$50k over four years is a lot, but maybe worth debating. $50k per year for three years is unthinkable and definitely a bad idea.
It sounds like the OP’s parents have a high income but high expenses and find their EFC unrealistic by some multiple of $10k. If so, Minnesota is the only reasonable choice. Luckily, it’s a good one.
While the OP is not exactly clear, other posts imply $50,000 debt per year for Chicago.
@MYOS1634 I have been accepted, and the net cost is $67,000 per year.
And to clarify, the $50,000-ish debt is total across four years, not every single year. Long story, but our income appears higher than it actually is since we had money from my grandma’s estate pass through our family, only to be donated (ironically to the U of M).
I’m sorry I can’t be completely clear, but I don’t know all of the numbers, since my parents don’t know exactly how much they will be able to contribute (they’re considering selling a car, etc.)… I guess it was more of the principle of the thing - how much debt from a school like that is reasonable, knowing an education from that sort of institution can open doors not available to everyone. And that versus a very cheap education from another good school, but nowhere near the level of the first.
Yeah, Minnesota is the better bet. Seriously, save that $50,000-plus dollars for grad school.
just wanted to say “i get it.” My D got into uChicago and there’s just literally no way we can pay $63,000 a year (who can?) and i know we need to write them and withdraw her acceptance but it is so hard to give it up…But like you, she’ll be happy in the school she does attend! (and we will still have money for food 
So, you’d be over the federal limit by about $20,000, but you may come into funds that allow you not to borrow the extra 20,000, is that correct?
In addition, if your income was artificially inflated this year, it should be lower next year, and thus UChicago’s financial aid would reflect that -you apply every year and since they meet 100% need, their offer reflects your actual financial situation, so that if your situation changes, the award changes too.
You seem to be the rare case where the UChicago costs would be okay.
For Economics, Chicago is supreme. That 50K for all 4 years is easy to recover in future earnings. Go for it.
Just to clarify, U of Chicago is an EA school.
While they are very strong in econ, U of Chicago isn’t exactly known for it’s pre-professional students and high-earner jobs coming out – career services have improved, but it has not historically been a strength of U of C. They are still the school of eggheads (I say this fondly with an “egghead” child who was accepted a couple of years ago).
I have not heard of any Econ graduates from Chicago who did not get a good job, mostly investment banking. At least from my attending the convocation and spoke to dozens of Parents or students who was waiting in the line or sitting next to us. Just my experience.
The question is, do you want to go into investment banking, management consulting, or simlar high paid jobs that economics majors from Chicago go to and for which (school-elitist) employers preferentially recruit at Chicago over Minnesota?
It is one thing to have the option to do so, but another to feel financial pressure to do so because you have high levels of debt. If such jobs are your first choice, that may make the additional debt more acceptable than if your post-graduation plans involved something that does not pay as much and/or does not have a strong preference for Chicago over Minnesota.
Oh - $50,000 over 4 years. If your parents are good with it then go for UChicago. Or go to grad school there and hopefully your employer will help pay. The city of Minneapolis stands out as having high job growth right now so internships and job prospects should be good.
I believe the first two years at UChicago is focused on getting a well-rounded liberal arts education - so make sure that appeals to you. I will admit we loved the school too - but S is setting his sights on it for grad school - didn’t even apply for this round.
And then to be an English major where you will at most find an average to low income job or career field, it would be a fool’s bet to go to Chicago!
Rdtsmith: English majors from Chicago don’t necessarily “find at most an average to low income job”… … English majors from Chicago get into med school, law school, academia, investment banking, various positions in nationally known companies …
Why do you think the OP wants to be an Engilsh major? They want to be an Econ major… I don’t think it is a “fool’s bet” to go to Chicago as an English major IF a family can afford it, though. I can’t think of a more stimulating and interesting environment for an English major, honestly. My kid was wary of the additional STEM pressures there (it can be a kind of Darwinian place), but I think an English major would probably find it to be an amazing intellectual experience.
I took a class at uchicago in the summer in Macroeconomics and loved it. the atmosphere is so great and you will definitely make a lot of friends if you are passionate about academics and learning. The instructor, Sanderson, was great, a bit conservative but hilarious, nice and one of the best lecturers at u of c. There are some classes there that can be very hard but they don’t start until your sophomore year. I heard that some classes become very competative, but overall all the professors and people i meet where great. It is definitely worth the debt when you become a multimillionaire lol. But dont worry if you get a low gpa here because the average is around a 2.5 to a 3.0, meaning the grades are very deflated, but like anything you will get used to it. Best of luck!
Because everyone at the UofC becomes a multimillionaire, @pep2019.
I guess that’s why they don’t make teenagers financial advisors.
You really need to get clear about those numbers.
And bear in mind that, according to some research that has been much-discussed on CC, most students who choose a more selective college do not thereby realize a very significant return on investment (in the form of much higher incomes). If you were smart and motivated enough to be accepted to UChicago, you’re smart and motivated enough to succeed at another college.
I do think Chicago is worth some price premium over Minnesota … but it would not be worth years and years of heavy debt.
So did you decide yet? You can take your student loan each year and your parents will have to borrow the additional each year. 50k total isn’t idea but it isn’t as bad as you implied in your early posts. So it comes down to what you and your parents want. Your income wasn’t artificially inflated, your parents actually got that money, they just decided on another use for it than your college, although obviously it was available for use for college. When you use discretionary income for something else than college, then the college doesn’t make up those funds for you.
If you do eventually decide to go for a PhD in economics, going from undergrad at MN to grad school at Chicago is better than the reverse. And with good letters from MN and high GRE scores, you would get in with funding at Chicago for a PhD.
First, I appreciate everyone’s input - Thank you. I know there are no easy answers, and it’s really hard to pin down numbers before having all of the information.
@BrownParent I have not yet decided - I did an overnight at Chicago and I’m doing a formal visit to the U in a few weeks, and hopefully that will help me decide.
And to clarify - the income actually was artificially inflated because it was my grandma’s dying wish that the money be donated to the U, so had we done otherwise and not “decided on another use for it than my college,” well… that would make us horrible people, wouldn’t it? Had the money gone straight through the government, they would have kept half the funds, and my grandma wanted to donate as much as possible so it went through us and screwed up our income numbers. So no, we did not keep her $500,000, and we did not really have a choice. We would never disrespect anyone’s dying wish like that.