Which would you choose?

College Search & Selection
1

Its been a while since I posted on here, but my son has a few options and our family is having difficilty making a decision. He still has many schools that haven’t released their decisions, but he got into:

Oregon - full price
Indiana - full price
Tulane - 20k off per year!!
Michigan - full price
Wisconsin- full price

Money is a factor, that is why we are waiting on some in state choices (which he would love to attend), but those might not accept him. Which of these would you choose? Leaning towards Michigan (because of its amazing rankings) or Tulane because of the cheaper price. Do you think the cheaper price at Tulane makes it worth its lower rankings?

He loves loves loves Indiana but as a family we don’t think its worth the money since there was no aid and its not nearly as competitive as michigan.

2

If it were between Michigan and Tulane, I’d go with Tulane. It’s cheaper, which is great, and I personally think they’re regarded to similarly.

3

Is Tulane with merit that much cheaper than UMich w/o merit?

When you say, “money is a factor,” what do you mean? Do you have a maximum amount that you can pay each year? If so, how much can you pay each year?

What is your son’s major and career goal?

4

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My daughter is off at Michigan (and we had to take out loans), so my son can only apply to UCs, as we live in California…

his dream school is UC Berkeley - my husband went there
but he is also applying to UCSB, UC Davis, UC San Diego, UC Santa Cruz and UCLA

ACT: 30
SAT II: 780 - US History

Unweighted GPA for UC: 4.0
Weighted GPA for UC: 4.13 (most honors are not UC approved from his HS)
AP’s I have taken: AP USH (5), AP Bio (5)
Senior Course Load: AP Chem, AP Government, AP Psychology, AP Spanish, H Calculus, French III, H English, Sports Medicine, H Philosophy

*** please note my son’s school limits the amount of AP’s a student can take - only 6 in all (can distribute as pleases)

Rank: N/A

ECs:

President of Teen Board for local charity (Active all 4 years)
Camp Counselor (active all four years)
Captain of football team
Chair for Church Young Group
Yearbook Editor

-National Honor Society
-Principal’s High Honor List

Personal Insight Questions (10/10)
Recommendations for Berkeley (10/10)

Other Info:
California Resident / Private Jesuit School
White Male

Applying as a History Major, second choice is Biology
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So, you’re borrowing to pay for your freshman daughter’s education OOS at UMich?

How much will you borrow for your son to go to college as well? (Even with Tulane’s merit, you’ll be on the hook for over $45k per year…and growing higher each year.

Are you on track of having $400k of debt? More? Less?

What does your son intend to do with a history major or a biology major?

5

I have several California friends that have big equity in their homes and borrow for college with plans to downsize later and pay off college loans. They would rather not tap into equity for now and plan on paying off loans when last one graduates. In CA, a few hundred thousand of college debt is not like it is other places. Not across the board of course. Just sayin…

6

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CA, a few hundred thousand of college debt is not like it is other places. Not across the board of course. Ju


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Oh please. “A few hundred thousand of college debt,” for undergrad is crazy no matter where you live. The idea that Calif homes have an extra few hundred thousand dollars of home equity just ready to waste on huge college debt is a horrible financial plan. Few people have that amount of “excess equity” that wouldn’t also be needed to fully-fund a retirement home and/or provide a cushion for retirement years.

7

What happens if the economy goes south and they can’t sell them for the amount they need? That seems like a very risky plan.

8

Instead of listing scholarships or not, can you list the direct price of each (tuition + fees+ room +board) ?
What’s your budget using ONLY savings and income?