I have a few questions that REALLY need answering!

Paying for College
1

<p>Alright guys, I'm posting this because both LGCC and BCC didn't really give me clear answers to my questions.</p>

<p>Okay let me tell you about myself. I'm a High School Senior, and I travel to New York city very frequently, and I love NYC more than anything in the whole wide world.. it's my life. I love it so much. When I'm there, I have no problems.. I get butterflies in my stomach and I know I belong there. I've been all over the city, most frequently I ate some Columbian food in Jackson Heights, and walked around Queens a bit. </p>

<p>Anyhow, my life dream is to live in Queens as I love it more than anything. So I applied to LaGuardia Community College to major in Paralegal Studies to get my Associates and become a Paralegal in a few years time.</p>

<p>I have a few questions:</p>

<ol>
<li><p>I had my transcripts sent to LGCC about 2 weeks ago; when will I get my acceptance letter? Mid November? December?</p></li>
<li><p>I looked everything up, and it should cost about 24k altogether for Out of State tuition, and about $28,800 to live there, so altogether about $52,800 to do this. I really want to go with a Private loan. However, I have no credit history BUT I'll have a family member with really good credit cosign with me. Should I get the Private loan?</p></li>
<li><p>A query: I'm completely deaf in my right ear, my parents make probably 60-70k a year altogether, and my father is originally from Iran, but I was born here(I speak no Farsi or anything.. 100% American). I keep hearing I can get a free ride through community college due to the deafness.. do I?</p></li>
<li><p>Is this all possible? It's my life dream and I really want to accomplish it. It's worth it to me, but is this all possible? I mean.. I hear stories of students from other countries doing what I'm doing and I'm sure it costs them even more.</p></li>
</ol>

2

<p>The reason I spoke about the other things when I was talking about the possible scholarships is because I’m not sure, but I’m thinking I might get a scholarship for one of those things also.</p>

3

<p>Since you can hear out of one ear you aren’t deaf.</p>

4

<p>Yeah I know. I heard from a few people the right ear thing could benefit me in regards to Scholarships.</p>

5

<p>I stress about this every single day so it would be AMAZING if some of you guys could help me out here.</p>

<p>Also, please disregard the monetary numbers I posted above in regards to cost? I did 4 years tuition calculations rather than two… so it should cost $40,000 altogether to do that.</p>

6

<p>You would need to research scholarships for the hearing impaired. Start with Google.</p>

<p>Another plan might be to save a lot of money by going to a CC in your state and then working in NY when you finish. $40,000 in debt for 2 years of school is way more than most would advise. Having to pay that back and live in NY where expenses are high would be difficult.</p>

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<p>Honestly, I can’t stay here anymore; I know I’ll be fine paying the 40k I owe. I definitely will do that. I want to do this so badly that I pray extremely hard everyday and stress myself out wondering if I’ll be able to do this… </p>

<p>Is this all possible? </p>

<p>Thanks, and College2College, thanks so much for your assistance.</p>

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<p>And also, I’ll be receiving about a grand a month from the Govt. due to my disability, so I’ll be fine financially, and right after I get my associates, I can get a job as a Paralegal, so I think I’ll be fine.</p>

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<p>I looked everything up, and it should cost about 24k altogether for Out of State tuition, and about $28,800 to live there, so altogether about $52,800 to do this. I really want to go with a Private loan. However, I have no credit history BUT I’ll have a family member with really good credit cosign with me. Should I get the Private loan?</p>

<p>*And also, I’ll be receiving about a grand a month from the Govt. due to my disability, *</p>

<p>??? What disability? Being deaf in one ear? That’s not a disability. My brother is deaf in one ear and he’s a VP for Canon, Inc. A person can easily work/support himself while being deaf in one ear.</p>

<p>Borrowing that much for a community college is just plain insane. </p>

<p>Do you have any idea how much you’ll be earning as a paralegal? </p>

<p>BUT I’ll have a family member with really good credit cosign with me.</p>

<p>I think it is very selfish to ask a relative to co-sign for that much money. Do you realize that that person’s credit is hurt while those loans are outstanding?</p>

<p>Do you know how much it costs to live in NY? How will you pay your NY living expenses and your loans on a paralegal’s salary???</p>

<p>Get your paralegal degree in your own state and then move to NY to work.</p>

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<p>I cant do that. My life here is ridiculously depressing. I need to move. And Paralegals make a pretty good salary. Check it out. And I already DO receive 800 a month for it, and will receive even more when I’m living by myself. So I think I should be alright.</p>

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<p>Also, I just researched and the typical monthly payment for the amount I’ll be asking for is 345 a month. I assume I’ll be paying 1200 a month for my apartment, plus extra, I’d say 1645 a month would go to the loan and housing. I added it all up, and about 20k a year will go to both. I will make 40,000 a year just starting out so I should be fine. What do you guys think? Look up the Paralegal salaries if you want to see for yourself. Thanks.</p>

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<p>You haven’t considered that you’ll be paying federal, state and local income taxes plus FICA out of your salary before you even see a penny of it. Subtract at least 20% from your gross annual salary and redo your calculations.</p>

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<p>I’m sorry but I just don’t think paying that amount of money to go to a community college as an out of stater is worth it. Surely you can get a paralegal degree in your home state and then move to Queens with NO or very little debt from school. The cost of living in any of the New York burroughs is quite expensive. In addition to your rent, and utilities and food and loan payments, you will also have transportation costs, clothing, entertainment (I’m sure you are not planning on sitting in your apartment every evening and weekend), and the like. Your money will not go far with a loan payment that is likely going to be close to $400 per month for 10 years. </p>

<p>However, it also sounds like you have made up your mind about this. Every time someone gives you a suggestion or a good reason why this should be reconsidered, you counter it. </p>

<p>A couple of questions…</p>

<p>Are you SURE your relative will be able to cosign or really want to cosign for the full time you are in college?</p>

<p>Does your family plan to support you at all in your college costs?</p>

<p>Have you explored any less expensive options to meet your goal of becoming a paralegal?</p>

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<p>*Also, I just researched and the typical monthly payment for the amount I’ll be asking for is 345 a month. I assume *</p>

<p>What interest rate do you think you’re going to get?</p>

<p>$40k loan over 10 LONG, LONG years…</p>

<p>Loan Calculator</p>

<pre><code>Loan Balance: $40,000.00
Adjusted Loan Balance: $40,000.00
Loan Interest Rate: 9.00%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $0.00

Monthly Loan Payment: $506.70
Number of Payments: 120

Cumulative Payments: $60,804.60
Total Interest Paid: $20,804.60
</code></pre>

<p>Note: The monthly loan payment was calculated at 119 payments of $506.70 plus a final payment of $507.30.</p>

<p>**It is estimated that you will need an annual salary of at least $60,804.00 to be able to afford to repay this loan. **</p>

<p>*I’ll be paying 1200 a month for my apartment, plus extra, I’d say 1645 a month would go to the loan and housing. I added it all up, and about 20k a year will go to both. I will make 40,000 a year just starting out so I should be fine. What do you guys think? *</p>

<p>You’ve forgotten…</p>

<p>Taxes…fed, FICA, state and city taxes</p>

<p>Food</p>

<p>Clothing</p>

<p>Cell phone bill</p>

<p>Cable/satellite</p>

<p>Utilities - Elec, gas, water, trash</p>

<p>transportation costs</p>

<p>insurance</p>

<p>entertainment</p>

<p>…and I think apartments in NYC cost more than 1200 per month.</p>

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<p>*I cant do that. My life here is ridiculously depressing. I need to move. *</p>

<p>What is so depressing? Why can’t you have a “new life” by going to school in your own state? You could live away from home, but still live in your own state.</p>

<p>What state are you in?</p>

<p>What disability do you have?</p>

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<p>I live in Philadelphia, and I simply can’t take it anymore… life here is extremely depressing. I can’t stand living here anymore. And I would’ve taken out 50k, not 40. I checked and the loan calculator gave me 345 a month. And like I said, I’m deaf in my right ear and the Govt. currently gives me 800 a month for it, but it will increase when I’m living by myself.</p>

<p>Looking it all over myself, it looks extremely possible.</p>

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<p><a href=“http://talk.collegeconfidential.com/parent-cafe/1016845-need-some-financial-advice-wise-how-save-nyc.html?highlight=living+york[/url]”>http://talk.collegeconfidential.com/parent-cafe/1016845-need-some-financial-advice-wise-how-save-nyc.html?highlight=living+york&lt;/a&gt;&lt;/p&gt;

<p>This person makes 62K in NYC, and he feels like he is barely making it.</p>

<p>No, you don’t want to take out a loan to go to a community college in Queens. It is called a community college, so people in the community could go there.</p>

<p>You walked around Queens a bit, and you know you’ll dream is to live there?</p>

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</p>

<p>I hope this works out as you think it will. I personally think you are very much underestimating the amount it will cost you to live in NYC. In addition, I think you are underestimating how much it will cost you to live once you’ve gotten that degree.</p>

<p>You are borrowing a LOT of money…a LOT. Private loans do not have very favorable rates right now. A Stafford loan with a favorable rate…of $40,000 would cost you about $400 a month for 10 years. Remember, you will also be paying interest on these loans…not just the principal.</p>

<p>Bikaben…Pennsylvania is a HUGE state. Surely there is someplace IN your state where you could go to a public community college or university that would be a fraction of the cost of attending a community college as an OOS student in Queens.</p>

<p>And FYI…your salary as a paralegal will go a LOT further in an area of the country with a lower cost of living.</p>

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<p>I know. I really appreciate all of the help guys.</p>

<p>I’m going to end up choosing the 15 year term, and I checked and I believe it’s at 3% interest generally, and it keeps saying it’ll cost 345 a month.</p>

<p>I won’t have to pay my Cell Phone Bill as my dad said he’ll take care of that, and I’ll have a lot saved up from my Govt. Checks as well.</p>

<p>And as for the apartment, I checked, and the average cost per month for an apartment in Queens is 1,000, but I’d still say 1200. </p>

<p>And my father who is a homeowner and ex-apartment owner just told me you do not need to pay taxes, and utilities CAN be included. I think I should be fine I guess.</p>

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<p>Once you are working you do have to pay taxes. Also, the people who I know who are receiving disability benefits would lose them if they were able to work, which means if they started working they would lose the benefits.</p>