<p>So, here's the situation. When I was applying for colleges, I didn't apply for any type of need-based aid, since thankfully my parents were in the financial situation to pay for my older siblings' college educations, and they told me that they would take care of my tuition as well. I was worried that I was foolish to be turning down a few sizeable merit scholarships, but my parents told me to go where I wanted and they would take care of me.</p>
<p>Fast forward a few months, and now our financial situation has changed (damned economy). My parents still say that they'll be able to take care of ~$20, 000 of my tuition, and I'm extremely grateful that I'm even receiving that much help. But, that still leaves me with around ~$30, 000 in loans to take out.</p>
<p>I never filled out the CSS and the FAFSA (dumb) but I'm doing it now (well, I had to fill out the CSS anyway since my college requires it). However, I'm not expecting much government aid- maybe a few thousand since my parents still have one more kid to put through college. I'm responsible for taking out my own loans, and I'm lost about how to do it. So are my parents, since we've never had to really do this before. Where do I start for loans? Which one are the best- Stafford loans? And, the scariest thought of all... is it too late to get money? I'm so worried that it's too late, since I didn't think I'd have to take out loans until recently.</p>
<p>I’ll let some of the true experts comment on what FA may be available (you would be eligible for at least the Unsubsidized Stafford for $5500). But you really need to consider something else like a CC or local public - they probably still have some slots available. I would highly encourage you to avoid that much in loans.</p>
<p>You need to know that government aid in the form of grants is for low income students…with very low family incomes. If your parents can pay $20,000 a year for your schooling, that implies that their income can support that. You need to do the FAFSA immediately anyway. At the very least you will be eligible for the Stafford loan which is in your name as mentioned in the previous post. If you are Pell grant eligible (your EFC has to be quite low for this grant)…you would get that federal grant regardless of the date of your FAFSA filing. BUT other types of federal monies are first come/first served…and you have missed those.</p>
<p>Still…get the forms completed ASAP. Remember that need based aid is largely based on your family income and assets. </p>
<p>$20,000 would cover most of the cost of attendance at instate public universities in most states. Perhaps this is something you could consider…I know it’s not what you had planned, but if you can’t pay for your current college choice, you won’t be able to go there. Personally, I think that $120,000 of loans ($30k for 4 years) is TOO much in loans.</p>
<p>Occasionally students who have turned down scholarships to accept admission at another college/university, have been able to get those scholarships re-instated when they change their minds, and decide to attend the scholarship-offering college/university after all. It may be to your advantage to call around to the places that you said “No” to, and find out if this would be possible for you.</p>
<p>Taking out $30 k a year in loans would be a crippling amount of loans to take out.
It would be far better to check to see if you still can get merit aid from any of the colleges that you had turned down. If so, withdraw your acceptance and accept the college that you can afford. If you can’t get merit aid reinstated from colleges you turned down, withdraw your college acceptance, take a gap year, and apply to colleges that are likely to give you excellent merit aid, which may be some that you turned down this year.</p>
<p>Kid, you are in a tough circumstance as are many of your peers.</p>
<p>The suggestion to try to get a merit offer back is sound. You are going to have to repay your loans and there is no way to avoid that. Student loans cannot be cleared by bankruptcy. Debt slavery in the U.S. is legal.</p>
<p>Many highly qualified students are “cascading” to their state flagships because of their parents financial difficulties. I personally know of several students from formerly well-to-do families who are taking “full free rides” at “second tier” private and public (USNWR) institutions.</p>
<p>It will be interesting to see how these excellent students fair in the competitions for graduate and professional admissions. Will the top ranked private graduate and professional schools “defend the franchise” by passing over highly qualified applicants from lower echelon schools in favor of less highly qualified applicants from “top” schools?</p>
<p>Stay tuned to CC to see how the socioeconomic statification of America proceeds! Try had not to get caught on the bottom!</p>
<p>Okay. So, filled out the CSS and the FAFSA, and yes: high EFC. A bit of a bummer, but not unexpected. And honestly, I’m okay with that- I’m aware that federal funds are limited, and I’d truly hate to take away the little existing “free money” from kids whom I know need it more than I do. </p>
<p>There is some good news though: my parents told me that they think they’ll be able to bump up their contribution to $30, 000, leaving me with around $80, 000 in loans. Which, is still a hell of a lot of money, but at least its not three figures, you know? That takes some of the pressure, at least mentally. </p>
<p>So… $80, 000 in private loans. Damn, that’s daunting. But… manageable, right? At least if I manage my money correctly when I’m older? I don’t know. My parents told me that depending on how our financial situation improves, they might be able to pay more for tuition. But then, I don’t even know if I want them to- they still have another kid to put through college, and my dad’s nearing 60, so he was thinking of retiring soon, and I don’t want their paying for -my- education to delay that. The responsible, mature part of me says that the onus for a great education is mine alone… but then the bratty, selfish part of me says that I just want my parents to take care of my college too, like they did for my siblings. Sigh, I guess that’s one of the downsides of being one of the last kids. </p>
<p>Aggh, it’s so confusing. I think in the end that I will just end up biting the bullet and taking the debt… and hoping that it’s worth it.</p>
<p>Not sure how your family situation is, or how much influence over your older siblings your parents have, but perhaps your parents could talk to the older siblings and see if they might be willing to split the debt load with you. There’s no reason why you should be the only child who has to deal with the repercussions of the economy. If you split it three ways, 25K each is much more manageable than 75K or 80K for just you.</p>
<p>This is probably overly optimistic, but if it works out, it’s better than ditching your favorite school.</p>
<p>Not really. To pay off that level of debt would required very high payments for 10 years - likely over $750/month - or an extended payment term. It would be around $500/month for 30 years and you’d have paid alot of extra money in interest. And that’s using today’s COA - what if costs at your school go up several thousand a year? </p>
<p>Anyway, I can think of very few undergrad degrees which with starting salaries which will allow you to live and pay this level of debt. Are your parents going to continue the $20-30K/year subsidy to help pay off the loans? If not, please seriously consider delaying your entry or finding another school. I know you want to go this fall when most of your friends/classmates will, but you can take some classes part-time and still preserve your freshman status by not going over 30 credits. Then apply again as a freshman to school that gave you good merit aid. Better to slow down and help yourself now than be buried by debt for a decade or more later. </p>
<p>Closer to $900 a month for repayment in ten years…but that does depend on the interest. Will the parents cosign a loan? If not…well…that is an issue. NO BANK is going to lend a student with no collaterol $20,000 a year.</p>
<p>“t will be interesting to see how these excellent students fair in the competitions for graduate and professional admissions. Will the top ranked private graduate and professional schools “defend the franchise” by passing over highly qualified applicants from lower echelon schools in favor of less highly qualified applicants from “top” schools?”</p>
<p>Top ranked graduate and professional schools take excellent students from all types of schools. I know plenty of top grads from public universities who’ve gotten acceptances from top graduate and professional schools.</p>
<p>I go with Sk8rmom’s advice. I can understand how kids want the freshman experience of living away from home – but a year later won’t make a difference. Plenty of kids take a gap year and come back as stronger candidates. If I were you, I would</p>
<ol>
<li><p>Immediately contact schools and see if they can revise finaid. Tell them the truth, changed circumstances. If they can not, write back politely that you can not attend this year, but will be taking a year off and hope to re-apply next year.</p></li>
<li><p>Contact your school GC immediately for ideas for gap year. Ask them if anyone else has done a gap year – in my Ds school every year a couple kids do it. </p></li>
</ol>
<p>I can only imagine how bad this hurts, but try to view the gap year as a gift, a chance to explore things while you are young.</p>
<p>My advice: 1) contact your college finaid office, most definitely contact them if one of your parents lost their job. 2) have a serious conversation with your parents - you won’t even be able to get these types of loans without parents as co-signers. Have your parents considered a PLUS loan, if not, they need to and 3) before you withdraw, ask the college if you can defer for a year to give you and your parents time for a recovery plan. It is all fine and good for parents to say that can afford $20,000 and the rest is on you, and just maybe they are so shell shocked by the economy they “think” you can get the amount of loans you are talking about to head off to your college in a month, but you won’t. You’ll need them as a co-signers at the very least. You all need to sit down for a real heart to heart. Meanwhile, if you had another college that accepted you that end costs are around $20-25,000 you need to call that college right now and see if they can give you a spot in the fall if your heart is set on leaving for college next month. Following is the website that still has space available spots but it is quite late in the game for Fall 2009:
[Space</a> Availability Survey Results 2009](<a href=“http://www.nacacnet.org/PublicationsResources/Research/SpaceAvailabiltySurvey/Pages/SpaceSurveyResults.aspx]Space”>http://www.nacacnet.org/PublicationsResources/Research/SpaceAvailabiltySurvey/Pages/SpaceSurveyResults.aspx)</p>
<p>And don’t forget that the cost of attendance rises annually, so if you need a $20,000 loan this year you would require more each subsequent year.</p>
<p>I know this won’t sound ideal, but you should consider spending two years at a community college getting your lower division requirements. Have your parents put that money they are offering you in a 529 or other college savings plan. Then reapply to the university. If you got in before with merit, there is no reason to think they won’t accept you again. You will cut your debt in at least half, and may be able to dredge up more merit money based on your CC performance, especially if you get involved with PTK and other honors societies.</p>
<p>Take home is this: students, YOU have the lead responsibility for your education and for making sure there is money there to pay for it.</p>
<p>And if your family income is less than $200k per year . . . INSIST on fillling out the financial aid forms EVEN IF YOUR PARENTS SAY DON’T BOTHER. </p>
<p>Kind of the same as the solution to the “parents won’t let me apply to my favorite school” problem: go ahead and apply anyway.</p>
<p>I don’t want to sound rude or mean or disheartening, but $80,000 in student debt is ridiculous. Go to a state school or at a last resort even a community college for a couple years. They really aren’t bad. I’m about to go into my second year at a state school and while it certainly isn’t Harvard or Yale, I still feel I am getting a good education. All of the valedictorians and National Merit students from my school (including me) went to public in state schools. Now, there’s nothing wrong with going private if you can afford it. However, it seems that right now, this would just create too much debt. I can’t imagine spending $50,000 a year on school. I’m spending about $18,000 a year right now and that includes my food, rent, medicine, healthcare, fees, tuition, and transportation. Unless you are absolutely positive you can obtain a reliable 50 or 60k+ job upon graduation, I would strongly suggest other options.</p>
<p>I’m happy at a state school and so are thousands of other people. ok, thats the end of me being a Debbie Downer lol Good luck and try to stay out of debt.</p>
Good luck and try to stay out of debt.</p>