<p>SATS: 1890 (670 math, 630 reading, 590 writing)
3.9GPA (UW)
Business college (finance)
NHS, FBLA, extra curriculars, blah blah</p>
<p>Anyway, uhm I really want to go here very badly, but I'm not sure my parents will pay for or be able to afford 49k a year when I can go to Penn State (in-state) for 24k a year. </p>
<p>Please, can someone tell me how I can somehow get money to go here?? We didn't do the financial aid yet but my mom doesn't think we're going to get anything.</p>
<p>Typically, it goes in this vague order (obviously not official)</p>
<p>Money from school like grants or aid, Money from random outside scholarships you write essays for, Money from parents, Money from federal student loans, Money from parent federal plus loans, Money from private student loans…</p>
<p>Somewhere around the “money from federal student loans” line is where you need to decide if its worth it to you. Keep in mind that just because you won’t “get anything” in aid, doesn’t mean you won’t get loans. I have a crazy high EFC but I still got the maximum federal loan amounts for student and parent plus loans. I’d advise to definitely do the FAFSA even if you or your parents think you won’t “get anything”. You can always turn down a loan, but if you decide half way through the year to get one- if you didn’t do the FAFSA you’ll be stuck with private loans.</p>
<p>Thanks! How are the interest rates on the loans? I’m assuming since you seem to have a negative tone towards private loans, they have higher interest rates?</p>
<p>I don’t actually know what private loans are at these days, since fortunately I haven’t had to get one yet (although a few friends have). The main issue is that they are usually higher than the federal loans, so federal loans are typically much better to get. </p>
<p>Plus, according to my mom, a lot of banks have stopped issusing private student loans. Apparently they are too risky, and the rate isn’t high enough to make them worth it to the banks because (I guess, I really don’t know) so many students end up defaulting. So then the rates go higher some more because there is competition to get them.</p>
<p>Be very careful if you are already considering getting a private loan. If you had to get federal loans, federal plus loans, AND private loans in your very first year- that will add up very quickly, not to mention the interest starts to build right away before you even graduate. Northeastern is great, and it was worth 10k a year in loans to me (and 10k per year to my parents), but I’m also only doing 4 years with 2 co-ops. To graduate with anything more than say 70k total… Probably wouldn’t have been worth it to me.</p>