<p>I will be attending UCI this fall and will have to get approximately 4 thousand out of my own pocket. My mom doesn't want me to take out loans so she wants to pay 4k a year. But the thing is, I don't want her to since I feel like it's my future, so I should be the one to deal with it. I know I am still young, but I don't want her to feel my burden. </p>
<p>My parents are not in good financial shape since we are losing our business. In fact, we dont even have a steady flow of income right now. I don't want to burden them anymore and in the end, I don't want to feel obligated to choose a course in life because they helped me financially. Also, my mom paid for my sister in law's school and is always saying "She wasted my money" etc. since my sister in law was not fruitful after graduation. I do not want her to think of me the same way if I do fail. And anyways, it's only 16k of loans for four years. Very easily achievable, right? </p>
<p>I just want some opinions on this. Maybe I am being foolish and will regret the choice later. So, any opinions? </p>
<p>PS. Sorry for any grammar mistakes or anything like that. It's late and I'm not thinking straight haha</p>
<p>Imagirl…Congratulations on your admission to UCI, and for receiving what sounds to be a very good FA package. If you received enough grants/scholarships to bring your out of pocket expenses down to $4K per year you’ve done very well.</p>
<p>Your desire to pay the $4K yourself is admirable, but just make sure you think through all the options before making your decision.</p>
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<li><p>Did your FA package include any work study? If so, getting an additional job to earn the additional $4K would not be a good idea.</p></li>
<li><p>If no work study is currently planned, then getting a job as 2collegewego suggested is definitely a way you can earn the additional $4K (depending on the economic prospects on/around the UCI campus and summer job prospects wherever you live).</p></li>
<li><p>$16K is a manageable amount of debt, but you need to plan on costs rising during your undergraduate years. Will your FA package increase as costs do, or are any scholarship amounts fixed? If your package contains grants, remember that those may actually decrease during your time at UCI if your parents’ financial situation improves.</p></li>
</ol>
<p>It’s just my personal opinion, but I believe it’s a parental responsibility to help get their child the best college education their family can afford. I’m also strongly opposed to taking out loans to accomplish that goal, unless it’s absolutely necessary. It’s great that you want to make your own way, but realize that your hard work and effort in HS is already yielded a great FA package so you’re providing “your share” already. My recommendation would be to let your mom provide the $4K as long as she’s able, and keep the Stafford loans in your hip pocket as a fall-back plan. That way if costs rise beyond what your mom can afford or the $4K becomes unmanageable for her you’re not stuck with no options and you’ve minimized any debt you’ve incurred. Good Luck!!</p>
<p>Why not consider your mother’s assistance as a private loan? You can pay your mother back once you graduate rather than paying a loan company or the federal government. And if in the course of your studies it becomes difficult for your mother to pay, then you can take out loans from other sources.</p>
<p>I would let your mom pay, but then make it known that you fully intend to pay her back after graduation just like you would a private loan. Then, you can avoid outragious interest rates.</p>
<p>Are we talking about $4000 in Stafford loans, or is that an additional part of your package? If it’s Stafford loans, I’d take the loan, especially since $3500 of it will be subsidized. $16,000 over 4 years is a reasonable amount of debt, and if your parents are in bad financial straits, it would be best not to burden them further if you don’t need to. You don’t want them to desperately need money after they’ve paid $4,000 for you. If this is on top of the $5,500 Stafford loan, then I’d talk with my parents about the likelihood of them needing this money in the near future. If they can afford to pay it, I’d structure it as a loan from your mom to you. And, if there’s not already work study or other earnings in your package, I’d try as hard as I could to reduce the $4,000 with summer or school year earnings. Good luck.</p>
This is the crux of the situation right here. If the dynamic between you and your mother is such that your mother will hold it over your head for the rest of your life, or try to force you into a major you don’t want, or whatever, then $16K in loans is a small price to pay to avoid that IMO.</p>
<p>Plus, if you get through school on your own without help, then you can hold it over <em>her</em> head. ;)</p>
<p>What does your package look like?</p>
<p>There are other ways to reduce expenses relative to the COA - get a triple or quad dorm room, get the cheapest meal plan you can, used books, move off campus as soon as you can, get a job if possible, etc.</p>
<p>If you’re able to, I would advise you to find a job - on campus ones are the best in my opinion, because they have the most flexible hours and the pay rate is pretty good. </p>
<p>One bit of advice though; I would listen to everyone else on the thread and have your mom pay for the first year (so you can get used to college life/classes/etc.) and then pay her back once you find a job your sophomore year. That’s what I did, and it’s working out great! My sophomore year I worked two campus jobs (one on the weekends and one twice a week, days flexible) and earned over $600/month, which more than covers your 4k a year. </p>
My sophomore year I worked two campus jobs (one on the weekends and one twice a week, days flexible) and earned over $600/month, which more than covers your 4k a year.