@wisteria100 I did. They haven’t replied yet.
Yes, direct loans and work-study are awards, they just aren’t the same kind of awards as the “free money” grants. You are being offered a $3,500 subsidized loan. What do you think “subsidized” means in this context? And who is doing the subsidizing? Try to find a private lender who will give you, an 18- or 19-year-old with (probably) no collateral and no credit history, an unsecured $3,500 loan with these same terms, without a co-signer. I’ll tell you right now: don’t bother looking, because you won’t find such a lender.
As a taxpayer, I say this to you: you’re welcome.
OP- it’s good that you are having careful discussions with your parents.
I just want to point out a few advantages of Work Study if you are unfamiliar with the program-
1- You often have first pick of on-campus jobs… so before sophomores, juniors and seniors who did not qualify for work study apply and interview for jobs- you get first dibs if the role is designated “preference for work study eligible” as many are.
2- These are often the best jobs on campus, because they are homework friendly or vacation friendly. If you get a job in a library, you can study during the quiet hours. If you get a computer center/network troubleshooter job you can literally do your homework while you are also answering the hotline. And you don’t need to explain to your manager why you can’t work the Wednesday before Thanksgiving (as you would for a regular job at a store or restaurant near campus, for example)- that’s understood.
3-Work Study is a painless way to get work experience (plus the cash of course). By senior year you could be helping a professor edit a book or doing statistical analysis in a lab (again, if these jobs are work study eligible). These are the kind of things that go on your resume and help you land a “real job” once you are out of college.
I realize 2400 doesn’t sound like a lot of money. But it is sometimes a painless and advantageous way to help your parents bridge the gap between your costs and your income.
Good luck with your decision- this is actually a very generous package from BC. So you should feel good about that.
Thanks @blossom, I didn’t understand the criteria behind Work Study. I will do my best to seek out school-work friendly jobs, perhaps in the library or the computer center like you said.
And can someone explain advantages of subsidized loans for OP? Aren’t the rates lower and no payments are due while in college? I don’t know for sure, but he should have all the pros and cons before deciding.
It’s all right here:
https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
Thanks!
“The U.S. Department of Education pays the interest on a Direct Subsidized Loan
while you’re in school at least half-time,
for the first six months after you leave school (referred to as a grace period*), and
during a period of deferment (a postponement of loan payments).”
That is a big big deal!
The OP is correct that his net cost to attend is around $21,000. Even after work study, the subsidized loan, and the unsubsidized loan, which he’ll need, the family needs to come up with around $13,000. Summer earnings will make a dent. He can cut some indirect costs. But can the family on that salary really afford $10,000 per year, which will increase in subsequent years as the mother works? It looks like quite a stretch that’s not worth it given the OP’s other options. OP, I still recommend UMass-Amherst.
Students know how much schools cost when they apply. OP picked an expensive school, which has graciously offered to cover a large portion of the expense - basically tuition will be free - while other students are at full pay. There’s no reason to expect that a school should house and feed you while you take their free education because you’d be paying for that anyway. Go to campus and ask other students how “furious” your deal should make you. Life can be difficult and unfair but I’m not seeing that this situation falls into either category.
Work study means that certain types of jobs on campus (or sometimes at other non-profit employers) will get your pay subsidized. I.e. they will prefer to hire a student with work study than anyone else. It is not free money like a financial aid grant or merit scholarship is, in that you still have to work for it, but you will be ahead of other students without work study to get many of the more desirable on-campus jobs (although you can also choose to take a non-work-study job).
The subsidized direct loan and work study ARE awards based on financial need. Both are federally funded.
From your $21,000 subtract the $3500 loan and the work study. Those are need based aid you received. I get it. You don’t want loans be it sounds like you do not want to work either.
And find out what the student contribution expectation is at BC too.
And take the $2000 unsubsidized loan too, and get a job now.
Either that or go to a different college.
Another nice thing about work study is that the hourly wage is often higher than the standard minimum wage. However, once you reach the limit (award amount/2 for a semester) you cannot earn more unless the department is willing to pay you from non-work study funds. Usually they will not have the funds to do this. You will also have to apply and get the job. You are not guarantee the job. You are only guarantee the right to apply for a work study job for $2500. Usually not an issue but it can be.
Many find work study jobs to be enjoyable and a worth while experience.
Ok, how much of the 68k was for books, personal and travel (plus any other category?) For many of us, these 3 were overestimated when the college included them. If so, the gap is lowered.
Also, you can take the unsubsidized loan, too- another 2k. If they are not adding in “student contribution from summer earnings,” then that’s an addl 2-4k you contribute.
Also, work study can be far more than the library or computer center. There can be research, dept support, administrative, program management, all sorts of ideas. In addn to some of the bennies someone mentioned, you can easily get time off or alter your schedule for exams or other purposes.
$2650 of COA is books and misc.
Which is a lot for books and misc.
You can easily shave off money from COA by renting books/buying them used, taking a lower meal plan (if allowed), cutting down on pizza money and personal purchases.
Then you can contribute from your job now and move to full time in the summer and take the subsidized federal loan too. All in all, it’s doable.
Compared to most people, it’s a very good package. You’re not “gapped”. Some students with parents a similar income are “gapped”, which means that once you add work study, student contribution with summer job, full loans, and parental contribution, there’s still not enough to pay for the university. If your family makes 58K a year and you live in PA, your parents are expected to devote 32K a year to your education * at the state university*.
BC is doable and loans can be worth it for you.
If not, UMass Amherst (with honors??) is another good deal for you.
Let us know what you decide!
@MYOS1634 Sorry, was the example you gave of the scenario of the student from PA just arbitrary? To give context, I live in MA 
Strangely enough, that $68k COA seems to fluctuate from different sources. I certainly won’t be thrifty when it comes to personal needs, and will definitely seek out opportunities to buy used books in order to save as much as I can.
And unfortunately, I was not offered admission to UMass Amherst Honors program… Is it still worth it? I know you can apply for the program later (your sophomore year, iirc). What were the criteria to join? Was it a certain SAT/ACT or GPA threshold, because that’s how UMass Boston’s Honors program works.
Thanks to all of you again for your continued support, and I will certainly keep you updated!
Yes i was comparing your situation with that of others in other states, who not only don’t have a good possibility at a private university, but would also be in a predicament with their own instate flagship (which basically offers zero merit aid.)
E mail the honors college and see if you can still apply or get reviewed in case you decide the debt for bc isn’t worth it.
@itsgettingreal17 $10-$13k is certainly affordable for us, its just that the $21k came with a price shock, and with that came anger, fear and disappointment as many here have mentioned previously.
@MYOS1634 I will call them right now.