<p>So after getting accepted to the university of Delaware my financial aid came out to be whats bellow. Yes I am our of state. So with a $7,500 gap is udel even worth it. Since I'm Hispanic, have decent grades, and show promise could I make that money up in scholarships possibly? Even make up some money from loans. I know its kind of late to work on scholarships, but out of my colleges I really want to attend UDel. I really appreciate any suggestions given. </p>
<p>Award Category Career Amount Offered
Federal Perkins Loan Loan Undergraduate $1,500.00
Federal SEOG Grant Undergraduate $1,000.00
Federal Pell Grant Grant Undergraduate $5,000.00
Federal College Work-Study Work/Study Undergraduate $1,500.00
Federal DL Subsidized Loan Loan Undergraduate $3,500.00
Federal DL Unsubsidized Loan Loan Undergraduate $2,000.00
Univ of Del Need-Based Grant Grant Undergraduate $10,000.00</p>
<p>Total $24,500.00
It cost $32,000 a year </p>
<p>Here's my old thread with my information on college acceptances
<a href="http://talk.collegeconfidential.com/college-search-selection/883895-college-should-i-looking-so-far-truth-please.html%5B/url%5D">http://talk.collegeconfidential.com/college-search-selection/883895-college-should-i-looking-so-far-truth-please.html</a></p>
<p>That’s a tough gap – you’ve already got the $5500 max in federal loans for a freshman. Based on you getting the full Pell grant, it looks like your family’s EFC was not expected to be much; maybe even zero. Do you have a non-custodial parent who may be able to help you? </p>
<p>Do you have some other in-state options?</p>
<p>*Since I’m Hispanic, have decent grades, and show promise could I make that money up in scholarships possibly? Even make up some money from loans. I know its kind of late to work on scholarships, but out of my colleges I really want to attend UDel. I really appreciate any suggestions given. *</p>
<p>You already have loans in this package for $7k (not $5500 as said above). So, at a minimum, with those loans, you’ll graduate with $28k in debt - which is about the most an undergrad should have in debt. You can’t borrow anymore on your own (nor should you). You’d need co-signers, and since your family is low income, they probably wouldn’t qualify for these loans every year. Anyway, it’s too much debt. You’d owe about $56k or more. So, no UDel is NOT worth that much debt…no way.</p>
<p>What is your likely major? What is your likely career? How much do you think you’ll be earning during your early years after graduation?</p>
<p>It is very unlikely that you could find private scholarships (even if you had started looking earlier) to cover this shortfall. Most private scholarships are smallish and for one year only. What would you do for years 2, 3, & 4? How would you cover those?</p>
<p>What is your home state? What other schools did you get accepted to? What are their FA packages like?</p>
<p>It’s kind of impossible to guess how much you “think” you’ll be earning your first years out - you can think you’ll earn $50K per year and really only earn $30K, or you may think you’ll get a job but you find it difficult. I think it’s especially difficult to gauge for 18-year-olds who don’t yet know how much different careers realistically pay (unless they’ve been researching it). It’s even harder to pinpoint your likely career, especially over the 10 to 25 year loan repayment periods. I think it’s dangerous to plan around “likely income and career” at this stage - if he were beginning medical school, sure, or starting another grad program, but there is too much uncertainty at the beginning of undergrad.</p>
<p>I think it’s realistic to expect that you’ll make between $30-50K your first years out of undergrad; if you make more than that it’s a boon and it’s great, but I don’t think a first-year out undergrad should expect to make any more than that (even if you want to go into Wall Street i-banking there’s no guarantee you’ll get a job in that) so I’d say the average undergrad probably shouldn’t borrow more than $40,000 towards their COA.</p>
<p>But yeah, first of all it’s really late for scholarship applications - the big ones that you would’ve been eligible for (like Gates Millennium, judging by your Hispanic status and your Pell grant) had deadlines in the late fall, and even smaller ones typically have winter deadlines, sometimes early spring.</p>
<p>Could your parents apply for a Parent PLUS loan to cover the $7,500? Unfortunately they may not be able to afford it reasonably, but if they are turned down you will get the independent level of Stafford loans, which is $9,000 per year instead of $5,500 (a difference of $3,500). That will leave you with $4,000 in the gap though.</p>
<p>It’s kind of impossible to guess how much you “think” you’ll be earning your first years out - you can think you’ll earn $50K per year and really only earn $30K, or you may think you’ll get a job but you find it difficult. I think it’s especially difficult to gauge for 18-year-olds who don’t yet know how much different careers realistically pay (unless they’ve been researching it).</p>
<p>Oh, I agree! But, I ask because I want students to at least be thinking in those terms…</p>
<p>Some kids have lofty ideas about how much they’ll be earning, and some think that the entire amount is available to be spent. They don’t realize that after paying taxes, FICA, rent, utilities, perhaps a car payment, car expenses, food, clothes, entertainment, misc costs, and hopefully some savings, there isn’t an extra $500-1200+ available to put towards a big loan each month.</p>
<p>It is not a good idea for a low-income student to get involved with big loans. He doesn’t have parents who can “help it out” if he can’t get a job right away, or he has a financial emergency. </p>
<p>There’s no reason to spend this much money on an OOS public. Certainly, he has cheaper instate choices. At a minimum, he should stay instate for a couple of years and then transfer. At least he’ll have to borrow less in the long run.</p>
<p>From your other thread, it looks like you intend to major in engineering and could commute to Loyola and have only Stafford loans of $5500. I don’t think UDel is going to come up with much more grant aid as you don’t seem to be an outstanding student (so far) and they already gave you a $10K grant, which is very good for an OOS public school. Also, by leaving MD you would forgo your $3K state grant. From a financial perspective, you really should stay with your best instate option…that’s often how it works for 0 EFC kids but at least you have a good 4 year college option! Mom2 is right, even with a 25 year IBR payment, with a $50K loan debt you’d be paying around $500 a month, every month, for 25 years! Trust us, that will get old very fast!</p>
<p>If you decide to go another route and believe your parent’s may not qualify for Plus loans, make sure you contact the school about their probable denial before they apply. The FA office can likely award the additional $4K Stafford loans without an actual denial, thereby eliminating the need for them to apply and risk being accepted!</p>
<p>Once you are in college, find out if there are any federally funded TRIO programs like Student Support Services, at your school. They offer help and support to low income and minority students and often have access to additional grants, paid internships, scholarships, etc. that may not be adverstised. This could help you in your spring semester and sophomore years.</p>
<p>Good luck and let us know what you decide!</p>
<p>*it looks like you intend to major in engineering and could commute to Loyola and have only Stafford loans of $5500. I don’t think UDel is going to come up with much more grant aid as you don’t seem to be an outstanding student (so far) and they already gave you a $10K grant, which is very good for an OOS public school. Also, by leaving MD you would forgo your $3K state grant. </p>
<p>From a financial perspective, you really should stay with your best instate option… Mom2 is right, even with a 25 year IBR payment, with a $50K loan debt you’d be paying around $500 a month, every month, for 25 years! Trust us, that will get old very fast!
*</p>
<p>Oh my! He has the option to going to Loyola-Maryland and only having to do a Stafford loan??? That is so much the better pick! A Jesuit education for the cost of a Stafford loan! What a deal! Go there!!!</p>
<p>Edited to add…I now remember you. Did Loyola get back with you about your aid situation? Is that why you now only owe for the amount of a Stafford. This is such a better school. A Jesuit education is very good, very respected.</p>
<p>Well the thing about my first two years of college is that I want to obtain an (A) grade point average, be part of a lot of groups, and activities so I want to pick the right school. After two years I plan on transferring to a school around the top 50 in the U.S. I know Loyola is a good choice, but its not a teir1 list schools. I also have the catholic university of America and believe that if they give me a good finical aid package it would be better to go there. I’m not sure. </p>
<p>mom2collegekids thank you for your help before. I was trying to see if I could live at loyola my first year at least. Driving to loyola takes me around 25mins. I understand that if I commute everything would be paid off. When i called loyola it turned out that they had put me as a commuter and that package was for me commuting. They switched me to living on campus and I will get to see how much the package will be soon hopefully.</p>
<p>Hey…</p>
<p>UMaryland Loyola is ranked #2 for University/Masters for the East. That is a high ranking.</p>
<p>I know its one of the best schools, especially when it comes to business majors. That’s why its one of my top choices. In Maryland its one of the best next to john Hopkins and UM-college park. The thing is I’m trying to make it as far as I can with engineering and possibly minor in something else along the way. If the catholic university of America where to give me a very good aid package should i go with Loyola either way? Which school would be the best to transfer out of if i really wanted to later.</p>
<p>Actually after looking over things a couple times Loyola seems to have the most organized curriculum for engineering. And if i really wanted to switch into a different type of engineering major I could after my first year.Here’s the curriculum. It looks pretty good to me. It has the type of classes I want to take. Also its seems to get challenging over time in a good way.
[Loyola</a> College in Maryland \ Engineering Science](<a href=“http://www.loyola.edu/academics/engineering/curriculum/degrees/electrical.html]Loyola”>http://www.loyola.edu/academics/engineering/curriculum/degrees/electrical.html)</p>
<p>Do you think its possible to minor in something else along the way if i really wanted to. I’m planning on completely knocking out statistics, calculus, and econ this year. I’m taking the biology test also but its a long story why I am.</p>
<p>There’s just one thing that I feel kind of bad about. Is asking Loyola to let me live there even though I live 25 minutes away from them bad? Today they told me they would be fixing up the finical aid with the change of living there. I feel if I live there I could be part of many groups and activities as well as get the full experience even if its only for one year. If things work out should I take the offer if its good with living there? I feel like I’m annoying the school in a way.</p>
<p>~thanks to everyone who has responded to my thread :)</p>
<p>There’s nothing wrong with living on campus - especially for the first year or two. Even during years three and four, you may have a lot of late nights on campus (with projects), so living on campus is better for that.</p>
<p>As for a minor…</p>
<p>If you come in with enough of the right AP credits to substitute for the required courses in the curriculum, you might be able to squeeze in a minor. Does Loyola let kids sub classes like AP English, AP Cal, AP History and AP Chem for their req’ts? You might also try taking a transferable course in your minor in the summer at a nearby CC.</p>
<p>I may have to work this summer by how things look with my finical aid. Could someone tell me how good this is for loyola. I’m still not sure on my parents borrowing a lot money. How much would those loans end up coming to after around 4 years? Is this an overall good finical aid package They added a bit more help when it came to me changing to living on campus</p>
<p>COA: $48,110 (living on campus).</p>
<p>Joseph A. Sellinger S.J. Scholars $6,250
Federal pell Grant $5,000
Federal ACG Grant (1year) $750
Federal Supplemental Grant $1,250
Claver Grant $22900
Federal Work study $2800</p>
<p>Federal Direct loan-subsidized $3,500
Federal Direct loan-Unsubsidized $2,000</p>
<p>Other resources:
MD educational assistance grant: 3,000
Federal Direct Plus load eligibility: 5,320</p>
<p>*I’m still not sure on my parents borrowing a lot money. </p>
<p>How much would those loans end up coming to after around 4 years? *</p>
<p>So, what are you considering? Are you considering having your parents take out the Plus loans, but have them become your responsibility? Yikes. </p>
<p>The problem with that is that those Plus loans are unsub and will accrue lots of interest while you’re in college. So, by the time you graduate, their Plus Loans will total to more than their original amount. I don’t have the right loan calculator here to figure what the new balance would be based on borrowing about $22k in Plus loans over a 4 year period. </p>
<p>Adding to that, you will have your own Stafford sub and unsub loans to pay for (those unsubs will also grow while you’re in college).</p>
<p>Are you considering living on campus for one year and then living at home for the other years? If so, that might reduce your loans. Have you asked Loyola how your aid will change if you live at home in the future?</p>
<p>Wouldn’t they just give me the same finical aid package I had before if i decided to live at home? I definitely don’t want to have a load of debt coming out of college. This is kind of why I really want to transfer out in 2 years if I can. Getting my undergrad in a school really know for engineering would be nice and as well offering a full scholarship. My fist two years I want to finish as much as I can to prove myself. So in 2 years if I can’t transfer I would just commute.</p>
<p>I forgot to add that if i can get a job i would try to take some of the burden of the $5k loan each year from my parents. Not sure how much I could make in a summer though</p>
<p>You may also want to look into a personalized scholarship search that gives you information on grants and scholarships from private foundations. There is funding available for students based on religion, race, area of study, extracurricular activities, and other areas. I’ve worked extensively with those pursuing degrees in law, education, medicine and other areas. Such funding can help pay for your tuition, books, and other expenses. It may be something you want to look into.</p>
<p>Bump, could someone explain some stuff on my finical aid package to me? How much will I be borrowing and how much will my parents be borrowing? Also with the “Other resources” there’s no option to accept or not accept, so does everyone automatically get those?</p>
<p>COA: $48,110 (living on campus).</p>
<p>Joseph A. Sellinger S.J. Scholars $6,250
Federal pell Grant $5,000
Federal ACG Grant (1year) $750
Federal Supplemental Grant $1,250
Claver Grant $22900
Federal Work study $2800</p>
<p>Federal Direct loan-subsidized $3,500
Federal Direct loan-Unsubsidized $2,000</p>
<p>Other resources:
MD educational assistance grant: 3,000
Federal Direct Plus load eligibility: 5,320</p>
<p>Your award has $39,150 in “gift” aid. They are offering you $5500 in loans, and offering your parents up to $5320 in loans. Also, you may earn up to $2800 during the year at a federal work-study job. </p>
<p>You cannot accept a Plus loan on behalf of your parents (and it doesn’t seem like they would need to borrow that much, if any). Your parents must apply for this loan if they want it. Idk what the other MD grant is but schools typically accept all grants on the student’s behalf anyway!</p>
<p>So pretty much there’s no reason to ask for more help. They set up everything pretty nicely for my parents. $660 would be my parents total paying. But, when they pay the down payment on May 1st wouldn’t that include those $660? Also if things turn out really good in 2 years and I still want to transfer would those loans I have drag me back?</p>
<p>-thank you for the reply</p>