@austinmshauri My parent’s could pay before without borrowing, but after covid my parent’s income decreased significantly. Northwestern was making me wait until later on the year (when we had more proof) before they reconsider their aid option.
@Mwfan1921 Thanks. I think I am allowed to come back next year, but I am going to check to make sure.
If I had an incoming college freshman, I was absolutely be advising a gap year. The transition to a residential college can be tough, and undoubtedly will be much tougher with the restrictions in place. Why partake in a very diminished experience if you can postpone it for a year.
Please do not take out $50K in loans for freshman year alone. It does not make financial sense, at all.
When did NU say they would reevaluate your aid package? It makes sense to take time off until this happens, and then make your decisions based on that.
@Knowsstuff Thank you.
I’m going to be calling/emailing them to ask some questions and verify some info.
If I was an upperclass men I would totally go back, but call me cheesy, it’s my first year. I have high expectations for it, since my senior ended so sadly.
@suzyQ7 yep. It’s a lot of money, but we might only need to pull out one loan for the first year if my dad’s income goes back to normal or close.
What are your other options? This is a crazy amount of loans. We are headed to a recession, but even if we were not, you should not take on that kind of debt. Did you get other merit or FA offers from other colleges?
You should absolutely take a gap year. Work, wait for them to improve your FA or for your parents to save enough to pay (that would have to be a huge amount to make - to have 50k free and clear after taxes). It will also give you time to ponder the cost situation and not put yourself into lifetime debt.
We’re already in a recession. And if the pandemic lasts a long time, and it could, it could get worse.
I agree that 50K in loans is way too much to take for one year.
$50,000 for one year heading into a recession, banking on dad getting a new job?!
Take a gap year, wait to see what aid they give you, and look for local and other merit based options which are affordable for your family.
As stated above, the BEST money comes from the university, either in need based aid or merit based. If you got into NW, then you can surely secure good merit for next year if it comes to it.