I have a full ride, but...

Parent Cafe
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<p>LessTraveledBy -</p>

<p>Maybe someone else has already suggested this, but could you borrow relatively smaller sums of money from family members, family friends, or even some of your old teachers? $50 here, $100 there, could add up to something close to what you need. Google “Model Promissory Note” and see what comes up. If my young relative were headed to the college that I think you are headed to, I’d be happy to float a couple years’ worth of holiday presents, or shell out an advance on the college graduation present.</p>

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<p>I’m pretty sure you said that you had tight time constraints, but, for other trips, be sure to check out [url=&lt;a href=“http://www.megabus.com%5DMegaBus%5B/url”&gt;http://www.megabus.com]MegaBus[/url</a>]</p>

<p>If you plan it right, you can get bus tickets for as low as $1 each way.</p>

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<p>I probably should have phrased that better. It would be more appropriate to describe part of it as an emergency fund (in case something happens to me), and part of it as an equipment deposit (in case I break something, or many somethings). The school is currently in fine financial straits; I’ve read their annual report.</p>

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<p>So, realistically speaking, how likely is it that a lower middle-class family would be denied one of these loans for say, $3000? My parents are meeting with our bank today or tomorrow, so we’ll get an early verdict then. If that goes poorly I’ll apply with Chase or someone and see how that goes.</p>

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<p>I surmise that the school’s means of advertisement leads to less low-income students attending than if they actively recruited low-income students like some schools (this is almost tautological). That being said, all that I know about their advertising and recruitment process is limited to what I have found online, a process that may be far more extensive than I have read. </p>

<p>Additionally, the school did not advertise to me, and yet I found out about it anyway. I don’t think that more advertisement would be good for the school. It’s hard to do the calculus necessary to weigh the potential impacts that the current limited advertisement has on the student body and whether greater (or lesser) advertisement would create an objectively positive change in the composition of the student body. </p>

<p>I’m not sure how I feel about labeling these costs as a hardship either. Of course, you don’t call these costs a hardship. However, you do make the interesting point (at least, this is what I inferred from your statement) that if many low-income students attended the school then it would have a means for addressing this potential hardship. </p>

<p>I’ll respond by saying that the school replied very quickly with suggestions and a potential option for dealing with my hardship. This option is one that my family and I are considering, but we are exploring other options (such as private student loans) for a variety of reasons. </p>

<p>One of these reasons, my reason, is that the school has already done a great deal for me (admittance, full-ride) and I think that it is fair that I shoulder an admittedly small financial burden (although it will be difficult) if I can. If shouldering such a burden through loans, aid from friends or family, the graveyard shift, or any of the other suggestions I have received is impossible or unrealistic then we will pursue this option.</p>

<p>This also brings us back to one of the reasons that I would like to remain pseudonymous: this thread contains a great deal of information pertinent to an ongoing financial discussion between myself and my school. I would hate to jeopardize that discussion by mis-portraying myself or my school.</p>

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<p>I’'m very impressed with your maturity…uhhh…that’s all I wanted to say.</p>

<p>Keep us in the loop.</p>

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<p>^^^ me too! of course i’m curious as to the school, but understand your wishes to remain anonymous. </p>

<p>do you believe in paying it forward?</p>

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<p>I do. Although, there are cases where I have lent money and required that it be returned. </p>

<p>I find that it is much easier to apply in terms of services rendered, which explains my positive experience with AmeriCorps. Volunteering has always seemed to me to be a means of paying it forward in a lot of ways. Obviously there’s not a built in stipulation that those being helped eventually help others, but I would say that it is by far one of the larger collateral impacts of our service.</p>

<p>This does offer a rather interesting reason to consider the option my school offered. I still get a weird feeling about it, but you’ve given me a great deal to think about.</p>

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<p>LTB…Are there any alumni near your current area that might be able to help you out with the initial deposit money, etc? Is that perhaps the suggestion the college made that you’re not comfortable with? If so, you shouldn’t be averse to looking into that option, as I’m guessing any alumni would be more than willing to help you.</p>

<p>There’s also a possibility to earn a few dollars by giving blood and/or…other bodily fluids. I’ve known a few people who’ve earned some extra spending money by doing this, and if you’re lucky enough to have a rare blood type it could bring in a little extra. Not a great option, but it doesn’t require much time or effort.</p>

<p>Good Luck!! You’ve got a wonderful opportunity ahead of you…take full advantage of it.</p>

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<p>It’s a special place, if it’s the place I’m thinking of… enjoy. Take the school up on its unusual option for financing if you need to…</p>

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<p>The option that I received does seem to be along those lines, with the school connecting me with private sources. Of course the ambiguity is in “private sources”, I would assume that this means alumni, but I am not certain.</p>

<p>I am uncomfortable with this option because I still believe that there may be a way for me to meet these costs without causing myself or my family undue hardship. My lack of comfort stems from my concern that not only will I be soliciting charity (which isn’t an uncomfortable thing by itself, but it is more uncomfortable when placed next to unsolicited charity) but I will be soliciting potentially unneeded charity. Of course, if I cannot meet these costs through any means then this charity would be needed.</p>

<p>To further muddle my feelings about this, the various calculators online have given us an estimated EFC of around 2k - 3k, which should theoretically cover most of these costs. However, I gave my parents an extra $10k in income for 2010 based on their pre-tax estimates (Whoops). So, I’m waiting on updated numbers from them based on their completed filing and I still need to file my own taxes (bigger whoops?). Once I get those numbers I’ll finish filling out the FAFSA (for another school) and then I’ll have a better idea of my actual EFC.</p>

<p>The process from there would involve me sending my Student Aid Report to my school. If our EFC is higher than the estimated costs I would also have to send an explanation of familial hardship that prevents us from meeting that suggested contribution.</p>

<p>Like many families, we would have problems meeting that contribution for a number of reasons. I don’t think there’s ever been a situation when my family could solidly put down several thousand dollars on something, but this summer in particular will see an impressive up-tick in costs unrelated to college. So, if we were to describe our hardship I would probably focus on those.</p>

<p>Certainly, I have options. Many of you have suggested a great deal which will help to keep costs low and potentially raise money. So, I’m pursuing these options because I feel uncomfortable pursuing the school’s option without exhausting my resources.</p>

<p>However, parent56 has definitely presented a good point for eschewing my lack of comfort with the school’s option. I may be more squeamish about charity than I should be.</p>

<p>Hmmm…choices, choices, choices.</p>

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<p>LessTraveledBy, This may seem strange, but consider the position of the “private source.” This is probably an alum or friend of your school, a person in financially comfortable circumstances who has made it known to the school that they are willing to help out students who need a little extra aid. For this hypothetical person, $3500 is not a big sum. And this hypothetical person wants to help out young, promising students. This person would be thrilled to give such a tiny donation to help out a young, promising student at their school. It would make this person happy to be able to contribute in some small way to a student’s success.</p>

<p>I think you should call or write the prospective donor, and allow them to help. Sometimes it’s harder to take than to give, but in this case, in my opinion, you’d be doing yourself and the donor a favor.</p>

<p>Edited to add: And then you can pay it forward.</p>

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<p>^^ Cardinal Fang’s words are very wise. Please consider it!</p>

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<p>If it’s the school I’m thinking of - and I am fairly sure it is - you should take up the alumnus on his offer and go, with your own plan to return the favor to a promising young man one day in the future when you are in such a position.</p>

<p>If it is the school I am assuming it is, do NOT pass up this opportunity…the alumni I have heard about (one I know :)) from this institution have all led extraordinary lives and described their experiences there as absolutely, hands-down life-changing. Take the funding with the knowledge that one day you’ll pay him back AND you’ll do the same for someone else. And enjoy your time there - it will be exhausting but transformational!</p>