Hi all. I was ecstatic to be admitted to AU this past week and it is my top choice for college. I recieved 14k per year from the Frederick Douglass Scholarship (merit money?) and 3 and 2 thousand in federal subsidized and unsubsidized loans. I come from an upper middle class family but with a brother currently in his 3rd year at NYU, it will be difficult for our family to pay for another private.
For those who have been in similar situations or are in it now, how did you go about it/what is your plan? Are you just planning on attending a different, cheaper school? Taking out loans? How much does work study usually provide and are there any other programs that may be able to help out?
Thanks
For AU, I don’t think it’s worth it to take out more than the $3,000 and $2,000 subsidized and unsubsidized loans. My kid got Frederick Douglas for a little less, and yes, it’s merit scholarship, not financial aid (which is need based). Depending where else you have been accepted, I’d question additional loans. Now if you’re really invested in being in Wash DC for college and/or living there after school, that may make things a little different. I’d say the main good thing about AU has been that my kid has gotten internships pretty easily (though he makes a good presentation and interviews well) and I have hope that maybe he’ll get a reasonable paying job on graduating as DC is booming (and his strengths lie in writing/research/econ somewhat/government/history), but who knows for sure. Finishing 2nd year. Perhaps you have other DC college options in addition to AU.
I tend to agree with @lynjobes. How much can your family afford to pay for your college? Your net cost looks to be around $42K. How much more would you need to take out in loans to be able to afford AU? If it is $2K per year, then that can make sense. If it is $20K per year, then I think you know the answer.
@USMILITARY218 - To what other schools have you been accepted, and what is the net cost to each for you?
Like many very selective institutions, AU has intentionally been decreasing the amount of merit aid awarded and is providing more need-based aid.
If you are considered financially eligible for Federal Work Study, I think it it would have been part of your award package. Also, FWS is earn as-you-go, not an upfront chunk taken off your semester bill.
There are a lot of opportunities for jobs on and near campus that aren’t Work Study, and as of July, the minimum wage in DC will be $11.50/hour. Working just 10 hours/week could net you almost $1700/semester toward future expenses. Jobs with tipping could bring in more.
With a brother at NYU, the FAFSA calculation of Estimated Family Contribution would be lower than if it were you alone attending college. It seems that your parents’ income is high enough that having two kids in college didn’t factor in to provide any need-based aid for you. In addition, even if income is not sky-high, significant assets reported on the CSS/Profile may have driven any potential award out the door.
Hopefully, you and your parents have saved a significant amount in planning ahead for college. In addition to using the student’s and parents’ savings, some parents take out loans or tap home equity in order to help. Hope you can make it work!
American University is in a very nice neighborhood. If you have any interest in babysitting or nannying, that can be a very lucrative job option.
Thanks for all the responses! I obviously still have a lot to think about so I really appreciate your input.
Also quick question. I (regretfully) didn’t apply to any of AU’s special programs. Will I grow to regret that even more while at AU? Like will meeting friends who are apart of these programs and participating in special activities put me off? Or does no one really care? I don’t know how to word it so I hope this question is understandable lol