Another acceptance was from a good, but not excellent, state college. It offered her a full-ride scholarship that would cover room, board, and tuition, meaning she wouldn’t need to come up with any extra money. In addition, the college would allow her to participate in a work-study program. She would be able to earn her spending money and gain work experience at the same time.
However, this college wasn’t her dream school. It wasn’t even one of her top choices. She only applied for it as a fallback “safety” option and as a last resort.
I knew her heart had been set on that elite college for a long time. I was the one who took her for a campus visit and encouraged her to apply. Since she is the child of a single mother, however, I knew she could only afford college on a full scholarship.
After receiving her initial admission letter from the elite college, my niece appealed for more financial aid but was told no. Some of her classmates were planning on borrowing to attend college. Since I am the financial guru in the family, my niece came to me for advice: should she borrow $50,000 each year for the next four years to attend her dream school?