<p>It the school does not meet your financial need in a way that is acceptable to you, you can CERTAINLY decline the ED acceptance. From, "ASK THE DEAN" section of the College confidential website: "Sometimes, when a family needs financial aid and is wavering on the early-decision route, we point out that there are two philosophies, and neither is the "right" one. You can decide in advance how much your family can really afford to contribute each year, and if the ED college meets that need, then you can accept an offer of admission, even if it's not the very best deal you might make. If not, you're off the hook and can politely decline without penalty."<br>
Yes, YOU CAN DECLINE THE ED OFFER, IF THE FINANCIAL AID IS NOT ACCEPTABLE TO YOU. First, however, go back to the school and see if they will sweeten the pot with some more grants, and filling the "gap". If not, say GOODBYE and don't get stuck with all those loans. :)</p>
<p>Actually, there are many different scenarios as to how outside scholarships affect the financial aid package. I often hear people complain that their scholarships were useless, because grant money was reduced by the amount of the scholarship. For most people, though, this is probably not the case. The cost of attendance, your EFC, the elements of your particular financial aid package, and the policy of the particular school regarding outside scholarships all come into play. If you have a huge unmet need that can only be filled with PLUS and similar loans, outside scholarships will probably simply serve to reduce the amount you will have to borrow. However, if your parents have a large EFC but are unable/unwilling to pay it, scholarships can actually reduce your institutional grant money. There is no way to know without contacting the financial aid office at the school & talking to them. That is what they are there for! Schools do not want students borrowing massive amounts and then defaulting --- it gets them in trouble with the government. So they DO want to be able to counsel you beforehand about the debt you are taking on. Please talk to them and make sure you are not biting off more than you can chew. There are other, less expensive options, if need be.</p>
<p>20K is not that much. I'm paying for college myself, and I live in MA so I don't really have great state schools to pick from. I'll most likely end up with 20-25k in loans each year...all for me to pay off when I graduate.</p>
<p>MLevine, I disagree with you. To have $80-100K debt after an undergraduate education is like having that albatross around your neck. For med school or other professional school where your salary level is pretty much predictable and employment prospects excellent, it's one thing, but most undergrads have trouble with $20K in debt. You are not likely to get a job paying even that much with some degrees and transcripts. You need health insurance, transportation, often a place to live ... and you have to pay back those loans. I took out what was not considered a huge burden in loans, and I can tell you that they were a hunk out of my paycheck even after I had my children. No fun paying those loans when you are looking at nursery school tuitions. You will be on ball and chain, especially if you are not going to get family help.<br>
There are kids who don't have much choice, but if there is a way to cut this down by going to less expensive schools, commuting, part time school with work, I strongly advise it, unless there is something truly special that cannot be replaced by those options. I have seen kids run up debts at schools that are not going to make one whit of a difference in job options and salaries when the could have gone to far less expensive options and that is really a mistake.</p>
<p>If loans are as bad as you say, what do you suggest to a middle-class student who has to pay for college by themself? Should they waste their hardwork and go to a state school where they will not get much scholarship anyways, just to save 40K? Doesn't seem like a great idea either. </p>
<p>College is expensive...you can't expect not to be hit up with huge loans. Plenty of people deal with the loans; they just know they won't be living the high life.</p>
<p>^^^ i hear what ur saying but i only want to end up with 10k a yr to paynot 20k.</p>
<p>Loans are not bad. It is bad for an 18 year old to go down the path where he is going to be taking $20K+ in loans each year to go to college, when the job he is most likely to get isn't going to pay that much per year when he gets out. I think a 22 year old med student is just fine taking out double that amount. He is very likely to get the loans paid since he will be very employable at a salary that can handle that debt. Most undergrad kids are not going to be making a lot of money. If the family situation is such that the kid has to take out that kind of money, the same family is unlikely to come up with help needed in starting a life after college. You need health insurance, likely clothes, office type supplies, transportation then. You also have $80K plus interest you have to pay back. You can buy a home for that kind of money in many areas. You are going to be behind the financial 8 ball. My son who went to a top 25 college is not making more than that, needs a car to get to work which involves insurance and maintenance costs, has to pay for health insurance and is barely making it, even living at home. This area is full of kids who graduated from ivy league schools and other selective colleges who are in the same boat. Some are heavily subsidized by their parents but those who are not are living hand to mouth as they learn that a 22 year old is not that marketable unless he has special skills that are in demand that the market is willing to pay him for. There may be some majors, programs, schools that are worth that kind of debt, and years of servitude to pay it, but too many kids are spending that kind of money when there is no return or the return is very small. Also if you want to go on to graduate school, or it becomes apparent that you need some extra courses to make the next step,career wise, you are not going to have the money to pay for the schooling. My son is going to be taking some classes that he feels will be helpful for his future, and even at the local state school, the cost is going to be close to $1000 this term. </p>
<p>Unless you have something that is truly considered worth that extra cost, the state school would be fine. You will not be wasting your hard work there. Also if you do well there, you may get stipends and aids to a graduate program at a school where you would not have gotten as much money as an undergrad. Or you can get into a professional program since your interest will be better defined, and be in the postion to take out loans at that time which you can justify if the program will enhance your earnings accordingly.<br>
My good friend has a step daughter who is insisting upon going to a private school that costs close to $40K. My friend and her husband are willing to pay up to $20k for her college education which would cover state school costs in two states--where she lives and where her father lives. The programs at any number of such schools would be just as effective and yield as much in jobs as the private school she wanted. SInce the mother is not able/not willing to pay much/anything, the young lady is borrowing close to $20k a year to go to this school she so wants. Not a good situation. If there were a true and clear advantage to going to that school, it would be a different story, but there is not. And making this decision wisely means, putting the emotion aside, and looking for what knowledgeable, experienced adults say about whether a program is worth the additional cost especially in form of loans that the student will take.<br>
Personally, I think the maximums that the govt has with Stafford loans is a good one to use as a guideline. For something that you really want, really think makes a difference, a $20K gap may be met by parents/child splitting the loan amount, and if the kid works several jobs overtime in the summer, he may even be able to knock the amount down. It's not like you are losing fina aid because loans in that amount are usually gap money. I don't even see how a kid would be approved for $20k a year in loans without some adult with the credit backing it.</p>
<p>"If loans are as bad as you say, what do you suggest to a middle-class student who has to pay for college by themself? Should they waste their hardwork and go to a state school where they will not get much scholarship anyways, just to save 40K? Doesn't seem like a great idea either."</p>
<p>Actually, going to a state school to save $40 k makes sense to me. </p>
<p>State schools are not hell pits from which no one ever emerges and become a success. Probably the majority of people whom most people would consider to be successes (however one measures success) would have gone to public institutions. This includes people who went to public universities for graduate and professional school.</p>
<p>I don't view attending a public institution as "wasting one's hardwork." There are plenty of smart, hard working, high achieving people at state schools, including the third tier ones. Also, just because one has worked hard and achieved at a high level doesn't mean one is owed a very high priced education.</p>
<p>if it's impossible to pay for ur ED school u don't have to go to that school</p>
<p>What's wrong with state schools? There are many great state schools out there. The University of California system is one of the best public school systems in the world, and UC Berkeley can easily challenge an Ivy. Even the lower ranked UCs make it on the top 50 list of universities. University of Texas at Austin is another fine school, as well as UIUC, Georgia Tech, and plenty of other examples.</p>
<p>There are many great state schools. Don't diss them collectively. They provide an excellent education at nearly unbeatable prices (especially if you live in-state).</p>