commute or take out loans

Parents Forum
1

<p>i posted this topic elsewhere, but i also wanted some parent input... </p>

<p>i currently commute from home about 30-40 min away from school depending on traffic. i am thinking about living on campus next year, but i will have to take out loans which is about 10,000 a year. i want to live on campus because it will be more convenient for me, i'll be more involved, less stressed out... but 10,000 is a lot and i'll be taking out loans for med school too, so is it worth it to live on campus and take out the loan? </p>

<p>my parents won't be able to support me financially if i move on campus, which is why i have to take out the loans. they support my decision to move, but they don't think i am being practical, especially if i do not know for sure if i will be able to pay it off since getting into med school is competitive and there is the possibility that i won't get in, etc. any advice?</p>

2

<p>Do you have a job now? How much do you think you can earn over the summer? It seems to me that with working you could make a considerable dent in the cost of housing. Also, you might want to look into on-campus jobs, particularly an RA job, which might provide reduced cost or free housing.</p>

3

<p>Will you recognize some savings in commuting costs that can be put towards your room and board?</p>

4

<p>
[quote]
Also, you might want to look into on-campus jobs, particularly an RA job, which might provide reduced cost or free housing.

[/quote]
</p>

<p>Would a student who has never lived in a dorm be eligible for an RA position? I think it's kind of assumed that RAs have experience living in a residence hall before they help to run one.</p>

<p>The social benefits of living on-campus may not be as great for you, as an upperclassman, as they would be for a freshman. Therefore, would it make sense to look into off-campus living possibilities in the college community? Some might be cheaper than living on campus.</p>

5

<p>i don't have a job now, and i think i will make a couple thousand during the summer working. </p>

<p>there aren't any commuting costs that i could put into housing because basically i don't spend that much money except for gas</p>

<p>my parent's would not let me live off campus near the school because of safety concerns, so it is either housing or commuting.</p>

6

<p>Slowdancing, is the $10,000 in loans a figure you got from your actual financial aid package? In other words, did you ask the school specifically to review your FA based on your new desire to live on campus and they offered you $10,000 in loans to make it possible? </p>

<p>The reason I am asking is that <em>most</em> financial aid offices will sit down with current students to discuss different options when circumstances change. If you haven't already made an appointment with the FA office to see if there is any alternative to the loans, that might be a good first step.</p>

<p>I worked with a young man last year who faced a very similar quandry. He just didn't feel like he was part of campus life commuting from home. (And, interestingly, studies have shown that students who live on campus tend to get better grades than those that commute from home). Like you, living on campus meant taking out loans, but we sat down and looked at the implications of various loan amounts, and he also talked with the FA office and they were able to make some adjustments to his FA package. He also reduced the amount he would need to borrow through his summer earnings. He is now applying for an RA position for next year. So, my advice would be to look at all of the different scenarios, talk with FA to see if any adjustment is possible, and also factor in any other ways you might have of earning money.</p>