What would you do?

<p>DD got into Columbia, Penn (Wharton), Brown, Dartmouth, Georgetown, USC, Utah, Utah State and BYU. Happy to have choices, but reality has hit hard. Our EFC is $24K, but we live on Maui where gas is $4.55 today, a gallon of milk cost over $6, state-subsidized affordable housing cost $400K, etc., etc. Basically, it's very expensive to live here and there is no possible way that we could pay even half of that EFC. All the "name" schools are giving lots of aid - we would basically have to pay our EFC. Utah and USU gave 4-year tuition waivers (but must maintain a 3.6 to keep it). BYU hasn't sent anything yet.</p>

<p>Would you pay $24K per year to go to an Ivy or $17K per year to go to BYU (assuming we get nothing in FA or scholarships from BYU)? It seems like an easy decision - go to the Ivy. BUT, we'd basically have to borrow the entire amount wherever DD goes. Ivy would be about $96K over 4 years. With the outside scholarships that we know about so far, which can be used at BYU, but which wouldn't lower our EFC at the Ivies, BYU would be $62,000. I'm sure both totals are off from what the actual cost will be, but I'm just ball-parking the numbers right now. Utah and USU are tempting, but I don't necessarily want my DD to go to either of those schools, screw up and lose the scholarship, which would leave me with a $20K/year tuition bill instead of the $0/yr I had budgeted. Because of the 3.6 requirement, I'm wary of those two.</p>

<p>What would you do? DD is sad that see probably can't go to her top choice school, but I can't see taking on that much debt for a Bachelors degree.</p>

<p>So I ask again, what would you do?</p>

<p>Mahalo for your responses. :)</p>

<p>$24K per year = $100,000 for just a bachelor’s degree.</p>

<p>NO!</p>

<p>If you have a few hundred grand a year in income, by all means… otherwise, no.</p>

<p>Your DD clearly has excellent stats, but if you parents will be on the hook for $60k+ in loans wherever she goes, I think she needs to look at more affordable options. How are you going to pay off that note living in such a high cost area?</p>

<p>I think her entire list is unaffordable - even BYU. Sit down with her and crunch the numbers. Take a look at the threads in this forum on guaranteed merit aid and automatic scholarships. If she could get into Columbia, there are a whole bunch of other places where her education could be very cheap if not entirely free. She might need a gap year in order to take advantage of those options.</p>

<p>How are you going to pay off that note living in such a high cost area?</p>

<p>This is a great point. Your payments on those loans will be so huge that it will be like paying for college for ten plus years. </p>

<p>there is no possible way that we could pay even half of that EFC.</p>

<p>THAT is the problem. You say that you can’t pay even half of your EFC…so you can’t even pay $12k per year. But, guess what? Your loan payments on those huge amounts will be about $12k per year for ten long years. Have you done the math? </p>

<p>BUT, we’d basically have to borrow the entire amount wherever DD goes.</p>

<p>How much can you pay each year towards college??? it sounds like you can’t pay anything towards college. If so, then that says that you don’t have extra money left over each month. So…how could you possibly make huge monthly loan payments??? That makes no sense. </p>

<p>Do you have other children to put thru college? What about them? How will their costs be covered?</p>

<p>Is your D a NMF? If so, then she should quickly apply to some schools that will still give her a generous award for a lower GPA req’t.</p>

<p>You really don’t have ANY money to put towards college? Like zero? You expected your DD to go for FREE? If you really don’t have the money to pay anything. You want go go with a big fat zero, it’s Utah or USU. Most all merit awards are going to have gpa requirements. She can give it a go at those schools, banking her outside scholarships, and if she fails to get renewals, then it’s back home she goes to the local state school, working part time and taking out loans for what the cost is, and commuting. She’ll still have the outside money if she goes that route won’t she? Nothing ventured, nothing gained.</p>

<p>Honestly, in this case, i would break my back to get the $24K a year to let her go to Columbia or one of those top schools. Downsize. There are those in Hawaii living a poorer life than you. Stop drinking milk. That’s what I would do, but I don’t know your specifics. ,
Otherwise I’d give the free schools a go, or are they really free? How are you going to pay for room, board, travel, expenses? Or are they free due to the scholarships she has amassed? </p>

<p>I don’t even know how you can be considering BYU when your budget is zero, so none of this makes any sense to me. How much are you really going to be paying for your DD? If it’s zero, the choice is simple. The only choices she has are what her scholarships can pay for and involve nothing coming out of your pockets. BYU is not even in contention at $17K a year–if they come up with a free ride,that 's a whole other story. But if you will pay $17K a year, I think it is worth it for your DD to come up with the additonal $7K and go to one of those other choices. </p>

<p>And I am not usually a proponent of loans.</p>

<p>I just reread your post. If you truly have ZERO you can pay, then that is what your DD’s choices are, at those schools where you pay nothing and she has to take the chance of the GPA hit. </p>

<p>Or she stays in Hawaii, buys herself a nice new car with the outside scholarship money she has amassed and goes to local college for free. That would cost zero too.</p>

<p>*I just reread your post. If you truly have ZERO you can pay, then that is what your DD’s choices are, at those schools where you pay nothing and she has to take the chance of the GPA hit. *</p>

<p>I’m not sure if there is a school outside of Hawaii that would cost zero at this point. she has tuition scholarships, but there would still be room, board, books, fees, and Hawaii travel(which is super expensive). Plus, those GPA req’ts are steep.</p>

<p>how much are the outside scholarships for? Are they for freshman year only or are they multi-year scholarships. Often, outside awards are for one year only. </p>

<p>It doesn’t sound like the D was well-advised for her college choices considering that the family would have an unaffordable EFC. She should have been told to focus on schools that will give her HUGE full or near full ride scholarships for her ivy stats.</p>

<p>If she’s a NMF, there are still large awards available if she acts quickly and applies to other schools.</p>

<p>Did the daughter HAVE a $0 cost school? The OP said the those schools provided four year TUITION waivers. What are the costs for room/board/fees/transportation from HI? Or did I misread this?</p>

<p>This student has great acceptances (Congratulations) but if the expectation was that the family would be paying less than half of their family contribution, this was the wrong list of schools.</p>

<p>I am sorry. This is not going to be easy. I think your best choice is to explain to your DD how sorry you are, but she is going to have to take a gap year and reapply next year to other schools. With the stats to get into Wharton there are good schools (maybe not great, but good) which will give her better finaid than BYU.</p>

<p>She didn’t apply to an in-state school??</p>

<p>Fortunately, the application deadline for Maui College is August 1st.</p>

<p>If this student is a NMF, then she should quickly apply to Alabama. There are other Hawaiian NMFs at Bama. She’d get free tuition, free housing the first year, $1000 per year stipend, $2000 for study abroad, and an iPad. The student could use the subsidized loan for uncovered charges, and the parents could set aside the money that they would have paid the first year, to put towards housing for the later years. The student would take Stafford loans each year, work over the summer, and the parents may end up with little or no debt at all. </p>

<p>It sounds like she’s a business major. Bama’s B school, Culverhouse is a very good school.</p>

<p>Even if she takes a gap year, I can’t think of any higher ranked schools that are going to give her more than free tuition. That’s the problem. Sure, she could find some unranked school that might give her a free ride, but that probably won’t be palatable. </p>

<p>It’s very sad that this student applied to all those elite schools when it should have been obvious (net price calculators) that those schools would never be affordable. According to the OP, they’re going to have to borrow their EFC, so paying even half of the EFC isn’t possible. That means that they can’t afford the loan payments on such a debt.</p>