Reply to University of Miami with Merit money vs. UVA

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[quote=Anonymous]Our son was admitted to UVA as an OOS student.  We have saved for his 529 over the years and have enough money to send him there without him taking on any loans.  Last night he was admitted to his "safety" school University of Miami who unexpectedly gave him a hefty amount of merit money.  DS will go back to both schools for admitted student days but thinks he has a preference for UVA mostly because it is ranked much higher and has the prestige value in looking for jobs and applying to grad school.  While he really liked the vibe at U of Miami (what's not to like with the warm weather and palm tress), he feels like he may always find himself having to explain to people that he attended Miami because they gave him a lot of money.  While we definitely see the benefits of UVA, we also like the idea of having some money left in the 529 to partially pay for Grad school. Plus we've heard that Miami is on the rise.  We don't want to influence his decision so we're going to try and stay on the sidelines on this one.

Would love to hear from people's who have been in the same situation.  How did your kids make a decision to select or decline a lower ranked school that gave merit money?

Again, our son would not graduate from UVA with loans but it's not entirely clear whether we would be able to make a significant contribution to his grad school if he went down this route.
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