So here’s some background… I live in Illinois with my mom and my dad lives in California. I knew since I was little that I wanted to go to California for college. I had dreams of Stanford and UCLA but I got older and realized I wasn’t that smart haha. So I ended up applying to UCSB UCI Pepperdine LMU and I applied to DePaul in Chicago as a safety school. I got into all of them but financially they didn’t all work out. Pepperdine ended up being $41,000 per year so that’s too much. Also I thought I could get instate at the uc schools because of my dad but that seems like that’s not going to happen anymore. So UCSB and UCI are out of the question most likely. That leaves lmu and DePaul. Lmu is known for being very expensive but they gave me leadership scholarship of $15,000 per year that only 20 people get and an early action award of $2,000 and a work study of $3,200 per year. Each year at lmu totals $36,000. I know that’s a lot. DePaul gave me their presidential scholarship of $17,000 per year and a grant of $7,000 per year, which makes it about $28,000 per year. I know depaul is smarter financially but lmu is ranked higher. Also I’m in the honors program at lmu but not depaul. Both schools are good for my major of either business or communications but I feel like the opportunities in la would be bigger. I visited depaul and I didn’t connect to it like lmu. I feel like if I go to depaul l won’t be very excited about college because I will think about the better schools I go into and how I gave up California. I also haven’t connected to people at depaul but I have at lmu. My parents told me I’m pretty much on my own paying for college and they never gave me a savings. I am known for working hard and I’m trying to get outside scholarships and I’ll work hard to get a good paying job in the future but I can’t promise that will happen. I’m so lost. Where should I go?? The cheaper school (depaul) or my dream school (lmu). I just don’t wanna regret anything.
There are limitations on what you can borrow. $5,500 a a freshman. If you are going to be financing your own education, both schools will be too expensive.
What do you mean? Can’t you get sallie Mae loans for the cost of college? People go to school for way more than that each year.
And if both are too expensive… What the heck do I do. My sister paid $40,000 a year and financed her own college.
The rules changed for student loans. Freshmen can only borrow $5,500 and anything more has to be cosigned by parents through Parent PLUS Loans. This is done by people but it is generally frowned upon because that debt amasses and can be held against both you and your parents for a very long time. Student debt is a serious issue. I’m sorry that you had to find so late in the game but you should have applied to more affordable safeties. If your parents cannot or are uncomfortable funding your education through PLUS loans, you may have to limit your options further.
You can’t get a private loan. Your parents would have to do that. You didn’t mention your major. Typically people recommend not taking out more than $40 k loans. Depending on your career choice it could take you the rest of your life to pay them back? Is that worth it to you?
My parents are willing to help me get loans but I don’t know what to do now. Do I just not go to college like what the heck. I want to be a business major. I don’t know what to do about this.
Talk to them and have a heart to heart about this topic. You guys should have done this a little sooner, but oh well. Nothing you can do about it now. Like I said, if your parents cannot fund Depaul, community college might be a serious option for you.
my guidance counselor didn’t find this to be that big of a deal. She said we could make it work through loans. I think I made this sound like my parents left me on my own but that’s not the case. They will help me if I truly need it.
I’m not trying to make you sound like a burnout or anything like that. But you shouldn’t and your parents shouldn’t get yourselves in so much debt by taking out loans for places you really can’t afford. Student debt, like I said, is a huge issue and it’s really really becoming a hot topic.
I would say try to apply to other colleges with rolling admission but the deadline for scholarship consideration from those places might have passed.
I was told by my teachers that community college wouldn’t push me enough because Im at the top of my class and I take 4 ap classes.
Unfortunately, it sounds like finances weren’t discussed in depth beforehand. People are just giving you facts… Have you asked your sister how she financed her college costs? Have you sat down with your father/mother and gone over the financial aid packages? Will they co-sign loans? Take on loan debt themselves? You can’t throw out a question like " What the heck do I do?" and then get upset when no one comes up with an answer you like. There are many, many top students/student body presidents/elite athletes/fill-in-the-blank with another superlative students who can’t afford their top choice schools. There are lots of different paths to an education.
Sorry I’m not mad at you guys I’m just mad at this awful situation I’ve gotten myself into. It just stinks to get into great schools and not be able to afford them. My parents are willing to take on loans but in the end I’ll have to pay them. Obviously they will have to pay them if I can’t in the end 
I feel like maybe your guidance counselor and principal may also have misunderstood your financial situation. They are not the ones who will be saddled with these loans. Also, your teachers are mistaken about CC. There are many top students who go this route for financial reasons. Have you considered living with your dad, attending CC in California and transferring to a UC as a junior?
Those schools aren’t affordable for you. What happens if your parents take out huge loans the first couple of years, but then get denied the last couple? You’ll have debt but no degree.
What were your SAT/ACT scores? You could take a gap year and apply to a more affordable school. Look for schools you could commute to and schools that might give merit awards based on your stats.
Good luck.
Or the people on this thread have misunderstood. Sounds like your parents are willing to help. So I am not sure why everyone is screaming that the sky is falling. If your parents are willing to help or co-sign there is nothing particularly unusual about what you describe.
My parents are definitely willing to help sign loans. I also have other immediate family that can help me if I fall. I’m considering community college but that’s hard. I just feel so rushed because it’s so late in the game. I think we are all misunderstanding each other… Maybe it’s too hard to explain over the computer?
@lostaccount OP said his parents would help but at the same time he said it would be hard. I don’t think either OP or parents understand the severity of taking on those PLUS loans. Perhaps, OP, you should direct your parents over to the Parents Forum and have them take a look around there before signing anything.
Subtract the grants and scholarships from the total cost of attendance to get your net cost at each school. How much will each school cost? How much of that can your family pay out-of-pocket and how much would you have to borrow?