Who will be cosigning this BIG loan? You won’t be able to take it on your own. Or are you counting on your parents taking a loan for you. Have you asked them if they will do this?
You have a fabulous offer for BU…and really…living on campus there is way more cost effective than spending $100,000 a year to attend USC…with loans.
Yea, I actually need to look into this. I guess I didn’t include that I am waiting on my financial aid appeal from them but I made this thread to see what opinions would be if I ended up getting no aid from my appeal.
There was a huge mistake on my FAFSA and CSS so I am hoping for at least some aid from USC appeal In the next 2 weeks
You should go to BU. You sound like a very motivated person. You are in charge of how your career progresses after you graduate. AND you will be incredibly thankful to bypass debt for college, especially if you are planning on acquiring a MBA.
Thank you for the advice! I am actually leaning much more towards BU after this thread but I will have to wait and see what USC comes back with on the aid Appeal
I don’t understand why you want to spend/have somebody borrow $100,000 a year to go to USC when you have a full tuition scholarship to BU.
Honestly, that doesn’t make any sense.
As an undergrad you’re capped at a total of ~$30,000 of federal loans without parental involvement. Not sure how it works for transfers because there’s a cap per year as well. USC will have to give you a very large FA amount to have it work within this budgetary framework. Even if you take a year to work (and most schools don’t allow transfers to defer).
I listed out a few personal reasons above, but I will copy them in this reply:
“I know “anything is possible from anywhere,” but some places make doing things easier. I also am not getting a loan from my parent so I would take out student loans. The reason I ask is because according to data(regardless of how the positions were obtained) USC graduates tend to be more successful, and I am not talking about what it means for me, but what it means for the kids around me. I want to go to a school where I know that the kids around me will be successful so if I need the VC or PE connects, it will be possible from my friends from undergrad. Also I know that public company board seats are acquired through strong connections so i’m sure in the long run there could be some benefits”
USC has allowed me to defer to the spring but I might try to push it to the fall
You also have the opportunity to develop these connections at business school.
Yea, I know. I just feel the more the better
And you don’t think the students at BU will be successful🤦🏻♀️.
For loans…here is YOUR limit per year. And you can’t take loans from previous years…
Freshman $5500
Sophomore $6500
Junior $7500
Senior $7500
That’s IT.
So if you are transferring as a sophomore, you can take a $6500 direct loan in your name only. Anything above that amount in loans will either need to be taken by your parents or cosigned by them. It does not sound like they will do that.
BU students are very successful.
Where are you transferring from…and how is that being funded for you?
Not AS successful (or privileged) when compared directly to USC grads
Transfered from UMass Lowell, tuition was 7k for the year. I made 23k in high school through a small business and an internship
Is there some really good reason why you are transferring?
In any event…BU is an excellent university. Excellent. You have the chance to attend this fine college for no tuition cost. If you want to live away from home, use your money for that…not $66,000 in tuition costs at USC.
And for arguments sake…you are hoping to go from $0 in aid for USC to what? I wouldn’t expect full tuition.
Again, BU students are very, very successful. Passing up full tuition in order to attend USC with $200,000 in loans (who is borrowing this money, because you cannot?) is a terrible idea.
Really? You do understand you will need to work for a few years before you apply to these schools…and if you have any loans, they will need to be repaid.
Do the math on the repayment costs per month for a $200,000 loan.
Although this could be true. Very, very might be an overstatement. That really depends what your definition of success is. It is important to generalize so that you do not highlight the achievements of a few superstars.
Yes I know how business school works.
But from the financial side of things, valid argument. I will do the calculation on that. It would actually be 300k because I am an incoming sophomore transfer