<p>It costs you 12k in total expenses to go to a school that has a 22k yearly tuition rate for out of state students? Dude, you’re going to be over 100k in debt if you go to OU for 3 years. [Tuition</a> & Costs - Student Financial Services - Oakland University](<a href=“http://www.oakland.edu/costs?tab=28120]Tuition”>http://www.oakland.edu/costs?tab=28120)</p>
<p>Did you miss the part where the parents are giving fifteen k a year?</p>
<p>OP, you need too forget about grad school. You can do it later. Work after school, earn money that your otherwise would be spending, and then you’ll find a place to pay for your masters degree for you.</p>
<p>You can live on 22k a year in most parts of the usa… Y however, those parts don’t hire for 75k a year. They may hire for fifty. Now after taxes you have thirty left and it will take you thirty years to pay them back.</p>
<p>My house was half of what you’re thinking of borrowing and it has a thirty year window to pay it back.</p>
<p>Nope. Did you miss the part where the OP has already accumulated 50k from U of M?</p>
<p>I meant inn regards to your comment on how would it only cost him 12k a year when their ticket price was 22. Pretty sure he’s deducting the money they’re giving him.</p>
<p>i’m not deducting any money. they said they were giving an award to people with canadian citizenship.</p>
<p>Interesting. Not a bad deal then, assuming you are sure to get the award.</p>
<p>My spouse has been a software developer, and is now a director, for 30 years with companies including Microsoft and Oracle. He has hired a lot of people during his career and I can tell you with certainty that it does not matter a bit where you graduated from for a CS job. What matters is: Are you skills excellent and up-to-date. An opportunity for an internship, volunteer programming project or anything that shows you know how to code will go a lot farther in getting you a job than going to a big name school.</p>
<p>He graduated from the University of Waterloo with a BMath degree and obtained his master’s from a “no name” New England university. The master’s degree was subsidized 100% by the company he was working for and it took him about 3 years to complete by taking one or two classes per term.</p>
<p>Whatever you do, minimize your debt. You are very young and I think you have no idea of how carrying a $100-$200-$300K debt load will impact your life. You really should be going to a Canadian university, they are high quality and have much lower tuitions.</p>
<p>It is incomprehensible to most of us that your folks are dictating that you only have a choice if two Us, both of which would leave you with debt. UofM leaving you owing your folks $140k (way too much) and Oakbrook, leaving you owing between $66K and $36K, depending on if you get an award from them. </p>
<p>For the debt, I’d say that UofM is off the table. I’d also say you and your folks could benefit from talking more about this subject with a trusted adult friend or relative. Is the issue your folks wanting you to remain close to them in MI ? So they recognize most jobs paying enough for you to repay them will NOT be in MI?</p>
<p>Hershey, your filial piety amazes me. I respect your appreciation for your parents’ loan and your commitment to repaying it promptly, but I don’t think I could agree to repay such a large loan if I didn’t have more options as to how to reduce the costs and the loan amount.</p>
<p>Is it true that your parents won’t let you go anywhere except Oakland or U Michigan (which one BTW? Ann Arbor, Dearborn, or Flint?)? What happened to York and Kent State? The 4 year graduation rate at Oakland University is only 13.2%! Do they really think that’s a good option or do they want to force you to stay at Ann Arbor, Dearborn, or Flint? </p>
<p>I know it’s probably too late to apply for a transfer to a Canadian university for the Fall, but you could apply now to transfer for the winter term. If you did reasonably well at Ann Arbor, you may have a good shot at Toronto, Waterloo, British Columbia, or McGill. If you are at Flint or Dearborn or didn’t do as well as you hoped your freshman year, York or other Canadian schools may make great sense for you if you are a Canadian citizen and entitled to domestic tuition.</p>
<p>Ann Arbor is a great school but $300,000 is not a sustainable debt. It’s comparable to a home mortgage, BUT a home mortgage saves you thousands of dollars in rent each month, may yield capital gains, and you can always sell the house instead of pay off the full principal through earnings.</p>
<p>If you are at Flint or Dearborn, please make that clear. Everyone’s advice maybe very misguided otherwise.</p>
<p>If they refuse to let you transfer somewhere that makes sense, take the gambit. There’s no written contract right? If they want to “loan” you money that you’re not going to be able to pay back before they die, let them. Tell them what you’re going to want to borrow and that you’ll pay back $800/month every month for 375 months (a little over 31 years). Depending on how old they are, there’s a good chance they’re not going to live that long. Or show them this topic and maybe they’ll realize how stupid they’re being in even suggesting you go to Michigan. </p>
<p>Or if you have a moral issue there, cut your losses and go back to Canada and tell them to keep their money.</p>
<p>I don’t know what your family’s immigration status is, but you might want to look into applying for in-state tuition in Michigan. </p>
<p>Here is an excerpt from [Residency</a> - Office of the Registrar](<a href=“http://www.ro.umich.edu/resreg.php]Residency”>Residency | Office of the Registrar)</p>
<ol>
<li> Immigrants and Aliens</li>
</ol>
<p>You must be entitled to reside permanently in the United States to be eligible for resident classification at the University. However, like U.S. citizens, you must also show you have established a Michigan domicile as defined in these Guidelines. The Residency Classification Office will review Applications for Resident Classification if you are in one of the following immigrant categories. You must provide official documentation showing your status.</p>
<p>Permanent Resident Aliens (Must be fully processed and approved and possess Permanent Resident Alien card or stamp in a passport verifying final approval by filing deadline for applicable term.)
Refugees (I-94 card or passport must designate “Refugee”.)
Asylees (I-94 card or passport must designate “Asylee”.)
A, E, G and I visa holders (Exception: Dependent children who hold an E visa are not eligible to be considered for resident classification.)
*Please note that individuals holding temporary visas, such as, but not limited to, F, H, J, K, L, Parolee, TN, TD, etc., are not eligible for resident classification at the University of Michigan regardless of their other circumstances.</p>
<p>
You’d have to be close to morally bankrupt to steal money from someone who is doing nothing but trying to ensure your success in the future.</p>
<p>Never do this.</p>
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</p>
<p>I agree it’s a terrible thing to do, but his parents really are backing him into a corner. </p>
<p>If possible, perhaps get them to worry about it without saying it directly. Maybe they’ll change your mind and let you go to a sensible college.</p>
<p>I’m not sure if that’s more morally bankrupt than making your own kid pay back $300k because you apparently don’t want them to go anywhere cheaper?</p>
<p>Do your parents also expect you to pay them back the milk money you got in elementary school?</p>
<p>Let’s hear it for Mrs. Turbo, a graduate of Oakland University (among other places). I took a few grad classes there in the 80’s in the engineering school while working. It’s a commuter school but the dorms are decent and food is good, good area, etc etc. Oakland boasts (I hope they still do) free parking, something that no other school I know of does :). Did it hurt her chances? no, but she makes sure the Purdue degree she got afterwards goes first on the resume… Her program (grad) was very coupled with Industry and she got a good deal of practical experience there.</p>
<p>I’d say look for a good Canadian school tho. Oakland is a directional state school, nothing more, nothing less.</p>
<p>I work in the CSE department at Umich, how you racked up $300,000 is a little beyond me but it wont be unbelievably hard to pay it back. A lot of their masters students leaving make well over $100,000 a year. I will give you a fair warning that it is EXTREMELY hard to get into their program even for people earning their bachelors at umich. If you don’t have at least a 3.5 and pretty much rock the GRE, I wouldn’t even think about it.
-Advice from the person who mails out the rejection letters at umich CSE program</p>
<p>Running, run the number please, 100k salary for 300k debt, IT IS unbelievably hard to pay back !!!</p>
<p>Average mortgage is this country is 250k for 30-yr term, and interest is tax deductible.</p>
<p>I smell bogus of OP, can’t believe any parents would push their kids into debt trap.</p>
<p>Don’t listen to people telling you not to pay your parents back. That’s just so wrong… you don’t necessarily have to go back to Canada if you don’t want. There’s a lot of good and cheap programs. All ABET accredited CS program have good quality. Some cost as little as 15k per year and very easy to pay back. i.e. State University of New York at Binghamton has a good accredited CS program and it is not that expensive</p>
<p>I’ve heard of Oakland U (in Auburn Hills, right?). I think that’s a decent option, though you could probably do better for the same cost in Canada.</p>
<p>It seems like there is more to this story than you are telling. Is your family living in the metro Detroit region now? Are your parents uncomfortable with the idea of you moving away?</p>
<p>
More like financially irresponsible and based on poor counting.
One is clearly malicious, one is clearly borne of good intention. I think it’s clear which option is more morally reprehensible.</p>