Financial Situation Update

Colleges and Universities A-Z Harvey Mudd College
1

<p>Hey guys,</p>

<p>I was just wondering for your guys' advice. Here is my financial situation at the moment..</p>

<p>mom: 10k
dad: 10k
grandparents:10k</p>

<p>30k, amazing. So that leaves 23k a year..</p>

<p>My tentative award letter said I could get 5,500 in loans, and 2,225 in work study. So an additional 7725. </p>

<p>That leaves 15275. </p>

<p>Also, my tentative award letter was before my moms current tax return. FAFSA said first my mom should be able to pay around 80k. Now it says 69k after a correction. My mom will not pay more than 10k, period. She tells me that she really doesn't have the money/ won't may more toward my college tuition. She says her business is going bad (she's a doctor with a private business), and that she can't afford/ won't contribute more. She's been on my back about scholarships, and basically saying if I don't find a way to pay for the missing 23k, I won't be able to go..</p>

<p>And so far, I've been rejected from UCLA, waitlisted at UCSD (my friends with lower stats got in.. I'm a bit confused). I've yet to hear from UCI, UCB, or UCD. So seeing as that UCLA and UCB are the only UCs that could be considered in HMCs league in regards to quality of education, the prospects don't look to good for my backup plan.</p>

<p>Okay. So. In worst case scenario: 23k in private loans for 4 years. I'd be even willing to be 100k in debt (including interest rate).. I mean, those medical school kids have it even worse off (even if they do end up making more money). However, I don't think it's even possible to get 100k in private loans? Does anyone know how?</p>

<p>My mom absolutely will not pay more than 10k, no matter what, and she does say she's struggling financially, whether its true or not.. I do appreciate she is helping out with the amount she can.</p>

<p>Let me know what you guys think, and thank you.</p>

2

<p>Private loans are possible, but keep in mind that government reforms may go into effect during your time at HMC. You may be able to borrow some from government programs if that happens. I would also suggest getting a job. Working part time could pay 15k or more depending on your skills. Even if you only earned 10k a year, that’s only 20k over the 4 years and far less interest.</p>

3

<p>From what I’ve heard, it’s not managable to work more than like 4 hours a week while being an engineering major at HMC? And that would total maybe around 5,000 a year?
(I’m talking about working on campus… I don’t think anyone would hire me for 4 hours a week haha)</p>

4

<p>“From what I’ve heard, it’s not managable to work more than like 4 hours a week while being an engineering major at HMC? And that would total maybe around 5,000 a year?”</p>

<p>It is definitely doable. Junior/Senior year you can proctor for engineering classes (E80 is 6 hours a week). Up to that point you could work in the library… or something else. There are lots of opportunities.</p>

5

<p>I don’t know how much it’s possible to earn from any part-time on-campus job; I work ten hours so I would earn about $2500 per school year.</p>

6

<p>Yeah, Blackroses…
I wouldn’t plan on working during the school year getting you more than $2k/year. Going to learn the value of a dollar? Yes.</p>

7

<p>With work-study you already have a “job”, I finally got my financial aid package</p>