I applied early decision to BC because it was a comfortable fit grades wise (and I wanted the process to be over as early as possible). From what I heard from kids from my high school who went/go there, the financial aid is respectable and they even advertise “100% met need.” Anyway, BC is my dream school but I simply do not think the finances will work. The financial aid calculator made me feel pretty secure (to the point of ED1) but the extent to which property value and parental retirement savings affects the reward is obviously significant. BC essentially said, “If your parents dig into their retirement and sell the house then you can pay for almost all of it!!” The aid was skimpy despite a sibling enrolled a college and other somewhat significant factors, and I do not know whether the benefits of the “network” and connections will yield that much better of a job to which almost $300k of debt is worth it. Does anyone who goes or went there think I am making a terrible mistake? (I’m currently majoring undecided in the Carroll School of Management) The only other schools I applied to are Umass Amherst and U Miami since my counselor wouldn’t send out more transcripts due to ED1. Insights and comments are appreciated.
@johnnysins… Going into debt to the tune of $300k is not a good plan to start your college career. I’m a current BC student. Write me and l’ll give you some of my thoughts. (Off screen)
If you got into Isenberg at UMass and it’s more affordable, it’s a wonderful option. 300k debt for an undergraduate degree is definitely not worth it.
My daughter felt the same way you felt. She wanted to apply ED and if she got accepted she felt that the process would be over. But I knew that the process would not be over because of the uncertainty of the financial aid, despite using the calculator you just never know. My daughter was unhappy with my decision to not allow her to apply ED. Yes, our process is still ongoing and we are still awaiting decisions but we will have an opportunity to compare all packages. Do you have other schools that you are considering?
@johnnysins I graduated from BC many years ago. I was a marketing major and the degree from BC really didn’t give me any advantages over lesser known schools. If I had a few internships while in school it would have made a world of difference. You can get that at other schools that are less expensive. My son was accepted to BC 2 years ago and did not receive any financial aid. He was not comfortable with that amount of debt and had to turn them down. He is a sophomore at Fairfield University as an accounting major. He already had an internship last summer and looking for another for this summer. He will graduate with little or no student loans. It was the right decision for him. Good luck!
Sorry you are going thru this, I am sure it’s stressful.
It does not seem like BC is affordable…are you saying that they calculated your family’s contribution as basically full pay? What did their NPC estimate? What can/will your parents pay per year?
Regarding the loans…You can’t take out $300K in loans anyway. Students can take a max of $27K total for the 4 years of undergrad, so the rest would be on your parents. That is too much debt for you and your family.
Have you heard from UMass or UMiami yet or did you apply RD to both? Are they affordable/what do the NPCs say?
My financial aid package has me paying nearly $70k out of $78k for room and board added to tuition. For comparison, the preliminary calc I did a few weeks prior to ED1 submission was something around $50K (with everything added). Anyway, I got into umass honors college with a deans scholarship of $3000 per year and I’m still waiting on umiami. I’m projected pretty decent scholarship money from Umiami based on region and other credentials. Leaning way more in favor of Miami if I do indeed rescind my admission to BC.
Umass/ Isenberg will run you approx 120k for 4 yrs, BC is 280k approx. So in this case BC is approx. 160k more. I agree with others that leaving college with a large amount of debt is not worth it. Some extra debt at a reasonable level may be justified to go to BC over Umass, for example, a finance major may leave BC with an immediate job offer in place, whereas, the Umass grad may take 6 to 12 months to land a similar job. In that scenario that extra income out of the gate counts for something to justify the additional debt. In the long run, however, it’s what you do at your job that will matter more.
When applying ED, one must be very diligent in completing the net price calculators, most will factor in home equity and parent assets accurately. I do believe that they can however lose accuracy if your parents are self employed etc. If you filled out the net price calculator accurately and diligently and then subsequently the actual financial aid offer comes in materially different, I don’t think you should feel bad about backing out of ED, because despite your best efforts the financial situation is different than your expectation. If however there is no material difference from the aid ultimately offered and the diligently completed net price calculator, then the situation is more complicated. While I don’t recommend anyone take on more debt than you or your family can handle, it would be unfortunate if an applicant’s lack of due diligence in completing the Net price calculator took an ED spot from another potential applicant.
That being said, I don’t know the specifics of your situation, if the calculator is off, then at a minimum I would recommend calling the financial aid office at BC and explain that there is a discrepancy between the calculator vs the offered aid and see if they have any solutions
“My financial aid package has me paying nearly $70k out of $78k for room and board added to tuition. For comparison, the preliminary calc I did a few weeks prior to ED1 submission was something around $50K (with everything added).”
@johnnysins, based on your post, you were looking at close to $200 k in debt even if the net price calculator projection matched your actual aid award? It sounds like BC was not a good financial fit for you either way.
Didn’t you sign a binding commitment to attend if accepted? The high school seniors I know who applied ED1 and ED2 had to have their parent/guardian also sign the binding online form. Not sure you can turn them down? Wondering how you will do this?
Meanwhile, counselors and parents often don’t explain that BC is not a “no loan” school. They offer aid that includes a bunch of loans.
“based on your post, you were looking at close to $200 k in debt even if the net price calculator projection matched your actual aid award? It sounds like BC was not a good financial fit for you either way.”
@dtrain1027 I re-entered my information into the net price calculator yesterday, and the estimated net price was actually $36,000. Now $144k is still a lot of money to owe, but its light years better than $280k, and it’s actually cheaper than my sibling’s net tuition. Definitely gonna check back in with their financial aid office; a $35k gap in net price per year for the calculator and actuality is absurd.
If you are saying that 1) the BC financial aid award calculates your expected family contribution at $70,000 and 2) you have a sibling currently in college and 3) the net price calculator for BC says your efc is $36,000 something is wrong. Remember, the net price calculator is a useful tool, but is only as good as the information provided. BC does consider home equity but not retirement accounts. The calculation of “demonstrated need” is made by the school, not the applicant. You should make sure there wasn’t a mistake, but the levels of debt you are talking about (whether $150k or $280k) don’t make sense for an undergraduate degree.
This is why BC shouldn’t have gone exclusively ED and should have kept EA the way Villanova, Fordham and Northeastern do. How many of these kids are gonna renege based on financial aid?
The yield on ED admissions at peer schools is in the 98-99.5% range so not many will “renege” based on financial aid.
You can get out of ED commitment if the Financial aid is not sufficient, and is different from initial estimates.
It is not clear if you have already appealed to BC FA office, regarding the vast difference in estimates, and they did not agree ?
It is not worth it to take out a huge loan for an undergraduate degree.
It doesn’t even have to be different from initial estimates. If you believe the actual FA offer is unaffordable, you can be released from the commitment.
We understand your predicament. Families of moderate or middle income with home equity built over many years can get hit hard with expected contributions. It’s a conundrum. The asset is real on paper, and banks will lend against it, however doing so necessitates selling your home and relocating to pay off your child’s college debt…scary stuff. Some colleges don’t consider, or cap, home equity for this reason.
If BC is truly your dream school we advise you to pick up the phone or visit in person to talk directly with the FA office. If you did your best to represent yourself truthfully, but just can’t make this work…ask for additional consideration, especially if there are circumstances that might look different with a closer look. Families with blown up home values in locations like MA, CA, or CT are in this bind. Connect with the officer assigned to your application and have a parent with you prepared to go over all income/ assets/ expenses thoroughly and openly. Maybe BC can help you to make this work. It is worth it to try.
If not, UMASS Amherst is a fantastic opportunity with fantastic programs. We know top students from our town who attend. If you had the grades to get into BC you may have been admitted to the Honors College at UMASS; and if not, apply during/after your first year.
Good luck to you and your family!
@johnnysins My daughter just applied for BC as ED2 . Were you able to get out of the ED to BC as they were not providing enough aid ? I am worried about this now .
@nagpie415 - please note this the original poster is from a year ago. No update from the poster regarding their outcome.
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