<p>My uncle will be lending me the money for dorming if I decide to attend YU and tuition is fully paid for by FAFSA at both schools.</p>
<p>Im not sure how I’d be able to finish my YU degree in 3 years? After doing further research I discovered that YU only accepts 5’s on AP examinations. </p>
<p>Baruch will accepts my 4’s which may take off an entire year off college and might be my deciding factor.</p>
<p>What do you mean by saying, “If If decide to attend YU and tuition is fully paid for by FAFSA”?</p>
<p>Fafsa doesn’t give you any money. All FASFA is an application for federal aid, which isn’t much. What exactly is in your aid packages?</p>
<p>Tuition for YU is over $36k. You don’t get $36k in federal aid. What is in your aid pkg? If you got a lot of grants, then that’s from YU, not from federal aid.</p>
<p>And, room and board at YU is $11,000 …is that what your borrowing to pay for? It sounds like you’re going to have a lot of debt…federal debt and debt to your uncle.</p>
<p>How much in grants?</p>
<p>How much in loans?</p>
<p>how much in work study?</p>
<p>If it was difficult to understand my last post… I meant that after the scholarship I had received from YU, the tuition from both schools are covered by student loans from the FAFSA.</p>
<p>Regardless, finances will not be a deciding factor between Baruch and YU and after discovering that Yeshiva only accepts 5’s on AP’s, I am leaning toward Baruch</p>
<p>How much in loans each year? That is the question. If you were offered PLUS loans, those come in aid packages but you cannot take those loans out - only your parents can.</p>
<p>What is in each schools’ FA pkg? Do you have loans in your YU pkg and in your Baruch pkg?</p>
<p>How much is room and board at Baruch?</p>
<p>It sounds like you’ll be borrowing about $20k+ in fed loans (more if you go 4 years) plus $21k+ for room and board (again, more if you go 4 years).</p>
<p>Here are my financial aid packages (Im an undergrad business major):</p>
<p>Baruch ($5500):
Fed Loans: $5500
Out of Pocket Cost: 3k for transportation if i commute</p>
<p>YU (54k)
Scholarship:42k
Fed Loans: 3k
Out of pocket cost for room and board: 8k</p>
<p>Rutgers-NB (37k)
Scholarship:8500
Fed Loans: 6500
Family Loans (0 interest): 10k
Out of pocket cost: 4-5k</p>
<p>Im thinking of going to Rutgers since they have good OCR and a college campus. But is it worth it?</p>
<p>Fix—</p>
<p>Rutgers-NB
Out of pocket cost: 11-12k</p>
<p>You still aren’t doing an “apples to apples” comparison. It really doesn’t matter what the sticker price of the colleges are. What’s useful is how much cost is left for you to pay via loans, work study or out of pocket. </p>
<p>You will need to pay $3K to commute to Baruch (which you can meet via savings, working part time, Stafford loans or family helping you out. You will need $11K to live at Yeshiva and go there. You will need $28.5 to live and go to Rutgers. </p>
<p>You’ll end up in a lot of debt and be scraping to pay for Rutgers, not so much at Yeshiva, and even less if you commute there, and be pretty much home free to go to Baruch.</p>
<p>Not quite - cptofthehouse forgot to add in the federal loans at Baruch - which bring the cost up to $8,500/year. So, Baruch and Yeshiva are close, with Yeshiva being $3k/yr. more . . . and Rutgers adds up to over $100k - much of which is loans! As far as I’m concerned, that’s insane. Choose between the other two.</p>
<p>But most of the loans id pay to Rutgers wont have any interest since they are family loans. </p>
<p>My family would also pay half of the out of pocket cost so I would only need to make about 5k a year to pay off the rest of school</p>
<p>The most you should take out each year is the maximum Stafford loan. Maybe another thousand if you get a good deal like a Perkins loan.</p>
<p>The general rule is that the total amount of loans you take out for your education should not exceed the amount you expect to make the first year you have a “real” job. So if you took out $100k in loans for undergrad you’d have to make at least $100k a year to start to pay that off reasonably, which doesn’t usually happen straight out of undergrad (but since you’re a business major it might be possible if you’re working for one of those top investment banking firms or something…). Some people may even take out $250k in loans for professional school, like med school for example, but if they can make $300-400k as a radiologist or cardiologist even that amount of loans is manageable. But since the average starting salary out of college is more around $50k, I’d say to be safe only limit your choices to a school where your total loans are less than $50k (including federal and private loans). In fact most people don’t even consider loans and WS to be real financial aid (only grants and scholarships), so you should calculate your out of pocket costs based on that assumption.</p>
<p>
</p>
<p>Is your family eligible for TAP at Baruch?
while you may be taking out a federal loan to pay tuition at Baruch, you must also come up with money for fees, books, transportation costs to commute, lunch/meals on campus between classes.</p>
<p>Rutgers</p>
<p>COA for OOS is 37k</p>
<p>You received 14k in aid which leaves 23k, which is your out of pocket cost. It does not matter who the money is coming from, some one has to come up with it. You have already stated that your parents will not be paying for school. If you filed the FAFSA and all you got from Baruch is federal loans, then your family makes enough money that they can afford to pay the cost of attendance for you to attend Baruch and are choosing not to do so.</p>
<p>you said that you have a family loan of 10k. Is your family willing to loan this money for all 4 years?</p>
<p>Since you have no real financial safety net, you need to live at home and attend Baruch. You need to work over the summer (2 jobs if need be) to earn some money to pay for books, fees and transportation cost. if the family member is going to loan you money, take out the least amount of debt since you will already be repaying over 20k in federal loans just to attend Baruch.</p>
<p>Perhaps your family loans will have better terms than the Stafford, particularly the unsubsidized ones. That way you will have no loans on your credit record when looking for a job and an apartment. Your family is not borrowing the money to lend to you, are they? The interest rate on Staffords is not that great of a deal.</p>