I’m a rising senior and my first choice college at the moment is Stevens Institute of Technology in Hoboken, NJ. Everything about the school is ideal except the tuition which is a whooping $45 k + room and board. I filled out their net price calculator and it gives me an estimate cost of $17k after all financial aid (including loans of $3000 and $2500). I come from a single parent $18k salary household. Other information I put it was my gpa which is 4.0 and my SAT scores of 660 M and 580 R&W. Is this net price calculator telling me I have to pay $17k flat a year to attend this school? If this is the case, can I just get a loan for this amount?
Estimates for the 2015-2016 Academic Year
Your published cost of attendance:
Tuition & Fees + $47,366
Room & Board + $15,200
Books & Supplies + $1,000
Other Expenses + $1,250
Total Cost (Including Personal Expenses) $64,816
Your estimated need:
Total Cost (including Personal Expenses) $64,816
Expected Family Contribution (EFC) - $0
Total Need $64,816
Your estimated grants and scholarships:
Federal Grants
Total Federal Grants - $7,275
State Grants
New Jersey Tuition Assistance Grant - $12,196
College Grants and Scholarships
Grant - $22,673
Total Grants and Scholarships $42,144
Your Estimated Net Price
$22,672
Stevens typically helps students cover 50% to 75% of their unmet need with Institutional Merit Scholarships and need based Grants.
Your estimated eligibility for other aid programs
Loans
Direct Subsidized Loan - $3,500
Direct Unsubsidized Loan - $2,000
Remaining Cost after Financial Aid
$17,172
Yes, they are saying you need $17000 plus your loans to go to this school. As a student, you can’t borrow that…it would have to be cosigned by someone else. And if your parent only makes $18000 a bank probably won’t want them to be the cosigner.
I’m very sorry, but this school is well out of your price range . You need to look for other options.
I’m curious what federal grants would total $7275. The Max Pell is $5800 or so. If the school awards SEOG, that is not guaranteed for all applicants who apply.
Your issue is that you would need an additional $17172 to attend…and that is after you take your Direct Loans. You, the student, will not be able to get $17,000 in additional,loans. You will either need to have your parent take a Parent Plus Loan or cosign a private loan with you.
Your oarent income per year is almost the amount your oarent earns over year. Really, with a clear conscience, I can’t recommend that your oarent have anything to do with loans for you for college. It’s just not economically a good idea for your parent.
@thumper1 there are some schools that (wrongly) include FSEOG grants in their NPCs. Very misleading. A student posted about a year ago showing that his results from an NPC showed full Pell PLUS $4k in FSEOG. But…actually…he got ZERO FSEOG…so the school wasn’t affordable…even though he thought it was a financial safety for you.
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ich is a whooping $45 k + room and board. I filled out their net price calculator and it gives me an estimate cost of $17k after all financial aid (including loans of $3000 and $2500). I come from a single parent $18k salary household. Other information I put it was my gpa which is 4.0 and my SAT scores of 660 M and 580 R&W. Is this net price calculator telling me I have to pay $17k flat a year to attend this school? If this is the case, can I just get a loan for this amount
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Schools like Stevens are not affordable to students with low incomes because these schools do NOT have the funds to give THAT much aid.
Not only will you NOT be able to borrow the add’l $17k, you should NOT borrow that amount. That would mean that you graduate with over $100k in debt.
You shouldn’t have more than $30k-40k in debt TOTAL at undergrad graduation.
Thankfully, banks won’t lend to young folks who may not understand how much crazy debt $50k-100k+ is.
Your mom would not qualify to cosign, and thankfully that is true. She would be stuck with the debt if you couldn’t pay.
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Other information I put it was my gpa which is 4.0 and my SAT scores of 660 M and 580 R&W. I
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You need to retest to get your scores up. Also take the ACT. For you to get into the schools that give the best aid, you need to increase your M+CR by about 200 pets.
You might want to look into meet need schools. With 18k per year salary, you might have a 0 EFC. Where is your dad? How is his income? Each school calculates need differently but the links below may be helpful. Run the NPC on each school to see if it works for you.
Her dad has never been in her life and isn’t on her birth certificate.
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yes my mothers name is the only one on the birth certificate. Also I think I should mention my mom is technically widowed. She was married to the father of my siblings and then he passed away. She then had me a few years later but yet again, my father does not live with me, contribute any money, or on my birth certificate.
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I don’t know if schools that require NCP info will provide a waiver or not. That said, at this point, test scores are too low for full need schools unless she applies to test optional schools.
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am currently a junior with a 4.0 GPA , second in my class, and working my way to a 2000/2400 sat score (old SAT scale I know). Planning on going to school for engineering and at the moment thinking of going for bio medical. I am also involved with my schools FBLA and newspaper. Other information: Female, white, NJ from a not so great school district, from a single parent household who makes $19,000 a year. My sibli
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You need to work on your scores. If you can’t get them higher, then your choices may be limited to NJ publics with a combo of fed and state aid, or the few schools that would work that are test optional.
. You need to look for other options.