<p>federal work study-2200
federal sub stafford loan 5500
federal unsub stafford loan- 7000
presidential scholarship - 7500
federal pell grand 1395
federal perkins loan 2000
federal supplemental grant- 1000
university and alumni award -27,500</p>
<p>T otal:$54,095</p>
<p>Tuition plus living: $63,271</p>
<p>So does this mean that I have to come up with $9,176 in private lender loans per year?</p>
<p>That $63,000 total cost includes things other than billable costs. What are your room, board, tuition, and fees costs? These are what is billed by the bursar’s office. You want to see if all of THAT is covered by your financial aid.</p>
<p>Is there a health insurance cost included in the cost of attendance? At many schools, if you are covered under your parents health insurance with a comparable plan, you can waive the health insurance cost. You need to check this.</p>
<p>For the remaining personal expenses that are not billed by the college, you can cut costs…things like purchasing books online, and limiting travel,and other personal expenses. </p>
<p>And you really do need to plan to work this summer and during college as well.</p>
<p>The $63K figure is probably the official Cost of Attendance. Some things like transportation and books are variable expenses, and if you can cut back on those, you can whittle that number down. Others like tuition and fees are fixed and that will come out of your awards. Are you living in campus housing? That can be variable as well. </p>
<p>You do need to come up with the difference between what your cost actually turns out to be and what is given to you. Hopefully, you can scrimp and bring down that number to below that $9K figure. You need to find a job. The package, IMO, is good for a transfer student.</p>
<p>Why do I need to find a job? I’ve worked for the past 8 years. What is a job making 8 bucks an hour really going to do to offset that kind of debt? The wiser investment is more debt and better GPA.</p>
<p>If you are a soldier can you get some money through the GI Bill? [Welcome</a> to the GI Bill® Web Site | The Home for All Educational Benefits Provided by the Department of Veterans Affairs](<a href=“http://www.gibill.va.gov/]Welcome”>http://www.gibill.va.gov/)</p>
<p>“The wiser investment is more debt and better GPA.”</p>
<p>No, the wiser investment is to choose to attend a college/university that will cost you less than GWU will. Compare your various packages here: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid) Surely one of the others will leave you with less debt than this!</p>
<p>I really hope you are not serious when asking why you should get a JOB. You have chosen a very expensive private university. Even with a financial aid package MOST colleges expect a student contribution that is earned during summers and school vacations, and by working during the school year. Your aid package is very generous for GWU. Contributing some of your own earnings is a realistic expectation. </p>
<p>As noted…GWU is extremely costly. It is amongst the MOST expensive private universities in this country. If you can’t afford the cost, consider less expensive options.</p>
<p>Your GPA is not going to wipe away the $14,000 in loan debt you have annually in this package…plus the $9000 or so you have not accounted for.</p>
<p>*Why do I need to find a job? I’ve worked for the past 8 years. What is a job making 8 bucks an hour really going to do to offset that kind of debt? The wiser investment is more debt and better GPA.
*</p>
<p>No, because working a bit doesn’t mean a lower GPA. Both of my sons worked all throughout their college years (and they worked full time in the summer) and one had a 4.0 GPA at graduation and the other had a 3.99. </p>
<p>People don’t study every hour that they’re out of school. You could work at least 10 hours per week during the school year and full time in the summer. You could easily earn about $7k or so per year. That means a LOT less borrowing.</p>
<p>The school is already giving you $15k in loans. After three years, that’s $45k in loans plus whatever loans you have from frosh year.</p>
<p>That is already too much debt. That’s already too much of an “investment” ha ha.</p>
<p>What is your likely major and career goal? How much do you think you’ll be earning upon graduation.</p>
<p>It sounds like you may not realize that the FA package offered to you includes $14,500 in loans already, roughly half of which is accruing interest from the moment you sign the documents. Borrowing another $9k+ per year will mean that after four years, you will owe over $100k. This is simply not a workable plan.</p>
<p>Oh by the way, your FA package also include Work Study. You will need to find that $8/hr job that it sounds like you consider beneath you. Or I guess you can just add that $2,200/yr onto your loans. You might think that borrowing is the better investment, but actual data show that students who work 5-10 hours/week have higher GPAs on average than students who don’t have jobs.</p>
<p>At GW, the work study doesn’t get applied to your tuition/room & board bill. It’s considered spending money for your other expenses (books, etc.), and it’s HARD to find a work-study job. They are very competitive there.</p>