A Memphis, Tenn., student accepted to all eight Ivy League universities is headed to Tuscaloosa this fall.

Ronald Nelson turned down the Ivy League and five other elite universities in favor of the University of Alabama, according to a Business Insider report, due to the financial package the Capstone offered and his acceptance into an elite academic program.

"It took a lot of soul searching for me to push that first 'accept' button for Alabama," Nelson told BI. "Of course there's a bit of uncertainty."

According to BI, Nelson has taken 15 AP classes at Houston High School, leading to a 4.58 GPA, in addition to earning a 34 on the ACT and a 2260 on the SAT.

Despite this, the other colleges weren't offering the financial incentives UA did. In addition to securing a spot in an elite academic program, Nelson won't have to take on student loans.

Nelson will join the University Fellows Experience at UA, an elite program within the school's Honors College that accepts 8-10 students every year from a pool of around 1,000 applicants.

The highly competitive application process included a visit to UA for several interviews with other potential Fellows.

"It was kind of amazing being around so many like-minded students, which is why I think I'll be able to have a similar situation [to an Ivy League school], considering the type of students they're attracting," Nelson said.

Fellows receive full tuition each year, plus an additional hefty stipend and an iPad. Nelson is also a National Merit Scholar, a group of students who perform highly on the PSAT.

UA has recruited Merit Scholars aggressively for several years, offering free housing, tuition, a stipend and a summer research or study abroad allowance.

Nelson's father, Ronald Nelson Sr., told BI it would have been possible to send him to the school of his choice but in the end, UA's math just made more sense.

"With people being in debt for years and years, it wasn't a burden that Ronald wanted to take on and it wasn't a burden that we wanted to deal with for a number of years after undergraduate," Ronald Sr. said. "We can put that money away and spend it on his medical school, or any other graduate school."

Nelson told BI he thinks he can receive a comparable education at UA because it all depends on how much work a student is willing to do.

"I've had a lot of people questioning me -- 'Why are you doing this?' -- but after I explain my circumstances, they definitely understand where I'm coming from," Nelson said.

When reached for comment, Nelson agreed to an interview with al.com at a later date. Things are a little "hectic" because, despite the honor of over a dozen college acceptance letters, Nelson still has a week of high school left to finish.