<p>it seems that kids can still take out loans if they need the money - meaning that pton doesn't give sufficient aid. i know that i'd have to pay $30k/yr, but my parents can pay maybe $10k/yr + my $3k/yr. that's $17k/yr in loans.<br>
please tell me that the no loan policy is better than that.</p>
<p>topic title -> "no loan"</p>
<p>here's how it works: first, princeton, like all universities, makes a determination of how much your family reasonably can and should contribute toward the annual costs of your attendance. (in your case, you expect this determination to come in around $13,000.) then, most other universities would give you the rest of the amount in some combination of grants - "scholarships" that needn't be repaid - and loans, which do need to be repaid. princeton, however, uniquely among all universities, gives you the rest solely in grants, so that you should, theoretically, be able to graduate debt free. according to u.s. news rankings, 74% of princeton students do so. sometimes, however, princeton students find that they need additional funds to meet costs like club membership, travel, and the like. in these cases, they can take out loans through the university's financial aid office. for the 26% of princetonians who graduate with any debt, their average amount is a modest, and nation's-best, $4,370. hope this makes sense, and helps. by the way, if you haven't already, you should check out princeton's early estimator, which should give you a good idea of how much the university would give you in aid, should you have the good fortune to be admitted. good luck.</p>
<p>The early estimator gave my family quite a shock. Princeton is very generous :D</p>
<p>To simplify what fscottie said, here's a breakdown
Other Schools: you are given $13000 Financial Aid
9,000 --> grant
4,000 --> loan (you have to pay back)</p>
<p>At Princeton: you are given $13000 Financial Aid
All 13000 --> grant
0 --> you have to pay back</p>
<p>However, some feel they need more money, thus they take an extra loan (but princeton students graduate with the least debt....very little from what I remember.) You can then take out more money to pay for pton tuition.</p>
<p>i did the calculator, and I'd get about $13. I'm saying that that's not enough.</p>
<p>tuition - $43K</p>
<h2>calculated amount i'd get - $13K</h2>
<p>left to pay - $30K
my parents will maybe be able to pay $10K (if even that), I can pay $3K w/job + savings
that's $17K left.<br>
Does that mean I'll have to take out $17K/yr x 4yrs in loans?</p>
<p>The problem is that on a nation-wide scale my dad is probably upper-middle class, but where I live, rent and just everything in general is so expensive that we're more like lower-middle class.</p>
<p>As I understand it, they don't even have the possibility of giving loans. It was totally eliminated in 2001.</p>
<p>Parents can still borrow up to the total amount of the family contribution at pretty low rates. Everyone qualifies whose income is below some VERY high threshold (around $450k, I think) . This is totally optional but makes sense for people who have the income to cover a Princeton education but for whatever reason don't have that much liquid assets lying around.</p>
<p>This is what i got :(...</p>
<p>I. Princeton's Costs for 2007-2008
Tuition $34,650
Room 5,130
Board 4,530
Books and Personal Expenses 3,400
Travel 700 </p>
<hr>
<p>Total Estimated Student Budget $48,410 </p>
<p>II. Your Estimated Family Contribution
Parents' Contribution $71,100 - $72,100
Student's Expected Summer Savings 2,280
Student's Asset Contribution 0 </p>
<hr>
<p>Total Estimated Family Contribution $73,380 - $74,380 </p>
<p>Your Need For Aid is $0
Even though your estimated family resources are sufficient to pay a year's expenses, you can still receive the following aid: </p>
<p>Princeton Student Loan $5500
Campus Job $2710</p>
<p>So this means 48k for the total bill</p>
<p>Minus my loan: 5500
Minus my summer work: 2280
Minus my campus job: 2710</p>
<p>So my dad should fork over 37.5k/yr….
In reality, he can pay about 20k/yr….
Which leaves 17.5k short in cash …..</p>
<p>Depends on who’s gonna fill the gap</p>
<p>Me- taking out additional loan 17.5k/yr…
Dad – taking out PLUS loan or home equity loan to cover the 17.5k/yr</p>
<p>Is my analysis correct?</p>
<p>My guess is that either:</p>
<ol>
<li><p>You filled out some of the fields wrong</p></li>
<li><p>You vastly under-estimate what your father can contribute</p></li>
<li><p>Your father can contribute alot more than that, but is simply unwilling to.</p></li>
</ol>
<p>These guesses are based on the fact that that $71,100 - $72,100 doesnt just magically appear out of thin air- clearly your family has some massive assets to its name, or you did something wrong. You claim he would have to pay half of what Princeton predicts he can afford, and would only be able to pay about 2/3's of that.</p>
<ol>
<li>negative. i ran the number while my mum's looking over my shoulder.</li>
<li>negative. my dad is not rich, actually he is rather low-maintenance</li>
<li>maybe.... but that's the number he told me and that number was confirmed by my mum. I think 20k/year is very reasonable contribution from a middle class family like mine.</li>
</ol>
<p>Yet again, the middle class gets screwed over.</p>
<p>If your family makes about 80k a year like mine, it really sucks!</p>
<p>Your parents can't shell out half of their salary to keep you in college, but the college wants them to...</p>
<p>if i ever become filthy rich i'm gonna make a college where you get money only if you're middle class. screw the poor and rich people. maybe i'll give some to the poor too, but harvard already gives them 100%.</p>