<p>I recently received a financial aid offer from a state school (SUNY Geneseo) and the amount of loans offered was a bit disheartening. I'm a dependent with 0 annual income and my single mom makes about $65k per year. </p>
<p>The cost per year for everything is 20,010.00
College work study - $1,500
Direct PLUS Loan - $11,585.00
Direct Subsidized Stafford - $3,500
Direct Unsubsidized Stafford - $2,000
Perkins Loan - $1,000
TAP - $425</p>
<p>Now I haven't received any other financial aid offers, but isn't 18k in loans per year for a state school a little excessive? Especially considering that we have very little assets, don't own a house, no car, etc. What do you guys think?
On a side note, I plan on going into medical school and all of these loans would be a killer to repay.</p>
<p>Your mom’s annual income is high enough that you do not qualify for the Pell Grant which is probably the only grant that the SUNY schools offer in the need based aid category. </p>
<p>You did get the Perkins and subsidized stafford loans…and work study which are also federally funded need based aid awards. </p>
<p>Can your mom make some contributions towards your college costs each year?</p>
<p>Probably a bit, but we’re in the process of paying a bunch of credit card loans atm as well. I was a little surprised since everyone raves about SUNYs having a low price tag, but I would’ve never expected to wind up having ~70k in loans overall after 4 years from a SUNY. I’m honestly expecting the privates that I’ve applied for to give me better offers than this…</p>
<p>According to the SUNY Geneseo Common Data Set, the school awards need-based scholarship or grant aid to less than half of all aid applicants determined to have need. For those who do receive need-based scholarships or grants, the average award is $3,827. According to Kiplinger online, Geneseo’s average debt per student at graduation is $21,000.</p>
<p>$18K per year sounds to me like an excessive amount to borrow for any college.</p>
<p>SUNYs do have a low price tag, but they’re not expecting that you borrow the entire cost. Your parents are expected to make a fairly substantial contribution to paying for college.</p>
<p>Yeah tk21769, that 21k figure probably doesn’t take into account the PLUS loans which your parents are responsible for. Those loans wind up being 46k after 4 years. I heard that the interest on PLUS loans is tax deductible and that you can get the american opportunity tax credit for 2.5k a year as well, but still its quite costly. Especially since I won’t see a dime until residency and at that point I’ll have a ton of med school debt. </p>
<p>Actually now that I look at it, with the stafford + perkins loan I’ll personally owe 27k, but probably closer to 20k assuming I pay a bit of it off through a part time job/a bit of savings. But I certainly don’t want my mom being 45k in debt from a state school… Time to dig for scholarships I suppose.</p>
<p>It is excessive and it is disheartening. Geneseo is not generous with financial aid. For those who are considered truly needy, there is NYState TAP and the federal PELL but with your mother’s income, you do not qualifify for it. What is your family EFC? </p>
<p>In your case, I would recommend commuting to a local SUNY for two years and then transferring to Geneseo, or one of the other larger SUNYs for a residential experience if that is what you want. That would pretty much halve your debt load since you can probably pay SUNY tutiion and commute without taking out any loans. </p>
<p>I am sorry it worked out that way for you. SUNY tution is reasonable but the room and board charges are killers.</p>
<p>SoIR, I think that number does take into account those loans. Most people DO NOT borrow $20,000 per year for college.</p>
<p>If you’re expecting to be able to take out loans for the entire cost of your education, that’s a really, really bad idea. You need to create a realistic budget mixing loans and personal contributions.</p>
<p>Yeah I wish I had a local SUNY, I live in Brooklyn and the closest one to me is Stony Brook which is ~1.5 hrs away via the LIRR. But you guys are right, 18k in loans per year for a SUNY? No thanks. I’m still waiting on Cornell’s Human Eco school which is subsidized by NYS and I wouldn’t be surprised if the total out of pocket cost is less than Geneseo’s. I was also accepted into Binghamton and 2 other SUNYs but I doubt that their aid will be much different. I’ll probably send an app to CUNYs since their tuition is dirt cheap. I’d love to partake in the whole college experience and my mom said she’d take on those loans, but a bachelors isn’t worth $80,000. </p>
<p>Just spoke with a friend, he got the same offer. Jesus, if state schools are like this I can’t even imagine NYU and other privates in the area.</p>
<p>Well as soon as I saw this financial aid letter, I’m just about ready to send in a CUNY app. I know a bunch of them have rolling admissions, and the price tag before any aid is about $2.6k/year. So not only would I get out of school debt free, I’d probably be able to afford a car as well. But we’ll have to see, I’m looking into the air national guard and some other programs to make SUNY/non-CUNYs affordable.</p>
<p>SolR, you may want to consider taking a year off and trying again next year, depending on your stats. If you could have made Macaulay Honors program at CUNY, not only would you have received free tuition and a stipend (good for computer, unpaid internship etc), but I am pretty certain that the very limited housing at CUNYs, especially Hunter, goes first to Macaulay honors kids. You might also, if your stats could justify it, consider the combined program at CCNY and Davis school of Bioemdical Education.</p>
<p>Here is a link to last years CUNYs classes, with Macaulay and joint BS/Biomed program shown seperately</p>
<p>While CUNYs are still taking applications, I would guess these special programs are already fillled up. </p>
<p>Also, New York State will require a non-custodial parent to help with college. If your parents were divorced in NY, I suggest you consider this. I know even thinking about taking a parent to court is difficult, but the courts and the laws are there for a reason. </p>
<p>If the FA from the privates don’t work out either, then his best bet will be to COMMUTE to a SUNY or CUNY. Borrowing a bunch of money to pay for room and board is just not a good idea…especially if med school is in the plans.</p>
<p>If he’s an only child, then his EFC could be around…$9500. That’s pretty high for someone who lives in the NYC area and only makes about $65k. If his mom can’t afford the EFC, then unless he were to get a mega-huge merit scholarship, few “going away” schools will likely be affordable unless the give aid like HYPS.</p>
<p>Basically, the federal and state programs are not intended to pay for room, board and living expenses for college students. NY state tuition, as I stated earlier is reasonably priced. Anyone can borrow enough to pay for the tuition and there is a SUNY, CUNY or other state school close to just about everyone. </p>
<p>The OP’s family has what I consider a difficult EFC to meet on the income. Living in NYC on that income is difficult enough without having to come up with $12K a year for college or borrowing that amount. In order to do something like that, a family needs have had a long term plan in effect and a lot of financial discipline. I certainly would not qualify in that area.</p>
<p>A local school is the way to go. The good news is that there are a lot choices for you within commuting distance. But I can understand that this leaves a bad taste in one’s mouth. I don’t like it either.</p>
<p>What leaves a bad taste in my mouth is that neither Pell nor TAP consider the cost of living. The equivalent of 65 in NYC is much less upstate. The person in the same economic shoes as OP and his/her mom living upstate may recieve Pell and full TAP, and that togethor with a Stafford loan and work study will come close to making this work.</p>
<p>NYS and the Federal Govt have no problem imposing income tax – which does in effect consider COLA, but doesnt want to provide benefits based on COLA. It stinks IMHO.</p>
<p>No, financial aid does not take cost of living into consideration. That is just one of the flaws of the system we have. </p>
<p>Whether a parent makes that income in upstate NY or in NYC is immaterial to the way FAFSA computes EFC and eligibility. Unless the income is far lower, there isn’t going to be an automatic zero to get the maximum Pell grant or TAP monies, however. It’s not as though one crosses the PELL eligibility line and gets the full grant. Even a thousand dollars or so is not going to bridge the gap this student has to live away at school. </p>
<p>Though I don’t like the way it works out for many kids, i also cannot see the government subsidizing too many students living away from home. Why should room, board, and the such be covered? That most state tuitions are covered by the government programs for the neediest is about as good as I can see it getting. The rest of the money should come from the school or other sources. </p>
<p>But that doesn’t mean that I don’t sympathize with the OP and feel that the system is flawed. here. We have a student who is accepted to the state’s “Honor college” and cannot go because s/he can’t pay for it, nor can the parent and it would be a bad financial risk to borrow that kind of money, given commuting options.</p>
<p>Cpt, I understand that a minimal change in the income amounts will not move the Pell much (not clear re TAP). I dont disagree with govt not subsidizing kids living away from home, but if we are subsidizing middle class kids living in low COLA areas who want to board, then we should do so across the board. </p>
<p>What I also feel bad about is that I dont think OPs GC advised as to likely aid, and some of the really excellent possiblities for pre-meds at CUNY.</p>