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Also, sybbie, I'm also concerned about a 5k gap because I don't know if I'll be able to get independent loans. My mother's credit is horrible and she cannot cosign them with me. Even so, 5k a year still adds up to over 20k after college, and that's not even including about that same amount in stafford and perkins that I have to pay off after I get out of college too. OTs don't make that much.
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<p>I don't think that you should look at taking out loans but look to put some of your own skin in the game. If you have exhausted all of the outside scholarships possibilities, get a job. Before you make the big purchases for prom, look at ways of cutting back. If you are getting birthday/graduation presents, save the $$.</p>
<p>If you get a part-time job now that you can work full time over the summer (or 2 part-time jobs if necessary) you can put a substantial dent in the 5k. If you were able to get a part-time job where you can get ~10/hr working full time you cna make the 5k over the summer alone.</p>
<p>So go out and start getting odd-jobs, babysitting tutoring, perhaps a camp counselor or even working at the mall or a resturant and help put a dent in the 5k.</p>
<p>If this is still not a "workable solution" for you, then you may just have to do what many families do; go where your money can take you even if this is SUNY. Although you may feel it is "beneath you", this is the only affordable option for many families who will be paying full freight for the same SUNY education. As mendon stated there are plenty of families who would do backflips to be in your situation. Remember the saying "I complained that I had no shoes until I met a man who had not feet." It looks as if you have a nice pair of shoes and you have gotten a great blessing -don't block it.</p>
<p>HI Julie. I do think there is something screwed up possibly in the FA office, mainnly bc of the TAP issue. Our unmet need was over $15K so even though I know you are worried about debt (just plug away and keep applying for every scholarship $$ you can get your hands on) it could be worse. I am confused bc we even filled out the optional CSS Profile and I wrote a whole section about how my Dh was injured in an accident and unable to work for most of this year and as he is self employed disability ins was small and short lived. We have been living off of our savings for awhile and my under 25K per yr job (which I hold mainly for health ins) yet Ithaca believes that with 2 other children at home we can write a check for $15K per year or take out substantial loans. It is depressing no doubt, I am holding onto the hope that we have only filed FAFSA with a will file status and will shortly file our 07 taxes thus proving our situation this past year. Meanwhile I am afraid to work overtime for fear of what it will do to us next year...</p>
<p>I think you have a great FA package. But you are right to be worried about debt after college. Can you expect the FA to be the same for the next three years? If you are very uncomfortable with the debt and another college is offering a better FA package, maybe that is your best option.</p>
<p>Yeah, I have been working on the scholarship applications. I've been struggling a lot though because so many of the apps have to do primarily with leadership and I don't have any of that (I run for office in every club I join but nobody votes for me). </p>
<p>It's not that I feel a SUNY education is beneath me, it's that I feel it's wrong for me. My brother said that his experience at another SUNY was incredibly impersonal, and he didn't seem to enjoy it at all. He's just grinning and bearing it for the degree. I'm really willing to put myself in debt to avoid that, but I'm just not sure how much.</p>
<p>The financial aid specialist at my school, as it turns out, is not a specialist at all. She can't fill out a FAFSA without the tax forms, and anybody who can READ can do a FAFSA with them. My guidance counselor doesn't know anything either.</p>
<p>I echo everything said above. Here's another piece of info to think about, for what it's worth. Being saddled with debt after college is a real drag, but there are ways to deal with it. I know that if you do Teach for America, or VISTA, or something like that (Peace Corps?) you can have loans forgiven-- at least some of them. That may not at all be what you have in mind, but those programs are terrific for the "volunteer" and for the community s/he serves. It's an alternative, to be sure.</p>
<p>2007/2008 tuition room and board at Ithaca = 39,398 (Not sure of 08-09 numbers)</p>
<p>Now you are left with 2400 in loans and workstudy to cover fees and books.<br>
(Even if this full amount were loans you would only graduate 10,000 in debt - quite low compared to the average student)</p>
<p>If you add in another 2400 that most colleges would expect you to earn over the summer you would have money for expenses. </p>
<p>I added in your TAP, I'm guessing that the school made a mistake, but make sure you submitted the application. SEOG varies anywhere up to maximum, and is on a first come first serve basis - I think your FASFA was a few days late which may have affected this.</p>
<p>Also, I don't know what order things are counted to determine what covers my tuition. TAP can be used for tuition only so I don't know if that means that if I have enough other aid (including loans) to cover my tuition that I don't qualify.</p>
<p>And yes, I'm positive that I submitted my application, in fact, I have the printouts to prove it. So that's not it.</p>
<p>Now tuition, room, and board are a couple hundred below $42000. </p>
<p>Ugh, and I'm so ****ed about getting my FAFSA in late. I was relying on the wrong people to help me and I didn't know any better, because nobody in my family or at my school's guidance department know jack about this college stuff.</p>
<p>The other thing that threw me for a loop was when I went to Ithaca's open house, and to the financial aid discussion they had when I was there, the woman really exaggerated to what lengths IC would go to bridge the gap between EFC and CoA. I made the wrong assumption to think that Ithaca would give me the maximum on the grants because that was what it would take to bridge that gap, and I thought that I had at least another 4k coming in financial aid because of the figures I'd read on the website, and once again I blame myself for being ignorant of the way that this whole process really works.</p>
<p>hyperjulie - I don't think any of us really understand the way the process works until we've been through it. And I'm not sure we really understand it then.</p>
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Ugh, and I'm so ****ed about getting my FAFSA in late. I was relying on the wrong people to help me and I didn't know any better, because nobody in my family or at my school's guidance department know jack about this college stuff.
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<p>Before you start beating your self up keep in mind that the only thing that the FAFSA does is qualify you for federal aid (Pell, SEOG, ACG and stafford loans) so you have maxed out on this money and would not have gotten an increased amount. OK, when you file for TAP they can download the information from your FAFSA so your TAP award is not going to radically change either.</p>
<p>Your FA package comes out to ~$40,350 after adjusting the SEOG and adding in 3500 subsidized stafford loan.</p>
<p>Even with the increased tuition you have ~1650 in out of pocket costs which includes your required $1500 student contribution. In reality you only have ~$150 which is unaccounted for. You have ~96% of your need met which IMHO is excellent, so I am still trying to wrap my mind around what is the problem (there is none).</p>
<p>I do not think that you would have gotten any additional monies from Ithaca. As I stated before, you can earn this money with an afterschool or summer job. Take a breath and be greatful for the blessings that have come your way especially for a school that does not meet 100% of need.</p>
<p>Anyone who would be happy to only have to pay out $1600 for their kid to attend college please form a line after me :D.</p>
<p>"Well, I got 16k in merit, 7k in grants from the school, full Pell, full ACG, full SEOG (I think?), then a subsidized stafford, perkins, and work-study ($2400 per year). After that, I was left with over 5k of unmet need. TAP was somehow inadvertantly left off, and I have one $500 outside scholarship and a likely $2000 per year for NMF that are not accounted for yet."</p>
<p>This package sounds quite generous. Over 30K in grants/scholarships, plus subsidized Stafford and Perkins loans (no interest or payments due until after graduation). Many would love to have such an offer.</p>
<p>Yeah, I realize that now, I guess. Basically, when I look at a figure of debt that large, it freaks me out, but I still have more money coming almost for certain, and even then, when I talked to some people who actually have experience with college debt, it shouldn't be that bad, especially if I live frugally for a couple years out of college.</p>
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<p>She can't fill out a FAFSA without the tax forms, and anybody who can READ can do a FAFSA with them.>></p>
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<p>Just FYI...no one can complete a FAFSA without their tax forms.</p>
<p>Julie, your finaid package from Ithaca is very generous for a school that does not meet full need. If you start saving now, and work in the summer (yes, maybe two jobs...one full and one part time), you should be able to make up the difference.</p>
<p>I filled out a FAFSA without the tax forms. I estimated using a 1040 as a worksheet. (The numbers that came out ended up completely accurate and I didn't even have to update when I got the actual tax forms.)</p>
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This package sounds quite generous. Over 30K in grants/scholarships, plus subsidized Stafford and Perkins loans (no interest or payments due until after graduation). Many would love to have such an offer.
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<p>Sure but if it still is not enough it won't do her much good.</p>
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when I look at a figure of debt that large, it freaks me out,
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<p>As well you should be hyperjulie.
As a Mom with a daughter who graduated nearly 23,000 in debt 2 years ago - I have to tell you to think really hard about this.
My daughter got stafford and perkins loans. She consolidated them and has a low payment and low interest rates but she can't afford a decent car.
Until you have been "out there" you have no idea how hard it is to see such a chunk of your salary going to student loan debt.
If you want to go to grad school you can defer it but it is still there.</p>
<p>Every kid and parent thinks they or their child will get their high paying dream job and they will be able to pay for this no sweat - reality is much different.
My daughter went to a school that was an excellent fit - she loved her 4 years but she is struggling now. Her friends are struggling as well.</p>
<p>If you have already been offered a Stafford loan and a perkins loan then taking on a private loan will be very very difficult for you down the road. You are looking at being at least $20,000 MORE in debt.</p>
<p>Ithaca is a great school and I don't mean to discourage you from pursuing your dream but just to give you a reality check. You have a good head on your shoulders to be giving this a lot of thought.
Good Luck.</p>
<p>Thanks for sharing your D's experience as we try to tell students all of the time that student loan debt will affect the type of lifestyle you want to live however we see many students who think nothing of wanting to take on 30, 40, or even 50k or more in student loan debt. </p>
<p>The reality is that out of the over 4000 schools in the country ~ 98 % of them do not meet 100% of your demonstrated need giving out large amounts of institutional grant money which does not have to be repaid. Those schools are also amongst the most competitive to gain admission. </p>
<p>Of these schools that meet 100% demonstrated need, we are talking about maybe 30 schools in the country that have a low income/middle income initiatives in place where loans are not part of the financial aid package. </p>
<p>The reality is that with the exception of community colleges, unless their parents are in the postion to pay full freight, most students who go away to college are going to take on some kind of debt to attend college. But this debt does not have to be 30, 40, 50k or more.</p>
<p>The recommended amount debt that student take on should be no more than 20k. This is based on maxing out on stafford loans; 3500 freshman year, 4500 sophomore year, 5500 junior year up until the time you graduate. However for students who are considered having a great financial need where they are also eligible for perkins loans to help fill the financial gap, like in your D's case 1 - $4,000 perkins loan will bring this amount to 23K. </p>
<p>I know that it is hard to watch our kids struggle to paying off student debt but your D should also be commended for being very responsible and having a good head on her shoulders about the amount of debt that she has taken on. It sounds as if she was very wise and did not take on any "unnecessary" debt. If you have been having the money talks with her all along, I think you did a fantastic job. All the best to both of you.</p>
<p>"It's not that I feel a SUNY education is beneath me, it's that I feel it's wrong for me. My brother said that his experience at another SUNY was incredibly impersonal, and he didn't seem to enjoy it at all. He's just grinning and bearing it for the degree. I'm really willing to put myself in debt to avoid that, but I'm just not sure how much."</p>
<p>Obtaining an education from an impersonal school may not be ideal but neither is carrying debt that will impact your quality of life for decades. I'd take the impersonal education (and maybe attend summer school each summer and graduate in three years.) You may decide you want to attend graduate school and it will be easier for you to do so if you don't have massive amounts of undergraduate debt. In short, an impersonal education for three or four years will leave you with more options after you graduate, options that large debt will eliminate.</p>
<p>absolutely - consider how much that "fit" and "personal experience" will cost you. </p>
<p>hyperjulie - as a part of that "fit" consider lifestyle while in college. You will not have money for extras. No spring break in Cancun - even if the rest of the floor in your dorm is going. You will be working. A lot. Even in the summer. You may not even be able to afford a study abroad if you would like to go. There will be no concerts or weekends skiing (or whatever).</p>
<p>Perkins loans do not fill the "financial aid gap" they are part of the package.
I am well aware of how few schools meet demonstrated need.
Student loans are a reality for many many college kids.<br>
If hyperjulie is going to be in debt at least $23,000 - which she is regardless of which school she chooses then she needs to realize that taking on an additional $20,000 in private loans will mean a great sacrifice for many years. That is if she can even get private loans.</p>
<p>Ithaca is a great school. No doubt about it. I don't know her intended major but to graduate over $40,000 in debt - it may not be worth it.</p>
<p>Can someone recap just how much the OP must pay each year and then the total she will owe at the end of 4 years? It sure does sound like an awesome package but will she need to borrow more just to pay the gap?</p>
<p>People have mentioned the OP getting a job but there has been no response to that. Is their a car available to get to a potential job?</p>
<p>16000 merit award
7000 scholarship from school
4100 Pell
5000 TAP
4000 Perkins loan
1500 SEOG
3500 subsidized stafford loan
750 acg
500 outside scholarship
2400 work study
1500 student contribution (from summer earnings)
2000 nms
48250 total aid package ($36,850 in "free" money that does not have to be repaid, 3,900 from work study and summer earnings and 7500 in loans).</p>
<p>This exceeds your cost of attendance. You can off the bat turn down one(possibly both) of the loans. if you turned down both loans you would still have an aid package of $40,750</p>
<p>cost of attendance:</p>
<p>Tuition for 2007-2008</p>
<p>Tuition and Fees $28,670
Room $5,604
Board $5,124
Optional Health and Accident Insurance $400 </p>
<p>Total 39,728 add ~ 3000 for books and other misc. expenses = 42,728
taking one of the loans would cover all of your expenses. (your books and misc. expenses would come from your work study earnings and student contribution).</p>
<p>even if your tuition increase by 5% your COA would be $44,231</p>
<p>I am still of the mindset that OP should get a job and earn as much as she can.</p>
<p>well...................
it might work. Consider ditching the work study and getting a job in Ithaca - esp if she has some special skills already, i.e. lifeguard, can give private music lessons, experienced waitress etc where she can make more than min wage.
My experience with work study is my daughter made more money per hour working at Wal-Mart. OTOH - the convenience of working on campus is a plus.</p>
<p>If you can make it work on just your Stafford Loan and Perkins then consider - but cautiously. Make friends in the financial aid department. You have to consider you are there for 4 years and not one year and tuition rises every year. What I have a problem with are Private or "alternative" loans - these must be paid on right away with a higher interest rate, they do add up over 4 years and could leave one in serious financial trouble.</p>
<p>Back in the day...... when kids could still pay their way through college it was common to move off campus and stack up in a house or apartment - for cheap housing. 4 people in a 2 bedroom apt and 6-8 kids in a 3 bedroom house. From what I have seen that isn't done much anymore but it is cheap(er). That and a diet of ramen and Kraft mac n cheese may get her through.</p>
<p>I still would get the financial aid offer from SUNY and run those numbers as well.</p>