<p>So, with my dream school's financial aid package, going there is going to cost me about $19,000/year. The school gave me a pretty generous package considering, but my family can't shell out 19K right now. My parents have bad credit, and we can't get a loan. We're going to try and call the school tomorrow, in the hopes that maybe we can get some more aid. Outside of applying for scholarships (because I need to make a decision very soon, and because not many are left, or they're small), what can I do? I feel totally helpless. This has been my dream for as long as I can remember. Thanks in advance for any help.</p>
<p>if your parent apply for an are turned down for a plus loan you can get an additional 4000 stafford in addition to the 3500 you are already entitled to.</p>
<p>jayell - dream school or not please think very carefully before you take out $19,000 a year in loans. This is a tremendous debt load for undergraduate school (and that is assuming you do not already have other loans in your financial aid package). </p>
<p>If you do find someone to loan you the money you will have to either:
A:pay the interest each year while you are in school which at, say, 8% will mean you have to find $1520 year 1, $3040 year 2, $4560 year 3 and $6080 year 4 just to pay the interest. Then you will have a debt of $76,000 which will mean you start your working life with @ $900+ a month for 10 years. </p>
<p>or</p>
<p>B:Capitalize the interest which means you will be adding the interest to the loan and paying interest on the interest as well as the loan. At the end of 4 years your debt will have grown to @ $92,000 which will require monthly payments of $1100+ a month to pay off in 10 years or $750+ for 20 years. </p>
<p>10-20 years! Do you really want to spend 10-20 years of your life with that sort of debt. Do you really think you will come out of school straight into a job paying enough, $76,000 to $133,000 a year, to make such payments and enjoy your life.</p>
<p>Before you make the choice to take on such debt in order to go to your dream school for 4 years take some time to think about the next*10-20 years* and your dreams for that - A house, a car, vacations, a family, the freedom to make choices based on what you want to do rather than make it based on whether you can pay these loans. Is your 4 year dream worth this?</p>
<p>Depends on where a student lives. Plenty of kids with high EFCs choose our state u (Rutgers) as a financial safety. They pay full price and it costs at least $20,000 (that doesn't include all those extra costs, like books, travel, personal costs). We envy those states where tuition is just a few thousand.</p>