Would you accept an offer before knowing about funding?

[Guest Guest]

Here's my situation:

I have an acceptance letter from my dream school, but the school is not making any funding info available until after the results from major national fellowship competitions are announced. I applied for one of those fellowships, but don't have any idea if I will get one or not.

I also have an acceptance letter from an acceptable (though not great) school, with an excellent funding offer.

I'm quite certain that I will accept the offer from my dream school regardless of funding. I'm just afraid that if I formally accept their offer before hearing about money, they will choose not to give me any money (because I've already committed to going there). Does that make sense? Does anyone know what is likely to happen in that case?

I'd like to commit to my dream school as soon as possible, and I'd like to free up a space on the waiting list for the other school. I just don't know if that's in my best interests. What do you think?

[Guest guest]

Why would you not just wait? You have until April 15th. Committing before you have all the information seems like a poor decision.

[Ralphie]

I would say definitely wait. In the meantime, it can't hurt to tell them how eager you are to go there, but make sure they get the idea that you need to know the funding decision (i.e. imply that you need the funding) before you're able to commit. Unfortunately, because I did/do genuinely need funding, I turned down Arizona who also had a cockeyed timetable for those decisions.

[Guest wiseman]

My advice: rethink your stance on going to your dream school regardless of funding. It would be ridiculous to rack up a huge mound of debt for a brand name. Go to the good program with excellent funding. Unless you have an extremely compelling reason to go to your dream school (aside from the brand name on your resume), or you have more than enough money to cover tuition on your own (not likely if you are asking about funding), then it would be quite shortsighted to take on over a hundred thousand dollars in debt just to have a Stanford or MIT on your resume.

At 4%, a $100K loan paid off over 20 years means a monthly payment of over $600. Let's say that you are getting a Liberal Arts degree, where the average starting salary is $30,828. That works out to $2569 per month. Social security and Medicar takes $205 of that and state and Federal income taxes will take about $308. Health insurance and other benefits will take another $450 of that, leaving a take home pay of a little more that $1600. Subtract the $600 for your loan and you now need to live on $1000 per month.

A car payment will be (for a not-so-new used car - $10,000 @ 6% for 48 months) $235, insurance (under 25) will be approximately $125 per month, and gas and maintenance will be another $100 per month. Subtact these from the $1000 and you have $540 per month.

A one-bedroom apartment (depending on the area) might be $450 a month. That leave you $90 a month for food, utilities (including cell phone and high-speed internet). Which means you'll be using your credit cards and going deeper in debt.

Which really means you'll end up living at home, letting your parents feed and house you while animosities are building up between you and them. Which REALLY MEANS that you'll be miserable as hell.

AND THAT'S JUST THE FIRST YEAR (19 more to go).

Even if you are going into a more lucrative field than liberal arts, the situation does not change much.

[Guest Gale]

Here's my situation:

I have an acceptance letter from my dream school, but the school is not making any funding info available until after the results from major national fellowship competitions are announced. I applied for one of those fellowships, but don't have any idea if I will get one or not.

I agree with your concerns about accepting prior to hearing on funding. I echo others here who suggest you use your current good offer to negotiate up at the dream school.

I would think three times before going to your dream school if you don't have the money to complete the degree and don't know how you'll make it from year to year. Horror stories abound. Getting part way through only to have to bail out is just a huge waste of everyone's resources (time, money, heartache.)

That said, go to your dream school! People don't get PhDs for the money, they get them to do more interesting work. It's worth a bit of creativity to go study with the people you want to work with. If they come back with no funding for you, can you defer for a year? Use that time to apply like mad for fellowships, with the added bonus that you can put into your request that you've been admitted to X school. Or, consider being a staff member at the school for free classes part-time as you start studies, with the expectation you'll get funding for the research (post-quals) phase -- and if not, well, it's just a slow process while you're getting paid. Not optimal, but not evil either. Or, consider a different faculty member at the same school and see if someone else has funding for you. (It's easier to get funding for a project than as part of a general pool.) You're smart. You're resourceful. You know what you want. It may not be a straight line, but you'll find a way.

Meanwhile sit tight and make sure the school knows you're so thrilled to go there, and would like to be able to turn down your other wonderful offer just as soon as they fund you. :-)

Congratulations!

[Guest muse]

I agree to wait until you hear sabout funding but... I disagree with the guy who said to take funding over dream school. Academics are all label whores. If you take the cushy spot now you will probably pay for it later with lack of job opportunities.