamona, you will probably have to work less hard to find it. The improved chances of finding what you seek - without guarantee - is really what your $100K is buying you.</p>
<p>It might sound like I am encouraging you in one direction. I am not: for myself in the same situation, I would choose Pamona. But that would be largely because I would have doubts about my own ability to find the same (or nearly, or better!) at UT, even though I am sure it is there. You might not share those doubts.</p>
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Xiggi, it is that detailed financial analysis that make me feel that it is worth exploring options.
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<p>Calmom, let's mark our mutual calendars. I AGREE WITH YOU! TADA!</p>
<p>I believe that the OP should take his time and play with all the numbers. That is so much better than simply following a gut feeling. Fwiw, I hope he's still holding onto his guaranteed Honors' dorm at UT. </p>
<p>In the end, he is the only one who can make the decision. All of us would follow our "small" bias. For instance, my "get out of Texas" factor was extremely small. Right now, it's more like "Love it here, will stay here for a bit more, but would not mind going back." The land of fruits and nuts is very, very nice, but there are also too many fruits and nuts. :)</p>
<p>Thanks for the advice, everyone! I'm still mulling it over, I'll probably talk some things over with my parents tonight. Calmom's right, the 'get out of Texas' factor is definitely a presence for me, but I won't let it govern my decision (there's always grad school and my entire life for that, after all).</p>
<p>And Art, we're talking a double major in Business Honors and Plan II, so you were half right.</p>
<p>I am aware, mini, but that's not a major (haha pun) concern to me. I'm not sure what I want to do with my life (I'm not one of those kids who's decided where he wants to be when he's 40), so I'm just looking for majors which will open the most doors for me.</p>
<p>I just searched for and read Evil Robot's post about choosing Vanderbilt over another, more expensive school. It was very eye opening, thanks for the reference xiggi.</p>
<p>I am probably revealing my Texas-centric bias here, having spent almost a third of my life in and around Austin, but getting into BHP and Plan II is an amazing accomplishment, and I don't think you could give yourself any better opportunities by going to Pomona (and perhaps may foreclose some through the financial difference). Plan II has a great track record of landing its students in top graduate and professional programs, and the entering statistics of it students rival or surpass any top LAC, including Pomona. I would say, "Don't go (further) west, young man!" </p>
<p>"And Art, we're talking a double major in Business Honors and Plan II, so you were half right."</p>
<p>Haha, I got the two schools and the two programs right! :)</p>
<p>The OP mentioned being admitted "into their most exceptional honors programs." and I believe that there are least two that deserve that qualification.</p>
<p>I really, really like Plan II. It is an exceptional program that is respected everywhere that counts. It is almost good enough for me not to throw up at the sight of Burnt Orange. Not quite, but almost. It's that good. ;)</p>
<p>Quick update: I just wanted to let you all know that, after talking it over with my parents, and considering what I'd get from each school, I've decided that UT-Austin was the route best traveled. Thanks for all the advice and support! I'll come back some time and let you know if I made the right decision.</p>
<p>Good job making a quick decision, Lux. Congrats on putting such a great option on the table for yourself. I'll be amazed if you don't absolutely LOVE UT.</p>