I don’t think the gap year is automatically your best option. I agree with @Sybylla expect that room and board tends to be closer to $12,500 than $10,000. The $6,000 difference per year is easily offset by the opportunity cost of entering the work force as a an engineer a year later.
If your weighted GPA is 4.0 I think you would qualify for a full tuition and housing scholarship at University of Alabama Huntsville. You’ll need to check if they take weighted GPA but I suspect they would.
http://www.uah.edu/admissions/undergraduate/financial-aid/scholarships/merit-tuition-scholarships
@mom2collegekids could tell you if University of Alabama Tuscaloosa might still offer you one of their scholarships.
@AlbionGirl My weighted is well above 4.0, so I’ll look into the UAlabama scholarship. Thank you!
@HRSMom I basically asked out of the EFC how much I’d be taking loans for (with their cosign, obviously) and how much they’d directly pay, and, well…
The loan term is set for 10 years, and is assuming a 6.8% interest rate and 4.5% fees (it might be a bit higher in actuality?) I could try to negotiate room/board payment, but I’m not sure it’ll happen. As for a $240K loan… That’s looking at $2900 a month for 10 years or about $1650 for 30 years, which I’m pretty sure will financially ruin me, or at least delay my life by 5 years to a decade.
Yes it will. Show them that…
So your parents are going to take out loans even for purdue? Factor in your staffords and your own ability to earn some money (say 15hr a week at a job) that is going to be about 8K a semester, right? They are going to actually borrow money for that? You are going to have earning potential over summer too. They are going to borrow money to pay your room and board? Even with en EFC of at least $50,000? Are you sure there is no hyperbole here?
@Sybylla I haven’t told them anything about this after that conversation, they still think I’m going to MIT…
I know I have to break the news in soon, and I’ll have to see if they’ll be willing to pay full freight for Purdue after Stafford and work-study. And I wish this was a hyperbole but it’s not. During the convo I had with them I said, “But that’s a 300,000 burden before I even have a job”, and the response I got was “You’ll find a way.”
Ok…so if you haven’t subtracted the $5500 Direct Loan…then your balance to attend Purdue is in the $13,000 a year range.
Ask your parents again…are they willing to pay any of these costs…even half.
Were you nmsf? Many schools that offer large nmf scholarships are still taking applications.
Don’t use the term full freight when purdue is looking at costing you about 8k a yr tuition.
he means full frieght as in the whole enchilada. I’m glad you are smart and know that $300k in loans is a nonstarter. At 30k, you 'find a way". At $300k, that is just nuts to even try!
Alright, just talked to my parents. They’re willing to do up to 10K/year for Purdue, leaving a 2.5K gap after the Stafford loan which I can probably make up through work-study. It’s not what I wanted, but I’ll take it at this point. Thanks for your help, everyone
Oh my God, whew! So you will come out owing $22ish? Congratulations on having the hard conversation. I’m sorry this happened for you, but glad they saw the incredible burden they were putting on you.
Good luck at Perdue! you have a good head on your shoulders!
Yea, looks that way. Purdue’s a great school though, so I’m sure I’ll be fine!
OP- you won’t qualify for work study. You will need a regular old job- WS is means tested.
You will do great things in life. This is a test and you have emerged much stronger. Go kick #$%^ at Purdue!!!
Apply to the Honors College ASAP. There’s a deadline and they’re very strict about it. The new Honors buildings are really nice and the President offers a seminar once a semester I think.
Also, plan to check into how much AP credit you can apply, and see what you can get out of, because many first year classes are weeder and you don’t want that headache, try to start in sophomore level (or second-semester) classes whenever you can, or take some pre-reqs at IvyTech over the summer to get rid of these headache-inducing weeder classes.
I’m so sorry this happened to you - and your parents are fortunate that you realized what danger they wanted to put you through. The federal loans of 27K for all 4 years is roughly what you can expect to be able to pay back over 10 years without hobbling your life and career launch. (For Purdue engineering you may even go a bit higher).
I’d recommend applying to UAH, but I think Purdue is a better school.
You won't have trouble getting a job, I am sure. You will probably get a nice internship opportunity after your first year.
You are an amazing kid @PersonalVietnam! I gasped when I read your post. Thank goodness you are so level headed. Intelligent, composed and the ability to solve a problem. Well done!
It is not the school you go to, but you who determines your future success. Best of luck!!!
A person like you will be successful wherever you go. I wish you the very best!!!
Purdue may have some local scholarships, or there may be some in your hometown. Just apply to them all, and even if they are only $500 or $1000, a few of them will help you through freshman year. After that, you should be able to get a pretty good internship. Just keep chipping away at the COA.
Good Luck.