<p>I'm just wondering how my Northeastern U FA package is. I was accepted with the Dean's scholarship (15k) and with FA it came down to the following:</p>
<p>Total Grant/Aid: $42,300 / yr</p>
<p>Federal Work Study: $2,200 / yr
Federal Perkins Loan: $2,000 / yr
Federal Direct Subsidized Loan: $3,500 / yr
Federal Direct Unsubsidized Loan: $2,000 / yr</p>
<p>FC: $9,889 / yr</p>
<p>Family income is like 70000 after taxes and I have a twin who will also be attending college this Fall. I do plan on asking for more merit if possible once I get my RD acceptances.</p>
<p>It’s about the max student loans that you could be given. </p>
<p>Can your parents pay that much when they also have your sister to pay on a middle income? (What is the income before taxes?)</p>
<p>Can you work over the summer and save a couple thousand to help out?</p>
<p>My mom says yea she can pay and she thinks its good package but I’m not sure. </p>
<p>Also income before tax is like 100k. How can I figure out the max student loan?</p>
<p>And I will probably work over the summer.</p>
<p>1460 M+CR Parents earn about $100k. </p>
<p>CS major</p>
<p>Okay so without loans, my parents said they would be able to contribute approx $10,000 each to both my brother and me. But ofc they are willing to take out loans. So where do you think this puts me?</p>
<p>What other schools did you apply to? what are your financial safety schools? (schools that you know for sure that you have all costs covered?)</p>
<p>You’ve been given the max Direct loan as a frosh 5500
You’ve been given a typically good-sized Perkins $2000</p>
<p>So that’s about the max that frosh are given.</p>
<p>The Direct loan will increase each year…6500, 7500, 7500</p>
<p>You’re going to end up with about $35k in debt this way…plus whatever interest accumulates with the unsub.</p>
<p>Oh well we were all kind of thinking that NEU could be a safety now… My parents seemed 100% fine with it, just that I wasnt sure about the laons thats why I posted this. because of that not much other safeties other than University of Rochester (according to my counselor it is O.o) and SUNY Binghamton.</p>
<p>Also would co op make up for a good portion of the cost?</p>
<p>
Both Direct loans and Perkins loans limits for 1st year student are $5500.</p>
<p>See [Subsidized</a> and Unsubsidized Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized]Subsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized) and [Perkins</a> Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/perkins]Perkins”>http://studentaid.ed.gov/types/loans/perkins).</p>
<p>Are you ok with this much of loans after 4 years: 4 x $7,500 = $30,000?</p>
<p>^Well that’s the thing I don’t know what’s too much :P</p>
<p>What other schools did you apply to?</p>
<p>What are your financial safety schools?</p>
<p>@mom2collegekids I replied in post #5 </p>
<p>My remaining RD list is top-heavy because I was sure Northeastern could be a definite choice for me - Harvey Mudd, Claremont, Pomona, UPenn, Cornell, Vassar, NYU Stern, CMU, and Stanford.</p>
<p>I also got into UMich but not expecting great aid. </p>
<p>@4kidsdad</p>
<p>i guess i would be in an okay shape?</p>
<p>There is no absolute figure or even a range that one can give that is too much or not in terms of loans. Yes, you are approaching numbers that are going to make it tough to repay. But NEU is also a school that does well with grads finding gainful employment, your parents are on board, and you see to be responsible.</p>
<p>Did you apply to some schools whre the cost would be a lot less? When you see all the costs on the table, you can then make a decision as to what is worth taking out loans, stretching, and whether or not taking a choice where you would be more flush with the money, your parents too, and fewer loans would be a good idea.</p>
<p>My son picked the school with the max cost to us that we said we would undertake, even when there were close to free options. He weighed the advantages through and made his picks. He liked the pricier school that much more.</p>
<p>Sorry, I missed that.</p>
<p>not much other safeties other than University of Rochester (according to my counselor it is O.o) and SUNY Binghamton.</p>
<p>lol…GC’s only look at admissions for “safeties”…they do NOT consider affordability. URoch wouldnt’ be a safety because right now it’s unknown if it’s affordable.</p>
<p>Did SUNY BIng give you merit? If so, how much? Are you instate or OOS for Bing?</p>
<p>@mom2collegekids Not much GC but an outside financial college counselor told me that. Also I am in NY so in-state for both. I will be hearing back from Bing on Wednesday</p>
<p>Right now, a SUNY would cost you about $20K. Doubt you would get much fin aid from them. Maybe some merit. But full cost would be $20K, and you then can take out $5500 in Direct loans and work part time just as you would with work study, and bring the cost down further. </p>
<p>Rochester does often pan out in merit and fin aid. But again, until you have all of the offers on the table, one can’t tell what 's the best deal. Wait and see.</p>
<p>I think this is a good package. I’m guessing with around 100k gross, EFC was in the low 20s, split between 2 kids, each of has an EFC 10-low teenish k. Northeastern has met need without a gap. The question is, how comfortable are you with the extra 2k a year in loans?</p>
<p>If URoch can meet NEU, I would go there. </p>
<p>It sounds like Bing would cost the same unless it throws a lot of merit at you.</p>
<p>Many students choose NEU over other schools because of their coop program. Students gain job experience, plus are able to earn some money to offset college costs. Plus, it’s in Boston which some would far prefer over other locations.</p>
<p>My son has a friend who’s a computer science major at Northeastern. His first co-op he earned $20/hour, and that was 3 years ago - computer science majors are in demand and make good money. You can certainly expect to earn enough money at your co-op jobs to offset some of the costs and perhaps turn down the additional Perkins loan. However you need to consider the high cost of living in Boston (you will most likely move into an apartment at some point, look at the rental listings on Craigslist to get a feel for how expensive that is) and the fact that the Northeastern program takes 5 years not 4.</p>
<p>To answer your original question - Northeastern doesn’t always meet need - it looks to me like they gave you a good financial aid package.</p>
<p>As an FYI. NEU offers terrific apartment style on campus housing for upperclassmen. The coop students we knew were a mixed bag of on/off campus students. Yes, apartments in Boston are pricey, but many students share spaces.</p>
<p>@mom2collegekids</p>
<p>I was gonna say, even before the above posts, that if it came down to the two I would choose NEU over UoR because their Coop system really appeals to me and I liked their CS department when I visited.</p>
<p>@carmen617 </p>
<p>If it was a good package given by them, would it be rude of me to ask for more money?</p>