Affording college, questions about financial aid

Paying for College
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<p>Hello, I recently completed my financial aid. I have a few questions. Currently I am attending a community college. I am planing to transfer this fall. I really want to go to Loyola Chicago. My EFC was around $8,000. I do not have a lot of amount of money, and my parent can't afford to help me pay for college. I was wondering what my options are. As of right now I am working very hard to maintain my high GPA and working part time. I am kind of confused by the whole financial aid process. I have been reading horror stories about students that have had to dropout because their parents will not or cannot help them. I would hate to have to drop out after working so hard, basically dropping out is not an option. Any advise would be helpful. I am also applying for outside scholarships. Thanks</p>

<p>I will be graduating with an associates in May of 2014</p>

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<p>Loyola Chicago does not meet need for incoming frosh, so I would suspect that is worse for transfers.</p>

<p>Have you run their NPC? And if so, did it ask if you’re a transfer.</p>

<p>I doubt LC will be affordable for you so be sure to have some inexpensive back ups. Since your family isn’t helping, that may mean a state school that you can commute to. </p>

<p>If you’re in IL then unfortunately, state tuition ALONE is a LOT higher than a fed student loan.</p>

3

<p>You may not be able to afford that expensive private school and should look at your public options. Colleges have NPC calculators on their websites but they are not usually intended for transfer students. You can check Loyola Chicago’s NPC and go through the steps, if it asks if you are a transfer than that should give you an idea of the amount they will expect you to pay. The FAFSA doesn’t tell you how much you need to pay, the college does so you will have to apply to see. But you should have affordable options planned as well in case the aid you get isn’t sufficient. You can take out 7,500 in loans each year, but this will likely already be included in your package. Unfortunately your EFC indicates that you are not eligible for Pell Grant so it is unfortunate that your parents will not help with that.</p>

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<p>“The Net Price Calculator provides an early approximation of what a new first-year, undergraduate student can expect to pay to attend Loyola University Chicago. It is not intended for use by graduate, transfer, readmitted, continuing, international or part-time students, who should instead contact the Financial Aid Office for more information.”</p>

<p>Unfortunately, LC 's NPC is only for incoming frosh…which means worse aid for transfers. :(</p>

<p>I used their NPC putting in a mythical FRESHMAN (again, better aid for frosh) who comes from a family of 4, 1 child in college, one parent working with an income of $55000.</p>

<p>this is the result:</p>

<p>Estimated Costs of Attendance
Estimated Tuition and Fees$34,000
Estimated Room and Board Costs$3,460
Subtotal: Comprehensive Fee$37,460
Estimated Books and Supplies Expenses$1,200
Estimated Transportation Expenses$450
Estimated Personal Expenses$1,600
Total Cost of Attendance$40,710</p>

<p>Estimated Grant Aid Available
Loyola Scholarships & Grants$16,865 <=== (which a transfer wouldn’t likely get this much)
Total Grant Aid Available$16,865</p>

<p>Estimated Net Price
(Costs - Grant Aid)
$23,845</p>

<p>Estimated Other Aid Available
Estimated Work Study$2,000
Federal Direct Student Loans$5,500
Total Other Aid Available$7,500
Estimated Cost of Attendance $16,345
(Net Price - Other Aid)</p>

<p>Even if you were an incoming freshman, LC wouldn’t be affordable. After aid and full student loans, you’d have to pay over $16k…which your parents won’t pay. </p>

<p>As a transfer, I’m guessing that your estimated costs would be over $20k per year. </p>

<p>" I have been reading horror stories about students that have had to dropout because their parents will not or cannot help them. I"</p>

<p>Yes this happens if the student can’t live at home and commute. Going away to school and/or going to a private univ is almost impossible for transfers whose parents won’t pay.</p>

<p>What state school can you commute to from home?</p>

<p>What is your major and career goal?</p>

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<p>Estimated Room and Board Costs$3,460</p>

<p>^^ that has to be a mistake? Maybe $13,460? That would add another $10k on to every total above</p>

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<p>Hello my parents well my mom will try to help me. She really wants me to go there. maybe she could afford a few thousand a year. I also have some money saved I would guess I will have a couple thousand. </p>

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<p>I am a psychology major. My parents do not want me to go to a state school and frankly I refuse to attend one.
I am trying to make Loyola work any way possible. </p>

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<p>Go on ahead and give it a try, but make sure you have some state schools on your list too. Are you going to commute? Even commuting, it means you have to come up with $34K or more for tuition and fees alone. A few thousand isn’t going to cut it. Loyola would have to give you a big award for you to afford it. With a family EFC of about $8K, you aren’t doing your mother or you any favors borrowing large sums of money to make it happens. </p>

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<p>Good catch on the R&B. I just copy/pasted, so that must be an error in their results. It likely is a mistake because the total COA is too low for that school. </p>

<p>That said, that means the gap is larger.</p>

<p>Collegeboard has the R&B costs at over $12k…and has COA at over $50k.</p>

<p>So, yes, the gap would be a LOT higher. </p>

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<p>Did you see the correction? You’re going to have to pay about $30k per year. Your mom’s few thousand and your few thousand isn’t going to cut it. </p>

<p>How much can YOU contribute each year? $5k for each year? How much can mom contribute? $5k each year?</p>

<p>That’s only $10k. Where’s the other $20k (times two years) going to come from? You’re already going to have full loans in your FA pkg. How much have you borrowed so far? </p>

<p>there is NO REASON to be stubborn about attending a state school. Do you understand how people get themselves into HUGE trouble by trying to go to a school where they don’t have the money? They end up owing the school a LOT of money, and they can’t pay it. And, then they can’t finish their education elsewhere while that debt is outstanding. That is some of the horror stories that you’re hearing. </p>

<p>As for your parents desire about state schools…frankly, if they’re not paying, they don’t have a say. Period. </p>

<p>Can you commute to Loyola Chicago? </p>

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<p>Hello my parents do not grasp the idea that it would cost around 25k. they said no one can afford that how can they expect anyone to pay that. They want me to see what happens. My mother said I don’t want you to make a decision because of money alone. I am contacting the financial aid office so I will see what happens. If you do not mind me asking where does your child or children go to school? How did you make it work? </p>

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<p>Plus the state schools that I looked at do not offer much aid so I would be taking about the same amount out both ways</p>

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<p>I have no debt so far my mother has payed it all. </p>

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<p>“Hello my parents well my mom will try to help me. She really wants me to go there. maybe she could afford a few thousand a year. I also have some money saved I would guess I will have a couple thousand.”</p>

<p>Do this…</p>

<p>It’s February, ask your mom to set aside what she can at the end of this month and see what she can put towards college. Then again next month, and so forth. By the time you have to decide where you’re going to go (June?), see how much she’s set aside and forecast for the year. Your mom may surprise you and be able to come up with a good amount…or she may realize that she has wishful thinking and can only come up with $100 a month (1200 per year). </p>

<p>That said, even if she can give you a “couple thousand per year” that may not even be enough for a state school. </p>

<p>What state are you in? What state school could you commute to? </p>

<p>(BTW…why do you “refuse” to attend a state school?)</p>

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<p>I am in IL I cannot commute to any schools except Rockford U which is expensive. The state schools here are expensive U of I cost $30,000 they offer little scholarships. I just do not feel that a state school would be great due to the size of the colleges. I was accepted to Concordia University Chicago and they offered me a large scholarship. I am waiting to see what aid I will receive if any . If the net price calculator is correct. I would have a work study, a federal loan and $5,000 out of pocket. This seems affordable right now I could pay the five thousand and have around 7,000 in loans. I am not counting on getting this aid though. I was looking on college prowler on Loyola’s page, many commented that they received a lot of help. I am still hoping! </p>

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<p>OP, I agree with you and your parents to give Loyola a try. Absolutely no problem in seeing what will work And you say you got an award from Concordia right now–is it affordable with that large scholarship? if so, great. You want some affordable schools on your list. That should be a main project for you, looking for those schools that will cost close to what you can afford without you or your parents taking out a lot in loans. Do believe me when I say repaying them is painful indeed. The economy is such that finding a job that pays a living wage is very difficult, and these loans are not like car loans for 3-5 years but can be on your back for 25 years. You’ll carry them over to another generation, even as you burden your parents with repayment as well. Yes, I’ve seen this happen. So do look at other options, and when they are all on the table pick the ones that won’t require a lot of loans from your parents and you. </p>

<p>I would not count on the NPC. At best, they give averages when it comes to schools that do not meet full need and have merit in the mix that is not formula driven. For transfer students, they are even less accurate. Yes, many do get a lot of aid, and if you get enough to make it affordable without taking a lot out in loans or your parents doing the same, than good for you. I hope it happens for you. But please look for other alternatives too.</p>

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<p>I have to throw up my hands. First your parents can’t pay anything and now they can. They don’t have enough but insist you go to Loyola. State school is not good enough for you, no diploma is better. Good luck with that.</p>

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<p>If you get enough aid at Concordia or Loyola, then great.</p>

<p>"I just do not feel that a state school would be great due to the size of the colleges. "</p>

<p>You’ll be a junior. You’ll be deep in your major. The size of the univ at that point will largely be irrelevant. You’ll be attending most all of your classes in a couple of buildings. Once you’re in upper division classes, a large school “shrinks” because you essentially spend all your time in one small area of campus. </p>

<p>However, you really need to make sure that you have all funding in place. You do not want to be enrolled at a school and have an unpaid balance. That can be the kiss of death for your college education. You won’t be allowed to register for the next semester. You won’t be able to go to another college. </p>

<p>I don’t know what you plan to do with a psych degree, but if you intend on grad school, then you definitely need to keep loans to a minimum.</p>

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<p>mom2collegekids. thanks for your help. my parents and I are going to pursue my first choice and try to make it work. I am contacting the financial aid offices for more details. </p>

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<p>Good luck and let us know how it all works out.</p>

<p>Just be SURE that you have all funding in place before you commit. We’ve seen too many bad situations on CC. </p>