<p>Even with my financial aid, I’m $40,000 short. Do I take out that much in Student Loans for four years? Or is that insanity? I’m completely sure that BFA Musical Theatre is what I want, and BoCo is my dream school. I have a great work ethic and I don’t want to let anything get in my way. That’s just alot of debt and it’s kind of scary. Any suggestions on loans, scholarshlips, etc. would be greatly appreciated!</p>
<p>Hey Tay!
I'm in the same situation. I was given a small scholarship, and my parents are committed to a small amount of my tuition.. other than that i'm on my own. My only recommendation for you is to go to fastweb.com.. take the time to really fill out all your information. It is a scholarship search website and so far i've found a LOT of really great scholarships. The only downside is for each scholarship you have to take a lot of time either writing an essay, or doing some other sort of specific task they ask of you. If you're willing to put in the work though it should be really beneficial to you.</p>
<p>Wow, BoCo seems to offer really lousy financial aid options.</p>
<p>I'm guessing as a really small school they don't have much of an endowment. I'm pretty sure I read/heard somewhere that they offer no "need" money.</p>
<p>BOCO indeed has financial aid. My child was a FA applicant. Her FA letter has a Theater Scholarship, Work Study, Subsidized Stafford Loan, and Parent Loan. It was not the best offer of her BFA packages. I am just saying that the do offer aid. </p>
<p>Sometimes people rule out more expensive schools.....ie., NYU and sometimes the aid is not what you expect. My D got aid and scholarships to seven schools and actually the best offer with the highest scholarship in the package was NYU, not what others might assume. </p>
<p>I would agree that BOCO doesn't have the endowment of a larger school and thus may not offer as good of a package as another school might. I just don't want misinformation out there that they offer no aid, as that is not accurate. Remember too, that if someone says that they got NO aid, that doesn't mean that is what would happen in your case.</p>
<p>As I stated earlier, it is my understanding that the school does not offer scholarship $$ based on need. They offer work study and loans which are not scholarships. I'm pretty sure what money they do offer as scholarships is based on talent and not need. Please let me know if this is not accurate. Thanks.</p>
<p>Your first post said they offer no "need" money. Need based financial aid at any college is not just scholarships. Need based FA packages usually are made up of a combo of grant, loans, and work study. However, now your second post is ONLY referring to scholarships. While work study and loans are not scholarships, they are part of what is called "need based aid."</p>
<p>I can't tell you what the scholarships are based on at BOCO as the FA package doesn't really say. But my original statement that BOCO offers need based aid still stands. If you have no "need", you would not be offered the loans, for instance. </p>
<p>My D was a FA applicant to BOCO, and her financial aid package had a scholarship for theater, a Stafford Loan and work study. It doesn't stipulate if the scholarship was for talent or need but the entire package of FA includes need because loans and work study are parts of a need based FA package. Someone just getting merit aid doesn't have loans or work study as part of a FA package. So, I can't tell you what criteria the scholarship is offered under. I can tell you that BOCO has some need based aid, which is what your original post brought up, not scholarships, per se.</p>
<p>I guess we'll have to disagree on this one. I don't consider "giving me a loan" financial aid. I have to pay that back - with interest. Nor do I consider "work study" financial aid. My kid would have the "opportunity" to work for pay instead of studying or practicing. That's a real aid - and the monies are incidental at best. Scholarships or grants are really aid and it remains my understanding, and I would be happy to be wrong about this, that BOCO does not give money based on "financial need." What money they give is based on talent.</p>
<p>While you may not consider loans or work study as financial aid.....the fact remains that financial aid packages include grants, student loans, and work study. These components (as undesirable as they may be to someone) are still considered financial aid by those who deal with college admissions and financial aid. It isn't an opinion, but a fact. </p>
<p>As I mentioned before, my child got a scholarship as PART of her financial aid PACKAGE at BOCO....listed as one component of the greater package as a FA applicant.....but I have no way of knowing if her scholarship was based on talent, need, or a combination. This varies from school to school and I never asked BOCO about it as my child chose NYU. However, I did ask NYU about the scholarship she got there (which was way more than BOCO's scholarship) though was also ONE component of her entire financial aid package which also had loans and work study (by the way, we declined work study offers for both of our children). At NYU, I was told that her scholarship was on merit but that the amount of it took into account, her financial need. The criteria for a scholarship varies from school to school and you would have to ask. </p>
<p>But in terms of your original post that said that BOCO does not have any need based aid, that is not true. They do. You may not like the loans or work study, but these are part of a FA package at all schools if you are a need based FA applicant. They don't just give a grant, but they usually give a combination of grants, loans, and work study to those who apply for NEED based aid and QUALIFY.</p>
<p>BTW, the Theater Scholarship she got at BOCO was for $7500/year, which is less than she was offered at most of her other BFA admitted schools and not much more than a third of what NYU offered in grants. I do agree that BOCO likely has less money to give out.</p>
<p>If you go to the website under FA they will list all of the FA that is available just like other colleges. This includes Scholarships, loans, work study, etc. Under scholarships is has the following; (sorry I don't know how to copy/quote)</p>
<p>"A limited number of performance-based scholarships are available to students who demonstrate the highest artistic skills. A student's financial need may be taken into consideration if the student fills out the FAFSA. However, the primary consideration will always be merit. The Conservatory does not offer need-based institutional grants." </p>
<p>BoCo does no try to match your need like some other colleges might. That was explained when we went to the Open House. They don't really like to negotiate to much either but I am sure there are exceptions and I would always try anyway.</p>
<p>I was surprised when my D's financial aid "award" arrived from BoCo on Saturday and all it offered was one $3500 Stafford loan, even though our EFC was not even close to the $48K a year Boston Conservatory costs to attend. I was expecting the combination of work-study, grants and loans that Susan refers to above, but that's not what was offered. :) I should add that, as I said above, according to our FAFSA, it was plain to see that we would need far, far more than $3500 in order to bridge the gap between what we can pay and the price of BoCo. I feel grateful that BoCo is not my daughter's first choice, though I know it's a wonderful program and is many other kids' first choice.</p>
<p>Kimoki - thanks for your thread and info - "The Conservatory DOES NOT offer need based institutional grants." I've been saying that's my understanding and you confirmed it. Thanks. loads.</p>
<p>As a consumer and a parent, it certainly is an important piece to know that if you apply to BOCO, what money you get will be based on talent alone. If you are lucky enough to get that, great, if not, you are looking at a hefty tuition bill with no significant assistance. I'm glad the school is upfront about their policy.</p>
<p>I posted that because it kinda confirmed but you were both saying. FA does include all of those listed but they are not really generous with their own money. Their money is not given need based but you can still get grants and loans from other parties based on need.</p>
<p>BOCO's statement concurs with what I have been saying. They do offer some need based aid but that is not in the form of grants. That is still CALLED financial aid. Their grants are not need based. The original post on this topic was that they did not offer any need based aid. They do. Just not in the form of grants. </p>
<p>Further, their need based aid is not as good as some other schools as they do not meet 100% of need. Like NMR mentions, BOCO did not offer the amount of FA to my child (the total package, not just the grant) that we qualified for and that schools that meet 100% would give (I have a child attending an Ivy that meets 100% of need based aid and so I know what would be expected). </p>
<p>Thus, BOCO's aid is not as good as some other schools. Like I said, almost every BFA program (six others) offered my D a better total FA package and a higher amount of scholarship as well (the exception was Penn State which is not a private school). </p>
<p>The way we looked at FA is not the school owes us any. Whatever we could get, we see as a gift and a help. </p>
<p>In terms of merit aid, they can't give everyone a scholarship or they may as well lower their ticket price. Private institutions do rely on some being full pay. </p>
<p>Anyway, be fully informed going into it if you are relying on FA. Know what you qualify for. Know if a school says they will meet 100% of need. Find out if they offer merit scholarships. It is easier to get a merit scholarship if you apply a tier or two down from your qualifications, where you may be at the top of the pile, than at the more highly selective colleges where every applicant admitted has high merit. The best way to chase merit aid is to consider schools where you would be above the typical student, so to speak, who attends. That is a general rule of thumb and not about BOCO. If you seek and need FA that is need based, opt to apply to schools that offer 100% of need based aid (by the formulas). Not all schools do, as can be seen in this example. </p>
<p>Just to be clear, the conversation started out about need based aid and the definition of need based aid INCLUDES loans and work study and not merely grants or scholarships. In that regard, BOCO offers some need based aid but surely does not meet 100% of need and their scholarship piece is based on merit.</p>
<p>I think soozievt is absolutely correct. Parents and students need to understand very, very clearly that very few schools commit to providing 100% of the difference between what parents and students can pay and the cost of attending a school. BoCo makes this clear and we certainly knew this going in. We also clearly understood/understand that financial aid is not something that any school OWES an accepted student: it's something the school can choose to offer or not. However, I have heard of some kids getting some very large merit/talent scholarships at BoCo, so one can always hope for one of those. :)</p>
<p>Back to the OP.</p>
<p>taythetenor:Are you talking $40k a year in loans? However much you love the program do not take out $40k a year in loans. How are you going to pay the interest each year while you are in school? At 7% you will hve to pay $2800 in interest the 1st year, $5600 the 2nd year, $8400 the 3rd year and $11200 the 4th year and will owe $160,000 at the end of 4 years. You will then have to make loan payments of $1800+ a month for ten years or $1250 for 20 years. Are you guaranteed the income needed to make such payments from the day you graduate? ($150k to over $200K).</p>
<p>If you capitalize the interest (add it to the debt) you will be paying interest on the interest and the debt will have grown to over $190,000 by the time you graduate. Yes it is insanity to do this - Your 4 year dream could become a 20 year nightmare where every choice you make is governed by whether you can afford to pay your monthly loan payment and afford to eat and have somewhere to sleep.</p>
<p>Boy, we're really splitting hairs here. In the eyes of a college administrator or a college counselor loans by themselves might be considered aid - but to a parent who is paying the bill, I can assure you that telling me I have a Stafford loan is giving me no aid - zero. You can call it what you'd like. I can understand a package of grant, loan, work study being called financial aid. but a loan by itself, I'm hard pressed to call this FA. I can't be the only parent that feels this way.</p>
<p>Black Suits, </p>
<p>I am a parent of two college students who qualify for financial aid. In fact, I just got off the phone with my oldest with regard to FA at one of the grad schools she was just accepted to (which, voila, offers no need based aid). Originally you were saying that BOCO offers no need based aid. That got changed now to no need based grants. Believe me, as a parent, a loan or work study (we declined all work study for our kids) is not seen at all in the same light as a grant!!!! We have massive loans because we plan to pay ALL of the student loans for our children and we took out Parent Plus Loans to cover the amount that we could not fully afford even if the formulas say we can. Trust me, I know the difference between aid that is in the form of a loan and that which is a grant that you don't pay back. My kids' undergrad FA PACKAGES included grants and loans (and work study but we don't want them to do that as they have no time).</p>
<p>But the fact remains that when talking about need based aid, or financial aid, that loans that colleges provide to those who qualify for need based aid IS called FINANCIAL AID. So, if someone says a school offers NO aid but they really do, that is not accurate. An accurate statement is that this particular school offers need based student and parent loans and work study, doesn't meet 100% of need, and also offers some merit based scholarships. The need based components that they offer may not be desirable or satisfactory to you, understandably, but it is still referred to as financial aid. Also, some of the federally subsidized student loans have lower interest rates and you don't pay them back until after graduation and thus have some advantages over the Parent Plus Loans that we also have had to take out. I understand that you are hard pressed to call student or parent loans "FA", but be that as it may, since many people read this forum, I feel an obligation to stick with the definition of financial aid and FA encompasses loans, work study, and grants.</p>
<p>The loans I'm looking at are from private vendors. They do not require to be payed back til 6 months after graduation. It will be less than $40,000 dollars a year now that I have received more financial aid and scholarhips. Thanks!</p>