<p>With the economy the way it is, I'm afraid that the decisions I make now regarding college will have a negative impact on my plans for the future. I've applied to 7 schools and have narrowed my choices down to two. They are both private universities that have a total cost of attendance that exceeds $50,000 a year. School A gave me a bit more money, but School B is the college I would much rather attend. I'm not sure what I'm looking for. I don't know if I'm looking for advice or what not. I guess I'm just asking for everyone's opinion and what you would do if you were placed in my situation. I'm very grateful to have received two tremendous financial aid packages, but I don't know if attending the "school of my dreams" is worth it if I could easily attend a school that is essentially paying me to go there. Help! Any advice would be appreciated. </p>
<p>It breaks down like this:</p>
<p>School A
Total Cost of Attendance $53,574
University Scholarship $26,450
Trustee Scholarship $17,500
Pell Grant $4200
Federal SEOG $1000
Work Study $3200
Unsubsidized Stafford Loan $1224
Total Amount of Aid Offered $53,574</p>
<p>School B
Total Cost of Attendance $53,768
University Grant $36,132
Pell Grant $4200
Federal SEOG $1000
Academic Competitiveness Grant $750
Work Study $2500
Subsidized Stafford Loan $3500
Unsubsidized Stafford Loan $2000
Total Amount of Aid Offered $50,082</p>
<p>Okay, so debt tolerance is a personal thing BUT both look like generous packages to me and be careful not to look a gifthorse in the mouth, as they say. My own s. will be on the hook for the cost of your dream school package in loans and he’s attending a school instate with a scholarship.</p>
<p>Meanwhile, you’re applying to two privates.
The $3,000 differential is either your efc or what you can earn in a summer the way I see it. You would not be a whole lot more indebted than anyone else, and yet you’ll have had the luxury of a private school.
Good luck with your decision.</p>
<p>Congrats on the nice awards! I think there’s really a bigger difference here than is apparent at first glance. School A will actually cost you $3,674 next year (1224-750 ACG not verified yet + 3200 WS, which has to be earned). School B has a $11,686 price tag. Is B worth the extra $8K to you and your parents?</p>
<p>The other thing is that A is offering two scholarships, which could go away if whatever conditions they come with aren’t met. B seems to be giving grant money, which I assume would be available in the future if the need stays the same. You should make sure you understand the differences and requirements, as they are a huge part of your packages.</p>
<p>I don’t think there is much difference between Scholarships and Grants. Either can be taken away.</p>
<p>The economic cost of the two options are: $4,424 and $11,686 per year (cost to attend less scholarships and grants). That is $17,696 and $46,744 for the 4 years.</p>
<p>$17,696 is doable, even with loans. 1/2 that can be easily done with Summer Jobs. The other 1/2 can be done (not necessarily easily) with College Work Study during the school year. Let’s say you do $8,000 summer, $4,000 CWS (not hard), that leaves $5,696 of student loans when you graduate. A very reasonable number.</p>
<p>$46,744 is a lot of loans. Especially if you want to go to grad school. Knock $17k off with Summer Jobs and CWS (working hard), and you are left with $30,000 of loans. You will feel that.</p>
<p>You are very fortunate that you have a very doable option. Read all the threads of kids lamenting how much they have to come up with on a per year basis. Be careful about taking out that much in loans. Given your family’s financial situation, I don’t think they will be in a position to help you out after graduation.</p>
<p>A dream school, after graduation, may be leaving you dreaming of all the things you wish you could do. That not so dream school may help you realize all your dreams after graduation.</p>
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<p>Yes, both can be taken away but one may be gpa driven and the other need driven. Many kids have lost their merit scholarships after a tough transition year. If need goes down, hopefully that means the family has more means to make up the difference.</p>
<p>The $750 ACG will be awarded at school A as well if OP qualifies, but doesn’t show on their FA award. It will catch up later.</p>