<p>Alright so I just accepted to my #1 school, Beloit College, but I don't have any idea how I'm going to pay for it. I'm really worried because my sister went to Boston University and they kicked her out after one week because she couldn't pay. My parents do little to nothing about this issue because they're so foreign to the process, so it's basically up to me to do everything. I'm planning on applying for FAFSA, but I'm not sure how much that will help. I don't think the school is going to give me a scholarship because most, if not all, require an ACT score of 27 and I have a 24...
The tuition is $35,030 and room and board is about $7000, so I'm looking at about $42,000 each year! I'm planning to get a job over the summer to get a few thousand dollars but that will probably just cover everything that I'm going to need to bring with me... Is getting a loan from the bank a good idea and would they even give it to me? What do I need to get the loan? PLEASE HELP ME!</p>
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<p>The above is from the Beloit website. You will need to complete both the FAFSA and Beloit’s financial aid application form. Check their website for the deadlines.</p>
<p>Beloit will determine your financial need based largely on your parents’ income and to some degree assets. The school will then compute a family contribution and will also then determine what aid they are going to award you.</p>
<p>So…get the applications done. You won’t get ANY aid until they are completed. </p>
<p>In the meantime, I know Beloit is your top choice, but you also should have at least one school in your applications where the finances are going to work for your family. As you noted from your sister’s experience…the bills have to be paid or you will be asked to leave.</p>
<p>Re: loans…it is highly unlikely that you will be able to get $42,000 in loans for one year, never mind four, without a cosigner. You are a student with no permanent job and no assets or collateral. </p>
<p>Have you talked to your parents about college? What did your sister do after she left BU? Did she go to college and if so, how was that funded.</p>
<p>Thanks for the info about the applications. I didn’t know Beloit has one as well. I do have a backup college in case things don’t work out (Knox College, w/ a $14000 scholarship and undetermined amount of aid). My parents don’t understand the college process at all and they barely speak any English. Both my parents are unemployed: my dad receives retirement funding and my mom disability funding, totaling around 18,000 a year. My sister joined the military after getting the boot from BU and I don’t want to go down the same road. I really hope this works out…</p>
<p>Please be sure to have a back up plan. However, let me give you a small ray of hope. I know a young man whose parents aren’t giving him a dime. He is a sophomore at Beloit, and he was able to get enough need based aid to make it. He has a work study job, and he doesn’t have any extra money to blow on fun stuff, but he has been able to scrape by so far. He also had a 24 ACT. I am not saying it WILL work out for you, but I am saying that it MIGHT. As long as you have a financial safety where you will be okay going if Beloit’s aid doesn’t work out, it’s okay to hold out some hope for a great financial aid package. Just make sure to fill everything out carefully, and get all required forms and documents in on time.</p>
<p>P.S. Once you get your aid package, come back & post it. We will help you to understand your true costs.</p>