Swarthmore does not guarantee to meet need as defined by FAFSA EFC. You could be eligible for PELL and not get aid from Swat. They guarantee to meet need as THEY define it.
OP, you , yourself cannot take on more than about $26k in debt over those 4 years . They go after your parents for the rest of the loans . You just sign so they can go after you if they don’t pay up. Also, even that $26k in loans doesn’t really add up to “just” $26k. There is this thing that is called interest and it starts charging up the instant you get the money and capitalizes.
It comes down to how comfortable your parents are in taking on this loan. Not “comfortable “ in that they wave their hands and say, “Sure, sure, we’ll co-sign ” but they are truly not jeopardizing their finances. Future, health and retirement taking on about $50k in loans that will quickly increase due to the interest factor. I know a lot of parents in a bad way because they took such loans with their kids having all the best intentions. Most young adults simply are not mature and responsible enough to make that commitment to their parents no matter how great those kids are.
So, without knowing what your parebts’ Financial situation is, can’t say how risky taking out those loans are.
Stuff happens in life. It’s not likely to be s smooth 4 years. Most engineering majors bail. That’s a hard statistic. Only half of the freshmen who start out in Swat’s engineering program, complete it. You may not make that salary you are counting on to repay those loans.
So, this comes down to a hard talk with your parents as to whether or not they can take on the $50K in loans. Unless they take it through PLUS which is pure parent loans, without you co-signing, they are often stuck with the loans even if you die. PLUS brings it home to parents that it’s THEIR loan more clearly than the co-signed stuff that is usually A worse deal for many reasons but fools parents into thinking the loan is not on them.
If parents truly can handle the loans, yes, I like the Swat option best. It’s a top drawer school and if Engineering doesn’t work out, their other departments are as good as it gets. Meet new people, a whole other life, Philly, etc.