<p>I'm going to attend a school that in total tuition cost 46k~ per year. Now I'm getting 21k in FA,Grant and Loan (said to be per year estimate). Now if my math is right, now until senior year as an undergraduate, the tuition will be 184k~ subtract that by the total grants which is about 84k in aid. That's 100k college debt that I have to pay.... right?
I'm new to all this so I don't know how this works.. Help :(</p>
<p>(no scholarships were given to me)</p>
<p>YOU the student will not be able to get loans in that amount without a cosigner. Are your parents willing to assume that debt with you? </p>
<p>In addition you should know that your
loan payments will be in excess of $1000 a month for at least ten years.</p>
<p>Have you discussed these finances with your family and also considered the long term effect of this debt?</p>
<p>Don’t forget that most schools raise tuition and fees by a certain percentage each year. Also, room and board can cost different amounts, sometimes determined by the building you choose to live in. Lots of unexpected things can raise the Cost of Attendance, just as you can control some costs, such as those for books and personal expenses. You could need more than 100k. Is your family prepared to pay $25,000 or more for you each year? You realize that you, by yourself, can not borrow that much each year without a co-signer, right?</p>
<p>46 - 21 = 25</p>
<p>Where will you get that 25k for this year? Will you and your parents have to borrow it all? If so, you need to find a cheaper school because this is too much debt.</p>
<p>All the schools I applied too and got accepted to cost around that much of tuition. I don’t know but my mother said she’s going to try and pay it off by “monthly” but I don’t know about that… since she’s unemployed and were receiving amounts of money from social security. So basically I’m F’d right?</p>
<p>I just calculated everything and this is the result of the total cost. 186,520 (4yr tuition)- 84,200(total aid throughout 4yrs) = 102,320 end result.</p>
<p>If your mom is unemployed, how would you qualify for $25,000 in loans?</p>
<p>You can’t afford this place unless your mom has a secret stash of money somewhere. What other options do you have? Are there any public universities or community colleges that you can commute to?</p>
<p>well I’m going to cry to sleep right now. thanks again.</p>
<p>I’m sorry you are in this situation, goodfornothin. (I feel kinda bad typing your screen name; I’m sure it’s not an accurate representation of your real character!) There is a lot of information on this site about finding schools that you can manage financially. If your family cannot afford to pay much for your education, you need to work harder than others to find schools that are feasible for you.</p>
<p>Also, part of the $21,000 amount you are calculating as FA includes loans.</p>
<p>Please don’t worry too much. But you will have to figure out an alternative plan.</p>
<p>mother said she’s going to try and pay it off by “monthly” but I don’t know about that… since she’s unemployed and were receiving amounts of money from social security</p>
<p>???</p>
<p>Maybe your mom thinks the payments will be like $25 a month. She needs to understand that they will be like rent payments or like paying 2-3 car payments every month.</p>
<p>Ask her how much money she has left over each month…every month…not just once in awhile.</p>
<p>“well I’m going to cry to sleep right now. thanks again.”</p>
<p>Now that it is morning, dry your eyes, read through this thread, know that you aren’t alone, and get to work at coming up with a better plan for your future:</p>
<p><a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1306403-loss.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1306403-loss.html</a></p>
<p>Wishing you all the best.</p>
<p>Tell us about the OTHER schools that you applied to…and how much those schools cost and what those aid pkgs include.</p>
<p>Like Franny, you applied to a lot of art specialty schools, which don’t meet 1005 demonstrated need and don’t have a lot of institutional aid to give.</p>
<p>You also need to look at some in state options. Since you are from CA, perhaps you would be in a position to get CA state based aid (blue & gold??? some one from Ca can chime in on this), which along with any federal aid that you are eligible for may make going in-state (UC/CSU) an affordable option for you.</p>
<p>OK, hopefully you’ve had a good cry. Now read the thread linked above “At a loss”. Regroup and figure out a different course. Keep posting for moral support.</p>
<p>Find a school you can AFFORD, very simple…102k i. Debt without considering annual increases in tuition and all the ancillary costs associated with college …BIG mistake to take on 1/2 that debt, let alone what you plan to…</p>