When Money Comes Into Play

Colleges & Universities University of Virginia
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<p>So I spent the majority of my senior year focusing on one thing–getting into college. I was thrilled to be accepted by UVA as an Echols Scholar a few weeks ago and fell in love with the university at Days on the Lawn last weekend.</p>

<p>But I’m an OOS student and my financial aid award is a whopping $5500 in loans (half of which are unsubsidized) from the government.</p>

<p>So essentially, I’m paying sticker price for the University. Such an award would suggest that $40K a year is doable for my family and I, but it isn’t. And as May 1st creeps closer, I’ve become more and more disillusioned by the thought that I may have to turn down an offer I put so much effort in to achieving.</p>

<p>When we went to DotL, my dad attended the financial aid session and had the opportunity to speak with a financial aid advisor after. She was extremely friendly, but the main point she had was that the package we are given is the package we get–nothing else can be done. </p>

<p>So essentially, my questions: Is there really nothing I can do? And is UVA worth the OOS price?</p>

<p>To me, the debt I would go into at this price would be enormous (at the absolute minimum, I’m guessing $80K), especially considering graduate school in the future. Scholarships could cover some of the costs, but certainly not the majority. And I am still waiting to hear back on whether I might qualify for the work-study program, which would also offset a small portion. </p>

<p>I do have other offers which are significantly cheaper, but they do not capture my attention the way UVA does or have the same opportunities that UVA does. I understand that I will be happy wherever I go and that my success is not based on the university I attend but instead the effort I put into my studies. Still, though, I cannot help to believe that UVA would offer me so much in the way of resources, research and internship opportunities, and a jump on other grad school applicants.</p>

<p>I know I may not find the clear and definitive answer to my question, but I certainly would appreciate any advice.</p>

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<p>First of all, congrats on your acceptance and second, congrats on Echols Scholar status. No small achievements! </p>

<p>I will leave your first question to others more qualified to respond. As to the second, the answer is most likely ‘yes’ but that does not speak to your particular circumstances. I’d personally be leery of taking on too much undergraduate debt unless I were certain I’d be entering a remunerative profession later on. And for most, imho, it’s too soon to make that judgment. </p>

<p>Virginia is a great school but hardly the only great school out there. May I ask where else you were admitted? And what fields of study interest you? I don’t envy you a tough decision. But in my own case, FWIW, I completed undergraduate with no debt and still got saddled with a tremendous amount in grad school. Something to consider.</p>

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<p>Apply to multiple merit-based scholarships… I have had friends who’ve done it and it helps a lot. Trust me, it’s doable.</p>

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<p>For the school your applying to I would pay the loans. As my dad told me the loans are worth it. Once you get out of UVA you get a top nooch school and pay the loans off immediatly.</p>

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<p>Don’t take on the debt it is not worth it. Especially if you are planning on going to grad school too. You will spend your life paying them off. Do you realize that most of the debt you take on, since it is unsubsidized, will accrue interest while you are in school and be more than you borrowed before you start paying it off. I am sure that if you were admitted to UVa and the Echols program, that the other schools that you applied to that gave you merit aid (probably your saftey schools) are better than you think and you will graduate with less debt.</p>

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<p>Kyledb17, sorry to hear about your situation. You are not alone as I’m sure you know. The CC boards are full of students this time of year with the same dilemma (in at dream school but may not go because of the $$$$$$). I guess it will have to come down to what other schools you have been admitted to and what they cost will be at those schools vs UVA. Good luck on whatever you decide.</p>

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<p>Maybe one way to think about it is if you decide not to go to graduate school and got a job right out of college, what do you think your salary will be? Then find a tax calculator on the web which will estimate your take home pay for that salary. Then figure out what the interest rate would be on your loans and what your monthly payments would be after graduation. How much money would paying the loan back leave you with to live on each month? If it’s not much, then having a huge loan will affect every decision you will make for a long time regarding where to live, what job to take, etc. Unless you have no other good options on where to go to college, you may find taking out big loans to attend any school may impact your life too much to be worth it.</p>

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<p>If your other options are reasonably good schools and dramatically cheaper, then I’d definitely choose one of them if I were you. If they are academically far inferior and you eventually want to go to grad school, then you’re taking some risk (at least if by “grad school” you mean a PhD program). Some less-selective institutions don’t do a great job preparing student for grad programs; the faculty just don’t encounter enough really motivated students, and can’t offer sufficiently rigorous courses. See what you can find out about grad school placement in the departments that interest you, at the schools you can afford.</p>

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<p>kyle, what are the things you think UVA can offer you that the other schools cannot?</p>

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<p>Thanks for the thorough repsonses everyone. I appreciate it.</p>

<p>I find it absolutely insane that I have to plan my finances for the next 20 or so years right now at 18! Haha. Though I’ve probably done more research regarding education and careers than most students, I still do not feel I have a clear grasp on what exactly it means to graduate with debt and how it would affect my job choices, living circumstances, etc. The overwhelming gist that I’m getting, though, is that I should wait to spend my money on grad school, which is pretty disappointing for me right now (although I know I’ll probably thank myself in the future).</p>

<p>I favor UVA for many reasons: its secluded academic setting in Charlottesville, its countless course offerings as a large research institution, its passionate student body, and its proximity to Washington DC and other north-eastern cities. Also, I feel like its post-graduate prospects, whether it be school, jobs, or whatever, are significantly better than most. And of course, I wouldn’t have to take any core classes because of Echols.</p>

<p>I’ve narrowed down my top two universities to UVA and Tulane. Much about Tulane is the opposite of UVA. It’s in a big (relatively) city, it’s small and private, and, from what I gather, its student body is less interested in academics. But since wistfully applying back in November, I have come to find a lot to like about Tulane, particularly its commitment to public service. And I would expect to come out of there with only $15K in loans.</p>

<p>It’s just the security I feel about going to UVA. I know that I’ll come out of there with a solid degree and job/graduate opportunities. That security is not so great with Tulane. And that’s the biggest problem I’m having with making my decision.</p>

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<p>Tulane is a very well-regarded university. $80k in loans @ 6.8% = $934/month for 10 years.
15K @ 6.8% = $175/month for 10 years.</p>

<p>Big debt. Big difference. If you were my child, I’d say go for Tulane. You can get a great education, and you can afford it.</p>

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<p>UVa has the most endowment among private universities…ask them!</p>

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<p>There is no way it is worth it. UVA is a wonderful school but it is not wonderful enough for 80k in debt.</p>

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<p>I’m a big UVA fan, but like hazelorb, I don’t think the difference between it and Tulane, also a fine school, is worth $80K.</p>

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<p>This is really sad, talk to someone in financial aid, you are an Echols scholar after all…</p>

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Easily the worst advice I have seen in a long time. As paperplane showed, you would be looking at about $1000 per month after graduation, and that’s if you needed no money for grad school. That’s 2-3 car payments! No one fresh out of school pays off $80,000+ in loans immediately.</p>

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That really isn’t true. Every school has its share of hard partiers that usually either flunk out or come close enough to get scared into toning it down. I realize SAT scores are not the measure of everything, but the average SAT score of Tulane students is virtually identical to those of UVA students. I also assume, based on your end cost in loans being so low, that you got a nice merit scholarship at Tulane and therefore you might be in the Honors Program. If so, then you will be with a lot of students that take academics as seriously as you do.</p>

<p>Generally speaking, you should come out of undergrad with no more than $20,000 in loans, $25K tops. $80K is not even a discussion. Even Harvard is not worth that much debt.</p>

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<p>Fallenchemist, it’s nice to see you over here! I enjoy reading your posts over on the Tulane forum. You’re actually one of the reasons I began to look seriously into Tulane. Thanks for your advice. </p>

<p>Regarding scholarships available once you’re enrolled, how competitive are they? It seems as though the university offers quite a few.</p>