How do you pay for college?

Paying for College
1

<p>I just got accepted into Ohio State University, where the average quarterly budget for an Ohio resident living on-campus is $7511. With Stafford Loans, they are offering me $5500. The breakup would be $2886 for tuition, $2784 for room and board, $1383 for books, and the rest ($800 or so) on personal expenses, like clothing/laundry/transportation etc.</p>

<p>Now I just enrolled for my first year at this school, but they enlisted me as an undergrad instead of a freshman, for just the Spring '09 quarter. That means this time around, I am given $5500 to pay for just a single 12 credit hour quarter.</p>

<p>However, starting in the summer, or fall, or whichever it works out to be, I will be enrolled full-time, with an estimated budget of $22,533. For those of you who can't do the math (I hope not), $22,533 - $5,500 = $17,033. This means that after Stafford Loans, I still have to come up with ~$17k, each year, to pay for school.</p>

<p>I'm currently 22 years old, I only have about $4000 saved up in my bank account over a year of working (before getting 1099'd... probably at like $2000 after that)... and well, lets face it, the government still declares me as a dependent on my FAFSA because I'm not an orphan, and my parents didn't get brutally murdered. My mother is suffering from an illness, unable to work, my father works to keep the house (which he already filed for bankruptcy and is struggling to keep the house; impending foreclosure), and I have a younger sister who is still in middle school, and two older brothers who still casually live in the same house due to the market.</p>

<p>Now, based on my dad's sole income, the FAFSA estimated gave him an EFC of $11,000. Now that's great, only if you remove three zeroes. He's so in debt that I have to lend him money from my job just so he can buy groceries for the family. Did I mention he also has $20,000 of outstanding federal parent PLUS loans from when he tried to send my brother to school and he dropped out his third year? </p>

<p>The government won't let me file as an independent, so they don't see that I'm going to be the only one contributing to the outrageous cost of living and tuition.</p>

<p>Now I'm sure to a lot of you out there are going to say that I might have it easy, that your college costs more, etc... I'm not putting this up for a sympathy story, or for someone to try and make me feel less bad about the fact that I have to come up with $17,000... </p>

<p>I just want to know what I can do. Is there anything I can do? Like in the instance that the bank won't lend me the $17,000 -- am I going to just be kicked out of school?</p>

<p>I really want to go to school and I need a good solid education, and while I didn't do too bad in highschool, I don't really think I qualify for any special grants or scholarships... especially now that I've taken 5 years off from school.</p>

<p>I appreciate any type of intellectual suggestions... I'm really kinda frustrated with this, so I would prefer flaming to defer from this thread. Thanks in advance!</p>

2

<p>Think long and hard about going to a community college for your first two years. You could live at home, work part-time, and help your parents out financially while keeping your tuition expenses as low as possible. Then you could go to Ohio State for the last two years.</p>

<p>Stinks I know, but it would make things more affordable for you.</p>

<p>Wishing you all the best in these tough times.</p>

3

<p>For starters, you will have to work. Work part time during your spring semester. Work double shifts, whatever you can over the summer. You may have to work through the fall to put a way even more money, and then go to school again next spring when you can again borrow $5500 or more for a quarter. </p>

<p>You should also shave your costs down as low as you can. Alternative housing–sometimes there are cheap room shares off campus that someone who is trying to save money just as you are posts. By cooking your own food, and eating cheap, you can cut down the board costs. Clothes…I buy from Salvation Army on half price days. Books, get used from former students rather than the book store. You cut expenses where you can.</p>

<p>Talk to the financial aid office and ask if there are any grants, scholarships available for older students. They may also have loan information for you. My husband’s cousin was happy and surprised to get $1100 in a nontraditional student scholarship from his community college when he decided to do a year full time. He was also able to get a loan on his own through the school’s resources.</p>

4

<p>Another a bit of info that may help you: if your father is turned down for PLUS, you are entitled to more Stafford loans. I can’t remember how much more, $4000, I think. You need to check that out. Perhaps you can get that amount for the spring, bank the excess, and then add it with earnings to what you can borrow in the fall.</p>

5

<p>Thanks guys, I appreciate it. I’ve been looking at a budgeting page, and looking to how I would have to work as much as I can, and take loans where I can, and that’s okay with me. I don’t really mind being $30,000 in debt by the time I graduate, I just hope the economy picks up by that time and I’m able to land a steady well-paying job.</p>

<p>I’m sure it’s a common question, but is there any types of loans out there, private or federal, that will cover all expenses as long as you sign your life away? I’ve been looking into it, and they all seem to have some type of set maximum loan, like $5000. If possible I’d like to borrow about $12000 per year for rooming and tuition costs… even if it means having to pay back $16000 per year of borrowing by the time I graduate…</p>

<p>Also in response to the community college thing… I was highly considering this option given my terrible economic situation, but despite being cheap… I really think it is necessary for me to be able to be away from my family, and have some solo life experience… afterall I am 22 years old and still forced to live at home. It will help my mind and character to adapt, for I still feel like a highschooler at heart, thrown to the wolves forced to fend for himself… so while I 100% agree that this is my best choice, I already got accepted into OSU and spent all the money for fees, I just couldn’t let an opportunity like this die on me.</p>

<p>Fortunately, the Spring '09 quarter will only cost me $750 of my own money after Stafford loans since it’s only 3 months, so I will really enjoy looking forward to my first taste of college life :)</p>

6

<p>Can anyone who knows more than I do chime in – OP is 22, what age will he become independent? 24. Will he get Pell then?</p>

7

<p>wiat for Kels & swimcat to chime in, but whilst the student would be independent at age 24, the formula is still not very friendly, especially if he was working full time to support himself, unless the finaid people can adjust for that income reduction???</p>

8

<p>Can you work half time and do school half time to avoid the loans?</p>

9

<p>I think if OP is 22, spends all he has now and at age 23, is not working for year prior, that full time history may go bye-bye. But would love if the pros could jump in. But in any event, OP should talk to finaid office, give them this likely scenario and listen to what they say.</p>

10

<p>I’m not an “expert” here…but one of the questions to determine financial aid independence DOES refer to age…being 24 by a certain date. IF the student was then considered independent for FINANCIAL AID purposes (note…not the same as for tax purposes), the parent income/assets would not be taken into consideration.</p>

11

<p>First of all, if his father can qualify for an automatic Zero EFC or Pell grant eligibility, that coud mitagate his earning history. That is something to examine for family EFC for the 2008 fianancial story which would affect the 2009-10 school year. Also if Dad gets turned down for the PLUS, the student can borrow additional monies, up to $9500 total, I believe. If Dad get a PLUS, the student can take the responsibility for the payments as though it is his own loan. </p>

<p>The problem is even a full PELL is about $5K which is only a dent in the total annual cost of being a full time student at OSU. OSU, like most state schools, does not tend to meet the financial needs of its students. They simply do not have the grants. The best they usually do is with loans and work study. If the student can get some work study, that could be useful as the proceeds do not count as income the next year for fin aid purposes. </p>

<p>Look and see if your family can qualify for simplified needs test under FAFSA. That may open some doors.</p>

12

<p>Thanks for the support guys. My father is quite confident that he will be turned down for another Federal PLUS Loan, and this might be for the better. He doesn’t exactly care if I go into debt or take out $40000 of loans before I graduate, as long as he doesn’t have to pay for it. This will probably be one of the major factors for me in my future.</p>