Hi everyone! I was accepted into Boston University for this coming fall semester and I was very excited until I see the bill… Boston university is my dream school and everything I want it to be with many abroad and internship opportunities. The school has an amazing reputation and my family is so excited for me.
So I come from a low income family and I am a first generation college student, so I am paying for college on my own. Now after seeing my bill and adding up my loans I will have 30k of debt each year… So after three years that adds up to 90k a year not including interest rates. I can’t understand why I didn’t get more aid since I have such a low efc. I want to vomit everytime I think about this. Yeah I might have a better chance of getting a job after college but my loans are still going to be 1k+ a month. I really need opinions from people who know BU and are in the same boat as me. Apparently I would have gotten more money as a freshman.
How old are you? Students can’t take out more than the federal student loans (~$5500/year) without a cosigner. And $90k worth of debt is too much for a low income family to take on. There’s no guarantee that if your parents cosign for a $30k loan this year that they’ll be approved the 2nd year. It would be disasterous for your family to take a $30k loan for one year and not be approved later on because you’ll have a lot of debt but no degree and no money to go get one.
Unfortunately, this school is unaffordable for you. I’d cancel your registration and look for affordable options. What school did you attend last year? If it was affordable, I’d call them and see if you can register there.
I have a Stanford loan of 5500 and a mass no interest loan of 5000 and I need a 20k private loan a year. My consigner is my grandmother who has amazing credit.
BU doesn’t guarantee to meet need for transfer students, do they? Transfer students always get shafted because most of the time students are so desperate to leave where they’re coming from they’ll pay whatever. I don’t think your stats would go towards the admitted student profile, so the only reason they’d take a transfer is to make money.
Transfer students usually don’t get good financial aid.
Do not do this to yourself and to your grandmother. Don’t. This amount of debt will have a huge negative effect on both of your lives. Depending how the loan is written, your grandmother could be stuck with it even if you became disabled and couldn’t work or if you died!
Take a gap year and apply to a new list of places that are more affordable. If you have the grades and stats to get into BU, you have other places where you can be admitted that will cost you a lot less.
I dont care how good the school is, don’t do this to your self. Debt is the most frustrating, and most common thing, a person could have. Being the first person in your family , you should go to a school that you can afford. I am sure your parents will be just as proud even if the school is not as reputable. I too am the first person in my family to attend school and paying for my own tuition. I first wanted to attend Texas A&M just because it has a good reputation.I then decided to attend UT Dallas. UT Dallas still has a great business school, plus, they are helping me pay for tuition with a scholarship and a undergraduate grant.I am transferring this fall; moving to Dallas in 3 days. My tuition is paid off and I just have to worry about paying rent. I plan on getting a part time job to pay for my rent,but i will have no debt when i graduate. As long as i work hard, get good grades, and get experience for my resume, I know i will still end up with a great job when i graduate.
You are going to have to forget about BU, as hard as that will be, take a gap year, regroup, do a hell of a lot of research and reapply to colleges that clearly state they DO offer good[ i.e.affordable for you] FA to transfer students.
NO UG COLLEGE is worth that amount of debt.
There are colleges out there that will not leave you with the horrible burden of debt that you can’t afford.
Did you not run the BC FA calculator before you applied?
DO so- first thing- before applying to any college.