I got accepted into my dream school in January 2021. I attended online for that spring semester and I was able to be on campus for the fall. When I got accepted, I wasn’t given ANY scholarships. I was given a grant, but that didn’t do much for the bill and I’m heavily relying on grants. I’ve been thinking for a while on if I should just leave or drop out completely. I WANNA stay here at my dream school, but it is so hard to afford. My parents are “helping” me but I low-key feel like I’m the only one that truly cares if I stay or not. Hardly anyone wants to talk about it. I’ve looked at other schools, but honestly there’s no other place I’d rather be. I have a huge bill thats over $10k and I have to clear it up before I can register for the spring. Obviously, my family does not have that kind of money what’s so ever. I’m tired of having to deal with a stupid hold on my account each semester. I just want a bachelors degree.
What else can I do to afford an expensive college? What should I even do in this situation?
How will you pay?
It sounds like you cannot afford this university. There is no magic fairy to pay your bill. You can’t work to get the money.
And yet:
It doesn’t appear like you want to transfer.
At one point, you will run out of loan money.
You don’t want to transfer so, how will you pay if you don’t have the money?
You may end up without a degree and with a huge bill. That has been seen on this website often. Students run out of money and are left with bills and no degree.
The school is not going to give you a scholarship to cover your fees.
Your best bet is to transfer to an affordable school, but you don’t want to hear that.
Edited to add: You need to take a break from your school and work to pay off the debt. Take a leave. Don’t add more debt.
I forgot to mention that if you do try to transfer, and you still owe money to your “dream” university, they will not release your transcript until their bill has been paid.
This is an example of why you need to figure out the budget situation before you even apply to a school. Not getting on you but this is a lesson for other readers.
If you can’t pay, you can’t stay. Transfer to a CC b4 sinking more $$ you don’t have. and start again as a transfer.
Only apply to schools you can afford. This was not a dream school because it didn’t meet the most important need. Affordability.
So you own $10,000 on top of what is covered by loans and aid for Spring 2022 or the $10,000 is the balance you still owe from Fall 2021?
Go talk to folks in financial aid tomorrow if you are still on campus before break or call them. See what they recommend.
Talk to your family about the realities of the EFC amount in you aid package. If they really can not afford it and just did not want to tell you last year it is time to reset plans. If something has changed since your parents did your financial aid forms last fall you can try to update your FAFSA/CSS and appeal at your current college. Your EFC will not vary much between schools that meet 100% of need, but you can try to run the net price calculators at a few others.
If you become an RA that will cover room and board at most schools. But if you are getting aid some schools do not let that impact the EFC and they still except that amount to be paid. There are some colleges that hire RAs for Spring, but you are probably looking at fall for that.
Will you be expected to take over payments on the parent plus loans or other loans your parents are taking out on top of your student loans?
Look at your instate options and if any instate scholarships you would have triggered are still available to apply to you tuition in state and consider transferring.
I only owe 10,000+ for fall 2021. I don’t have a bill for spring 2022, except for the meal plan automatically added, because I haven’t registered for classes.
I’m unsure about the loan question, I’ll look into that. But one of my parents applied for a plus loan and was denied.
My only concern about taking a leave is that I will be extremely backed up on credits. Because I transferred into my “dream” school, I lost credits in that process already and I am a sophomore even when I should be a junior. I also don’t wanna take a leave because I don’t feel comfortable getting a full time job right now and being home. Love being with my family, and it’s a blessing compared to others, but I can’t imagine being at home all day every day with 0 independence. College is the only time I can have some independence.
No I agree with you. I should have been way smarter about this situation from the beginning. Bu now I’m in too deep. This was a dream school for me because it is one of the best HBCUS in the country. I felt like it really suited me.
That usually allows you to apply for additional loans as the student, but it is not recommended. You do not want to graduate and be in debt for the rest of your life.
It sounds like you need to take this next semester off to reassess the situation.
I am sorry that you are in this situation.
Revisit this list of colleges that meet 100% of need and your instate options. And complete the FAFSA for the 22-23 school year do you know what your financial needs will possibly look like.
If logistically and financially affordable with no loans - Enroll in your local community college or local public 4 year college by the loan deadlines and you can push off triggering payments being due on your current loans. Or just start making payments - at least consider making payments on the interest.
List of colleges that meet 100% need -note, if your college is already on here then your school’s formula is not aligned with your financial reality of what your parents want to or can pay.
You’ve been at two schools? So part of your ‘transfer’ will be to find a school that takes most or all of your past credits.
If your parents were declined on a loan how will you pay for this semester.
I’m not suggesting you drop out of school and work. Simply that you go to a CC in the spring and start researching and applying to affordable schools…and part of affordability would include acceptance of credits. There may be low cost HBCus if you want to stay in that type of school…there are publics ones such as Tn State, Coppin State, Grambling, Florida A&M.
Perhaps one will be low tuition. Coppin and Grambling seem low. I know there are privates too.
When it comes to debt and your long term wellness, the earlier you can parachute out (with refund), the better.
The first uni I went to (one I transferred from) was a private university in my state, actually like 10-15 minutes away from home. I can’t really say that college was affordable either considering we were STILL struggling to pay the bill each semester and there was always a hold, but they gave me way more money than my current uni is.
I don’t know…commuting would mean relying on my parents to take me to school everyday and honestly thats the LAST thing I wanna do. I have my license but not a car. My major is Health Education and my major at my university was Public Health. Basically the same thing, but if I transfer I wanna major in Public Health specifically.
Yeah I’ve been to two universities. I’ll look into those schools and see how far away they are from me. I’m also concerned about distance. My current uni is 3 hours away from me so that’s kinda the furthest I’m willing to go.
So if I hypothetically applied to a community next semester, I would need loans to pay for it. It’d be much cheaper, but there’s no way I can have $2k out of pocket. But I do wanna try to not take out anymore loans after this current semester.
There are so many great things about HBCUs, but unfortunately many are unable to meet the financial needs of their students due to not having the same endowments as other colleges. I have former students and employees with over $100,000 in loans while their peers found pathways for a fraction of the cost.
One way to evaluate how the endowment is able to meet actual need is to look at the Average cost at different income levels. Look below -
One is Morehouse with yellow highlights and one is Vanderbilt with green highlights. Look at the difference in what it is costing to attend at the various income levels. Moving forward that has to be your main focus.
(My suggestion - to change the world for others and yourself - would be to go back to your first college if at all possible - get those credits back and figure out your path to getting a BS or BA in the shortest amount of time possible. Then go into higher Ed administration so you can help others - live on campus in a new dream school as a hall director for free, get a masters for free taking a few classes at a time and working additionally as a TA or research assistant. And make sure other kids and families do not make choices that are not in their long term best interest. )
Also, the reason to consider going back to your original college is that you usually need 60 credits at a college to graduate from that college on top of your major’s requirements.
This may sound harsh, but it doesn’t matter if it is your “dream” school, you can’t afford it and need to transfer. I don’t drive my “dream” car, live in my “dream” house, wear my “dream” wardrobe or take my “dream” vacations every year. Time to grow up and realize that you need to live within your means. Don’t saddle yourself (or your parents) with debt.
