The only feeling worse than getting rejected by your dream school is considering the possibility of declining your offer due to cost.
With the cost of attendance rising at every university, declining dream school offers has become common for many high school seniors who have been accepted at top schools, such as Ivy League schools.
As someone who went through the exact same situation this year, I understand the frustration and indecisiveness that comes with your college decision. But before you decline or accept any offers, here are some factors to consider.
The most important step toward making a decision is assessing your household’s financial situation and comparing it to the school’s tuition and other expenses. A common solution for students to pay tuition has been to take out loans, but this is often risky because of rising interest rates.
To determine if a school is “worth it,” consider how much you would need to take out in loans, how long it’ll take to pay them off, and your expected annual salary right after graduating.
A general benchmark is 10 year. If you estimate that it’ll take you more than 10 years after graduating to pay off loans, then unfortunately your dream school may not be worth the cost.
The second factor that comes into play is your major. If a more expensive school has a substantially higher ranking for your major or significantly more resources dedicated toward it, taking out loans to attend this school might be worth it. But if there is not much of a difference in resources or ranking between schools, I would ignore name prestige and reconsider choosing the cheaper school.
My last piece of advice for you is to visit the more affordable school. Online tours are nice, but trust me when I say to visit schools in-person if you can. Perhaps you’ll end up loving the school that you thought you wouldn’t be happy at more than your dream school.
Choosing a college comes down balancing both your dreams and your financial reality. It’s hard to say no to a school you’ve envisioned yourself at for years, but remember that no college is ever worth sacrificing your future stability.
For now, do the research, trust your gut, and everything will work out how it’s meant to. Good luck!
