Complete Financial Aid Newbie

Paying for College
1

<p>I was just accepted to Mount Holyoke as a transfer Frances Perkins student. I'll be 25 when I would begin attending in the fall. I have chronic health issues and have been living with my parents and attending my CC for the past two years, working for only one of those years. My income for 2012 was 5,200.</p>

<p>Due to a paperwork mistake (totally my fault, and I sent in the remaining paperwork last week), the MHC financial aid office was unable to provide me with my financial aid package. However, I was also admitted to Hampshire College with a 37,207 grant and 10,500 in federal loans. </p>

<p>Would it be reasonable for me to assume, since MHC is supposed to be a full needs met school, that the Hampshire award would be similar to my MHC award? I need to make a decision pretty quickly so that I can come up with the deposit money. </p>

<p>Also, is it an okay choice to take out that much (10,500 a year x 2) in federal loans?</p>

<p>Thanks for any help anyone can provide!</p>

2

<p>First, you should contact MHC and and if the delay in filing your paperwork will have any impact on your award. And ask them how soon they expect to be able to get you an award - or perhaps even an estimated award.</p>

<p>Second, $21,000 in loans is not excessive . . . for someone who’ll be able to earn enough to pay them off. But if your chronic health issues are going to interfere with your ability to earn a living after you graduate, I’d be cautious about taking on any debt if you can possibly avoid it. If you’re not able to pay off the debt fairly quickly after you graduate, interest is going to accrue . . . and accrue . . . and accrue. So, sure, there are income-based repayment plans that would keep your monthly payments to a manageable amount . . . but the interest that would accrue while you’re making those modest payments could keep you in debt for years.</p>

<p>Call MHC and see what they can tell you.</p>