When is Tulane too Expensive?

Colleges and Universities A-Z Tulane University
1

Hello,

I’m a high school senior in California that applied to Tulane EA and was accepted with a 25k scholarship. However, that still means that my family would need to forge up the remaining costs. I have applied for the Paul Tulane Award and am in the midst of doing the Community Service Scholarship, but I can’t say that I desire to put my hopes on them.

Even though my family is considered upper middle class, I have doubts we’ll be able to pay off 40k annually without taking massive loans and debts. I’m a first-year college student, in truth. My family does not know much about the FAFSA(which we did finish, but I have no idea if my college list has been completed; I check the reports and I just see that it is done), and the stuff we do learn can be difficult to understand for them.

My main question is, when do you think Tulane(or college in general) is too expensive? Tulane is my top choice, but I have the brains to get into other UCs and CSUs here, and the costs would be at least 10k cheaper.

Thank you for reading and any possible responses. Have a nice day.

2

What have your parents told you that they can pay each year for you to attend college?

3

They told me not to worry about the cost and go where I want to. My dad makes a lot for his education, but we spend a lot of money. Too much. We’ve lost a lot, and I’m just worried that the costs to go to Tulane would make it worse.

4

Tulane will not make up for a lavish lifestyle.

5

@hacher5 When is Tulane or any college for that matter too expensive? It depends. Expensive is different for different families. Most private schools, especially the top 70 in USNew&World Report, have tuition in the mid to high 40,000 range, with the top tuition being $51,000 for this year for a handful of private universities, including Tulane. And room and board ranges from $12000 to $15,000. Sticker price cost of attendance of $65,000 to $70,000 is too expensive in my opinion. Tulane and other private schools know that, which is why they offer merit aid. With varying amounts of merit aid the cost of attendance becomes less expensive. Only you and your family can decide what cost of attendance is doable and how much fincancing and the type (Dept of Education college loans, parents plus loan, private loans) you need. $40,000 to $45,000 cost of attendance is too expensive for me to send my kids, but is not an unreasonable amount since many private and state flagships (for outofstate students) are within that range. Only you can decide if the value of attending Tulane for that price range is worth it. If you polled 10 different families you would get different answers from each. Keep in mind that elite state flagships like Michigan and Virginia are upwards of mid $55,000 per year, often without any merit aid.

6

Things to Consider: What is your major? How much are you expected to make after undergrad?
Are you going to Grad school? Med school? Law School? If so, then you should save as much money as possible during undergrad.

7

@trackmbe3 Thank you for the information.

8

It just depends on your alternatives. If you can go to an equal school for less, esp instate UCs, then you should do that IMO.

9

@uclahopefull I am planning on majoring in Political Economy-computer science as well, possibly. My ideal position would be to center those majors and find a job based off of them. I was interested in data science to accomplish this. Data scientists can 120k on average. However, I also want to earn a masters degree in both fields, at least computer science.

10

@TomSrOfBoston I should have clarified that. It’s not a lavish lifestyle, really. We have experienced a loss of income along with continous, heavy medical expenses

11

I think you need to ask your parents what they are able to pay each year without loans, and go from there.

12

@hacher5 Since you are planning on attending grad school then I advise against using up your funds on undergrad. Just an opinion

13

@hacher5 I would also recommend being in touch with your Tulsne FA Advisor now. S/he can check your files to see if your FAFSA/CSS paperwork is complete and let you know if you qualify for any need based aid that would lower your cost further. Explain any extra expenses like high medical costs etc that have recently had occurred and may not be as obvious on the forms. FA staff are typically very knowledgable and helpful, so do not hesitate. If your are not eligible for need based aid, they will let you know.

14

@twicemama Thank you for this, I’ll send them an email ASAP

15

You need to consider whether you can graduate from the UC of your choice in four years. I personally know several people who have required a fifth year to graduate because they were not able to register for classes they needed. When you add that in to the cost, it pretty much evens out.

16 
            What schools have you been accepted to in Cali? It's hard to imagine that Tulane would be chosen over a great UC. Why is Tulane your top pick with your embarrassment of riches? It is probably pretty easy to see if you will get any FA from your parents numbers, at least a ball park. That merit will affect any need aid anyway. If upper middle classed in Cali is what I imagine, FA isn't going to be a big help. As above, the merit from tulane is completely irrelevant, it is the COA that matters. The merit is a carrot and is only good enough IMO if it equalizes the COA for you in a UC.
17

The merit aid makes Tulane a “better deal” in terms of competing with other very good private universities and on par with out of state cost of attendance at most state flagship universities. In state costs, if at $28K per year, leave a difference of $12K per year. I find that the true delta is closer to $14K. In any case, if Tulane is $40K and your UC school is $28K, then your four year debt is $48K. At 15 years, 5.25%, your payments on that would be around $385 per month. Your ability to pay that back depends on your major and career of choice.

18

The question(s) of how to finance the school (university education) will always being asked all the time. Here are some answers (copied from another forum) perhaps will help you a bit :

"Regarding financing the school (university education), to begin with, you need to have stellar records GPA, SAT/ACT, LOR, etc then you will be able to get good scholarships from the school. And, browse the school website for your major as usually there are tons of information regarding internal scholarships you can apply too.

In addition, you also can find tons of outside scholarships from companies, corporations, etc; you can google/yahoo/bing those things.

Also, my son was able to get scholarships from our state (engineering society). This society(s) like chemical or engineering or biology gave a lot of money too. If you still need more money, you can always find PT (part time) jobs to supplement your income like working in the library, computer lab, etc.

Another thing also, every summer you can find internships, research, Co-Ops, etc and REUs (Undergraduate Research). The REU will pay you handsomely and it is done in summer time however this is a competition and not many available.

We are the best country in the world and to find the funding for schooling, it is just a matter of find those information; networking with your high school counselors, teachers, friends and neighbors, etc. Through the information highway aka internet: google/yahoo it-bing, etc.

When there is a strong will, there is a way to find the answer to your problems".

19

@Tulanefan101 It is great your son was able to get a scholarship from your state’s Engineering society but recognize that he is one of the few. Not easy at all to obtain. Outside scholarships and small internal/departmental scholarships may help a little bit --a few hundred dollars here or there or perhaps a few thousand dollars mostly, but they won’t make up the tens of thousands of dollars in merit or need based aid that come from the University or college that one seeks admittance to, which is the kind of and amount of aid that a student often needs to be able to afford a school. Seeking to obtain outside scholarships are slim odds and not worth the large amount of time and effort it takes to apply IMO. Even if one were to obtain an outside or small internal scholarship it is usually for only one year, thus leaving the student committed to a school but without the finances for the remaining years. He or she would have to go through the entire exhausting process seeking outside scholarships again for years 2,3 and 4.

20

trackmbe3: I understand the frustration in dealing with school money as the Tuition and Fees keep increasing every year, never going down. And scholarship money (internal and external) is meager like $1,500 here and $5,000 there and not enough to cover the whole things for four years education. In fact, you have to keep finding the scholarship (internal and external), internship, research money every year. It is like never stop. That is the game being played and that is the things we have to do every year.

However, OP is not alone as this is a dilemma for lots of other kids too. Therefore, in order to tackle this thing, it is better to have roadmap and better plan (school financing plan). I have given some kinds of planning and it is a matter to find it through internet, networking thru hs counselors, teachers, and friends and neighbors; and perhaps school Alumni (alumnae), etc.

I know also that it is easier to post and give advises in here than doing the actual thing. However, I have heard lots and lots of Foreign Students who are here and who also want to come here with limited amount of money. Sometimes, they only have the resources for first year education and the rest they have to find it by working outside, applying to interships, external scholarships, Co-Ops, research, REUs, etc.

If those foreign students who are not rich from their home countries and can make it in the US then obviously we as us citizens can have better chance to make it.

Another thing to remember also, those guys who study medicine after undergraduate. They have to pay lots of lots of money for medical school. Who says medical schools are cheap, right? But, hey even after graduation, those guys still owe hundreds of thousand dollars but they keep on chugging along and eventually those medical school debts will be paid back after they have become doctors, etc.

Maybe another strategy is embarking in community college first (for two years) then transfer to four-year colleges. I know the community colleges are lots cheaper than regular four year colleges. Also, perhaps going to state schools instead of private universities as those state schools are lots and lots cheaper.

Also, I never say it is easy to handle the school financing to finance your four-year education but don’t lose hope. So, going back to the topic, anybody just has to have a good roadmap and strategy (as being explained previously) to handle the school financing.