How is one supposed to pay for college?

Paying for College
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<p>Seriously, looking at my current options (some of the schools I have been accepted to have not awarded financial aid)...</p>

<p>My state school, which would be the cheapest option, leaves me at around 72k using their net price calculator.</p>

<p>All others exponentially increase. So how am I supposed to receive an education at an affordable cost without crippling myself with debt after graduation?</p>

<p>I really regret not making NMSF/NMF in order to at least receive a full ride to my state school and have a true fallback. I'm starting to apply to scholarships, but I don't think I'll win enough to cover the costs/or make it affordable enough for my family.</p>

<p>Sorry, but I just hope all of this works out.</p>

<p>Love,
A Financially Worried High School Senior.</p>

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<p>If your stats are high enough, there may be a few schools here with late enough deadlines to apply to:
<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships-14.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships-14.html&lt;/a&gt;&lt;/p&gt;

<p>Other option is to go to community college for your lower division, then transfer to do your upper division at your state university ($36,000 plus whatever going to community college costs).</p>

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<p>Additionally, going to school part time while working full time. Not everyone does the 4 year plan.</p>

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<p>SpaceDuck - </p>

<p>Looking at some of your previous posts, it looks like you’ve applied to several highly competitive schools that do not award merit aid (probably a bad strategy if your family income makes you ineligible for need-based aid), and you have acceptances already to USC and Alabama.</p>

<p>I guess I must be missing something, because I don’t see the problem here. Alabama is the school that I (and probably most of the regulars on the FA forum) would have recommended that you apply to. And you did. And if you had the stat’s to get into USC, then you must have had the stat’s to qualify for significant merit aid at Alabama. So, really, what am I missing? Free tuition and eligibility for the Honors College at Alabama sounds like a pretty good deal. Have I made a mistake somewhere?</p>

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<p>@dodgersmom</p>

<p>My family income does make us eligible for need-based aid, and I currently have a family situation plus another brother at a highly competitive school, which I hope lowers our EFC significantly.</p>

<p>I was awarded the Presidential Scholarship at Alabama, but that only covers tuition. Also got the 2.5k/year scholarhship from the School of Engineering, but where do I come up with the rest? I really don’t want my family to pay a single penny (unrealistic I know), but I’ve worked hard and I want to earn my education through every dollar. My parents have done a lot for my family and the least I could do is get an education without costing them much money at all. USC is completely another story, only receiving a 11k per year Dean’s Scholarship.</p>

<p>You haven’t made a mistake, you’ve analyzed the situation correctly. My problem is that even with all these scholarships, unless I calculated things wrong, I’m looking at about 10-15k per year at just Alabama alone.</p>

<p>@everyone else</p>

<p>I do not plan to go to the two year route. Why? I don’t feel it would be the best route for me, plus my parents want me to go to a 4 year university (which I’m totally in agreement with them about that). Of course transferring from a CC would save a lot of money, but I really don’t think that’s the route for me.</p>

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<p>Well, spaceduck, I don’t know if there is somewhere to get a free engineering degree, if so, I hope you find it.</p>

<p>In the meantime, I think Alabama sounds pretty doable.</p>

<p>Good luck to you.</p>

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<p>Okay, got it.</p>

<p>I think you’re exaggerating the cost you’d incur at UA. But let’s say, worst case scenario, that it costs you $15k your first year. After that, you move off campus, and your food & housing costs drop - significantly. So, over four years, you’re looking at perhaps $45k, and I’d guess it would actually be closer to $35-40k.</p>

<p>Subtract your earnings from work-study (or any other job during the school year), and that takes at least another $8k - $12k off that total. Then subtract summer earnings, and if you’re an engineering student at UA, you’re looking at virtually guaranteed summer earnings, and a good chance that your employer will pick up the tab for your summer housing, as well. So, figure another $9k minimum (figuring for three summers only), and now your total cost over the four years is down to somewhere between $14k and $28k. That’s a manageable loan amount.</p>

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<p>I’m not saying that I should get my degree free (although that would be fantastic), but I mean really 50k for an undergraduate degree? That’s crazy, especially with college costs rising every year!</p>

<p>Look, I am 100% thankful for what I’ve gotten to far, don’t get me wrong at all. I’m not trying to be greedy about the process or anything. I just want to get the best education at the lowest cost possible, because I think I’ve done what I’ve needed to merit such opportunity for myself. I’m still keeping Alabama and all my other options on the table till May 1st.</p>

<p>Is that a little bit too much to ask?</p>

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<p>@dodgersmom</p>

<p>Do a lot of people at Alabama live off campus once Sophomore year starts? I personally would prefer living on campus (I guess, it’s what I’ve always imagined for myself), but if there’s affordable housing around with quality places to stay, then heck why not?</p>

<p>I do plan to do a work study, so yes, that’s more money off. Engineering is a given (I will be participating in an internship that my school’s engineering academy sets up once you reach the highest tier. I’m completely excited for it, plus I WANT to absolutely make sure that Aerospace Engineering is the right thing for me so I don’t have to go through the hoopla of switching degrees during my college experience, but I love space so I’m pretty sure I’m on the right track =]</p>

<p>I didn’t factor in summer internships/work at all to be honest with you. How much could I make from that too?</p>

<p>The point is I want to avoid taking on loans at all costs because of the news stories I’ve been hearing about them and how crippling it is after you graduate to pay them off, nor do I want my parents to share any of that burden (they are occupied enough as it is).</p>

<p>I’m trying to think about this realistically as possible, which is why I haven’t written off Alabama off my list.</p>

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<p>quack quack quack</p>

<p>for a dodger</p>

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<p>Space Duck - I figured $3k per summer for your summer earnings. That’s just a guess. But I do know that you have a good chance of getting your summer housing paid for by your employer, at least in Huntsville - and I’m guessing, if your interest is aerospace, that that’s where you’d want to be.</p>

<p>See, that is, by my way of thinking, one of the huge advantages of attending school in Alabama. Not only is the cost of living less than what it would be in New England, for example, but you’ve also got employers lined up looking for summer interns. All of that not only brings your cost down, but also makes it a less stressful four years than what it might be somewhere else. I mean, really, do you want to be in New England competing with every other student from MIT, Harvard, BU, Tufts, Northeastern, etc., etc. etc., just to get a summer job???</p>

<p>There are some real advantages to UA . . . you should get in touch with some of the UA engineering families here on CC to find out more.</p>

<p>Oh, yes, and to answer your question about housing, it’s my understanding that a lot of UA students move off campus after freshman year. You don’t have to, but it’s an option.</p>

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<p>Summer housing? I live in Alabama currently, so that wouldn’t be a problem. I expect my parents to live here for maybe 3-5 more years, so that would carry me through. Flying back would be no problem as I live literally right next to Huntsville.</p>

<p>That would mean that I don’t have to compete with others from New England schools for summer jobs. And even if I had to, I’m confident in myself that I could get the job. There’s nothing wrong with competition I think, just another opportunity to get better!</p>

<p>Of course there are some advantages to UA, I completely agree with you there. But I kinda want to move out of state and see what it’s like in other places. </p>

<p>I’ll starting hanging out more in the UA forum and see what’s up with the culture, specifically engineering. There was one kid at my school who was waitlisted from Harvard but accepted into UA with a full ride and plenty of other perks, and he turned up getting off the waitlist into Harvard. </p>

<p>He turned Harvard down, and is currently at Alabama (with UFE, but I didn’t get to the semifinalist round so that kind of pushed me away from UA).</p>

<p>I will consider off campus housing, but only if it’s quality and affordable.</p>

<p>I would just like to thank you for your advice, it really means a lot. I’m just trying to see what is the absolute best path to go in terms of my college education.</p>

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<p>You’ve been accepted to MIT EA. How is MIT for finaid? Their finaid packet comes out in March?</p>

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<p>SpaceDuck, I think you need to get very specific and look at this on paper. Estimate all sources of funding for your education, line by line. Do a little research, what can you earn in the summer? Talk to guidance counselors, maybe even UA, I’m sure they have some type of placement office. You need specifics to plan, and also to relax a little.</p>

<p>Can you start saving with a part-time job before summer? It’s time to start saving every dime, and helping your parents to do the same.</p>

<p>Have you spoken with your parents to find out what they can afford? Even if you don’t want to burden them, they may have some expectation of what they want to contribute.</p>

<p>The important thing is to get it down on paper where you can see it. </p>

<p>The cost of education is ridiculous, we all agree, but you want a college education, and someone has to pay for it. Financial aid is based on the premise that the family is responsible. There’s no getting away from that. So you, yourself, either have to bring more money to the table, or reduce the costs by living off campus or spending less over the first few years at a community college. There are no short cuts.</p>

<p>I think it would also help to go online and find a student loan calculator. A small amount of debt isn’t a horrible thing. I remember reading some numbers recently, and I think payments for a $10K student loan run about $200/month. You’re going into engineering, that will be do-able. If you buckled down after graduation you could knock that debt down pretty fast.</p>

<p>You won’t be taking fancy vacations, or eating at restaurants. You have to give things that aren’t important up, for what is important. Don’t spend your student loans on anything but your education. You’ve got a good head on your shoulders, so act responsibly and you’ll be fine.</p>

<p>The people getting into trouble with debt are the ones that aren’t looking at what they will earn, and owe, after they graduate. Look at the stories, at their majors, and how far they overextended from the start. You’re in a different situation, and fortunate compared to many. So don’t freak out about a little intelligent debt.</p>

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<p>Ok, I have to take back what I said about there being no shortcuts . There is one that hasn’t been mentioned, and that is graduating in less than 4 years. If you have AP credits, that could be possible in many majors, but I’m not sure about engineering, you would have to check. But that is a shortcut, and a great one if it’s available to you. Even if you graduate just one semester early, that’s thousands of dollars saved.</p>

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<p>To answer your question, college is something that family is supposed to prepare for from the moment they know they are having a child. Something should be put away for children. The baptism, birthday money each year, and whatever can be tucked away. Kids should be encouraged to save, too for college. My parents were low -middle income, and we saved, I saved, so that there was a nest egg, not just for college, but as send off money. Even if a kid doesn’t go to college or doesn’t need the money for colllege, it makes for a nice piece of change to buy a car, deposit for an apartment, start up expenses for other things. I had a couple of thousand in savings bonds which in my day was a standard gift, prize, savings vehicle for kids. So savings is one compent of the college plan. </p>

<p>I always say past, present and future income from parents and kids. THe past component is comprised of the savings, the present is by scrimping that one has to do do pay for college in the present and what both you and parents should be scraping out of the current income. Kids who know finances are going to be an issue should get weekend jobs starting second term senior year of high school and work summers, and a few hours during the school year too. Many kids can come up with $1-5K a year that way, which is a nice hunk of change. And there is some savings in having a kid living away in terms of decrease in food, utilities, gas, maybe car insurance that parents can put away. When my kids are out of the house, my milk and OJ bill goes down drastically. </p>

<p>And then there are the loans. The more you can do with past and present, the less you have to do with future payments which should not be more than what either past and present are since it only gets harder to pay as one gets older as a parent if one has not done such a great job in savings and setting oneself up for old age, and for students, the need list just grows when you graduate and loans are monkeys on your back bashing you on the head. As a freshman, you can borrow $5500 on your own in most situations through Stafford loans, and for cash flow managements, it’s not so terrible for your parents to borrow some money to stretch the time period to pay for your college to ten years rather than 4. If this is planned and manageable, no problem. If doing this with your back against the wall because you didn’t save anything and you aren’t making it on present income, not a good idea. A very bad one, in fact. </p>

<p>Also, look for less expensive colleges, and where you have a shot at some merit money. Full priced privates, are sadly (to me) off of our kids lists. We just can’t manage the $60K cost. With about $20K merit, we can talk, Most OOS publics, are possible. We can swing all the in state publics and commutable privates most of the time. </p>

<p>So that’s how one pays for college.</p>

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<p>You are counting the cost of room and board as something the college should cover when you suggest you are left with a 50k price tag.</p>

<p>They are giving you free tuition, an extra 2.5k and telling you to figure out where to find the money or in fact suggesting your parents make enough money to support that portion of it if FA is not possible at your parents’ income level. You go to high school today and no one is paying to house, feed or clothe you. Why does it become college’s responsibility to do so? Some elite colleges do it because they have a motto that no one should have loans but public colleges do not use this policy. </p>

<p>Essentially, you have to make some money to cover some of the costs and may be borrow some if you don’t want to burden your parents.</p>

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<p>I was awarded the Presidential Scholarship at Alabama, but that only covers tuition. Also got the 2.5k/year scholarhship from the School of Engineering, but where do I come up with the rest?</p>

<p>You’re wrong that Alabama will cost you $10k-15k per year. That’s not true. Since you have the free tuition and the 2500 per year, you could keep the cost under $10k as long as you don’t choose honors housing and a pricey meal plan every year.</p>

<p>Bama will cost you more the FIRST year because of the req’d frosh meal plan, but after that, you can really economize. </p>

<p>If desired, you could live in honors housing for frosh year, then move off campus. That would mean that your first year would be pricey. Having your parents help out for the first year only may be needed…or work a lot over the summer.</p>

<p>It sounds like we’re neighbors (may live in the same next-to-HSV city…lol), so I know that there are jobs for young people here. </p>

<p>With a $5500 student loan, summer earnings, maybe a part-time job at school, you could get Bama’s costs covered since your travel costs will be minimal. With your strong stats, you could be a paid university tutor and have your weekends FREE!!</p>

<p>*Of course there are some advantages to UA, I completely agree with you there. But I kinda want to move out of state and see what it’s like in other places. *</p>

<p>if you can do that without big debt, then fine. If not, do a study abroad or grad school elsewhere. </p>

<p>Both of my kids were instate at Bama…but guess what? They both have grad and med school acceptances to OOS schools…so their OOS experiences were delayed a little bit. :)</p>

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<p>*I’ll starting hanging out more in the UA forum and see what’s up with the culture, specifically engineering. There was one kid at my school who was waitlisted from Harvard but accepted into UA with a full ride and plenty of other perks, and he turned up getting off the waitlist into Harvard. </p>

<p>He turned Harvard down, and is currently at Alabama (with UFE, but I didn’t get to the semifinalist round so that kind of pushed me away from UA).</p>

<p>I will consider off campus housing, but only if it’s quality and affordable.*</p>

<p>As an eng’g student, not getting into UFE isn’t a big deal. You probably wouldn’t have had time for it. </p>

<p>As for off campus housing. Tuscaloosa has AMAZING off-campus student choices…seriously luxury resort-like complexes. My son lives HERE…
[Tuscaloosa</a> Student Housing | The Retreat Clubhouse at Lake Tamaha](<a href=“http://www.retreatalabama.com/]Tuscaloosa”>http://www.retreatalabama.com/)</p>

<p>after the page opens, wait for the pics to change.</p>

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<p>m2ck - how the heck did he find time to work towards a medical school. :D</p>