Is Chicago actually affordable?

hsmomstef
Sat, 10 Apr 2010 15:35:39 +0000

I think you need to compare your options (UChicago and UC – Boulder) in terms of finances.

At both schools, you can work the summers (~$2500) and work during the term (~$2500/yr). At each school you could try and get an RA position after your first year (free room and board). You can borrow Stafford Loans ($5500 – $7500/yr) and you said your parents are willing to pay $10,000/yr for you to go to school. At UChicago, you also got a $2000 grant/yr

UChicago – COA is ~$57,000 (if you are very careful, buy used books, etc – maybe $55,000)

UC Boulder – COA is ~$25,000 (again – conservatively, maybe $23,000) This is the instate cost for those who don’t realize how expensive UC Boulder is for instate students.

With summer work, term time employment, maximum stafford loans and your parent’s contribution you are looking at a gap of ~$132,000 at UChicago for 4 years at Chicago.

With the same summer work, term time employment, maximum stafford loans and parent contribution, you are looking at a gap of $5000 over the 4 years.

Even the University of Chicago alumni and admission office won’t tell you that UChicago is worth ~$170,000 undergraduate debt. It doesn’t matter what your future plans are.

I think you need to have a sit-down with parents – if your EFC is truly $50,000+ (which it must be if neither UChicago nor UC Boulder gave you any FA) your parents have assets and income which indicate that they can afford more than $10,000/yr. Perhaps they are simply unwilling to pay it – I don’t know. But UChicago is not the intelligent decision to make.