Will BC match $$?

My wife and I were left owing well north of 100K almost 25 years ago. Our families were first generation middle class workers. That does include post graduate studies. Was well worth the investment. Loans to go to college of ones choice are great investments when used prudently. If not invest in oneself, what else is prudent ?
The cost of the school is spelled out before you apply. Not saying you need to take out loans, many great choices available. But lets not bash any college or university for not offering merit aid after you have already applied.

@lgs03 My parents feel exactly like this and I’m so grateful because I didn’t qualify for any aid. They also told me this is an investment and worth every penny for my future. I appreciate your post because some people don’t get the investment of an education. I also received scholarships from other schools, but I believe a BC education is going to help me for my future.

@aleg @lgs03 You are missing the point. To use just Boston area colleges, the education that a student receives at Northeastern or Boston University is just as good as an education at Boston College. The stats of entering students are comparable at all three. The atmosphere or "fit’ of Boston College is different of course. In terms of pure knowledge acquisition BC is not worth full price compared to receiving major merit aid at BU or Northeastern. At BC you are paying (or borrowing) for the experience, not the education itself. That is a choice the parents can make or not make.

My experience in the business world is not that BC students are any better prepared than other top end schools. By they are in fact, generally, really smart and often very polished. However, I have found that the BC experience and whatever that entails is real. And that the alumni share something that creates a very strong, unusually connected network. It is a very real and offers life long connections and advantages. I am not a BC grad but have never once met someone who regretted or were not enthusiastic about their BC alma mater.

Thiis should not really be a comparison of 2 schools. Any institution offers an education. If lowest cost is your priority many better choices than either of those schools. Neither is a low cost school. I assure you that no school offers Merit aid because they want too Most often they need too so they can get more competitive applicants.
Northeastern was not even on the radar for us because the fit was no there. They are 2 very different schools. Rarely as somebody outside of Boston are they even in the same conversation.
Most importantly if you are applying two both schools you are wasting 75 dollar to apply to both. If your concern is the cheaper school and you don’t qualify for FA why are you even bothering to apply to Boston College. They are 2 different experiences.

@lgs03

So you are saying that Duke, UChicago and Vanderbilt have to offer merit aid to attract students? BC does offer the Gabelli Scholarships to the top 15-20 students.

I think ndmmomof3’s inquiry has already been answered

Tom this thread is not about school comparison. The competitive schools you mentioned offer very little merit financial aid. They along with BC offer it to the top .001 percent as too not lose them to an IVY when they do not qualify for financial aid. Merit aid is often referred to as financial aid. At BC it is not. The schools you mentioned likely do not offer very much more in true merit aid than BC. They are also not in the North East. Geography plays a role.

Boston College is a closed suburban campus with a Jesuit component and strong core component.

BU an NE do not fit that criteria. Why would you cross apply to BC if fit and cost are more of a priority ?

@lgs03 To many a “closed suburban campus” is anathema. To each his or her own. But one is not necessarily better than the other as has been claimed here. They are different and if a student’s preferred fit results in saving $100,000 over four years then that is a bonus.

Your agenda is clear

Our son also got accepted to several schools that offered generous financial aid. He had his heart set on BC where he got no aid, and he decided to go there. As parents, we decided to do what was needed to support him.

Looking back, it’s clear to him and us from both his experience at BC and life post BC that he made the right choice for himself. And it was worth the financial sacrifices involved.

I have been to all three schools BC, Northeastern, and BU. All very different. No aid at BC and I received a great deal of merit from Northeastern. I didn’t apply at BU because I didn’t enjoy how it felt. I agree it is a personal choice, but again I feel I made the right choice. Go Eagles.

Wow. I just checked this thread and was surprised by the responses it received. I just want to say that I appreciate all aspects of this discussion; ultimately it is each family’s personal values and choice. To those of you who questioned how we could compare BC and Northeastern - as they are very different schools - I see your point! However, at age 18, some kids can see the benefits of many different environments and curriculums, and thus our son considered both schools. The finances are just one component of the decision, and I was simply wondering if BC considers matching offers from other schools. Clearly, they don’t. I thank you all for your valuable input!

Edited, not worth getting into everything I originally wrote, since need based aid is not an issue for you. Just FYI I was specifically told by financial aid office that BC does not consider other colleges’ aid awards at all.

Boston College will only consider applicants for the Gabelli Scholarships IF they apply Early Action. If you miss the EA deadline you will not be considered. That was the case for my son last year. We learned the hard way…

There’s only 15 gabelli Scholars. BC basically does not offer merit and they will definitely not match. FA is full need. CSS required. Home equity a considered asset. Pretty much it

To add that home equity is not just considered, is heavily counted.

Dear Friends : As a parent who now can only see Boston College in the rear-view-mirror with two students [Class of 2011 (Chemistry/Economics), Class of 2013 (Mathematics)], I would like share some personal perspectives.

The truth is that many families are ill-prepared for the financial demands made by a private campus. Saving $10,000 net cash per year, per child from the year they are born until they are 22 years old allows you to put together that $250,000+ per child in cash needed to pay the freight. I wish that every newly wrapped baby came with that single piece of financial advice pinned to the first pink or blue cap you see as a parent. Start when the child is 10 years old? You now need $20,000 net cash per year. Have multiple children? Double or triple (or more) the rate.

Sadly though, that is looking backwards and does not help many caught in the non-merit gap. With two at Boston College (overlapped two years), I often joke that my only discount was being able to use a single envelop and stamp to send both payments via postal mail.

Boston College is creating what is now being called the “double-hump” in education. Those with ability to pay are left to their own devices at the top end; poorer players are supported with financial aid. It is the middle class student, the classic two wage earner family with $150,000-$200,000 in home equity and $100,000 in cash that is squeezed in this equation. In some ways, this pitfall winds up reflecting Boston College’s mission : men and women for others (helping lower wage families). While need blind in the acceptance process, Boston College is self-selecting the economics background of their students. I have stated for a decade here on College Confidential and at Boston College itself that this has to change in order to represent all economic classes.

This is not exclusive to Boston College. When demand for slots so far outstrips the supply of class spots, this behavior continues. There does not appear to be any disruptor on the horizon to change this equation.

So, the question I am most often asked is “Was it worth it?” More on that in my next post.

Sincerely, scottj

Dear Friends : Continuing from my last post, what did Boston College provide to my two students that were differentiators that stay with us to this day?

[1] The ability to do UNDERGRADUATE science lab research with graduate students and faculty mentors cannot be found everywhere. Further, being able to have a summer internship to continue that research as a paid position inside the walls of Boston College was important. From those research opportunities and resulting publications, my oldest was accepted to all eight PhD programs of his interest and literally got to tour the country while being recruited (Yale, Harvard, Scripps, Stanford, Berkeley, MIT, and so forth). Might this have happened without BC? Certainly, but I know it happened based on the BC lab experience. Further, his ultimate choice graduate school connected BC faculty to his PhD Advisor.

[2] My younger was recruited on campus in senior year for a summer internship in Connecticut which resulted in a full time job offer in an actuarial career path that has taken off in the last five years. Might that recruiting have taken place elsewhere? Certainly, but I know it happened based on the BC experience.

[3] The Jesuit education technique provided by the Honors College (under Mark O’Connor which has since been revamped) was a significant academic differentiator in the Humanities. Remember that Boston College is, at its core, a liberal arts institution. Learning to create of a well-rounded conversation partner (to quote Fr. Michael J. Himes who appears as “Dumbledore” in the Class of 2022 welcoming video) is a critical element of the education and it is unclear that one can find that at very many schools. If you approach college with the idea of “getting a job” exclusively, the Boston College price tag probably makes no sense for you. Again paraphrasing Himes, “going to college to get a real world job is a terrible idea — most of us have never been in the real world outside of academia”. The fact that I keenly remember these faculty members (and more) should tell you something about the campus itself.

[4] Be realistic that your student’s college major might change from what they see themselves doing as a High School senior. Counter to point [3], your student does need to think about “what’s next?” after college. Debt of $150,000 in a career that might pay $30,000 per year (such as Social Work) might not be the most efficient use of capital. A medical school chase with that type of debt already accumulated might be that much harder. How much disposable income can be applied to these bills? This crosses into a personal family choice, but do think about the potential careers as outcomes and how much impact it will have on your wallet in the next decade - yes, decade (or more).

[5] Both students really took advantage of BC’s non-course offerings : music, concerts, intramural sports (the swag earned for winning an intramural season was more prized than the degree), and Super-Fan activities (football, hockey during the better years). That social network was incredibly important in their collegiate development so be sure that you can find that balance at your own price point. Lower price points with hours of idle time away from home might not be a good combination.

In summary, I would never have guessed that both of my students would have chosen Boston College during their High School days. For us, it was worth it, but we are lucky to not have on-going debt to service - and ultimately, that is where the buyer’s remorse shows up. How much are you willing to pay per month after the college days are over?

I will close here. It was nice being able to share with the College Confidential community some “five year anniversary” reunion thoughts from a parent’s perspective.

Sincerely, scottj