@cptofthehouse It is hard to know how repayment to parents/brother can go. Different factors come into play when loans are from family/friends – ex. if the loan isn’t repaid when expected there is a chance that it could cause all kinds of family friction.
@happy1 Trust me I have looked into all of the options you mentioned, whether it be study abroad, going to University of Toronto, etc. At the end I have already made my decision which is to leave my current university. Right now I have two options: Swarthmore or UMichigan. That’s it. Study abroad won’t actually work out at my current school because I am in a dual degree accelerated program, and even if it did I would still regret getting a degree from my current university.
I know that many people do not go to their preferred college due to financial reasons, however I am willing to take the risk as I really don’t have any other option. To me, staying at my current university is no longer an option.
I understand your concerns and trust me, you are certainly not the first person to voice those concerns.
And yes, it can be very awkward since I will be borrowing from family members however it is better than the high interest rates associated with loans that I would have to take out and then paying off the interest which is basically paying extra for nothing.
I have appealed Swarthmore’s financial aid decision and will give Michigan a shot as well. I am also still waiting to hear back from a University of Michigan LSA transfer scholarship that I applied to.
In the following years, there will be even more academic scholarships that I can apply for at UMich LSA specifically for transfer students.
Please wish me luck and thank you for your time!!
Yes but I would have to apply again to transfer and go through the process all over again and not any schools I am interested in are $40k.
If prospective employers do a credit check and you have over $100k in debt that could be a problem.
Which $40k/year schools have you considered?
Congratulations!
Sounds like you have carefully considered your options after working hard to earn spots at not one but three top-ranked institutions. Lots of people here are telling you to stay put for financial reasons, but you’ve made it clear that you won’t be doing that. You’re very clearly asking for input about Swarthmore and UM. So, we need to focus on offering information that you’re actually requesting.
Agree with an earlier post as well: no one needs your test scores or grades to help you decide between Swarthmore and UM.
Personally, I think they are both excellent options. The majors are different enough to give me pause. Will they change your future plans, or would you apply for the same graduate programs regardless of your undergraduate major? To also help distinguish between these two great choices, I’d consider transportation costs and weather, and I’d look at the alumni association benefits. Graduating from an elite institution has tangible advantages, starting with job placement assistance and alumni association connections. Nevertheless, there may be differences between the two schools, especially because of the small college vs. big university distinction.
In my view, you’re making a great choice to leave your current school, whichever institution you choose. While the amount of debt you’ll be shouldering gets my attention, I don’t see it as a deal-breaker. You seem to be going into all of this with your eyes open and an understanding that it will impact all aspects of your life for the coming decade(s) to pay off this debt.
Any credit check performed by an employer would distinguish between “good” debt (house and education) and “bad” debt (cars, credit cards, etc.) so I wouldn’t personally be concerned about that. I have never heard of an employer choosing one applicant over another because one had graduated from college with no debt, while the other took out loans to graduate from the same school. In fact, I have heard of the opposite. And millions of job applicants have hundreds of thousands of dollars in debt on their homes, and don’t have any difficulty finding employment due to that debt. Etc. Fear of what an employer might possibly think if s/he ran a credit check would simply not be on my list of concerns.
In summary, Swarthmore and UMichigan are VERY different institutions, your educational foci would be very different, and the locations are very different. In choosing between them, you should listen to your heart and follow your gut. You really can’t go wrong with these great options.
[quote[I know that many people do not go to their preferred college due to financial reasons, however I am willing to take the risk as I really don’t have any other option. To me, staying at my current university is no longer an option. [/quote]
Please stop saying that you do not have any other options. You DO have several other options that you are choosing not to take / pursue.
To address your direct question of which school you should go into major debt for to assuage your desire for a change of scenery and more prestige: I don’t believe that you have a good sense of UMi and Swat if they are equally appealing to you. Have you spent any meaningful time on each campus, during term? Have you sat in on classes at both? have you spent time with current enrolled students? These two places are as nearly diametrically opposite as colleges get. If you are going to make a bet the size of a brand new Mercedes-AMG C63 S Coupe, you don’t want to find out a few months in that you made a mistake.
Swat is often referred to as ‘intellectual’ (and it is), but it also has a particular kind of intensity that tends to really suit you- or not. It is very much a ‘fit’ school. Consider seriously whether you know enough about the ‘campus culture’ to know if it suits you, your approach to academics, your ways of socializing, etc.
UMi, on the other hand, has the virtue (and the vices) of size: you can absolutely find your people there and a place you fit in, though it may take active work on your part. But, you will have to advocate for yourself in an unfamiliar system . Can you / will you do that?
OK fine yes. Good point. Right now I have appealed my financial aid decision for Swat so let’s see what they say.
Ultimately, I see myself at Michigan more as I feel it will be a better fit for me, just based on what I want and what the school has. Bringing finances into play, at UMich I could potentially graduate in 2 years whereas as Swat it would be either 2.5 or 3 years because they accepted less transfer credits than Michigan.
Thank for your response! I truly appreciate it. It has definitely been hard to get the support that I desire, however ultimately I need to go with my gut and what my heart wants!
@austinmshauri I never necessarily looked at costs because for me I didn’t even think I could get in to the schools that I wanted to go to.
I have already made a decision to choose between Michigan or Swarthmore. I appreciate your help and wish you all the best!
Congrats on your acceptances! Consider if you will be able to afford each school.
OP, please come back 2 years after graduating and tell us whether you regret this short-sighted and youthful decision. All surveys show that nearly everyone making such an imprudent financial decision about student loans ends up regretting it soon after graduating. Good luck to you.
@niklingineni Thank you so much! Right now I am deciding between UMich and Swarthmore, whichever is cheaper and going with that. Cheers!
@collegemom3717 Also, I see it more as personal growth, and ultimately I know for sure that I will regret staying at my current university. Trust me, I have really analyzed this dilemma for months and am willing to take the risks associated with a load of debt.
@itsgettingreal17 I would say that I am not making a youthful shortsighted decision at all and I am very serious. I do not appreciate your words and am strongly offended. Ultimately, I am doing what I believe is best for me. I have really looked at the major financial impact of my decision and can assure you that I am aware of what is going on and what the consequences are.
Thank you!
U of M, my alma mater, sounds like a great option for you. I think you will find that it easier to make a friend group coming in as Junior at Michigan than at Swat. At Michigan, it is large enough that friend groups reconfigure yearly. People come and go (study abroad, people change majors, etc.), and one doesn’t really expect to know the other students in one’s classes. At Swat, you may have more difficulty integrating walking in as a Junior.
I wish you well. It was a stellar accomplishment to get into both those schools as a transfer.
I have a kid who’s going to be a 2nd year at UMich (LSA). Central campus is about 10-minute walk from one side to the other. It’s essentially just a large rectangle. The two main hangout areas are adjacent to campus. The town is very walkable. The bus system, if necessary, is free, and gets you to your destination w/o a lot of hassle, if you need to get somewhere like the Mall or want to take in a baseball game with friends.
That reminds me, did I mention that unranked UMich and #2 Vanderbilt will be playing starting tomorrow in the championship series of the College World Series? 
Seriously, most of your time will be spent in labs, class, and the UGLI (library). Really narrows the campus down a lot.
I hear Swarthmore is an excellent school too.
OP, to your credit, you have responded to the replies to your post with grace and good humor. However, to the only person who actually said ‘yes I think you are making a huge mistake’ you replied
As the saying goes, ‘don’t ask questions you don’t want to hear the answer to’! No need to feel offended.
Going from being able to graduate debt free to significant debt is something to consider seriously- as you have noted in a couple of your posts. But, saying it and really grasping the reality is nearly impossible if debt hasn’t been a part of your life so far. It will constrain your choices, likely for a decade. What jobs you take, whether/when/where you go to grad school, where you live, what your car options are, etc.
Also, it isn’t clear that you have considered some of the other reasons why going to a school where you are at the high end of the student body can be a good things. As an example, a couple of weeks ago I was at a graduation for a relative. She went to her very undistinguished state university (b/c that is what the family could afford w/o debt), where she became a stand-out student. She was mentored by her professors, got great internships, and was heavily supported by them in applying for both Rhodes & Truman fellowships She was a finalist for Rhodes, and got the Truman, and used it to pay for Harvard Law School. She just graduated from HLS debt free. She was able to take her dream job (in an NGO), b/c she didn’t have to take a higher paying job to service her debt.
Still, I understand from your other posts that your real question is your second question! (which is why I addressed it in my earlier post). I just don’t think it’s reasonable to be offended when somebody answers your first question by saying ‘yes’.
That you have these choices for transfer speaks to the quality of the applications you made (congratulations on that).
ps, I know that the ship has sailed, and that you will probably be at one of those 2 schools this autumn, but for the record I will also point out that your first year experience has likely been heavily colored by your disappointment at being at your current school (pretty obvious it wasn’t your first choice), and the often underwhelming first year classes (especially for a highly able student). Know that it is entirely possible that your overall college experience at that university could be end up being very different as you get into the upper level classes. #justsayin #whistlinginthewind
@collegemom3717. Great post.
@calmlywaiting. I think what you are experiencing is that this lot of highly educated and experienced people really care about your future.
Your naivety is what scares me but your drive is what gives me some hope for you. I normally tell students that sometimes you have to “bet” on yourself. Take chances, go for it. But what cautions me about you is again something you just said. You will go to the less expensive school…in your post you want to be a data scientist. Is this how you make life decisions. No. If you don’t have some interest or passion for what you want to study you won’t make it. If you want to be a data scientist then be a data scientist. If the difference of schools is close then go to Michigan. Michigan does help OOS students with money. Keep on them. Let them know what your reality is. They will help if they can.
One other thing that concerns me is that besides you already making connections where your at is that you admit your school is not really a top notch school. Michigan is. It is a very challenging school for the best students. This is why I asked your grades, stats. Congrats on getting into two polarizing opposite schools but you will be tested like never before especially as a junior. Now, this should be encouraging. My son is there for this reason to be tested and challenged. That he is ?.
Also don’t let the football games and the sprit of the school give you a false reality. Again, it’s a very hard school especially in computer science type of fields.
If your up to the challenge, Michigan has all the support you could ever ask for. Since you are new I would make appointments with learning services, meet with your professors…do this and you will be rewarded. If you take a little initiative Michigan will layout the red carpet for you. They like people that take charge of their future. You seem to know how to make connections and network. Do that and you will be rewarded.
Also don’t discount getting an internship or co-op to help pay for your education. Call today and find out the opportunities. Some of these can be well paying.
Also getting a job on campus is plentiful even working in your field with a professor would be what I would suggest. Start looking that up and get a jump on it. Professors have tons of connections at Michigan.
You have to be incredibly bright to get into that Trifecta of schools. I really wish you the best.
Michigan and Swarthmore are both excellent when it comes to academics and intellectual vitality. From that point of view, they are are peers. As such, one does not trade down, or up, when choosing between those two. But they are vastly different from each other.
Michigan offers virtually unlimited options and opportunities, regardless of one’s academic and career inclinations/interests, and while it is a very large university, it has the resources to make it a small and intimate experience.
Swarthmore is small, with an incredibly accomplished student body that is almost singularly drawn to academe. It is unlikely that one can find a more intimate environment where to spend four years of college, but it lacks the resources to make it a large and varied experience.
I have seldom met anybody who regretted attending either one of those incredible institutions, and I also seldom anybody who leaned equally to both of those diametrically opposed settings. Affordability aside, the choice should be easy depending on one’s preferences.
Would there be any sense in taking a leave of absence from your current university, then a year off from college entirely while you look for more affordable options for completing your degree? Right now you have yourself convinced that U Mich and Swarthmore are your only choices, but yOu also aren’t firmly committed to any particular field of study. In the long run, it would make better sense to be clear about what you major in, and to find transfer targets that are affordable and offer that major.