<p>I was awarded a full scholarship to st michaels college with 7,500 gov loan a year do my parents just need to make up the difference for room and board </p>
<p>Umass amherst gave me 18000 a year so I would have to pay 8000 a year </p>
<p>For URI I would have to pay 6,000 a year </p>
<p>And BU I would need a 30,000 private loan a year? </p>
<p>What's my best option because obv I love BU the most and I don't like the other ones. I'm figuring I stay at one of this colleges for two years and transfer to a better one so I have less debt</p>
<p>No, that’s a bad idea.</p>
<p>Transfer students generally get very little aid, and $60,000 in private loans plus four years of Staffords (~$25,000) is a big debt load. BU isn’t worth $85,000 in debt. That’s assuming you and your parents can even get approved for private loans of that amount.</p>
<p>Edit: Given what you said in a previous post just a couple weeks ago:</p>
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<p>There is no way your parents will be able to borrow $60,000 in private loans, and even if by some miracle they were approved, you’d be saddling their credit rating with a ridiculous amount of debt that they’re unlikely to pay off. You cannot afford BU and it’s time to move on.</p>
<p>You need to look at the Cost of Attendance for St. Michael’s - does the scholarship/loan combination cover the cost of room and board? You have a full-ride and given your family’s financial situation, no matter how much you “don’t like” St. Michael’s, you need to consider that offer very strongly.</p>
<p>**I was awarded a full scholarship to st michaels college with 7,500 gov loan a year do my parents just need to make up the difference for room and board </p>
<p>Umass amherst gave me 18000 a year so I would have to pay 8000 a year </p>
<p>For URI I would have to pay 6,000 a year </p>
<p>And BU I would need a 30,000 private loan a year? **</p>
<p>Can you clarify what is in each schools’ FA package? How much did each school give in grants/merit (free money) and how much did each school give in loans, work-study, etc?</p>
<p>Did you also get a Pell grant in each pkg? Are you 0 or low EFC? I remember that your parents only make about $18k per year or something like that???</p>
<p>When you ask if your parents have to pay room and board at St. Michaels, how would they do that??? </p>
<p>And, they can’t co-sign private loans, they don’t earn enough.</p>
<p>Run the numbers through this nifty calculator, and see what the results look like: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid)</p>
<p>St. Michaels covered tuition. Not room and board. That is a luxury </p>
<p>Umass Amherst gave like 4000 in aid 2000 work study 7500 in loans 5500 in pell grant </p>
<p>And I could very well transfer to a school that meets full need in the future, such as holy cross. I was waitlisted there this year and in sure if I apply as transfer in the future I would get in if I had a 4.00 in college</p>
<p>So, did all your schools include Pell in their pkgs? If not, call them about that.</p>
<p>I’m still not sure what St. Michaels put in your pkg. Did they give all of tuition in grants? Or is some the tuition covered with loans? What does the $7500 in loans go towards? tuition???</p>
<p>What is in your URI FA pkg? grants? loans? what???</p>
<p>If all of your schools have already included full federal student loans in your FA pkgs, then you’re going to have a very hard time getting private loans since your family’s income is so low.</p>
<p>Check to see if HC meets need for transfers…some schools don’t…or they are “need aware” for transfers.</p>
<p>Is St. Michael’s within commuting distance for you? Because otherwise it doesn’t really sound like an option, unless all tuition is covered by the scholarship, leaving the Stafford/Perkins loans to cover room and board.</p>
<p>You need to look at commuting to your local community college and transferring from there. Your Pell Grant will likely cover the entire cost of tuition.</p>
<p>^^^</p>
<p>The student lives in Rhode Island, so St. Michaels is not commutable.</p>
<p>My concern is that she already has loans in her FA pkgs, and her family is very low income, so getting private loans and/or parents paying for some costs just doesn’t sound possible.</p>
<p>I know that Alyssa won’t consider a CC, because she won’t even consider URI because she feels that too many classmates will be there (even though the school is 50% OOS).</p>
<p>Write down the full cost of each college, and then subtract out the grants/scholarships from each of them, not the loans or work study awards. What’s left is what you and your parents need to pay in each case. You do have the option of $5500 in Staffords that you can apply to each of those costs. That’s all you can borrow on your own under most circumstanes. Any private loans you take will ask for a cosigner and both of you will be on the hook for the amount affect both of your credit records until paid . If you parents are already having financial strains, asking them to cosign really is making them liable for the loan.</p>
<p>And I could very well transfer to a school that meets full need in the future, such as holy cross. I was waitlisted there this year and in sure if I apply as transfer in the future I would get in if I had a 4.00 in college</p>
<p>Not necessarily. Very few students transfer out of full-need schools and a lot of students try to transfer in. You could certainly try, and you may get in, but you need a viable Plan B in case you don’t.</p>
<p>Holy Cross only accepted 36 transfer students last year.</p>
<p>Holy Cross has a 94% freshmen retention rate so there are few openings that develop.</p>
<p>You need to go to the school that has the LOWEST out of pocket expenses for your family. They are not in a position to borrow money for you to attend college, and it sounds like it will be a financial stretch for them to help you at all.</p>
<p>Is there ANY school on this list where you can attend with the aid given you…including the Stafford loans and Pell grants? That needs to be your option. </p>
<p>The reality is that you have to be able to pay the college bills. Otherwise you will not be permitted to enroll in classes.</p>
<p>Where are you going to get $6000 a year…for URI, or $8000 a year for UMass? Where is that money going to come from? Once you get that question answered, then you are in a position to make a choice.</p>
<p>The other schools…St.Michaels (because you will need to borrow a LOT to attend…with room/board added in), and BU are unaffordable.</p>
<p>Obviously I have someone in my family helping out or else i would be at a community college. </p>
<p>That being said I can realistically go to either umass uri or st. Mikes but what’s the better price for the edu given that all of them are just okay schools. Each school I’d be about 25,000 in debt.</p>
<p>Obviously I have someone in my family helping out or else i would be at a community college</p>
<p>greenpaisley46…this isn’t “obvious” to anyone. </p>
<p>How much is that relative promising to pay each year?</p>
<p>At St. Michaels, you say that you have $7500 in loans and you still have to cover the rest of Room and Board (and books and fees). That is more than $25k in debt.</p>
<p>At UMass, you say that you were given $18k per year in aid (how much of THAT was loans?? $7k??) and you still have $8k per year to pay. </p>
<p>We can’t give you proper advice if we don’t have all the facts…</p>
<p>1) how much is the relative promising to give you in cash each year?</p>
<p>2) how much in “FREE MONEY” did each school give you?</p>
<p>3) how much in LOANS did each school give you?</p>
<p>4) how much is work-study did each school give you?</p>
<p>5) How much is not covered at each school?</p>
<p>I have 10,000 a year from a family member </p>
<p>Umass gave me 7500 in loans </p>
<p>Uri gave me 5500 in loans </p>
<p>And st.michaels built in their 7500 with the tuition so technically they gave me a 20,000 scholarship and 8,000 in aid.</p>
<p>Every school left me with room and board to cover</p>
<p>greenpaisley46, it makes no difference what any school GAVE you. What’s important is what you have to pay at each school, and that includes loan amounts. How much will each school cost you? Then what do you have to pay that bottom line number in loans and what your family member is giving you? That is how to make the cost comparison.</p>
<p>All of your choices are good ones. It’s what you have to pay that is not good if you can’t afford it.</p>
<p>*I have 10,000 a year from a family member </p>
<p>Umass gave me 7500 in loans </p>
<p>Uri gave me 5500 in loans </p>
<p>And st.michaels built in their 7500 with the tuition so technically they gave me a 20,000 scholarship and 8,000 in aid.</p>
<p>Every school left me with room and board to cover
*
*</p>
<p>So, are you saying that the $10k per year from a relative will pay for room and board? If so, then what is the problem? </p>
<p>Which schools have R&B costs that are about $10k or less? </p>
<p>How much can you earn over the summer?</p>
<p>I’m just asking what’s the best deal</p>
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<p>I think that UMass and St. Michaels are better than “just okay” schools. They are both good schools. To be quite frank…so is URI. </p>
<p>Am I missing something…it looks to me like URI is much more affordable than the other two.</p>
<p>I’m very confused about your financial aid. Will your PARENTS be expected to take out loans to help you…because that is going to be VERY hard for them to do on a $17K per year income. VERY HARD.</p>
<p>Are the loans you are quoting in your packages ALL student loans (Stafford or Perkins)? because otherwise you will need a cosigner…and it’s unlikely your parents will be able to do that for you.</p>
<p>Will the family member be able to commit $10,000 for EACH of the four years? What will they do when the room/board/tuition costs increase (which is HIGHLY likely)? Will they make up the difference?</p>