As an adult, I look less at the “savings” than at the bottom line.
The one you’re proposing is likely to place severe financial strain on your family.
Stony Brook is much better than Hunter. Just look at the rankings. My parents were immigrants and I went to NYU and then to private law school. I paid off my loans in seven years. Better schools open doors.
You have the luxury of being able to pay for your son to stay on campus, Op does not.
You do realize that Op will be commuting over 2 hours each way from Brooklyn everyday because she cannot afford to live on campus. While Op Hunter may not be a campus in the way that stony brook is a campus, she has to consider whether this is a financially feasible option for her family.
@Dinacoltrane, it is highly unlikely that you will be able to get a job on campus where you will earn $1000/month. Most of the on-campus jobs will first go to FWS students (their w/s allotment is more like 2/3 k for the whole school year).
Dina, the most that you will be able to borrow as a junior is $7500. The federal govt has a bill where they are looking to cap loans for grad school. It does not make sense if you know that you will need loans to attend dental school is to exhause
The current COA for Stony Brook is $23.5k, not $20k. So Dina is right – her gap after the $3k TAP and Pell Grants and the $7500 federal student loan is $13k, not $10k. Coming up with $13k/year may not be difficult for some people. For Pell eligible families it’s not usually so easy.
@lilaw88 ,
Your paying off your school debt in 7 years more so was a function that you landed a job in big law probably based on the ranking of your law school and not because you went to undergrad at NYU. During the time you went over 30 years ago, NYU’s strength was it’s grad programs people went to NYU undergrad because they had money (it did not have the crazy tuition it has today), got HEOP or could not get into the more competitive CUNYs. No hate for NYU because I have 2 NYU grad degrees and have taught grad courses there.
NYU over all has benefitted from TV, the strength of their grad programs, location giving them the ability to poach professors and give them free housing in the village and good marketing. Their strengths today are still in their highly ranked grad programs and undergrad programs at (Tisch and Stern).
Back to the topic at hand; even if Dina does manage to work and make $1000/month, she will just be placing herself in a vicious circle. Any monies that she earns over 6K will raise her EFC and lower her TAP and most likely removing her PELL award putting more of a financial strain on the family.
First of all, you’re wrong on two counts. I graduated from Stern with my BS, which was highly rated them too and I struck out on my own less than 2 years after law school and never worked in “big law”. It’s all a matter of discipline. I lived at home for three years after law school saving money for a downpayment on a house. when I got married at 26, we bought a house immediately. Second, Dina only had two more years of college and Stony Brook is a better school. She doesn’t really want to go to hunter. She’s settling and I think without a long commute, she can make it happen. Another option she might consider is off campus housing which is cheaper.
The alternative is to have her wipe out her family’s savings so that she can attend the school she wants.
So if another Superstorm Sandy does to Brooklyn what the last one did, they have nothing.
Sometimes what you “really want” is secondary to the amount of hardship your wants impose on others.
A typical work study award is $2,500-3,000 for two semesters because that’s what a full time undergraduate student can expect to be able to earn.
@Dinacoltrane : are those costs with or without Excelsior?
What commute do you have for Hunter?
Did you get into any other college?
What’s your current GPA and EFC?
@MYOS1634Yes without excelsior. One way to hunter is around an hour. I got into bing and UB as well. And for cuny i only applied to hunter. So that’s only one cheap option. My gpa is 3.9 and I’m doing a research on campus
You pretty much nailed it in this statement; you made a lot of sacrifices
(with buy-in from your spouse), living at home to service your debt and saving for a house. You would have had a different situation if did not have the support to live at home after graduation (not all students do). Servicing your debt and pay rent, household expenses (especially in this market) and getting in to a house would have taken longer without that support.
Op lives in Brooklyn, will either jump on the F train to 63/lex or get the 6 to 68th street. Commute is more like an hour.
@lilaw88, How do you think Dina can “make it happen”? Her net cost is $20.5k ($41k total for 2 years). After applying the federal student loan ($7500) her balance is $13k. Over 2 years that’s $26k. Her family is low income (Pell eligible). Where do you think that $26k is coming from? Her parents’ retirement savings shouldn’t be part of this equation.
Dina doesn’t have just 2 years left. She wants to go to dental school, so every dime counts. She’d have a minimum of $15k debt in federal student loans if she attends Stony Brook. There are only 2 options to pay the additional $26k. Wipe out her parents’ savings or ask them to help her borrow an additional $26k in PLUS loans. IF they qualify for 2 years she’ll head into dental school with over $40k in debt. If they qualify for one year but not the 2nd, she’ll have over $20k in debt and no degree. The PLUS loans ($13k or $26k) will rack up interest every day she’s in dental school. The amount owed will be a lot more than $26k when she finally graduates
If Dina tries to work full-time while she’s in college just so she can dorm at Stony Brook, she may find her GPA isn’t high enough for dental school.
There are many factors here unrelated to discipline. I hope Dina carefully considers them all.
3.9 is really w really good. Congratulations!
Can you factor Excelsior in?
Do this for each university:
(Tuition, fees, room, board)-(Excelsior, anybother Grant or scholarship directly from the University) =
Is ANY university affordable without a crazy commute or hitting your parents’ savings?
Also, why aren’t you considering Bing?
Off-campus housing would be much cheaper than Stony Brook, it’s the best university for your major, and may be a good choice outside of Hunter and SB.
Op will still have the same problems attending Bing.
Even if OP gets excelsior, it will be a last payer after the 3k that Dina is getting in TAP/PELL. Excelsior will cover her tuition. She will still need room/board/fees and misc expenses with just her $7500 loan. Her parents would still be making a big sacrifice in order for her to board there.
At least attending Hunter, if she get Excelsior, her tuition is covered, she is living at home and she is paying $125/month to commute.
I live 15 minutes from Stony Brook and can tell you that she can get off campus housing for $700. If she has her heart set on Stony, she CAN make it happen. She can work this summer and next. Dina, I grew up in Brooklyn too. My dad was a NYC taxi driver. I made it happen. So can you!
Oo’s biggest challenge is if the option is unaffordable she could find herself without a degree period. TAP and excelsior end st the end of 4 years (8 terms) whether or not you have completed your degree. If you get excelsior, you must complete 39 credits s year or you lose it with no recourse to get it back
You will be placing an unnecessary burden on yourself to try to take 15 credits , plus working almost 20 hours a week plus commuting to make stony brook halogen. Again the more money you make, the more financial aid you lose because it is expected that you will use your earnings to pay for school. Yes
, you can make it happen, you will just be wiping out any kind of financial safety net if you do. What happens if you don’t work during finals week? You don’t get paid? Hoe do you pay your rent ? Hoe do you buy books ? Hoe dibuou psy for the balance if your school bill. On the other hand what happens if you have to work right before or right after finals. When are you gonna fave time to study. Mess up your GPA and no dental school for you.
Well…it wasn’t a problem for your son. It’s not a realistic expectation for most full time students.
This OP has the option of graduating debt free…and NOT having to live at home with her family for several years. That was your choice…it might not be the OPs choice.
Hunter is a fine school. Rankings aren’t everything, you know? Maybe they were for you, but really, they shouldn’t be. Hunter has a fine reputation…and is mostly affordable for this student.
In addition when you went to law school it did not cost over $200k to attend.
If you read between the lines, Dina wants to go to Stony Brook. I’m trying to show her away that she can make it happen. No need to settle if you’re willing to find a way to get what you want.
True but people made less money then too
Dina has the potential to graduate from college with little to no debt AND not have to work a lot during the academic year…and not have to live with her parents to pay off debt.
There is a lot to be said for that.
There are just so many obstacles to earning $10,000 a year while attending college, and paying $700 in living costs as well.
Is it possible…well…maybe. Is it a for sure workable plan? I don’t think so.