<p>I've been accepted in to Stetson University. I live in Maryland and I received my FA package.</p>
<p>my total FA & Scholarship package is $36,000</p>
<p>my overall cost is $51,000</p>
<p>= $15,000 debt</p>
<p>Annually.</p>
<p>I'm currently looking for Scholarships.</p>
<p>EFC is 0, No Parental help because they don't make enough to help pay for funding.</p>
<p>I'm sure my sophomore year will go better because I can do early fafsa applying and state aid.</p>
<p>They're gonna allow me too appeal for my FA. package but I'm really anxious and I don't know what to do, I wanna go so badly but I just have fears of loans and then I am overall scared of making a wrong decision/not being able to go.</p>
<p>Does that $36k include the federal loans with it? If so that would be $21k+ a year, which would be coming out of college with almost $100k in debt. Assuming the loans aren’t in there, that is still too much debt ($60k).</p>
<p>Also, how do you plan to get a $10,000 to $15,000 loan every single year? You cannot get this loan alone. Your parents will have to cosign or take a PLUS loan (which doesn’t seem possible).</p>
<p>This college seems like it is not affordable for you.</p>
<p>Who is going to co-sign that loan? </p>
<p>my total FA & Scholarship package is $36,000</p>
<p>how much of that is “free money” and how much of that is loans? </p>
<p>What is already in your aid pkg? To borrow more will require QUALIFED co-signers. </p>
<p>It’s too much debt anyway.</p>
<p>$36K includes two stafford loans sub and unsub</p>
<p>$3,500</p>
<p>$2,000</p>
<p>I agree with m2ck. You are talking about taking $5,500 in loans, plus an extra $15,000 in private loans. That is $20,500 in just one year, which some would argue is too much for all 4 years!</p>
<p>You cannot afford this school. Do you have any financial safeties?</p>
<p>I figured it would get better in year two </p>
<p>Due to Community I will apply for will have scholarships, state aid, possibly more federal aid(fseog) </p>
<p>I would just need to figure out how to surpass year one</p>
<p>So, those federal loans of 5500 won’t require co-signers.</p>
<p>BUT…the $15k per year WILL require either co-signers. Who is going to qualify and co-sign? That is waaaayyyy tooo much debt.</p>
<p>You’re going to end up with about $27k in fed loans PLUS $60k in private loans? that is TRIPLE the amount of debt thatt you should have.</p>
<p>Very late to be applying for scholarships. </p>
<p>*I figured it would get better in year two *</p>
<p>Based on what? Wishful thinking? Hoping the Tuition Fairy will visit your pillow and leave money?</p>
<p>VERY doubtful it would get better for Year Two. and you don’t apply for SEOG. If the school can award it, they do.</p>
<p>Wmurphy has hit all of the points I have in mind, too. It’s a great package you got, except what counts is how much you have to pay. And that amount includes any work study and loans in the package. You still pay when a loan is awarded. You just are given more time to pay.</p>
<p>If you have a zero EFC, your parents are likely in no position to borrow the kind of money you are going to need, and you won’t be able to swing a loan yourself. You’re putting them and yourself in financial trouble if that is what you are expecting. The only loans you should be taking are the federal ones offered to you alone. Even then it’s going to be a rough go, paying them back.</p>
<p>I don’t have any financial safeties.</p>
<p>Yes, you do. Your community college. </p>
<p>Who would cosign those loans?</p>
<p>What are your stats? You could do a gap year and apply to affordable schools. Why didn’t you have a safety???</p>
<p>Actually I did get accepted in my Community college, I was just really wishing to go to this school and thought it would be alot easier to pay for second year if I did exceptionally well in my first year and had community activities such as Bonner program which gives you scholarships.</p>
<p>I don’t think you want to put your parents in the situation you will if you get them to cosignloans for you. I don’t know if they’ll even be approved, but if they are, and if they are private loans for you, with them as cosigner, they will be stuck with them if anything should happen to you. There is no getting out of repaying these loans regardless of disability, bankruptcy, illness, etc.</p>
<p>The parent plus loans would be on them alone, but again, the amount are going to be onerous to them. You don’t want to do this to your parents who have enough financial issues.</p>
<p>Look for a local college. With Pell and Stafford loans on your own, you could make a go of it without involving them and their credit.</p>
<p>The way it works at college is that your best offer and most money comes your freshman year. Most schools expect more in the way of contributions from upperclassmen and the costs have only been going up. Not to mention the interest accruing on any unsubsidized loans you take.</p>
<p>Is going for the first year and hoping for the best for year too(fa, state aid, scholarship and activity based scholarship)too risky? also the likelihood of using the information here to gather sufficient knowledge to use for appealing.</p>
<p>What are your parents saying? Are they willing/able to co-sign loans? If not, how is this do-able?</p>
<p>How much do you think Stetson will give you in additional scholarships for soph year on? Have you asked them?</p>
<p>Based on what? Wishful thinking?</p>
<p>Based on exceptional academia, state aid and community involvement. and seog is first come first serve at there institution.</p>
<p>???</p>
<p>What state aid are you talking about? The school is in Florida. State there is Bright Futures for Florida high school students. I’ve never heard that Florida gives state aid to OOS students.</p>
<p>Seog maxes out at $4k and there is no certainty you will get it. Believe me, the best package is freshman year almost always. For Stetson to expect your family to borrow the difference when they know your EFC is zero borders on criminal. It will bring so much hardship. Really, the gap is too much. Start looking at local alternatives. If you want to continue the conversation with Stetson, ask them for an extension on your enrollment deposit so you don’t lose that money and see if they can come up with additional funds. I don’t mean loans or work study either. I mean good hard cash money against the cost.</p>
<p>
[quote]
Based on exceptional academia, state aid and community involvement. and seog is first come first serve at there institution.{/quote]</p>
<p>It’s too risky to count on getting more money in the future. If you’re that determined to go to Stetson, see if they’ll defer your admission, then take a gap year and apply as early as possible so that you’re one of the “first come” people. I would absolutely not count on getting it next year if you didn’t get it this year. Frankly, if you were my child I’d advise commuting to community college. The level of debt you’re contemplating will have major negative impacts on your future.</p>