<p>I am a National Merit Semi/Finalist in an upper-middle class family. My mom, dad, and stepmom combined make around $350,000/year, which pretty much precludes me from getting any need-based aid but my family still can’t afford high tuition. I have two options: </p>
<li><p>I could go to University of Minnesota/University of Pittsburgh (Honors College) practically for free on scholarships.</p></li>
<li><p>I could go to Northwestern/Wash U and get very little scholarship/financial aid money. I would have to take out $20,000-$30,000/year in loans.</p></li>
</ol>
<p>Should I settle for a lower-ranked college or go for the best I can get? My concern is going into grad school with already $100,000 in debt. Majors I’m considering: Int. Studies, PoliSci, BioChem. Thoughts??</p>
<p>This comes up again and again. Almost all here will advise you not to borrow that kind of money. If you're a senior go to one of the states. If you're a junior, consider private colleges that offer good merit aid too, if you can get into NU and WashU, you're a good candidate for merit at many schools. There's a list on top of the parent's board.</p>
<p>If you're planning on going to grad school, take the free ride since your career will be influenced more by where you went to grad school than by where you did your undergraduate studies.</p>
<p>But with Mom, Dad, and StepMom bringing in 350K per year, why would you need to? Can't they collectively come up with about 7% of their annual income to help send you to college? No planning or college savings?</p>
<p>Remember- the average US family income is around 50K per year.</p>
<p>I didn't notice the $350K upon first reading, and I agree with the above poster. The tuition is 7% of their collective income. Are there extenuating circumstances (medical issues, unusually high debt, etc.)? If not, that's just silly. There was a time when the average American saved 8% of their income.</p>
<p>Now, of course, the average savings rate is negative...</p>
<p>Yeah, but my dad and stepmom have a huge mortgage and my mom is not financially smart. No one has saved anything really. I'd never really thought of it in those terms though thats actually really helpful...</p>
<p>I have no idea where all my family's money goes to be honest. All I have been told is that they can't afford Northwestern, period. Maybe i need to have a talk with them about finances...</p>
<p>You need to have a very frank talk with your parents about what they will contribute to your college education each year. Then, you need to make a decision. The reality is that you will be able to take the Stafford loan in your name, but you will need to have a co-signer for anything beyond that amount. You also need to find out if the parents are willing to cosign a loan for you. If they have a significant amount of debt, they may be able to do so, but may not be WILLING to do so. Find out.</p>
<p>Your parents may need to rethink their ability to sacrifice during the four years of your education if they can come up with the full fare between them...but are your applications finished? If not, you have not applied to a full range of colleges in a way that might have provided you with some merit money. There are many colleges that would provide you with a personal liberal arts education that would be excellent prep for grad school that do not have fifty% males for instance that might have offered you something between Free and a 50 thousand dollar a year education if you won merit money.<br>
I agree though with initial posters. Do NOT go into that level of debt. You have to prep for graduate school expenses. Instead, be the best student at the U of Minn, aim high, max out what they have to offer and get into the best grad school possible.</p>
<p>Yep, all my apps are in. I'm in at UM and Pitt Honors. Minnesota would give me 30,000 over four years plus reciprocity w/ Wisconsin. The only problem is their International Studies program isn't fantastic. I'm waiting to hear from Pitt about scholarships, but they tend to give good money. I hear from Northwestern and Wash U in April and I'm fairly confident in my chances.</p>
<p>if you propose interesting summer internships and are innovative you can make the honors track at the schools that admitted you with honors sing. You don't have to go to Georgetown to have opportunities, although it is easy to be sympathetic to you if Northwestern admitted you. Be the guy who masters a language needed in IR or who signs up for the big internship/volunteer program, do well on standardized tests for grad school, and get a high GPR where you are admitted--in other words I know plenty of people in first rate jobs in the CIA, Military, State Dept etc who did not go to top ten schools. It really is a meritocracy out there in the world of work, as long as you are spirited in the college where you land and you make the grade in terms of passing standardized measures.</p>
<p>Definitely don't take on the debt. With your qualifications you certainly must plan on getting an advanced degree(s). Get that degree from a more "elite" university if you want. Many schools offer graduate assistanceships that include free or greatly reduced tuition, so you won't have to go into massive debt for grad school. And if you do have to take out loans then, you'll be better off than if your already in debt to your eyeballs for your undergrad.</p>
<p>You said your mom isn't financially smart, and it doesn't sound like your father and step mom are either. (They're probably smart in some other areas or they wouldn't have incomes like that.) But if you go into that kind of debt early in life then you're probably repeating some of their mistakes.</p>
<p>Take the free money and run. And unless you are going to law, business, or medical school, don't take on huge debts for your post-grad education either. If you are a solid candidate for a PhD program, you should get full funding from your grad school; if you don't, that's a signal that you're not among their best students and your job options will probably reflect that ranking, making it more difficult to repay the debt.</p>
<p>Do NOT go into that kind of debt. The global economy is too uncertain for you to take on debt that you have no way to pay back. You can assume you will get a good job, but you may not. Do not borrow if you can avoid it. Go to the lesser school, be a superstar there, and go to a great grad school. Good luck.</p>
<p>I am worried about the same thing. I have a free ride to Iona -wanted Fordham. I’m told I won’t be prepared the same in honors Iona as in Fordham - either for law school or the work force. Will I lose out academically by not going to a better college? Is Fordham worth the debt?</p>
<p>Who told you that Iona won’t prepare you for law school? That’s crazy. Iona is a fine Catholic university. It will provide you a good education. </p>
<p>Fordham is a good school, too, but not worth big debt. Besides, you’ll need to save your borrowing power for law school.</p>
<p>Here’s something from a Tier 1 law school…</p>
<p>*ACADEMIC BACKGROUND
The Law School does not require applicants to have specialized in any particular academic majors or subject areas closely related to law during their undergraduate education. However, potential law students should choose courses that will enhance their abilities in the areas of critical thinking, oral and written expression, and logical and analytical reasoning. Applicants considering law school are encouraged to enroll in a broad range of courses that will help develop these skills. *</p>
<p>So, if you follow that advice while at Iona, keep your grades up, do well on the LSAT, you’ll get into law school.</p>
<p>Take some philosophy courses…those help develop thinking skills… :)</p>
<p>Take the free ride its the smartest move to do. Its not worth getting into that major debt seriously. Its not assured that when your in the real world looking for a job you will make that money its getting competitive. Along with the interest if you get in a huge loan it will be almost impossible to pay it back in your life time (can happen). If you can make it with scholar ships to Iona do it! Also consider a CC than transfer the priority I think is trying to save the most before you get in the real debt (since you said you consider grad school). I don’t believe because your in a better school you are more prepared. I think its how much hard work you do and learn in school and on your own. You can self educate yourself as well as reading books to expand your knowledge. Also I don’t know how its possible with that kind of money your parents and step mom make my parents are a fraction of that.</p>