<p>^^^I’m very lucky because I’m guaranteed 25,000 a year shaved off of my Penn tuition"</p>
<p>You say you are in HS,so how did you get 25k off U Penn tuition? Have you been accepted already??</p>
<p>Yes, I was accepted ED to Penn. Both my mother and my father are college professors at two different universities. Both my parents’ universities have programs in which they will grant the same amount of money it would cost to attend that university to whichever one I choose. For privacy reasons, I don’t want to name the colleges, but it has been incredibly helpful and I am eternally grateful.</p>
<p>Daretorun, your classmate needs a wake-up call and quickly! Students do not have access to the amount of loans she’ll likely need and if her parents will not cosign (which would be a bad idea anyway), she may not be attending college at all next year.</p>
<p>Your parents are to be commended for planning and living wisely. And for raising a smart and appreciative kid :)</p>
<p>^^^ congrats^^^ great benefit^^^ Penn is a great institution…Best of luck</p>
<p>Thank you so much! :)</p>
<p>I’ve been trying to convince her to apply to one of the local state universities. I got an application fee waiver in the mail and gave it to her! I didn’t know that there are limits to how much you can take out! What are they? I think she wanted to get one of those private loans because the federal loans wouldn’t be good enough :/</p>
<p>Her parents would probably cosign worse comes to worse, but that does sound like a terrible plan—dragging her entire family down with her.</p>
<p>i think the common attitude is that, “if i go get [insert high paying degree here], i’ll be able to pay all my loans back within the first year”</p>
<p>i used to think that too, but i realized that most college grads dont have a job straight out of the gate…and some creditors dont make it easy to pay all of it back even if you can…and new grads dont really make enough to pay more than the stafford limits…</p>
<p>some of my peers just brush it off…this was funny: “i dont care if i go bankrupt, at least ill have the opportunity…i dont need credit!”…she thought she was gaming the system or something :P</p>
<p>My EFC is 28,000. My parents say they won’t give more than $6,000, and they won’t allow me to take out a loan. I will probably wind up going to a state school. Then, they will allow me to take out a small loan to step up to a better known grad school after I work a year and save up some money. I hate that I won’t be able to go to Princeton or even Georgetown; however, I am trying to appreciate that when I get out of college, I won’t be in more debt than I can manage.</p>
<p>How are you going to pay for a state U with just $6k from your parents and no loans? I don’t know of any State Us (other than CCs) that only cost $6k a year.</p>
<p>I’m a high school senior and I watched the special last night… I’ve been planning to go to the University of Alabama specifically for their awesome scholarships for years, and this pretty much sealed it. At my school though, a lot of kids are of the somewhat pretentious “I’m better than UA/Auburn variety” and don’t understand the real costs of college. Consequently, a friend and I wanted to show the special at school. Any ideas where we can get a copy of it? The CNBC site only had clips.</p>
<p>Thanks!</p>
<p>What struck me about the people who were profiled on the show was the absence of clear thinking when making these very tough and expensive decisions. The family from Michigan were intent upon sending their child to religious school (K-12) and then to a Christian college. That’s their personal decision but it comes with a high price. I checked the SAT scores/gpa of the average student at that college and the results were under 1000 and abt 2.5 respectively. Wouldn’t the wiser choice be a community college for 2 years and then transfer into the Michigan state system? They would have saved tens of thousands of dollars. The young unemployed couple chose to have 3 kids, not 1, not 2, but 3! Again, that’s their choice, but they have to be responsible for these decisions. And finally, if you are going to co-sign a student loan, understand what you are doing. Tragically, their son died leaving them responsible for the debt without his income contributing. But, like any contract, you have to know its terms, not just wish for terms you’d like. I know this sounds heartless, but decisions have to made with your heart AND your head.</p>
<p>daretorun, the federal loan limits are $5500 for freshmen, $6500 sophomore, and $7500 for juniors/seniors with a cumulative lifetime limit of $31K. Her parents would actually have to be approved each year in order to cosign loans - often parents who cosign/borrow heavily can only do so for the first year or two. Then the student is left with a huge debt and no degree at all! That’s a very bad place to be in, naturally, which is why it’s better to start at a “no-name” you can afford and then “transfer up” for the last two years. Same degree, much less debt. You might want to have her read some of the stories on the Project on Student Debt website - look under the tab labelled “voices”. That may help her to realize that debt should not be undertaken lightly!</p>
<p>An interesting phenomenon this year … we have parents who were denied PLUS in the past who are now getting approved. The credits checks are 90-day checks, not credit score checks. We are seeing parents who are in bankruptcy getting approved (since they aren’t able to borrow as a condition of the bankruptcy, they have no negative credit info in the 90-day check). Just because people CAN get the loan doesn’t mean they should take it. People really have to take responsibility for themselves & their financial decisions. I am so pleased to see comments from students who “get it.”</p>
<p>its kinda hard for students (and probably parents too) to deny an attractive but expensive college…</p>
<p>Students will continue to take out outrageous loans to attend pricey private schools so long as there is a cachet to the name. Prominent employers need to do as much interviewing and hiring from the state schools as they do from HYPS, etc. Leaders in government need to come from state schools. I would love to see someone nominated to the Supreme Court from the University of Illinois rather than Harvard or Yale. If pricey private education became like buying a Rolls Royce, i. e. an unnecessary luxury, the law of supply and demand would kick in. </p>
<p>If I were an employer, I’d rather hire the applicant who did not incur a lot of debt. It shows a more mature person, a more level headed person, who thought practically.</p>
<p>siglio21, it’s kind of hard to see people who make less than I do drive fancy cars & live in huge houses … while I pay for things with cash and send my kids to schools that do not require me or them to get into a pile of debt. There will always be those who have more. People need to stop feeling that they deserve things & realize that it is better to have what we can afford than to borrow to get what we want.</p>
<p>With apologies to the Stones, you can’t always get what you want.</p>
<p>To: Swimcatsmom</p>
<p>W. R. Newman Scholarship
Award Amount: $40,000 ($10,000 per year)
Eligibility: Entering freshmen who are Mississippi residents; exceptional academic and leadership record required</p>
<p>Robert M. Carrier Scholarship
Award Amount: $40,000 ($10,000 per year)
Eligibility: Entering freshmen who are Mississippi residents; exceptional academic and leadership record required</p>
<p>McDonnell Barksdale Scholarship
Award Amount: $32,000 ($8,000 per year)
Eligibility: Entering freshmen selected to the Honors College; must be a Mississippi resident</p>
<p>Donald S. Pichitino Scholarship, SMBHC Honors College
Award Amount: $32,000 ($8,000 per year)
Eligibility: Entering freshmen selected to the Honors College</p>
<p>Harold Parker Memorial Scholarship, SMBHC Honors College
Award Amount: $32,000 ($8,000 per year)
Eligibility: Entering freshmen selected to the Honors College</p>
<p>Croft Scholarship
Award Amount: $32,000 ($8,000 per year)
Eligibility: Entering freshmen with strong academic and leadership records who demonstrate an interest in international studies and who are actively pursuing a degree in international studies</p>
<p>Academic Excellence Scholarships
Award Amount: $2,000-$20,000 ($500-$5,000 per year)
Eligibility:Entering freshmen, minimum 3.0 four-year high-school GPA, 1). MS Resident with a minimum 24 ACT* (1090 SAT<strong>) OR 2). Non-Resident students minimum 3.0 four-year high-school GPA, minimum 26 ACT* (1170 SAT</strong>). National Merit/Achievement Semifinalists/Finalists are eligible for the Academic Excellence Scholarship National Merit/Achievement Semifinalist/Finalist Award and will not be eligible to receive this award. </p>
<p>Academic Excellence Nonresident Tuition Award
Award Amount: $8,000-$33,816 ($2,000-$8,454 per year toward out-of-state tuition)
Eligibility: Entering freshmen who are nonresidents of Mississippi and have a 26-27 ACT* (1170-1240 SAT<strong>) and a 3.0 or higher GPA will receive a $2,000 per year award. Entering freshmen who are nonresidents of Mississippi and have a 28-29 ACT* (1250-1320 SAT</strong>) or have National Merit/Achievement Semifinalist status and a 3.0 or higher GPA will receive a $4,000 per year award. Entering freshmen who are nonresidents of Mississippi and have a 30-31 ACT* (1330-1390 SAT<strong>) and a 3.0 or higher GPA will receive a $6,000 per year award. Entering freshmen who are nonresidents of Mississippi and have a 32 or higher ACT* (1400 or higher SAT</strong>) or have National Merit/Achievement Semifinalist or Finalist status and a 3.0 or higher GPA will receive a full nonresident award, currently valued at $8,454 per year.
- Writing section not included in ACT score
** Critical Reading and Mathematics score only </p>
<p>Academic Excellence Scholarship National Merit/Achievement Semifinalist/Finalist Award
Award Amount: Currently valued at $36,944 ($9,236 per year–includes average cost of double-occupancy room in a campus residence hall currently valued at $3,800 per year). Finalist may receive additional awards. This scholarship is awarded in lieu of the Academic Excellence Scholarship.
Eligibility: Entering freshmen with National Merit/Achievement Semifinalist/Finalist status and a 3.0 or higher GPA. </p>
<p>National Merit/Achievement Finalist Award
Award Amount: $4,000 ($1000 per year)
Eligibility: Entering freshman with finalist status and selection of Ole Miss as first choice</p>
<p>High School Valedictorian/Salutatorian Scholarship
Award Amount: $4,000 ($1,000 / year)
Eligibility: Entering freshmen who are named Valedictorian or Salutatorian of their high school </p>
<p>Mississippi All-Star Scholarship
Award Amount: $4,000 ($1,000 / year)
Eligibility: Entering freshmen from Mississippi who have been selected as one of the top 20 All-Star Scholarships by the Mississippi Economic Council.</p>
<p>Student Body President Scholarship
Award Amount: $4,000 ($1,000 / year)
Eligibility: Entering freshmen who served in the top elected position in their high school as president of the entire Student Body (or Student Council).</p>
<p>Chinese Language Flagship Scholarships
Award Amount: Up to $24,000 for summer study and capstone year in China
Eligibility: Entering freshmen with strong academic records who demonstrate a commitment to achieve superior proficiency in Mandarin Chinese (most students selected for the Flagship Program will begin with eight weeks of intensive Chinese study on June 1, 2011, will spend 9 weeks of study in China in summer 2012, may study in China again in summer 2013, will study at Nanjing University in fall 2015, and will complete a full-time internship in China in spring 2016). U.S. citizens and permanent residents only </p>
<p>University Endowed/Foundation Scholarships (Listing)
Award Amount: $2,000-$8,000 ($500-$2,000 per year)
Eligibility: Students who meet donor-specific requirements; academic and leadership record considered; some scholarships may be need-based.</p>
<p>Ole Miss Women’s Council
Award Amount: $32,000 ($8,000 per year)
Eligibility: Scholarships are awarded to young men and women entering the freshman class at The University of Mississippi, unless otherwise designated by specific scholarships. Academic and leadership record is considered. Some scholarships may be need-based.</p>
<p>Ole Miss First Scholarship Award
Award Amount: $18,000 ($4,500 per year)
Eligibility: Scholarships are awarded each year to young men and women entering the freshman class at The University of Mississippi, unless otherwise designated by specific scholarships. Academic and leadership record is considered. Some scholarships may be need-based.</p>
<p>Department, Performance and Service Scholarship
Eligibility: theatre arts, art, music, chorus, cheerleading, dance</p>
<p>Chancellor’s Leadership Class Scholarship
Award Amount: $1,000 (first year only)
Eligibility: Entering freshmen demonstrating strong leadership; must be both nominated by school official and selected by university committee</p>
<p>Among having earned other scholarships (MTAG, MESG, and Mississippi Economic Council) already, I am sure with my stats, I can get a free ride at my state u. As I said, my parents will only chip in $500/month for extra expenses, and I am expected to earn my own way into college.</p>
<p>I was confused for a minute there, had to go back and figure out why your post was addressed to me. That is great. Qualifying for good merit money is a huge bonus when it comes to getting school paid for and not having debt (something we are always trying to explain to students with high stats, no need, and parents who won’t/can’t pay for expensive schools). Good for you.</p>
<p>One of my mentors went from Ole Miss for Bachelor’s and then Georgetown for Master’s, which is basically my plan, unless by some miracle, I can get everything paid for at a next tier school. I’ve got great stats (enough to get in), but probably not enough to get it paid for.</p>
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<p>That’s interesting…wasn’t there previously a 5 year “no bankruptcy” check? I suppose that, theoretically, parents who have had their debts discharged through bankruptcy should have an improved ability to pay. But it’s scary that, in so many ways, our government is making it very easy for parents and students to get wrapped up in debt! The other thing I find interesting is, according to SCM’s post on another thread, students who take the $4K extra Stafford when their parents are denied also have their loan eligibility increased to independent student levels ($57K). In effect, the government is refusing to treat them as independent for grant purposes, but willing to let them bury themselves in debt as if they were independent! Just a few years ago the feds seemed to be encouraging people to increase savings and there were many news stories about the low savings rate in the U.S. - guess times have changed, and not for the better!</p>
<p>I cant help but wonder if were being chumps (again). During the crazy mortgage era, we maintained our affordable mortgage. Actually turned down the bank when they wanted to give us a HELOC for >100% of the equity in our home. Only took a line for what we needed. Etc. Then watched as others receive subsidies/bailouts for going overboard. </p>
<p>Now with 2 kids in college, were keeping loans to a minimum. Enough to make the kids feel as though they have a dog in the hunt. But nothing they shouldnt be able to handle once they graduate. We pay the balance out of savings/income. I cant help but feel like were gonna see some big bailout/amnesty for those who financed their entire education at some point down the road . </p>
<p>At this time of year, we usually watch Its a Wonderful Life at least once. Never thought Id see the day where I thought Maybe Mr. Potter has a point. :)</p>