Just adding another vote for the “ask for a refund and pick an affordable school”. It is unfortunate when a “dream” school is not a financially affordable school. But , as in your case, it happens. All too often. What other schools are you into and what is your EFC at those schools?
Would people in OP’s parents’ financial situation even qualify to co-sign loans?
Very unlikely, I would think, @katliamom.
So this whole discussion may be a moot point…
You need to forget about what other people are doing. The bottom line is that this school is unaffordable for you and your family. Try to get back any portion of your deposits that are refundable and move on to something that you can afford. Do you have acceptances to any schools that you could afford? By “afford,” I don’t mean that you can pay cash up front - most people can’t do that - but a school for which you can pay through a combination of grants, scholarships, student loans ($5500 for freshman year), work study, a summer job and any other funds you have. It might have to be a community college or a state college to which you can commute.
Your friends are in the same boat you are as far as loans. YOU can only borrow ~$5500/year on your own. To get more, your parents would have to apply for loans. Given their current situation, why would you even ask them to do that?
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I have many friends in UC Berkley who paid for their 30k tuitions by continuously sending in scholarships. I have
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You must have well-off friends because UC Berkeley has free tuition to those whose family incomes are under $80kl per year.
You can"t go to this school, period. In fact, call right away because the longer you wait and the lower the odds they’ll refund you. Rip the bandage now and get that money back.
It’s awesome they admitted you and you are right to feel honored. You should always treasure that, it’s yours and no one can take it away from you. But you simply can’t go. Your parents won’t be approved for loans - and even if they could for the first year, do you realize how it’ll affect your entire family?
There are colleges where lower-income students’ families don’t have to pay anything.
Some of these are listed here, and some won’t even make you borrow the federal loans at all!
http://www.thecollegesolution.com/schools-that-meet-100-of-financial-need-2/
California has EXCELLENT public universities where you wouldn’t have to pay a cent for tuition. In other words, you wouldn’t have to put your parents in such a situation. There are several excellent public universities in California for art, too! So you wouldn’t compromise on your education nor your art.
Classmates who say they’ll borrow tens of thousands of dollars, etc, are just talking. Watch and see what happens by the time all decisions are in.
It doesn’t sound like this ‘school’ is on the federal list of approved schools, so that means no federal sponsored aid at all- no pell, perkins, stafford. No private loans under the ‘student loan guarantee’ programs. The student ‘knows’ hundreds of students borrowing $50k each year for UC, CSU, or community colleges in California. Even if true (not) those are federally guaranteed loans, so not available to the OP.
OP, you need to deal with your situation. The money isn’t available.
Please listen and evaluate your logic. You are making sweeping statements that are exaggerations or missing the point. We are trying to help though I expect most will check out soon.
- We know they aren't on Cal Grants. You need to pick a school that is.
- "Many people in my school" That's a small sample size and you don't really know what others' finances are.
- "All schools are clearly unaffordable for most with tuition . . . 30-50k/year." That's at private schoools, not in-state public. You are fortunate to be in one of the states with both good public aid for your parents' income bracket and high quality education. Many from states with high cost public schools like Illinois would love your position.
What will happen when you get a bill…and you can’t pay it? You will be required to withdraw. If you have completed any courses, your school will not release a transcript for you to transfer (and that would be required) until your bill is paid in full.
younare being very short sighted about this.who cares about what you THINK others are doing to pay for college? That doesn’t matter one bit. You need to concern yourself with how YOU will pay for this $45,000 that will be expected this year from your family…that cannot afford this at all.
To be honest, you are not thinking this through at all. You are hoping that it will work out because supposedly “everyone” is doing it. Well guess what…everyone is NOT taking out $45,000 a year in loans, and certainly not folks in your income bracket.
It sounds like you have made up your mind and are digging your heels in…but really…the bill will need to be paid.
Just for the recorded…we did the monthly payment plan…and paid almost $3000 a month for the better part of 7 years when we had our kids in college. BUT our income was able to support paying this bill every month without any parent or oarent cosigned loans. Your family income can’t do that.
If you didn’t complete the Calgrant application process (and it sounds like you didn’t), your best bet is to take a gap year…and try again next year. Apply to a broader list of schools including a Cal State to which you could commute…or a UC where you could commute. Without room/board costs, these schools might be affordable between your Calgrant, Pell Grant, and Direct Loan…and a job.
Not affordable.
“It’s a specialty private school, and they accept little, so I’m honored just to be accepted.”
Go ahead and be honored. And then face reality. You don’t have the money to pay the fees. This is not one of the colleges that is generous with aid.
I’m in California and my children are instate. One is at a private, which is extremely expensive, but we saved money for his education through a combination of 529, savings and his work earnings. It costs a lot more than $50k.
Another child is at UC Davis; our income doesn’t qualify us for any need-based aid, but even then, we are paying instate tuition and fees; AND, our dd lives and shares a LARGE townhouse with 7 girls.
Her yearly rent and utilities adds up to $4620.
The tuition is $14046 per year.
It totals up to $18666 per year. She works a part time job to help with her entertainment expenses.
Tuition and fees DOES NOT add up to $30k.
Many California students get their fees covered by CALgrants, the Blue and Gold scholarship, or the MCS- Middle Class Scholarship. Why your friends are paying more than $50k as instate residents at Berkeley boggles my mind. My daughter has at least 10 good friends who attend Berkeley and are instate. Their tuition and are listed on the website:
$13,518 for tuition
Room and board $14,992
28k not $50k yet.
http://financialaid.berkeley.edu/cost-attendance
So, your friends are either snowing or distorting facts, or they aren’t attending Berkeley.
You can get a good Art school education at SDSU, USC, and SANTA Barbara (and other in state schools) to get federal and state funding to cover most of your costs without taking on debt.
No one will give you those large kinds of loans without collateral.
I thought USC was private?
My bet is that is supposed to be UCSC
Yes, UCSC is public and, I meant to say, that USC, as a private, has a great Art department with a good endowment for scholarships.