<p>So today my parents informed that they are paying 40k a year for college. To some, that may seem like a lot. However, I am 100% positive I will not be getting any aid as my parents' assets are in the 7 figures. So this leaves me to fill about an 18k void for all the private schools. I understand their reasoning - to teach me the importance of money and to work for what you want, but I don't think any person should be taking out that much in loans. I'd be fine with 10k a year, but my parent's don't seem to understand that tuition increases each year and it's not the same as what it was for my sister five years ago. What are your opinions on the matter? Should I take out that much in loans? If it factors into your reasoning at all, my intended major is finance.</p>
<p>Your parents are very generous.
It’s good to know up front what their budget is, now you can start looking for schools that offer merit aid/are affordable.</p>
<p>You are in a great place, your parents are to be commended for having that money on hand for your education. Yes, many schools are priced over that sum, however you can look at schools that will award you merit money that will combine with your educational funds. You can also work in the summer for spending money during the school year. </p>
<p>As stated above you can always look at state systems that are bound to be lower than your $40K sum per year.</p>
<p>Now, go thank your parents! :)</p>
<p>There are many schools that are less than $40K/year. Find one of those or look for a school that will offer some merit aid.</p>
<p>you would may be suprised but 40k is alot to work with.</p>
<p>yeah it’s just not fair some parents don’t save crap for their kids and they get rewarded with financial aid. my qualm is that my parents can pay for my total college education 30 fold yet that their logic might prevent me from going to the school i want to. yet when choosing highschools, i had the option of a 25k a year private or public (i chose public), yet they had no problem paying all 25k a year for high school</p>
<p>Your parents are indeed very generous.</p>
<p>I find it curious that you automatically assume that you will pick up the slack exclusively with loans. Go get a job and start earning the money you will need. Also, you might not be short $18,000 per year. There are ways to economize in school, for instance living off campus is sometimes less expensive than living on campus.</p>
<p>Families who qualify for financial aid don’t save for college because they can’t. There is no extra money.</p>
<p>You can do this. Work, live frugally and then the amount you need to borrow won’t be as much.</p>
<p>theres really no hope for me to get merit aid at schools like vandy, nwestern, duke, boston college because i’m not a superqualified applicant as it is.</p>
<p>A good lesson in that you don’t always get what you want. Perhaps they don’t feel the pricey school is a good value or that you don’t appreciate their willingness to fund $40K. There are many fine colleges that with merit aid would be affordable, including state schools and many LACs. As many suggested, you can work summers and on campus during the year.</p>
<p>You really ought to thank them for offering you that much. You are looking at a wonderful gift. Quite frankly, I would tell my child take it or leave it, but you figure out how to make it work. I really don’t sense any gratitude and maybe that is what they are trying to teach you.</p>
<p>So, looking at two of the most highly ranked public universities: University of Illionois out of state tuition is $25,000, University of Michigan is $20,000. You’ll have $15,000-$20,000 to spend on room and board and books.</p>
<p>yeah except university of michigan is 38k for tuition and 11k for room/board out of state… that’s one of the schools i’m applying to and can justify attending</p>
<p>sorry - I was looking at semester data for UM</p>
<p>What is your justification for attending an expensive OOS school?
Especially since by your reckoning you are not likely eligible for merit aid?
If you are eligible for admittance at universities like Duke but not eligible for merit, it is likely by lowering your sights a little you could find an affordable school that is within your reach.</p>
<p>Will your parents co-sign for private loans? The only loans you will be able to take in your name are Federal Stafford:</p>
<p>$5500 – Freshmen year
$6500 – Sophomore year
$7500 – Junior year
$7500 – Senior Year</p>
<p>So – with the $40,000 your parents are generously willing to fund, you are looking at schools with a COA (tuition, room, board, fees) of about $45,500 per year. You can work to earn money for books, spending money, etc… </p>
<p>In what state do you live? Your state flagship likely will cost under that amount. If it is very important for you to graduate from a school like Vandy, Duke, etc… you could look at the costs of attending a community college or state school for two years possibly living at home and saving money (assuming your parents are amenable to this), and then transfer to a private “name brand” school for your junior and senior years. </p>
<p>You may also find that there are private universities that would offer your merit money. Look for schools where your stats are well above the school admitted student average.</p>
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<p>Yeah, and it’s just not fair that some kids aren’t members of families with 7-figure asset balances and parents who are able (and willing) to fork over $40,000 a year for college.</p>
<p>Sheesh.</p>
<p>
It is a lot. My entire degree, including rent and food for four years, will cost me less than $40k out of pocket. If my parents gave me $40k a year… wow. I can’t even imagine. I could finish my entire degree without ever working, live like a total baller, and walk out with $120k or so in the bank.</p>
<p>I really don’t see the dilemma here. I would kill to be in your shoes, and I think pretty much everyone else reading your post agrees with me.</p>
<p>I will disregard the other comments and focus on KatMT’s post. How will I be able to cover the other expenses with a maximum of ~6k in loans a year? I know my sister was able to somehow…</p>
<p>And before this became a me vs. the world argument, I was hoping if someone could answer my question if 70k of debt was worthwhile for a top tier school?</p>
<p>So if you go to some crap school that is dirt cheap, will they give you the 160K anyways? Or is it purely for college, where if you don’t use it on school, you don’t ever see it?</p>