<p>Hi,
My Dad's--I only live with my father--financial situation recently improved drastically and as he was expected to contribute just 2,560 last year to my UPenn education, he is now expected to pay in full: 21,620 or something per semester.
I DO NOT want to put such a burden on my father at all. He truly can't spend that kind of money on me as he spends a lot of his money on his investments and property maintenance. </p>
<p>So my question is: </p>
<p>Can I take out loans big enough to cover the entire expense or at least three quarters of it? Is that a good idea? What are my alternatives? I feel confident that I can take the brunt of this hardship as I'll surely be making a lot of money in the future. But are there laws or rules that mandate my father to pay the majority of my tuition bill?</p>
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But are there laws or rules that mandate my father to pay the majority of my tuition bill?
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<p>There are no laws or rules that say your father has to pay a dime towards your tuition - there is an 'expectation' that he will contribute a certain amount based on his income and assets (EFC = Expected Family Contribution). As you have discovered financial aid will not cover that EFC.</p>
<p>I think you are about to hear a pretty unanimous chorus telling you that, even if you are able to borrow such a large sum, it is not a good idea to take out such a large amount in loans (assuming you have several years remaining at university). Say you have 3 years left you are talking about graduating with $120,000+ in debt - that is an enormous burden to start your working life with.</p>
<p>You can take out loans, but taking out such a big loan is not advised as you really don't have any idea what you'll be able to earn in the future. A variety of things from unexpected illnesses to other things could limit your earnings.</p>
<p>Your other options could be working during the summer (working fulltime and parttime during your entire summer vacation would gain you a fair amount of money) and school year, applying for merit aid, transferring to a cheaper college or asking your father to pay the money, but paying him back over a reasonable amount of time with a lower interest rate than you'd have to do with a private loan.</p>
<p>I thnk you need to discuss this with your dad. It could be that he is very willing to shoulder an increased contribution for your college costs now that he can do so. </p>
<p>I'm part of the chorus who will say...do NOT borrow that much money. It's too large a loan burden for anyone to take, in my opinion.</p>