<p>For the past 6 months now I have been switching back and forth between Baylor university and university of Oklahoma. I love both schools and have visited both. I told myself that financial aid would he the deciding factor for me but my esimated aid from Baylor is $30, 000 a year with the coa being about $56, 000. OU’s coa is about $26, 000 a year and I will not hear back my aid until I verify my fafsa which will not be until after april 15…
My intnded major is nursing and I plan on continuing to obtain a masters.
Do you think it’s worth it to attend baylor or if I can afford it?
How does paying for college work exactly?
Thank you!</p>
<p>I would attend the lower cost option. Paying for college comes from savings, current income and assumed debt. What can your family afford to pay? As a student you can take a Direct Loan of $5.5K as a freshman. Are you in-state for OU? Does OK have any in-state scholarships?</p>
<p>Go to the state board of nursing websites and look at the NCLEX first time pass rate for both schools. That may help you decide one way or another. If the rates are very similar, go to the school that gives you the best deal.</p>
<p>Really, if your family can comfortably afford the difference, yes, it is worth it to go to the school your really prefer. Right now the cost is about the same. If your family is going to have a tough time with that cost figure, every dollar that you can squeeze out that will bring it down will be helping them. On the other hand, if they say that the current cost amounts are easily affordable, then you make that personal decision even as you get Uof OK aid package. Though if it’s very close, which school you actually prefer and the programs are very similar in quality and amenities, and the cost differential is high, there might be other things you and your family would prefer to do with that money. It’s not a straight out dollar for dollar decision most of the time.</p>
<p>Do make sure you understand the implications of the cost differential. If the Baylor package has loans in it, for example and work study money, the cost difference can be a lot more, even though the numbers on the bill you pay to the schools now are the same. Owing $30K a year at graduation is like paying for an extra year of school, something that can easily happen if the Staffords are in your aid package I can tell you right now that it feels really good, not having that loan burden. When you are comparing costs make sure you add back self help like loans and jobs to the cost. You have to pay back loans and work study takes up hours you can be working for extra money for yourself and your family instead of towards your financial aid package.</p>
<p>My son felt it was worth an extra $16K to go to one school over another. We were willing to pay for that preference. Another son felt it was not worth the extra to go to any of his choices other than our state school. So it can truly depend. But had the amounts been way over, there would have been no choices since the finances would not work out. Within affordability ranges, it is purely personal choice and where money comes into play, it’s a matter of whether having that extra is more important that the preferences at another. Like trying to decide when to pay more for two things. The $50K car is out of the picture but should one get the $25K one or the $15K one, for example.</p>
<p>Right now the costs of both schools are very similar. </p>
<p>How much are your parents willing to pay?</p>
<p>Did you intend to receive any aid from OU like scholarships? </p>
<p>Do you qualify for pell?</p>
<p>How much are your parents paying? </p>
<p>What is your EFC?</p>
<p>Did you get any merit scholarships from OU?</p>
<p>If your parents won’t pay the $25k+ for each school, how would you cover those costs?</p>
<p>OU is unable to tell me my aid because I have to verify my fafsa. And I cannot until after april 15th…
As far as my parents contribution… they dont like talking about that stuff with me. So I do not know. They only tell me not to worry.
Actually OU’s cost is about 30, 000</p>
<p>If your parents are saying “don’t worry”, then your EFC is likely too high to get any aid.</p>
<p>Do your parents know the costs of both schools? Do they care which you attend? Are they willing to pay anything not covered by scholarships? If they are willing to pay and say ‘don’t worry’ - then don’t worry.</p>
<p>Im actually getting $30, 000 in finacial aid from Baylor… OU refuses to tell me until I verify but my parents info isn’t out yet…
My parents are no where near rich. My mom wants Baylor and my dad wants OU because its a bit cheaper.
I cant help but worry because I dont want to end up having to drop out.</p>