<p>At the beginning of my senior year I finally got accepted to the school of my choice (Indiana University Bloomington). I figured that I could stop worrying and that due to my families low income I would get a decent amount of financial aid. Here I am, months later in distress because I got nothing from the school, and If I qualify for the loans I will be in around 160,000 dollars in debt by my graduation (I am out of state so my tuition is around 40,000 per year). I am not happy about the debt, but I am willing to take it on. Indiana's business school is awesome, and I feel that its one of those schools that's actually worth taking on such a large amount of debt. Not only will I get a great education, but I will have a perfect college experience. </p>
<p>My parents are strongly urging me to go to community college for 2 years instead and then transfer. It isn't a bad idea, but I am going to do everything in my power to go to Indiana for 4 years. I have been applying for numerous scholarships because as of now that's all I know of that I can do. I plan on doing paid summer internships. I also know that it is possible to receive merit scholarships while attending school so I wonder how difficult that is. What is something you can tell me that I haven't already heard that can help me minimize my tuition or at least pay it off quickly. At this point I will amused by any advice.</p>
<p>If you are gonna try telling me not to go to Indiana its useless because trust me I hear it every day from my family and I'm not budging on this.</p>
<p>I’m pretty sure you can’t take out 40,000 dollars a year in loans without your parents co-signing for them, which it sounds like they are definitely not going to do so you are SOL regardless of whether you “budge” or not. Sounds like the choice is CC for now, or no school at all. Also, there is no such thing as “a perfect college experience”</p>
<p>They are back and forth about it. For the purpose of this thread i’m gonna assume they do. If they don’t then anyone’s advice is meaningless and I have no choice.</p>
<p>
Good luck. How you pay for it? You just can’t borrow $40,000 by yourself!</p>
<p>You can “not budge” all you want to, but you cannot afford this school. It is no surprise your aid was not good, OOS students don’t get good FA from public universities. They give their aid to in-state students (children of their taxpayers). No one should take out $160K of debt or even half of that for any university in any major.</p>
<p>You need to start making Plan B right now (and should have done so before May 1). Do you have any affordable acceptances to four year schools? If so, pick the best one and call them Monday morning to see if they will still allow you to enroll even though you missed the May 1 deadline to respond. If you do not, then you either need to plan on CC this fall, or take a gap year and reapply to colleges the next year that you can afford. Be sure you use the Net Price Calculator to check affordability before you apply (found on each college’s financial aid website – but if your parents are divorced, have a small business, or own rental real estate, they can overestimate the amount of aid you would receive).</p>
<p>Actually you still have two choices.
- Use the nacac list and apply to all the collegea tjat have a good business school. The nacac list includes all the colleges that miscalculated yield and it will be published on Tuesday .
-Take a gap year. Work - Don’t attend community college . Depending on your. stats retake the act. Apply to schools that meet need for low income students. Have a choice and little debt. If you choose one of these two options people here can help you.</p>
<p>
Then you’ve nothing to worry about. Just make sure your parent get the Direct PLUS Loans to pay for your education, then you won’t be responsible for the loans at all.</p>
<p>However, your parents should talk to someone on whether it’s wise to take on this much of debt.</p>
<p>Did you apply to any of your instate choices?
OOS schools give little if any financial aid.
If you are truly low income, a private school might have been cheaper.</p>
<p>Did you run the NPC before applying?</p>
<p>If they don’t cosign then fine I will go to community college. Please don’t comment unless you have good advice as far as receiving scholarships or any money towards college.</p>
<p>""At the beginning of my senior year I finally got accepted to the school of my choice (Indiana University Bloomington). I figured that I could stop worrying and that due to my families low income I would get a decent amount of financial aid. “”</p>
<p>Why do you think that OOS publics charge a lot to OOS students? why would they bother to charge more if they were just going to cover it with need-based aid? Your family doesn’t pay taxes there, so why should they give you their money?</p>
<p>you were accepted as an OOS student so that the school would get the money.</p>
<p>Sure, Kelley is an excellent B-school, but you are dreaming if you think a newish grad would earn enough to pay off $100k+ in student debt. How much do you think you’ll be earning upon graduation?</p>
<p>you cant afford that school, and very likely your parents wont qualify to cosign…not even for the last two years if you transfer.</p>
<p>You were very poorly advised for your school list. Maybe you should take a gap year and apply to the right schools. </p>
<p>you are a NY resident. if you truly are low income, then you should apply to a good SUNY and get your Pell and Tap awards to help pay.</p>
<p>Dont romanticize Kelley…it is not a ticket to a huge income.</p>
<p>You are planning to be a BUSINESS major? Please take a personal finance course as part of your course of study. It’s all fine and good that you want your parents to be saddled with this debt (if they take a PLUS Loan), but really, it’s an insane amount of debt. They or you will be paying close to $2000 a MONTH for ten years on a $160,000 student loan amount. </p>
<p>Issue two…your parents might qualify for Plus loans or private loans for a year or two (although if they are truly low income, private loans are doubtful), but what happens if they don’t qualify in subsequent years? Your parents are low income. How do you expect them to handle his excessive debt?</p>
<p>Kelley is a fabulous school…if you can truly afford to attend. You can NOT afford this school. </p>
<p>No I am a NJ resident actually. If I could land a job of even 40,000 salary by my graduation, I would think I could pay it off in 10 years if I live at home for some time and spend most of my salary towards the loan. Plus, i’m hopeful to maybe get some merit scholarships if I do well enough. </p>
<p>You need a simple arithmetic lesson. A $40,000 a year job…you take home pay will be less than. $30,000. You will have federal and state taxes, FICA, and any contribution towards health insurance your employer requires. If you borrow $160,000, your annual payments will be close to $24,000 a year, the vast bulk of your income. And that is if you pay for ten years. </p>
<p>Do you really want to live with your parents until you are 32 years old? Do you want to put off things like getting married, owning a car, renting your own place, even buying new clothes…and going out occasionally?</p>
<p>You wouldn’t be spending MOST of your salary…you would be spending almost ALL of it to repay these loans.</p>
<p>
</p>
<p>There is NO WAY for you to earn this money with scholarships for this school. No one can give you “good advice” on this because there isn’t any. </p>
<p>Did you apply to other four year colleges? If so, where were you admitted and what is the cost of attendance?</p>
<p>I got into St.Johns and got around 25,000 per year from them. </p>
<p>The problem is, I plan on going into Investment Banking. This is an area that is very hard to get into without the name brand school background.</p>
<p>If you are planning on borrowing $40k a year, you will likely be more than $160k in debt at the end of 4 years. Unless you are going to pay the interest every year, it will be added to the loans and interest charged on the interest. At an interest rate of 8%, yo are looking at more like $195,000 at the end of 4 years and payments of more than $2300 a month every month for 10 years.</p>
<p>You can’t borrow this much. You can only borrow the federal loan limits ($5500 freshman year, $6500, $7500, $7500 subsequent years). Your parents would have to borrow the rest or cosign loans for the rest. If they are low income, they will probably not qualify for that much every year. Even if they do, they should not and you should not ask it of them just so you can go to some dream school.</p>
<p>You need to let go of this school and find an option that is affordable to you. I know it will be disappointing, but you will get over it. Take a little time to be sad about it and then embrace whatever school you go to that you can graduate from without this awful debt. </p>
<p>Hard though you may find to believe right now, in 4 years time you are going to be so happy that you are not saddled with such horrendous debt. Good luck.</p>