<p>So today I read that the average college graduate with a Bachelor's will have a debt anywhere from an average of $19,000-$24,000. (The sources had different figures, but I assume somewhere in that range.)</p>
<p>Yet for my Freshman year, I have had to obtain $15,000 in loans because my parents were ineligible for the Parent PLUS loan due to their bankruptcy. Therefore, I received...</p>
<p>Sub Stafford - $3500
Unsub Stafford - $6,000
CAL Loan - $5,500 (State of Texas loan)</p>
<p>I was able to receive $1500 in grants and $3200 in scholarships, enough to sufficiently cover my first year.</p>
<p>But next year I may be transferring to a more expensive university and also may not get as much in scholarships, nor a guarantee on the grant.</p>
<p>So why am I in so much debt compared to everyone else? Is it simply because of my parents inability to obtain to PLUS loan? I mean, when I read these statistics that the average debt is $20,000 give or take, it makes me think "wow, must be nice!"</p>
<p>I just don't understand why to this day, I have received more loans in one year than any other college student I know. I just can't understand how people get off way easier!</p>
<p>You are in more than <em>average</em> debt because of the choices you are making. There most likely are more affordable options for you, but you are choosing to transfer to a school that is even less affordable than the one that has put you so far in debt already.</p>
<p>I urge you to consider other schools that would result in less borrowing. You can apply to the more expensive school … who knows, maybe the financial aid will be good … but you need to have a REAL plan in case it’s not. $15,000 for freshman year is more than I would be comfortable borrowing.</p>
<p>People get off way easier by choosing less expensive colleges. I drive a Hyundai which is less impressive than a BMW but also MUCH less expensive - that’s my choice. You are making choices as well.</p>
<p>Kelsmom - The only other option would be to go to Community College and live at home, but even then, I am already almost done with my Pre-reqs so I would have to go to a University anyways! And I currently attend an average-costing university… UTSA, which cost of attendance is $20,771, not too much more than other universities. So I don’t quite have a choice if I want a degree. Only other option would be to attend the more expensive university while living at home, but it is about 40 minutes away and gas/auto expenses would probably exceed living on-campus these days! :/</p>
<p>Sometimes, when people don’t really have the money to afford school without taking on a lot of debt, they choose to do things like put off school and work to earn money, go to community college, attend school part time and work, paying for one class at a time, or attending the nearest in-state university while living at home. It is hard enough to get out of college and find a job, never mind doing so while knowing that you will be responsible for paying back hundreds (or thousands) of dollars a month for about the next ten years while trying to afford life with all the adult responsibilities as well…</p>
<p>It looks like you have financial aid and loans totalling $19,700 for the year, which is $1,071 below UTSA’s full cost of attendance. But, they’re actually only billing you for tuition, fees, room and board, or roughly $17,400. Do you really need to borrow for books, transportation, and personal expenses? Did you work last summer and are you working part-time now? Are your parents able to help you at all with any of these smaller expenses? It looks like your COA is well-padded with $1,000 for books, $1785 for personal expenses, and $880 for transportation and these costs are all within your control. My kids use money from work, buy less expensive books from online sources, request triple rooms with their friends, and only sign up for the meal plan that really fits their eating habits in order to stretch their FA dollars.</p>
<p>I don’t know what type of vehicle you drive or if there are tolls where you live, but I think that commuting 40 miles would be less expensive than living on campus. Some students are able to arrange their schedules so all of their classes are either MWF or TR and that saves them from having to commute every day.</p>
<p>Btw, your parents should be eligible to take the American Opportunity tax credit this year. Since you actually paid for those qualified expenses, you might ask if they would set aside some of that money for you.</p>
<p>If you stayed at the college you are currently attending could you apply for any scholarships through that college for next year? Perhaps towards whatever you want to major in in the future. That might help a little.</p>
<p>You really need to lower your costs, you are getting way too far into debt. Very few bankruptcies are not self imposed according to statistics. Regardless, you need to use your parents situation as a motivator in your life. You can do it on your own! Live at home and work hard, at school and your job(s).</p>
<p>There is nothing wrong with going to community college. You would be wise to get as much done at community college, then transferring to a state school, preferably one you can live at home and commute to.</p>
<p>It is impossible to do much else without a parent being able to contribute. And some parents just CAN’T. It sounds like that is your parents’ situation.</p>
<p>Yes, as a Texas parent with a senior in high school and a junior in college, I have noticed that average COA at public Texas universities is higher than that of many states, (maybe not the highest but right up there) yet the state offers very little in the terms of FA to college students (and is working on cutting the little they do offer). It is one of the reasons my son has only applied to 2 Texas public universities, UT Tyler, where he could live with his grandfather and A&M where he has been offered a scholarship. The problem with commuting to schools in Texas is that although a commute might only be 45 min to an hour, which appears doable, it’s quite possible for that to involve 30 to 40 miles to drive, which with gas at over $3.00 a gallon, adds up fast, not to mention wear and tear on vehicles. (I commute 50 minutes away, four days a week for work) this is about a 30 miles drive, costs me about $10.00 in gas a day and that’s if I don’t have to go to the grocery store, bank etc…) Adds up fast. </p>
<p>You might consider looking at schools in Louisiana and Arkansas, many of which offer in-state tuition (which is considerably lower than Texas schools)to Texas residents, even transfers, and I’ve found room & Board to also be at least a little less (for some reason dorms at our state schools are more expensive than others also, though no nicer than the ones we’ve looked at in LA and AR). You might not end up getting any more free money, but with a lower COA you could borrow less. </p>
<p>There are various local opinions on the quality of schools in AR and LA, but I firmly believe you can get a good education just about anywhere if you work at it. Several of these schools also have honors programs that do not have extremely high requirements to get into, and some of those have small honor’s scholarships. Just a thought.</p>
<p>Those are very good suggestions, Scribbulus! I think commuting is still a pretty inexpensive way to go though. There are generally only 15 weeks in a semester, so even he budgets $100/week for gas and maintenance/repair costs, the savings are over $5K a year. Assuming, of course, that he already has a car and would be paying for the insurance anyway and his parents wouldn’t charge him room and board!</p>
<p>Kyle, how is that average being computed? Does it includes students whose parents cover everything so they do not take out any loans. Even if those students are not included, it’s still an average, which means some are graduating with a lot more than $19-24K. Have you seen the reports of people graduating $200K in debt? I don’t think it’s only you – students are taking out major loans all over the country. (I’m not saying that’s good, just noting that it happens frequently.)</p>
<p>A lot of the comments point to the reality that you are facing – to attend the college of your choice you have to take out $15K a year in loans. The bigger picture is that there are economic and educational disparities in this country, and some students have parents who can pay for private universities while others do not. It’s good that you’re thinking about this now so that you’re not surprised by the amount of debt at the time you graduate.</p>
<p>Some kids with excellent HS records and without many financial resources go to 100% need met schools that can be considerably less expensive than a public. If you can’t get into one of those schools, community college for the first 2 years saves a lot of money. I know you have taken most of your pre reqs already, but it would have saved you 15K in loans this year. Some courses in a major can be done at a CC.</p>