<p>HI,
I"m a junior now, and I KNOW I definitely won't be able to pay for any of my future tuition off the bat, I"m middle class and I've got a younger sibling, so most likely gonna apply for loans or scholarships.
What is the most basic thing I need to know about loans?? (How to apply? How much can I get? When do I have to pay them off? When does interest start? How high is interest? Is going to a good school like IVy league worth the money?)</p>
<p>Thanks! I appreciate everything you guys have to say!</p>
<p>Talk to your high school counselor. Your school may have some workshops about college planning that you should attend.</p>
<p>Also, see [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>http://www.finaid.org/)</p>
<p>College is set up so that your parents are primarily responsible for your costs. Ask them what they are willing and able to pay, though savings, income and loans for you. Also get some basic financial information such as how much they make, how much in assets they have and the home equity value of your home. Then calculate an Expected Family Contribution to estimate your FAFSA EFC (home equity not needed for this) That will also let you know if you are PELL grant eligble. Also look at what your state kicks in, if anything for college. NY, for example, has something for families earning under $80K a year if you go to an in state school. Some schools like GA, FL, have programs that will cover a nice chunk of instate public tuition for students that have certain GPAs. </p>
<p>If you are considering private schools, run a few NPCs that are on their websites. Look at what a school like Colgate which meets full need and has no merit thinks your family should pay. If you are accepted to a private school that meets most of your family need, that is what they expect your family to come up with.</p>
<p>As far as loans go, all YOU pretty much take is $5500 in your own name as a freshman and it goes up a bit each year. A lot of schools will just consider that part of your financial aid package. Anything else involves your parents appying for PLUS (Parent Direct loans) or private loans.</p>
<p>Hi goodowl511376</p>
<p>There are a few main things to consider.</p>
<p>If you have strong academics – grades and test scores – along with some activities you have pursued, you have a few possible paths.</p>
<p>One is to apply for and receive aid based on your achievements – merit aid – from the schools that accept you for admission.</p>
<p>The other is to receive need-based aid. Some schools give quite a lot of it, but you have to have strong academic qualifications to get into those schools and there are income parameters. With this possibility, it depends on what you mean by middle-class. That is, your family’s income and assets make a big difference.</p>
<p>Note that schools vary in what they offer. For instance, Ivys do not give merit aid but they have great need-based aid.</p>
<p>There are a lot of complexities but these are the two key aspects to start with.</p>
<p>Thank you everyone for all of your advice!
I will talk to my counselor about this :)</p>
<p>Also, you need to apply to at least one financial safety - usually an in-state public university - that you know you will be admitted to and can afford to attend.</p>
<p>^very true. I will most definitely do that!</p>
<p>The most important schools on your list will be the ones you know that your family can afford and that you know willl take you. Then you can go to town on the rest, and have fun with the decision making if you have the choices. It’s always fun to cherry pick from the top. The tough part of putting together a college list is geting some schools on it that have what you want and are affordable and will take you.</p>
<p>You need to know that YOU can only borrow the following amounts:</p>
<p>freshman 5500
soph 6500
jr 7500
sr 7500</p>
<p>As you can see, that’s not much. Not enough to pay for tuition, room, board, books. </p>
<p>To borrow larger amounts (not recommended) you will need willing and qualified co-signers…and they have to be requalified each year. Many parents won’t do this. </p>
<p>Outside private scholarships will not likely give you enough either since most are only for ONE year…freshman year.</p>
<p>The best scholarships are those given by colleges…those are usually for all four years. You need to have strong test scores and GPA. </p>
<p>What are your test scores and GPA?</p>
<p>If you have very high test scores and GPA, and you’re lucky enough to get accepted to an Ivy, then a middle class kid would likely get a lot of aid.</p>
<p>If you can’t afford to go away to school, then you may need to start at a local CC and then transfer to a local state school…and commute from home. That can save you a lot of money.</p>
<p>I currently have a 4.0 unweighted GPA and 4.72 Weighted GPA (I am a Junior now)
but my test scores are mediocre: SAT: 2030, SAT math 2: 790… I’m going to retake my SAT I test…
What type of SAT score is considered “high” enough to get any sort of scholarship?</p>
<p>Also take the ACT. Some do better on that. Your Math plus CR on the SAT is important.</p>