<p>hey everyone, so I was going over the financial aid package from stony brook, and it covered less than i expected, i have made my decision to go there and paid my deposit already.</p>
<p>Here is what I got: </p>
<p>Pell Grant - 5,550
TAP - 4,650.50
Subsidized Federal Loan - 3,500
Unsubsidized Federal Loan - 2,000</p>
<p>Total - 15,700.50
Estimated COA - 20,330</p>
<p>I was told by my counselor that unsubsidized loans were bad cause of the interest being paid while in school, so I am not sure if i should accept it. If i accept the whole package, my parents would have to pay approx. 4.7k/yr which isn't that bad, but if I reject it, it would be approx. 6.7k/yr. My parents only earn 26k/yr so i don't want to burden them and my brother is also starting college next year. I tried applying for Perkins and Unsubsidized Stafford loans, but they told me I have received the max amount of unsubsidized fed loans and can't receive more, so my only options were the Parent Plus loans. Then I heard we can get Stafford loans through banks, but if I was rejected through the school can i still get it through the bank by myself? I was also considering private students loans. Or should I just have my parents pay 6.7k/year? My parents told me they can probably manage, but I don't want to burden them too much, so I'd rather get loans and pay it off myself after graduation.</p>
<p>Please give me some advice!
THANKS!!</p>
<p>*my parents would have to pay approx. 4.7k/yr which isn’t that bad, but if I reject it, it would be approx. 6.7k/yr. My parents only earn 26k/yr so i don’t want to burden them *</p>
<p>??? If your parents only earn $26k per year in New York, how can they possibly come up with $5k-6.7k? Are they self-employed? Are they working “under the table”. Are they living rent-free somewhere? If they have regular jobs as employees and are paying rent, it would be nearly impossible for them to have an extra $500+ per month to go towards your education.</p>
<p>Work as much as you can during the summer.<br>
Take the unsub the first semester and see if it’s needed. If it’s not needed, then don’t take it the following semester. I do think you’ll need that money when your sibling goes to college. That said, unless your family has some hidden money source, I think it will be hard for them to even pay the $5k that you need.</p>
<p>Well, my mom is our main source of income because my dad is unable to work. She does not work under the table; she works as a home attendant. My parents partially own the house we are currently living in, so we do not have to pay any rent. Well, it is not just the 26k/yr, since they have been saving over the years, but I don’t want to use their savings.</p>
<p>I am currently looking hard for a job right now. Tried applying to a couple places, but haven’t heard back. I’m going to look around some more. Hope i get selected for SYEP. ><;</p>
<p>Seeing how things are, I would probably take your advice and take the subsidized loans for my first semester and see how things turn out. Do you think I should take out private loans, for the remaining 4.7k, for at least half of that if not more?</p>
<p>Thank you for your advice.</p>
<p>YOU cannot take out private loans. You would need your parents to co-sign, which it doesn’t sound like they can afford to take such a risk.</p>
<p>You should take out the unsub loans and spend a lot of time looking for a full-time summer job …if you can’t find a full time job, then maybe 2 part-time jobs will work. You need to borrow as little as possible.</p>
<p>
You are getting some misinformation here. Direct loans and Stafford loans are basically the same thing. The loan you have received from the school is the same thing as the Stafford loan. It used to be that you could either get federal direct loans through the school or, if the school did not participate in the direct loan program, federal Stafford loans through a bank but certified by the school. Last year they changed it to where all schools must do the direct loans. But even before that you could never get a Direct and a Stafford loan - it is basically the same loan, just administered differently. You have not been rejected for anything. You already *have *the loan in your aid package. The Direct/Stafford freshman loan limit is $5500 of which up to $3500 may be subsidized. So yes you already have the maximum.</p>
<p>The interest rate on the unsub direct/Stafford is 6.8%, which is better than the interest rate on parent PLUS loans (7.9% I think). You are responsible for the interest on a sub loan from the day it is disbursed, but you can defer it until you graduate. The interest will be added to the total you will owe.</p>
<p>This is rather typical of the SUNYs or any schools for that matter. That we have TAP is the saving grace that allows the option to go away to school rather than commuting to school which would be free for you.</p>
<p>Unless you and your parents can come up with the money, and you take out the STafford loans which are the maximum amounts generally recommended for an undergrad to take, going to a local state school is what you should do for college.</p>