financial aid help

Paying for College
1

<p>Can you guys help me calculate my financial aid for UCSD? Here is the info from tritonlink:</p>

<p>Direct Costs (Fees & Health Insurance) $13,227
Books and Supplies + $1,456
Living Expenses + $13,907
Total UCSD Cost = $28,590</p>

<p>Total Gift Aid $19,190
Options Available to Meet Net Cost $9,400
Total Estimated Aid = $28,590</p>

<p>Pell Grant $5,550
Possible Cal Grant A + $11,124
UCSD Grant + $2,516
Other Outside Aid + $0</p>

<p>Total Gift Aid = $19,190
Total Net Cost = $9,400</p>

<p>Total Student's Share = $9,100
Federal Work-Study $2,800
Perkins/University Loan + $800
Federal Direct Subsidized Loan + $3,500
Federal Direct Unsubsidized Loan + $2,000</p>

<p>Total Parent's Share = $300
Federal Direct PLUS Loan for Parents + $300</p>

<p>Total Options to Meet Net Cost = $9,400</p>

<p>So are my calculations right:
The total cost of attending UCSD is 28,590 and with my grants I have to pay 9,400. Subtracting work study, that's going to be 6,600 a year or 26, 400 for four years? Why is it so expensive? I didn't think I would need that much in loans to attend a public university or did I calculate something wrong? Also, how much are the interest rates on the unsubsidized loans because that will surely raise the cost of attending UCSD for me...</p>

<p>If my calculations are correct, is it worth attending UCSD if I have to pay 26,400?</p>

2

<p>It seems like a pretty good FA package to me. </p>

<p>Very few schools promise to meet full need without loans. Your loans are just a tad over the max Stafford loans for a year. Not bad at all.</p>

<p>Unsub Stafford loans have an interest rate of 6.8%. The Sub Stafford is 3.4%. Perkins is 5%. For Sub Stafford and Perkins the govt pays the interest until the loan goes into repayment.</p>

3

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<p>Only you can say if it’s worth it. That is about $6600 a year…all in loans…for attending college. Your payments at the end of four years would be about $300 a month for about 10 years. That doesn’t seem unreasonable to me…but it might to you. Many students take the maximum Stafford loans which would be about $27,000 over four years.</p>

<p>I will say…you will have to be careful with your spending. Remember that Work Study money is money earned doing a job. You won’t have it UNTIL you find a job and work. It is typically used for those expenses like books and personal expenses which are included in the cost of attendance.</p>

4

<p>

The full-price COA in-state would be close to $120k for the four years, and close to double that for OOS. Many people are going to pay that (or close). So yes, it’s a great opportunity. If that education is valuable at all, it’s a screaming bargain at $26k.</p>

5

<p>Yes, it’s a bargain.</p>

<p>However, if you want to minimize loans, then be frugal with your text book shopping/living expenses… and work over the summer. You can earn about $5k per year in “non work study” income and it won’t affect your EFC.</p>

<p>Keep in mind that it is a student’s responsibility to pay for some of his education. Tax-payers aren’t going to pay for everything…they can’t afford to.</p>

6

<p>Yes, frugality is the way to go - now and always. Over your lifetime, the benefits of a frugal lifestyle will accumulate incredibly. </p>

<p>So, that’s very good advice to keep in mind. And attending this college at that price fits right in.</p>