<p>I got my financial aid information from The College of Wooster today, and it is as follows:</p>
<p>Academic Achievement Award 14,000
Wooster Grant 8,840
Direct Subsidized Loan 3,500
Work study 1,500
Perkins Loan 2,000
PLUS Loan 10,182</p>
<p>That's 100% of the comprehensive fee covered. Is the amount of loans too much too handle?</p>
<p>As far as your question, only you know your financial info to decide totally - one thing to look at is the career path you might take and how much you can realistically look at making $$ wise when you get out of school. After all that's when you start paying back.</p>
<p>Your fin aid packet looks a bit similar to one my D got. The PLUS loan in ours was basically listed instead of our EFC contribution. As you show it now, you are not required to pay anything out of pocket - figure out how much you can scrape up to pay on your own - work study, working summers, parents if they can help you - then deduct that to get a truer picture of what your loans might be.</p>
<p>Also, keep in mind that school costs go up year to year. Is Wooster willing to adjust their figures from year to year or will they stay the same?</p>
<p>Otherwise, congrats - Wooster is supposed to be a well respected school.</p>
<p>Will you parents be willing to take out and pay that PLUS loan? That's way too much debt for a kid to take on! Was your EFC zero? I wouldn't advise having more than $20,000 of student debt in total at graduation.</p>
<p>Any other comments or ideas, anyone?</p>
<p>$5,500 in subsidized loans is reasonable ( Perkins and Stafford)
$8,840 in grants- is great
$14,400 check to see what requirements to continue academic scholarship<br>
are- congratulations</p>
<p>whats your EFC? How much have your parents saved/use from income/savings for your education?
a Plus loan isnt usually really part of "aid" although it is a way that parents find a way to pay EFC
$15,000 at end of 4 years is good, per year is way too much for undergrad</p>
<p>EFC is 4950. My parents said they aren't planning to help much at all with college, so I don't even know. They MIGHT take a loan out, but it'll take some convincing... I don't know what I'm going to do, honestly. Nothing saved, we can't save much. Plus, my parents are fiscally irresponsible ($7,000 income tax: Camcorder, garage door opener, going out to eat more, wallpaper, etc..) AHHH!</p>
<p>Well I think I found a job with a starting salary for 70,000 dollars so I would hardly care about paying off even 100,000 dollars in loans. Its the best investment you could ever make!</p>
<p>60 grand is crazy for any undergraduate school; go to another school if possible</p>
<p>YOU can't get the PLUS loan -- a PLUS loan is a <em>parent</em> loan. It is not offered as financial aid, but rather as a way to help your family meet their EFC. </p>
<p>So you need to find out whether your parents are willing to pay $10K a year for you to attend Wooster... offset by however much you can earn over the summer.</p>
<p>^ That's right. If your parents can swing it, fine. But it's too much debt (in my opinion) for a student for an undergrad degree.</p>
<p>I don't think the OP can offset the 10k at all. this package covers tuition/Room/board and fees. It does not include books, personal expenses and travel. I don't think a h.s. student can earn more between now and the fall to cover more than those expenses (2-3,000 a year?)
Your parents would be expected to pay the 10,182 either with cash, cash and loans, or as the school shows you, with a Parent Plus Loan.
I think, in general, it doesn't matter if they don't want to pay. If that worked many parents both rich and poor would refuse to pay for college.<br>
Do you have other colleges you are waiting to hear from in april? Once you get those, perhaps call the financial aid office and asking what else you can do to pay for Wooster.<br>
This is similar to my DD's package. She is very excited about Wooster and we'll be visiting soon.</p>