I don't know.

Paying for College
1

<p>Hey guys. So I started a thread on the parent's forum about my interest in taking a gap year for financial reasons. I got great responses but I'm still SO uncertain. I received my financial aid offer from University of Connecticut (I'm OOS) and I got a decent offer. My top school was BU, but it ended up being way too expensive.
UConn's offer:
Tuition Remission Grant: $7,200
University Grant: $2,050
Carl Perkins Federal Loan: $1,600
Stafford Loans- $5,500
Federal Work-Study-$1,800
UConn Award (Merit)- $12,576</p>

<p>That's $30,726 a year (with the federal loans of course). I have $10,000 of my own saved when I graduate high school, which will help pay for the balance for all 4 years after the $5,000 from my parents. I'll work summers to pay for rest. </p>

<p>The COA for an OOS student is around $39,000. My parents were originally reluctant to taking out a loan to help me pay. I made them feel guilty and they gave in and said that they would pay $5,000 a year to help me out. Now that I'm thinking about it, I feel terrible for asking them pay even that amount. They are by no means rich and they are already in a lot of debt. They're also older (Dad's 50, mom's 55) and I don't want them to have to struggle. I want them to retire comfortably (they don't even have a fund). However, now that I raise these concerns to them, they tell me not to worry, that they want to help. </p>

<p>Anyways, with their help, I would be left with $33,000 in debt at the end of the 4 years. I don't think this is THAT bad, but it isn't great either. I plan on going to grad school and recently have considered getting a PHd in psychology (my major is undecided but I'm really leaning towards psychology). </p>

<p>I just feel all around guilt and like I'd be making a mistake to go to UConn. I know that most parents do help out their kids pay for college, I just don't want to burden my parents in any way. I would love to get a good job and eventually pay them back and even help with their retirement, but the economy SUCKS and I know this is so hard to do. Plus, they are older. </p>

<p>Is it worth the money to go there? I know that's up for me to decide but I've lost sleep over all of this. I WORRY way too much and think into the future A LOT. I would love to get an off-campus job to help with the debt of myself and my parents, but since UConn is in the middle of nowhere, it would be hard to do that. I REALLY want to go to BU, but it costs $7,000 more a year than UCONN. </p>

<p>SO basically, I sound crazy and this is just one huge rant but I really just need opinions. I'm considering taking a gap year and applying to schools that would give me more money and would put me and my parents in less debt. I just can't imagine going through the college application process again, plus my mom thinks this would just be a continuous, never-ending cycle.
Am I crazy for feeling this way?
Thanks to anyone who can help.</p>

2

<p>Have you thought about community college rather than take the whole year off? Regardless, please include your best in-state option for the next round of applications. One think to bear in mind, psychology isn’t the easiest field in which to make back a lot of borrowed money. You may have to go all the way to Ph.D. or M.D., and even then it’s not a sure thing.</p>

<p>So the total debt would be $33k for you plus $20k for your parents? More than I’d be comfortable with for my own kids. In your parents’s situation, this wouldn’t be the best time for them to take out a loan. Ask how much could they contribute out of current earnings, and work from there.</p>

3

<p>Yes, that would be the total debt.
I’m a lot more careful than my parents. Them and the rest of my family think I should go to BU and not worry about the debt. That, I couldn’t imagine doing. I’ve considered the CC and local options, but for personal reasons, I can’t stay home. Home life has not been good and although I love my parents to death, I’ve been through too much with them to deal with for another 4 years. Living on my own would cost just as much as going away. So a gap year would be possible, but 4 more years I really don’t think I could do. </p>

<p>The thing is, my dad makes ~$100,000 a year while my mom is on a fixed income due to a disability. However, we live in Long Island-obviously very expensive. In my calculations, they could probably afford to spread out at least SOME of the $5,000 into monthly payments, I just have to talk to them to see if they’re comfortable with it. </p>

<p>BTW, I applied to 2 instate colleges- New Paltz and Buffalo, both would cost MORE than UConn with tuition & room and board included. I got no aid, only loans from them. Which I thought was very weird. </p>

<p>Thanks for your response. I know this is a bit complicated but I really just want to take all thinks into consideration.</p>

4

<p>Out-of-state tuition and fees: $26,880<br>
Room and board: $10,782 </p>

<h2>Books and supplies: $800 </h2>

<p>Basic costs…about $39k per year</p>

<p>Estimated personal expenses: $1,640 </p>

<h2>Transportation expense: $1,100 </h2>

<p>Work study can cover these costs.</p>

<p>Tuition Remission Grant: $7,200
University Grant: $2,050</p>

<h2>UConn Award (Merit)- $12,576</h2>

<p>Free money…about…22k</p>

<p>Carl Perkins Federal Loan: $1,600</p>

<h2>Stafford Loans- $5,500</h2>

<p>Loans…7100</p>

<p>Federal Work-Study-$1,800 (for personal expenses/travel)</p>

<p>Funds from savings $2500</p>

<h2>Funds from summer job…about $2500</h2>

<p>student contribution…about $5000</p>

<p>without parent help, you have about $34k covered…so you’re about $5k short. You would need your parents’ money to make this work. If you could somehow work two jobs over the summer and really pull in some cash, that would minimize parent contribution. </p>

<p>The reality is that for your parents to come up with $5k of payments, they would have to come up with $500 per month. They could do a Plus loan, and spread out the debt over 10 years. </p>

<p>I don’t think going to a CC first would help much since you’d then lose all your merit opportunities.</p>

5

<p>Kudos to you for wanting to be independent – but grad schools tend to be a bit . . . snotty sometimes. That is, you will be FAR better to have a degree from UConn than from a lesser known institution. Compared to many, you are looking at a very doable path. </p>

<p>Welcome to the real world. There rarely is a path forward that doesn’t have some down sides. You’ve been sheltered from much of this (sometimes by not being given any choices!) but now there is not a perfect path forward. Some deep analysis is good but then you need to pick your path and make it work. Good luck!</p>

6

<p>Thanks guys! I think I will probably end up going for it and hope to have a good job and be able to pay my parents back eventually. I over-analyze EVERYTHING and work myself up way too much. It seems very doable and it’s better to be $33,000 in debt than $60,000 (for BU). </p>

<p>I know my parents will pay for transportation and I’m sure they’ll give me spending money.</p>

<p>You’re right Olymom- I need to make whatever my situation is work somehow.</p>