How to make up the tuition difference? (Un. of Pitt)

Paying for College
1

<p>With grants and work study, I will receive about $20,000 in total toward my tuition. With room/board my total cost will end up being around $25,000. To make up this difference, should I attempt to work full time this summer, or am I able to take out a federal loan? (no credit)</p>

<p>Any input is greatly appreciated!</p>

2

<p>Do you have any federal loans in your aid package, or only grants and work study?</p>

3

<p>Are you looking at a shortfall of $5k or a shortfall of $25k???</p>

4

<p>A shortfall of 5k, and that is after work study and grants. </p>

5

<p>I meant a private loan as well, not federal. </p>

6

<p>If you don’t already have federal loans in your aid package, you are able to take out $5500 in federal loans as a freshman. If you only have a shortfall of $5000 there is no reason to take private loans.</p>

<p>Working as much as possible this summer makes sense as well. </p>

7

<p>The federal loans were already factored in, and I don’t think I will be able to garner 5k with minimum wage by august. Also, at the end of my first year, I get 6k from my mother’s work (Hamot Hospital) that I can add on to the next year’s tuition, so I think I should only have this problem once. </p>

8

<p>Since you are not likely to be able to find any loans to take out on your own on top of the $5500, I think you should work as much as you can this summer. You’ll also need some upfront travel money, money for supplies, transportation and books. You will be billed 1/2 the tuition and all of the fees, 1/2 the room and board for the first term. You can ask to be put on the payment plan, which can then let you budget your payments better. That will have a fee, but better that than late fees which would add up to more. If you are not on the payment plan, first term has to be paid for, before you are permitted to register for the spring term. If you are absolutely strapped, perhaps your mother can apply for a parent loan (PLUS). If she gets it, it can tide you over. If turned down, you will get an additional $4K from Direct loans. </p>

9

<p>It is unlikely that you will be able to secure a private loan without a co-signer. Will your parent co-sign a loan with you? If your parent applies for a Parent PLUS loan and is denied, you will qualify for an approximately another $4000 in federal aid in your name. </p>

<p>Working to earn as much as you can this summer, and during the academic year hopefully will allow you to make up at least some of the $5000 gap. </p>

<p>Remember you will have expenses likes personal items, books, etc… that you will also need to pay out of pocket.</p>

10

<p>Thank you guys for the info. I was speaking with my mother, and she said that she would apply for a parent plus loan, but her credit is far from good. I am thrilled to hear that it may turn out to be a plus! Do the plus loans require immediate payment, or do they begin after schooling? I get an additional 5 to 6k per year from my mother’s work, but not until the end of each term, so i’m in an awkward predicament seeing that they require up front payment. cptofthehouse, what do you mean by direct loan? </p>

11

<p>

See <a href=“http://www.direct.ed.gov/applying.html”>http://www.direct.ed.gov/applying.html&lt;/a&gt;&lt;/p&gt;

12

<p>She might get the loan, but otherwise you will get the 4k additional. I think the payments start fairly soon, look around on the fed loan site. But she can get a deferral… Then you can pay off the loan when you get the reimbursement from her work. Both of you should read the Fed pages carefully.
<a href=“http://www.direct.ed.gov/parent.html”>http://www.direct.ed.gov/parent.html&lt;/a&gt;&lt;/p&gt;

<p>Direct Plus repayment
<a href=“http://www.direct.ed.gov/parentrepay.html”>http://www.direct.ed.gov/parentrepay.html&lt;/a&gt;&lt;/p&gt;

13

<p>Thanks for the links; i will read through them carefully. Is deferral something you have to apply for, or simply are given if desired? I can’t seem to find any specifics, but will my mother most likely get a PLUS loan with a “just below par” credit score, or must it be above average? I am very relieved to hear that there is a fallback if she is unable. Thanks again for the assistance. </p>

14

<p>

See <a href=“http://studentaid.ed.gov/repay-loans/deferment-forbearance”>http://studentaid.ed.gov/repay-loans/deferment-forbearance&lt;/a&gt;&lt;/p&gt;