<p>After agonizing about financial aid for years (I'm a worrier, in case that isn't obvious), I've found myself with more money than I expected:</p>
<p>$25,000 need-based aid
$14,000 Swedish government student loan (25 years at <3% interest)
$3,000 outside scholarship
$3,000 Swedish government aid
$2,000 summer earnings
Total: $47,000</p>
<p>Since room, board, tuition, and required fees amount to just over $45,000, this means that the only money I need from my parents is whatever's necessary to pay for books, clothes, the occasional dinner out, and any other expenses a college freshman might have. My parents have agreed to pay for a laptop (since my three-year-old iBook broke down earlier in the spring) and some winter clothes, and I'll probably work part-time during the school year to pay for more frivolous expenses. I'd like to remain as independent as possible and don't like to rely on an allowance for spending money, but I can't realistically put myself through college without some help. </p>
<p>My parents and I will need to have this discussion later this summer, ideally at a time when we're all on the same continent, but until then, I'm just curious: How much money do you think I'll need? If you were my parents, how much would you give me?</p>
<p>Let me suggest that you approach the discussion from the standpoint that they do not HAVE to contribute anything. They have already contributed hundreds of thousands in raising you to this point....there is no entitlement.</p>
<p>Now that said, Maybe you should ask them if they can help you during your first year so that you do not have to get a job immediately in school and you can concentrate on your studies. After that you should easily be able to earn what is needed by summer work or part time jobs during the year....</p>
<p>If they are in a POSITION to help they will. If they can't they will do what they can....but if they truly can't because of financial burdens you are unaware of....suck it up, take a loan, it won't be that much.</p>
<p>I put myself through school after my dad lost his job. At first they helped but I am sure when I took it over and found aid and scholarships, two jobs at school, it was a load off. I am strongly independent but love them immensely.</p>
<p>Either way YOU will be ok. Be proud of what you have gotten through your hard work.....and be proud if you have to find the remaining funds.</p>
<p>Beginning in high school, we gave my daughter a $200/month allowance. This covered all clothes, eating out with friends, gas money, etc. Since DD is a serious bargain hunter, especially for clothes, this worked out well.
She just finished her first year at Columbia, where this same allowance worked out fine. She was on a required meal plan, and we paid for books and transportation home. She did not have a regular job during the school year, but did pick up some babysitting money. With money she has made from summer jobs, she has been able to travel extensively relying only on her own earnings.
For the coming year, she will not be on a meal plan, so we plan to add the equivalent meal plan cost to her allowance, making it $600/month for Sept-April.<br>
Just an idea for what one family has done - even though NYC can be expensive, she has handled her finances well and the $200/month amount has proven to be sufficient. IMO, it is definitely better to decide on an amount upfront, rather than negotiate each time some new expense comes along.
Best of luck to you, C!</p>
<p>I think that parents should let go. An allowance seems frivolous and not needed. i don't get any money from my parents, and have mananged very well. I spent about $1500 over the year, which includes extra groceries and books. I bought most of my books online because it's a lot cheaper and I don't go shopping much. I work all summer, but not during the year, and make more than enough during those three months to cover expenses and save a few thousand a year. although I don't have a car, so no gas, and my parents cover all medical, dental, and other insurances. </p>
<p>I have friends with allowances anywhere from $50 to $300 a month and the higher they get the less the child values it, rather they come out of it with an entitlement mindset.</p>
<p>I thought your parents had already agreed to a sum well below EFC back when you were debating taking out the Swedish loan! In any event, congrats on assembling a nice package! I assume the $3000 external is renewable and does not affect your need-based aid.</p>
<p>Other expenses to consider: cell phone bill (essential, esp. with your parents overseas), travel home, expenses for staying in the dorm/staying elsewhere when campus is closed. Perhaps some of the students on the Int'l students board may have some additional insight about what extra expenses you might incur.</p>
<p>Since you've asked, I would give my D her scholarship money as her money since she earned it. I'm on the philosophy that I encourage my D to be independent but not completely cut her expense down to bare bone. But each family is different, your parents might react differently.</p>
<p>Since you are so organized and on top of this, I think you should try to estimate the costs of books, school supplies (notebooks, pens, calculator, etc.), new clothes you'll need, extra food not covered by the meal plan for non-dining hall hours, anything you need for your room (desk lamp, hamper, sheets, etc.), laundry, bathroom supples (toothpaste, shampoo, tampons, make up, etc.), incidental needs that arise, and entertainment. </p>
<p>If $2000 is all you are making this summer and all of it is going toward tuition, then you obviously can't use summer earnings to pay for this. Write out any summer earnings that remain (if you make more than the $2000), the amount you have in savings (if any), and the amount you suspect to make at a campus job. If your parents have the ability to give you money, perhaps add in a minimum amount you would like to keep in savings for a future apartment, car, expenses after graduation, study abroad, or whatever else. Then have a discussion about what is left over or how they can contribute while staying financially healthy themselves. </p>
<p>Having a cost guide can also be useful for you during the year so that you can stay within reasonable bounds and keep track of how you're spending.</p>
<p>$14,000 a year is a HUGE loan. Perhaps if your parents are willing to help, you could cut down the size of the loan. I know our son was offered two loans this year, one of $2000 and one of $5000. We had him take the $2000, but decline the other, and we will try to come up with that (along with the EFC amount), because we don't want him to graduate with a huge debt to repay.</p>
<p>Of course, this all depends upon how much your parents can afford and are willing to pay.</p>
<p>If you pay U.S. taxes you need to talk to a tax advisor about the income taxes on the amount that is for room and board. </p>
<p>You sound level headed enought to be able to discuss this with your parents. I've heard $200 a month and know a male whose parents did $300. At the first semester break he told them it was more than enough and they lowered it to $200.</p>
<p>As I remember, the $14,000/year loan is on extremely favorable terms. It would probably make more sense for the parents to help with repaying the loan over time -- i.e., treat all or part of it as a loan to them, not the student -- than to forgo the opportunity to get heavily subsidized financing.</p>
<p>$2,000 can probably go a pretty long way at Dartmouth, especially if you work 6-10 hours/week during the school year. That's about what my daughter spent her first year in college in a big city (but we paid for all her books and for a public transportation pass).</p>
<p>If you turn to the frats for your entertainment, that's all free at Dartmouth. There is never a coverage charge (this is different from a lot of schools).</p>
<p>
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Let me suggest that you approach the discussion from the standpoint that they do not HAVE to contribute anything. They have already contributed hundreds of thousands in raising you to this point....there is no entitlement.
[/quote]
</p>
<p>I really do not want to step on anyone's toes, but I think that that statement ignores the reality of the RESPONSIBILITIES of financial aid. The primary responsible parties for the cost of an undergraduate education are the parents.</p>
<p>Camelia is not seeking for an entitlement, she has actually done everything she could to reduce the financial responsibilities of her parents. In fact, she is burdened by the size of the PARENTAL EFC, which is a synonym for Expected FAMILY Contribution. She is obviously going well beyond the amount that could be attributed to HER self-help. Were she able to be an independent student for financial aid purposes, her contributions would be almost nil. So, where is the ... entitlement? All I see is someone who has done a truly amazing job to assume responsibilities that are NOT hers, and is now willing to assume an amount of debt that will take years to repay. </p>
<p>So, it is not appropriate to start this discussion with "from the standpoint that they do not HAVE to contribute anything." The correct, even if it is totally unrealistic in Camelia's situation, is that the PARENTS are responsible for THEIR EFC. Asking parents to assume a portion of their responsibilities is far from a misguided entitlement or an ... allowance. </p>
<p>The outcome for Camelia and her family might all be the same, but the "rules" of financial aid of dependents students are pretty clear, and so are the responsibilities of providing an education. A determination of the ability to pay was made, and the amount does not necessarily matches the willingness to pay. Adding an element of guilt to Camelia's bags of worries seems to be an unwarranted and unjustifiable burden. </p>
<p>PS Camelia, do not forget the travel expenses.</p>
<p>I think your parents should pay portion of their part of the EFC and reduce the amount of loans that you will have to take out (as I am willing to bet the bulk of this 14k is to cover the EFC).</p>
<p>No matter how favorable the terms, this girl will borrow over $60K for undergrad as COA will rise. That is an amazing burden for a new college grad. It will force her to take a well paying job instead of another she might like. Grad school loans on top of this will make her lifestyle a modest one unless she becomes a banker.</p>
<p>Entitlement?? No way, she seems to have a great attitude about taking this on. I wonder how the parents feel. Can they help but don't want to or are they able to?</p>
<p>The terms, if I recall, were an interest rate of 2% paid over something like 25 years. Camelia asked all of us here if she should take out this loan, and even loan-phobic parents encouraged her to.</p>
<p>Camelia -- don't get a job! If you need spending money, this is where your parents can help. Concentrate on schoolwork, at least the first year. If I were your parents, I would encourage you to buy books on my credit card, and provide a small monthly allowance.</p>
<p>If your parents are willing and interested in paying more, then ask if they could help with loan payments once you graduate.</p>
<p>And I agree with Xiggi that parents should help pay for college if they can.</p>
<p>Xiggi has the right idea: when I discussed financial aid with my parents during the application process, they guessed -- reluctantly -- that they'd be able to contribute at most $10,000. European parents very rarely pay for any of their children's education, so my situation is already exceptional; most Swedish students fund their own education using a combination of government grants and very favorable student loans (2-3% interest over 25 years, which comes out to a monthly payment of <$300; the discussion about it is here</a>). </p>
<p>I obviously don't need $10,000 (and probably wouldn't accept it even if they offered), but since I'm the first person in my extended family to attend college in the United States, I don't really have a frame of reference here. I'd love to be financially independent, but I don't know if the ~$1,500 I'll have left after paying for tuition, room, board, and required fees will be enough to cover books, clothes, and anything else (while I don't expect to spend much on entertainment in Hanover, NH, I'd hate to be so strapped for cash that I couldn't afford a movie or a book that isn't required every now and then ;)).</p>
<p>Let your parents pay the 10,000 per year and you borrow the 4000. At the end of your 4 years you would have less than the average amount of the recommended debt that an undergrad should take on.</p>
<p>IF you start out with 1500 you will definitely have enough to pay for books. Unless you are a hardcore shopper there is very little money to be spent in Hanover with even an occasional dinner "out" at Molly's costing less than $20.</p>
<p>If you can get through the first term without working, I would recommend that you do so as the quarter system does go by at brakeneck speed and does take some getting used to.</p>
<p>Even if you are not eligible for federal work study, if you want you can always get a job on campus</p>
<p>Unfortunately, the amount of debt isn't negotiable. Although my parents said that they could<a href="theoretically">/i</a> contribute up to $10,000, they've also said that they'll only pay what the Swedish government funds (which are part grant, part loan) won't cover... so I'm definitely stuck with the $14,000/year debt; the question is how much *more I need given that tuition, room, and board are already accounted for. How much do students generally spend on textbooks each year?</p>
<p>OK...I'll be the odd man out here. The OP has done a terrific job of assembling a great finaid package (I'm assuming this has already been awarded, not an estimate...). Still...that being said, we did not contribute to any costs for college beyond tuition, room, board and college fees. Our kids were responsible for all other expenses including books. Both had summer jobs every year, and worked during the school year between 5-10 hours a week (one works on campus, one worked off campus). Research clearly shows (and you and your parents will hear this at orientation) that students who work a SMALL number of hours per week tend to do better and are more organized with their time than those who do not work. Of course, this may sound like a generalization, and indeed it certainly may not apply to all students. However, I will say that both of my kids had better GPAs the semesters they worked than those when they did not. And we found that our kids were much more responsible with their "spending" when the money was theirs and not ours. Both have learned the value of online shopping for used text books, and both are careful about frivolous spending. They also look for value in their recreational spending (reduced or free tickets to things, college sponsored socials, lunches out instead of dinners, etc). Now to answer the "how much" question from our perspective. It depends on your major and courseload what the cost of books will be. DD spent almost $900 her first quarter of college...BUT she used most of those books for the rest of the year and that meant her second and third quarter book costs were low. DS had a similar experience....while one text cost close to $400 (no kidding), he used it for three years for a sequence of courses. And as I mentioned....both have gotten very good about ordering books online...used...for a fraction of the cost of a new book at the bookstore. I don't think either of them has ever spent more than $1000 for the year on texts. Both go to college in large urban areas that are quite expensive. Neither spent more than $50 per week as an average (some weeks they spent very little...other weeks they spent more)on "entertainment" and even that included some spring break trips. Both earned their book and entertainment money from summer and school jobs.</p>