I got accepted into my dream school although it’s 40k a year… I’m willing to pay the amount per year but if my family can’t contribute does that mean my hopes of going are lost? My fafsa says I’ll get a 15k student loan and a 6k grant. What do I do?
Do you have any affordable options that you can cover the costs? If your parents cannot contribute and are not willing to take out loans to help you then you need to find an affordable college period… What are your stats? Did you try finding schools that give significant merit aid?
A Dream school that is unaffordable is a Nightmare.
What $15,000 “student loan” are you getting?
Is the $6000 grant a Pell Grant?
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You should look at community college with 4 yr transfer agreements in your local area.
You have $160,000 to pay the cost? If not and your parents won’t contribute you can’t attend.
Where are you an instate resident?
You have a thread asking about U of South Carolina, and another one asking about ASU.
If you are OOS for either college…or both…I doubt you will find them affordable.
What was your FAFSA EFC? If you got a $6000 Pell grant designation on the FAFSA, that means your EFC is $0.
That being the case, it’s doubtful your parents can help you with college costs at all, right?
What colleges are within commuting distance? Any where your grant and a $5500 Direct Loan will cover tuition?
What’s your EFC?
What universities have admitted you and, for each, can you list net cost, indicated as such
UNIVERSITY Z
(tuition, fees, room, board) - ( grants, scholarships) = $…
UNIVERSITY Y
(tuition, fees, room, board) - ( grants, scholarships) = $…
@collegebound3414, did you apply to your schools without knowing the actual costs? Did you assume that you would automatically get scholarships???
I’m really sorry that you weren’t informed about costs. it’s a big disappointment when you realize that you could get in, but you can’t pay.
Intending to go to college and actually going, has a lot to do with your knowledge about the process and the finances.
The schools don’t have money for everyone.
If you had spoken to people on this site, before you applied, you would have received suggestions to help you to find schools that fit your stats, your personality and your income. You may have some alternatives on May 1 when the https://www.nacacnet.org information comes out. It provides a list of schools that may still accept students. Financial aid may or may not be available. Check that out.
Please note: The colleges have to pick and choose the best students (high GPA/tests scores, rare talents, etc.) and have to use their minimal funds to try to attract those students by providing some scholarships. Funding runs out. Since your current stats aren’t the tippy toppy scores, there may be some issues in finding funding, so you should check your state schools.
Oh and just note what the previous posters said about loans. You, by yourself do not have a credit history, nor the income to qualify for a loan. If your parents income is low, a lending institution will not loan money to your parents. The MOST loans you can take will be 5500 for freshman year; divide that by 2 semesters. So, your first semester, you will receive $2750 in loans. Second semester will be $2750. That is nowhere near $20K per semester ($40K per year), that you need, for the school that admitted you.
It would be easier to give good advice if we had a bit more information. For example, what state you are from, and what school you got accepted to might help, along with your intended major. However, it sounds like this “dream school” is just not even remotely close to being affordable.
I agree with @Sybylla that you probably should be looking at a community college that is close enough for you to live at home and commute. Also, if you do start at community college you should be thinking hard about what you are going to do after two years there, and you should be trying to get as high a GPA as you can.
Not sure what you mean by saying that you’re willing to pay $40k per year when you don’t have the money. That’s like saying you’re willing to pay $300k for a home without having the means to pay.
Please look again. It doesn’t say that you’ll get a $15k loan.
You’ve probably been offered a $6k Pell Grant and a $5,500 fed loan. It may indicate a Parent Plus loan, but that’s not for you and your parents can’t afford such a loan.
What is your home state?
What is your major and career goal?
Is there a community college that you can commute to?
Congratulations on your acceptance. Unfortunately, the school is unaffordable. You can’t (and shouldn’t) borrow $36,000/year for college.
What state are you in? Are there any schools you can commute to from home? If you got a full $6k Pell Grant that means your parents are low income. You’ll be able to take the $5500/year federal student loan which gives you $11k/year to work with, but it will have to cover tuition, books, commuting expenses, and possibly health insurance.
A lot of students start at community college. They have advisors who can help you make a plan to transfer to a 4 year school after you earn an AA.