A little concerned ...

Paying for College
1

<p>So combined together both of my parents working full-time jobs, make roughly around $40-45K a year. Last year they barely made $40K together, my Mom made $17K and dad made 23K... I'm one of three kids in the family, my second brother [I'm the oldest] isn't attending college because of financial issues, my third youngest brother is still in high school, next year it'll be his senior year. </p>

<p>I'm the first person to successfully get an AA degree in my family, I was the first to get my high school diploma in the family, yes both of my parents have no diplomas or degrees with them. So, let's not jump to conclusions, my parents came from a third world country with little education. They are hard worker and will give anything to help see their kids succeed. </p>

<p>Next year spring semester I'll be transferring to a state university after graduating with my AA from a community college which I paid by working part-time. </p>

<p>Today I was talking to my dad about finance. Unfortunately I don't receive much aid financially, I'm scared about taking out loans with the economy and paying it back in time. Starting next year, I'll have no job, and will be focused mostly on my academics in school. So I'm currently relying on loans, my concern however; is that It's not enough, I'm currently approved for roughly about $5K in loans from my FAFSA, with less than 2K pell grant = 7K semester. </p>

<p>My dad wants to take out a loan in his name to help me with college, but I don't want him to. The university I'll be attending is Florida State University, it's estimated at $20K a year. So I'll be coming a bit short, I did apply for some scholarships, the problem I'm facing with scholarships are that most of them requires you to be a high school senior. </p>

<p>If I knew about the scholarships that are available right now for high school students I would have jumped at it. Unfortunately life gets in the way most of the time, coming from an inexperienced family with education doesn't necessarily give you the best opportunities most of the time. </p>

<p>My biggest concern is having my parents paying for my college, or even them knowing that it'll cost me so much money distress them. I don't want to have my parents be burden with my education. </p>

<p>So should I have my parents take out a loan to support me? doesn't seems like there are many choices huh? </p>

<p>What are some suggestions you would give or advice? Sure I know there aren't many serving answers, that's not what I'm looking for, just some feedback, suggestions, how you would handle this situation should it be you. </p>

<p>: ) Thanks!</p>

2

<p>Can you commute to keep costs down?</p>

<p>You’ll qualify for $7500 in loans next year and should be given some work study. So your Pell, Stafford loan and work study should get you close to tuition. What about a summer job or 2 to fill the gap. </p>

<p>I don’t know the Florida system. Will they not I’ve you any grants?</p>

3

<p>What about Bright Futures, will that help pay tuition at a 4 year school? Is the $7K/semester your award at your current school or the award from FSU? Btw, the loan amount of $5K/semester is too high for it to all be Stafford/Perkins loans.</p>

4

<p>Tuition at FSU is $ 4,808.00 (which your financial aid package will cover including books). </p>

<p>For 20k it seems like either you want to live in the dorms or an off-campus apt, which is a luxury that you cannot afford, considering the fact that you do not want to take on debt.</p>

<p>The concept of “going away” to college is one that many students cannot take on for just this reason. To truly make it affordable, you may have to live at home and commute to school. You have to also consider the incidental items like health insurance (which you will have to purchase in order to attend if your parents do not have adequate insurance), rrom, food plans and other misc expenses.</p>

5

<p>I think most people would recommend that your parents not take out loans because of their income level. They have a lot of responsibilities and need that money to make do. And Waverly is right: as a junior, you can get $7500 in federal loans next year. </p>

<p>Commuting would be your best option. You do need to look at school scholarships and state aid. If these options don’t work out, you could consider spending a year working full-time before transferring; would that give you the money you need to make the tuition/ room and board? It might decrease your Pell Grant but I suspect it’s already influenced by what you earn. And the last option is to find a way to decrease your living expenses-- find a job as an evening nanny/ elderly care person/ hotel in exchange for room & board commuting distance to school. If you can’t make that happen at Florida State, consider one of the other Florida schools or satellite schools.</p>

6

<p>Don’t you qualify for Bright Futures?</p>

<p>If not, can you commute to any state school?</p>

<p>If you could get your brother to return to school, start at a CC, then your EFC would split and you’d get more Pell Grant money.</p>

<p>Or, you could take a gap year, and then go to college when your younger brother goes to college, and you’d get more Pell money.</p>

7

<p>@ Waverly, I can’t commute to FSU. I live 4 hours from FSU, it’d be great if I had family up there, definitely would lower my cost.</p>

<p>@ sk8rmom, so the loans I have right now are loans from my FAFSA application, they are both Stafford loans totaling up to $3,750. For some reason I thought it was close to 5K … apparently I miscalculated, I just rechecked my financial aid and maybe I misread or it changed not sure. </p>

<p>My Pell grant is still $2K … so I guess I’m looking at $5,750 for my spring semester. </p>

<p>See, I didn’t know about Bright Futures scholarship when I enrolled in HS here in Florida… it’s a bit complicated with my HS, I moved a lot in short time. </p>

<p>@ sybbie719, so it seems like my financial aid would cover my tuition of course. My option of boarding would be on-campus, or off-campus. Of course you’re right, that would help greatly have I had family around FSU. And yes, insurance which I don’t have, had to be purchased from the school in order for me to attend. </p>

<p>@ 2collegewego, You’re right, I don’t recommend that they take out a loan for that exact reason. In total federal loans I just rechecked and I only got roughly $4K </p>

<p>I’m not aware of any state aid I may be qualified for, but I’ll do some research, as for school scholarships, I do believe that FSU isn’t offering any, I checked their aid websites, or at least not any that I qualified for. </p>

<p>My only reason as to why I don’t want to wait, is I’ve been held back enough, and my schooling is just becoming more competitive, complex, and time consuming. Of course I understand that it’s an education, and all of those aspects are to be with it. </p>

<p>I’m considering ** canceling my school admission ** at FSU. But I’m not sure what I’ll do with an AA in PSYCH, it’s pretty much useless right now.</p>

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<p>@ mom2collegekids, ^^ You replied right after I posted. : ) umm, yeah I don’t qualify for bright futures, I do believe I would have qualified had I been aware of the options in a timely manner. </p>

<p>It seems like most of these problems could have been avoided had I been a bit more proactive in my high school years, definitely my fault, I understand that now. But I can’t let that hold me back from a solid education, I see how hard my parents work to provide for their kids, and I want to help them back eventually. </p>

<p>ha-ha, I’ve even made up my mind on not having kids period… because of these financial difficulties our county is facing. </p>

<p>that’s besides the point. </p>

<p>In Florida I’ve been accepted to Florida State University, University of Florida, and University of Central Florida, each of them are hours away from home. We live in a really cheap area, so we’re not exactly close to any of the major universities for commuting.</p>

9

<p>You need to find a school that is close enough for you to commute to, even if it is not one of the “major” schools.</p>

10

<p>corbis,</p>

<p>You need to contact the financial aid offices at each of the places where you have been accepted, and find out more about your options. There may be money available, or there may not be. However, you won’t know until you ask.</p>

<p>You do not need to transfer for the spring term. You can keep working at your current job (or better yet, land a higher paying one), and save up so that you have a bit in the bank before you go away to school. Once there, you can work part-time and study full-time, work full-time and study part-time, or something in between. Thinking that you can now have the luxury of studying without working for money at all is foolhardy. Unless the financial aid office at at least one of these institutions can come up with more money for you, you will need to have at least a part-time job in order to be able to finish your education. It really is that simple.</p>

<p>Lots of us have worked while we were studying. Some parents can even report that they put themselves through school completely on their own. I know that it may not be what you would like to be doing, but if it is what you must do to get your education, you will be fine.</p>

<p>Wishing you all the best.</p>

11

<p>Ah, great advice from you all. Really appreciate it! Exactly why I posted this here, happymomof1 you’re absolutely right! </p>

<p>After reading your post, you’ve given me more confidence in myself, what I’m capable of doing! </p>

<p>Thanks for that perspective!</p>

12

<p>If you take a gap year, and your sibling goes to college, then you’ll get more Pell Grant money.</p>

<p>Are you sure that there isn’t a public univ within commuting distance? What county do you live in?</p>

<p>check to see if you would qualify for BF. You may still qualify, but just not for spring semester.</p>

13

<p>Don’t transfer in the spring! You won’t get the amount of aid you will most likely otherwise receive if you start mid-year. Work like crazy, save money, and aim for a fall start. File your FAFSA as early as possible in January 2012. I would think FSU has some institutional aid, and you have a low EFC … I imagine you will get some grant money, and qualify for work study. </p>

<p>Call and ask to talk to an advisor, or stop in & chat with an advisor. S/he can give you an idea of what you might be able to expect in terms of need-based aid … and you might get tips on less-expensive off-campus housing options.</p>

<p>I hope it works out for you.</p>

14

<p>1.You can cut your expenses by living off campus. If you live in shared housing and cook all your own meals, your costs become more affordable.<br>
2. Learn how to cook before you leave home. It will save you a lot of money and keep you happy and healthy.<br>
3. There may be a live in position near campus. You may be able to provide tutoring, child care, elder care, pet care in exchange for free room and board.<br>
4. Get to know the people in financial aid.<br>
I had the same kind of limitations and got a lot of support from my friends in the financial aid office to finish undergrad and grad school.<br>
You can do it!</p>

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<p>*. I would think FSU has some institutional aid, and you have a low EFC … I imagine you will get some grant money, and qualify for work study. </p>

<p>*</p>

<p>Because of Bright Futures, the publics in Florida don’t have much aid to give. They rely heavily on BF (from the state) and fed aid to help their students pay.</p>

<p>that’s why this student needs to go back and find out if he can still get BF for his last 2 years.</p>

<p>I agree that he shouldn’t transfer for spring semester. He should take a break, earn some money, and go to school in the fall when his sibling enrolls to get the most aid…including higher Pell.</p>