<p>And just to reply to some of the comments I've seen that say the parents are obligated to pay your whole way...mine haven't contributed to my education, and I don't expect them to when I transfer. Your education is your responsibility, and it isn't asking too much to try to help yourself out a bit, even if they are contributing. I'm glad we've done it this way, because it makes me more serious about my school performance, gives me a feeling of reward, and also allows me to have some feeling of adulthood, more than what some of my peers do.</p>
<p>D will be borrowing $3500 freshman year. She didn't bother to apply for many outside scholarships, and we warned her that failure to do so would result in having to borrow any loans included in her aid package. Although she did receive three of the four small outside scholarships for which she applied, we feel she probably missed out on several thousand dollars. That is why she will be borrowing this year (and probably next, as well). We feel she needs to understand that $1000 is worth a bit of effort ... I have to sub quite a few schooldays to earn that money. We are not poor, but paying our EFC is not an easy thing. She needs to be invested in her own education to some extent. </p>
<p>I know not everyone feels as we do, and that's okay. This is just what works for us. She will not exactly be drowning in debt at this rate!</p>
<p>Thankfully, I will not have any debt by the time I graduate from college thanks to scholarships and grants.</p>
<p>I'll be taking about 11k in loans a year, so 44k in total.</p>
<p>My parents kind of keep my financial situation a secret from me, but i do know that last year I had about a good amount of money in the bank. They told me that I would graduate debt-free from the University of Michigan, I'm estimating a cost of $20,000 a year. Beyond what money I have, I had about $10,000 in scholarships freshmen year, $8500 for sophomore year, and as of now will have $5,000 for both junior and senior year. Plus I also make at least $2,000 a year working, so I'm guessing that I'll be at least $20,000 in the black when I graduate.</p>
<p>Now, I am thinking of transferring to Cornell at the end of sophomore year (will keep the scholarships though.) So if I stay at Michigan, I'll have $20,000 in the bank, transfer I will likely be $50,000 in debt. I'm kinda torn. I don't want to spend that much money but I don't really want to be at Michigan. I was accepted to Cornell out of high school but decided against for financial reasons. I know that I can make it work though. At least if I transfer I will have saved $60,000.</p>