<p>Hello, I was recently accepted to UC Berkeley from the appeal process. I am from North Carolina and Berkeley has been my dream college for some time now. Although I qualify for the Middle Class Action Plan at Berkeley, and I received $3k in scholarship to attend, nothing is helping me pay the OOS supplement fee. I know I will have to take out loans (it is guaranteed sadly). I am going to do work study, and apply for extra scholarships while attending. I would like to know more about the PLUS loan for my parents and if it is a good idea. Also, I would like to inquire about the deferred supplement payment. Is that a good method? Debt is inevitable considering that after my undergraduates I want to pursue the long road towards my PhD, but I want to know how to decrease the debt as an out of state admit. I need some help with this ASAP!</p>
<p>How much in loans are you anticipating taking per year? Are your parents helping you at all with college costs?</p>
<p>I myself am expecting $7k in loans, but my parents contribution is $18,634. My parents are helping me with cost, but the supplement for OOS is 22,878 annually.</p>
<p>
Your costs are set, there are limited options for any grants. You presumably knew this when you applied. I have no idea why you aren’t going to UNC-CH. Try posting this in the Financial Aid forum for some ideas there.</p>
<p>I know the cost are set, but I also know there are ways while in college I can earn money to pay for tuition and other fees.</p>
<p>Many students end up in your position of falling in love with a school they cannot afford.</p>
<p>Dream schools can quickly become nightmares. Disappointment at 18 for having to settle for less may not be as bad as the disaster of going to Berkely and failing out because you are over extending yourself by working fulltime while going to school, or becoming so far in debt that you can never escape. Or getting partway through and then being turned down for more loans, leaving you with an unfinished degree and high debts.</p>
<p>Are your parents even able to co-sign $100,000 in loans (plus the acruing interest) for an undergraduate degree, and then even more for your masters? They will be legally responsible for that debt if you cannot make payments, die, are imprisoned, or whatever.</p>
<p>How can you be a fulltime student and work enough to earn that kind of money?</p>
<p>Your best option may be to see if you can still accept a position at UNC.</p>
<p>In your position, I would have chosen UNC-CH. However, assuming that you are going to Berkeley, I’d look at the following:</p>
<ul>
<li><p>Can you put a strong push into studying for your APs next week and get some credit that will help you graduate early?</p></li>
<li><p>Will Berkeley let you take some classes at a public university at home over the summer to graduate early? </p></li>
<li><p>Does it make sense to go to school year round at Berkeley to graduate early? This option is affected by housing costs. Often, there are cheap sublets available over the summer in many college towns. If you need to rent a 12 month off-campus apartment in the future anyway, the extra cost of going to school during the summer may be reasonable. However, I imagine off-campus housing is very expensive in the area. You may or may not find it easier to get into the classes you need to graduate early if you register during the summer. </p></li>
<li><p>Are you willing to live in a bad neighborhood and/or do a long mass transit commute in order to save money?</p></li>
</ul>
<p>As far as Parent Plus loans, they currently carry an interest rate of about 8%. A parent needs fairly good credit to qualify - they are more strict than in the past. Many parents find they can do better with a home equity loan. </p>
<p>There is a proposal by the President and several members of Congress to establish market-based interest rates for all federal student loans. If that proposal would be approved, the rate for your first year might be lower, but the interest rate could be higher in later years, depending upon trends in Treasury bond rates. In a perfect world, it would be desirable to be in a position to take out any Parent Plus loans during a year when the interest rates are lower, if they do end up varying from year to year.</p>
<p>If you think you want a PhD, you need to know that if you aren’t a good enough candidate to receive full funding for that PhD program, the college/university doesn’t think you are good enough to get a job in the field after completing it. So, if your PhD isn’t free, don’t do it.</p>
<p>The kind of debt you are considering taking on and asking your parents to take on is fool-hardy. You are setting yourself up to live in abject poverty and to struggle financially for all four years of college, which makes it less likely that you will be able to pull down the grades, internships, research, etc. that will get you into a PhD program where you will receive full funding. Do yourself a favor (and your parents a favor) and attend a less expensive institution than Berkeley for your first four years. Berkeley can be on your PhD application list.</p>
<p>What exactly about Berkeley (other than national fame and California weather) is so attractive to you? What academic program there is necessary for your future that you can’t get anywhere else? Which research teams there are pursuing projects that only exist there and that also have promised you space in their group?</p>
<p>
Earthquake??</p>
<p>You’re talking about over $100k in loans. That’s ridiculous and Cal certainly is NOT worth it.</p>
<p>What is your career goal? </p>
<p>the likelihood of getting “extra scholarships” while in college is not likely. Those are very rare, hard to get, and usually for very small amounts. My older son got a one-time award for $800 and my other son got a one time award for $1000. </p>
<p>Do you have any idea of how large these loans will be by the time you’re done with grad school?</p>
<p>this is ridiculous. This dream will become a strangling-debt nightmare. Who the heck is advising you?</p>
<p>According to the OP the career goal is a PhD, which means more schooling, interest accumulating…</p>
<p>You also SIR’d at UNC…go there.</p>
<p>I myself am expecting $7k in loans, but my parents contribution is $18,634. My parents are helping me with cost, but the supplement for OOS is 22,878 annually.</p>
<p>So, are you saying that to attend Cal, you’d have to pay about $47k (about $30k of it in loans) per year? Oh, and plus Work Study???</p>
<p>considering that UNC would cost half of that, and very low loans, this is such a no-brainer.</p>
<p>Yes, the loans would get much larger while an undergrad and grad school because of accumulated interest. Even if grad school is “funded,” many still have to take out loans because the stipend isn’t enough to cover everything.</p>
<p>
Don’t do it, Ryan! Go to UNC-CH.</p>
<p>Considering the post below, are you so sure that your parents will be able to help you to the extent you would like? Might they not be helping your aunt and cousins and not have the $ available that you think they have to help you? And even if they aren’t helping them now, is there a chance that they might have to at some point during your uncle’s incarceration? </p>
<p><a href=“http://talk.collegeconfidential.com/15803446-post31.html[/url]”>http://talk.collegeconfidential.com/15803446-post31.html</a></p>
<p>I have been accepted to some very reputable universities including: the University of California at Santa Cruz, the University of Chapel Hill, and North Carolina State University; however the renowned reputation of UC Berkeley’s program in social science cannot be overlooked. Not only will my drive and persistence reinforce the program, but Berkeley will strengthen me the most, making me a better agent for social change. After researching, the Free Speech Movement, the history of protests and activism, I believe that the passion I possess for liberating others; for understanding others; and for serving others, will be a positive addition to the community at Berkeley.</p>
<p>Berkeley is not going to “strengthen you the most.” That is ridiculous. </p>
<p>Yes, it would appear that since you uncle’s wife and children have been financially devastated by his incarceration (which I suspect is for a long time), your parents will likely be expected to help them out in some way.</p>
<p>When you went through the appeal process after your initial denial were your parents in a position to afford for you to attend? Did they understand you were appealing a denial and that financial aid was probably not in the cards? If not, you somewhat put the horse before the cart. PLUS loans are parent loans and they will impact their credit record. You, alone, can probably not take out the loans it sounds like you need. I sincerely hope that you have deposited to somewhere you can afford as I fear you might not be able to pull the Berkeley thing together.</p>
<p>In response to Happymom’s comments about PhD programs, I believe there are some PhD programs that do not charge cash tuition, but that leave you unemployable. Those programs wouldn’t have any PhD students if they made the students pay tuition. Of course, they will probably make you work hard to cover the cost, including teaching, being a TA, or being a research assistant.</p>
<p>I certainly didn’t mean to imply that a PhD program would guarantee employment! I just wanted to make it clear to the OP that if he/she isn’t admitted to a PhD program will full funding in some combination of tuition/fee waiver, research assistantship, teaching assistantship, etc., then that particular college/university doesn’t think he/she has what it takes to make a career in the field. Employment of PhDs in most fields is so dismal (yes, I said it, but it is true) that if it can’t be completed for free, it is better to come up with some other way to spend those 7 to 10 years of your life.</p>
<p>Well, the OPs a ways away from a PhD program at this point. Best to focus on undergrad and affording that before worrying about PhD program funding.</p>
<p>Most of my loans are subsidized for Berkeley, so interest will not be that big of a factor. Yes my parents are spending money as we speak to help out my extended families situation, but it isn’t in excessive amounts. This is the sad reality of one student (of many in this world) who work hard, beat the odds against him/her and cannot be afforded to be sent to the University of their dreams because of finances and the lack of counseling. I know there isn’t a magic job that could help me compensate for the money needed to attend Cal, but all I’m asking for is a strategy that could help me pay to attend Berkeley, not to get lectured about why I should stay in NC. I didn’t say I was trying to raise $100K, I just want a little help so I can make the amount that I have to pay back more manageable. UNC Chapel Hill is a great school as it is NC’s “Berkeley”, but I would much rather attend UC Berkeley. To say “what is so special about Cal” to me, makes me think “well, what’s so special about any college for that matter”? I’m going to have debt regardless of the college I attend. UNC offered me $7k in loans there as well (unsubsidized at that), and my family contribution is $20k, the only difference between there and UCB is the $22.8k supplement fee. I know there is a student out there in the exact same situation as me that accepted Berkeley’s offer and is doing fine, meaning they paid off their debt and they are thriving as a Berkeley Alum. I understand the realistic picture, after all I’m not stupid (maybe crazy), but I know it can be done. I would like to know things I could do to acquire money to help me pay! I’m going to come out on top with whatever happens and everyone who doubts it can bet on that. If you want to help me find ways to gain money please PM me. Thank everyone for all the advice, just like the advice got for the appeal! I got in on that “poorly” written letter too. I revised it a little more after what I posted up here last, but not much and I got in on the appeal that accepts less than 5% of applicants that attempt. I’m going to find a way! God Bless.</p>
<p>"(T)he only difference between there (UNC Chapel Hill) and UCB is the $22.8K supplement fee."</p>
<p>This is the root of your problem. You see the $22.8K as a minor impediment that surely somebody can help you get around. We see it as a close to $100K problem that is completely unnecessary. Your notion that Berkeley is the only place worthwhile to pursue social sciences is, frankly, ridiculous. </p>
<p>There are no magic pots of money unless you buy a winning lottery ticket, receive an unexpected inheritance, or happen to win one of the large full-ride scholarships out there – most of which had application deadlines that are long past.</p>