unitedlad

as decision day approaches i am still undecided about what to do with my offers.

I want to major in Physics and become a researcher.

The offers I have are:

University of Rochester: $10500 loan yearly + $1900 EFC yearly
University of Southern California: $5500 loan yearly + $6100 EFC yearly
Jacobs University Bremen: $9750 loan yearly + $3250 EFC yearly

my family has severe financial constraint so i want to graduate by paying less but at the same time make sure that I go to good school with an affordable debt (some have told me that researchers don't make much these days and the market is shrinking).

What would you recommend?

Erin's Dad

Forget the loans. What is the cost for each after taking out grants and scholarships which don't have to be repaid?

momofthreeboys

You alone can only take out the federal direct loans or $5500 per year and only if you a US citizen or qualify with appropriate paperwork. You need to take the cost of attendance, subtract any grants or scholarships and subtract a full federal direct loan ($5500)...what is left is what will need to be paid for freshman year out of pocket or through your parent(s) taking out loans. Do you know an exact amount your parent(s) can contribute? If the answer is zero then you need to rethink your plans. Are you international? One of those college is on the east coast...one is on the west coast and one isn't even in the US and you may not even qualify for federal direct loans or your parents for PLUS loans.

unitedlad

The expected family contribution (EFC) are:

Jacobs: 3250$ yearly
USC: 6100$ yearly
Rochester: 1900$ yearly

This is what I have to pay in total every year (without considering the loans)

unitedlad

I am a permanent resident (from NY) and I am eligible for Perkins loan as well thats why for UR it is more than 5500$. and we recently moved to USA so the less we can pay now the better it is for us.

kttmom

The answer to Erin's Dad question is actually:

USC: $11,600 yearly
Rochester: $12,400 yearly
Jacobs: $13,000 yearly

Rochester is cheapest out of pocket, but USC is cheapest in the long run - but they are all so close, I would just pick the one you like best.

anxiousfather

Jacobs University is in Germany, so it is likely more expensive than what you're estimating--add the cost of travel to Europe, etc. Additionally, assuming you are a US citizen or resident, you can work here. Would you be able to work in Germany?

Erin's Dad

OP, did any of the schools gap you? None of them promises to meet need. Let's start the other way:
Rochester Cost of Attendance is $60K
USC Cost of Attendance is $58K
Jacobs Cost of Attendance is $33k (after converting)

What Grants and Scholarships did you get from each?

unitedlad

My grants+scholarships are like this:

Rochester: 44000$
USC: 48000$
Jacobs: 19000$

anxiousfather

I don't believe the COA at Jacobs is $33K. Three years ago, my son seriously considered it. Even with a scholarship they offered (half tuition), our cost would have been quite high, on top of travel. I may be wrong, but I seem to remember the cost comparable to US private universities.

dodgersmom

Yes, perhaps not for your family. But the OP is not a US citizen. Could make a difference, don't you think?

unitedlad

Well tuition + boarding is 24500 euro according to the budget sheet provided by Jacobs.

anxiousfather

dodgermom, yes, I suppose I calculated the cost of travel more than once to and from the US and other items. In any event, it seems like the OP is getting pretty good deals everywhere if he/she can attend any of those schools for around $13K/year.

sylvan8798

If there were no constraints or money worries, which would you choose?

teachandmom

Go with the one that will leave you with the least debt. If you can swing your share with parent help and working, then go to Jacobs or USC. My .02