<p>Ok so this is what my school gave me in terms of my financial aid:</p>
<p>Direct Parent Loan- (total) $12,720
Direct Loan Subsidized-(total) $3,500
Direct Loan Unsubsidized-(total) $2,000
Federal Work Study-(total)$1,000
SUNY Tuition Credit-(total)$160.64
NY State TAP-(total) $1,369.00</p>
<p>Here are my questions, if anyone could answer them that would be great:</p>
<ol>
<li>What is the difference between subsidized and unsubsidized?</li>
<li>What is a "direct parent loan"? Sounds like a fancy and clever way to say "Money from your Parents".</li>
<li>Federal Work Study??? Not sure what that means but does this require that I get a job while at school? And if I don't, will this money be taken away?</li>
<li>Not sure what SUNY Tuition Credit is?</li>
<li>Lastly, what is the amount of money (total) that the state is giving me that I DONT HAVE TO PAY BACK?</li>
</ol>
<p>Any help would be GREATLY appreciated. I will be going to SUNY New Paltz by the way, cost of admission is $20,749.64 a year.</p>
<p>Direct parent loan - the amount they think your parents should borrow in a Parent Plus loan from the gov. Only parents can take these loans, not students. </p>
<p>Direct subsidized - interest is on hold while in school. You pay loan back after you graduate, over about 10 years or so.</p>
<p>Un sub loan - also from gov. interest not on hold. You pay back loan after you graduate</p>
<p>Work study - you find a job on campus, and they will pay you over the course of the year $1000. Gives you money for personal stuff, etc. You have to earn it.</p>
<p>Tuition credit - they took a bit off the cost of tuition - sort of like a small scholarship</p>
<p>Tap - money from the state. I don’t think you have to pay that back.</p>
<p>So, you don’t pay back the tuition credit or the tap money. You earn the work study money. Everything else eventually gets paid back by you or your parents.</p>
<p>1) Direct Parent Loan…yes roughly the amount your parents are expected to pay, they don’t have to take out a loan if they don’t need to.
2) Subsidized loans do not accrue interest while you are in college
3) yes, federal work study - you find a job and then you receive a paycheck every pay period</p>
<p>Someone from New York will need to answer the SUNY and TAP questions.</p>
<p>With the sub loan the interest is paid by the federal government while you are in school,. The unsub, the clock o the interest begins immediately.</p>
<p>
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<p>If your parents are not in the position to pay out of pocket, they have the option of borrowing this money from the federal government to pay for your education (and if they are credit worthy).</p>
<p>
</p>
<p>This is the amount of money allocated for you to earn through the work study program. You will have to find a job (usually on campus) and earn the money. There are jobs usually earmarked for federal work study students. You can work about 6-10 hours a week, usually getting paid every 2 weeks. The challenge can be that there may be more students eligible for FWS than there are jobs available.</p>
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</p>
<p>The SUNY Tuition Credit was created to offset some of the financial gap created by the recent SUNY tuition increase.</p>
<p>This credit is automatically awarded to students attending a SUNY school who are currently receiving a TAP (Tuition Assistance Program) award through HESC. The award amount of the SUNY Tuition Credit is determined solely by HESC based on the level of the student’s TAP award.</p>
<p>If you are attending a 4-year SUNY, tuition is $5,270 a year (2635 per semester).</p>
<p>
</p>
<p>You will receive from NY State TAP-(total) $1,369.00 ($684.50 per semester)
Tuition credit = 160.64</p>
<p>total free money = 1529.64 or 764.82 (per semester)</p>
<p>Thank you everyone! Just wondering because my family is new to this, is $1,529 considered a lot in terms of financial aid? My mom is technically unemployed, and my dad makes an average salary, and so I’m wondering if this is considered alot, or a small amount, or an average amount.</p>
<p>Also, in terms of the work study thing, am I FORCED to get a job? I know it’s only 10 hours a week, but I really don’t want to have to work at school, even a small job like that. I’m planning on doing alot of extra curricular activities on top of school work and I really didn’t want to have to worry about working. So what I’m saying is, will they be forcing me to get a job or do I have the option to not work?</p>
<p>I read once that students who have part-time jobs (in the 10 - 15 hour range) on average have better GPAs than students who do not. The speculation was that these students needed to manage their time well and this had a positive effect on their schoolwork. I do apologize for not having a link to the study, if I find it I will post it later.</p>
<p>Basically, even kids with tons of college extra-curriculars end up frittering away 10 - 15 hours pretty easy any how, so a job really can be a way to A) learn to manage time B) gain some work skills and/or get a jump on building a resume C) earn money for school and/or mad money. </p>
<p>My son works on average 12 hours a week and is a honor student at Berkeley in the EEECs department. And he lives in a frat, works out, has a new girlfriend and definitely parties/socializes. It is entirely possible to manage time and “do it all”–including a job. It may mean some weeks (not every week) having to forgo a party or a weekend of lounging and sometimes needing to being very planful with homework, but a part-time job is not an undue burden. </p>
<p>Going to college and having zero jobs, not even an 8 hour a week job, is an extreme luxury. You don’t need to do the work-study option, there are other places you can work on and off campus unrelated to work-study.</p>
<p>One good thing about WS is that you don’t have to pay payroll taxes on that 1K you earned. Also, the WS income does not count against you when you apply for financial aid next year.</p>
<p>Like MD Mom said, this is not a good financial aid package and I hope your parents are able cover most of the tuition. If your parents are unable to do so and refuse to take out parent plus loans, then I hope you have a back up plan (another cheaper school) because it will be too much debt for you take on your own.</p>
<p>Also, while it is your personal choice whether to work or not during school year, when you apply for internships or summer jobs, your resume will look much more impressive with a job during school year. ECs are great, but having a job trumps ECs when you are in college. By having job, you will be showing your potential employers that at least you mastered a skill of showing up on time.</p>
<p>This is NOT a good FA pkg. What are your parents saying about those loans? Who will pay those off? </p>
<p>Also, in terms of the work study thing, am I FORCED to get a job? I know it’s only 10 hours a week, but I really don’t want to have to work at school, even a small job like that. I’m planning on doing alot of extra curricular activities on top of school work and I really didn’t want to have to worry about working. So what I’m saying is, will they be forcing me to get a job or do I have the option to not work?</p>
<p>I’m sorry, but I do not understand this thinking. Your family has an average income, and you have a lousy aid pkg…yet you want to further the problem by not earning the $1000 in work study (which is very little)??? If you don’t earn that money, where will your “pocket money” come from? </p>
<p>I dont’ think it’s very mature or responsible for you to be opting for lots of ECs over some work and some ECs. </p>
<p>If you were my kid and I had an average income, I’d be telling you that you need to earn at least $2k over the summer and another 1500-2000 during the school year, so that I’m not stuck with $60k in Parent loans.</p>
<p>What was your EFC? How much are your parents paying each year?</p>
<p>If you decide to do work study try to get some experience relevant to your future career. If you are going into health care, for example, get a job at the hospital. It may sound like more fun to check out pool balls at the rec center but having some work experience will help you at graduation.</p>
<p>Work study jobs are mostly campus jobs. Sometimes they’re for off campus locations like other schools. If the OP won’t have transportation, then he’ll be limited to campus jobs.</p>
<p>You got ZERO financial aid from the school itself. All federal and state monies, and what’s subsidized is self help–loans and work study which means you still have to pay it, just later. The parent DIrect Loan is PLUS and maybe your parents can get it, maybe not. They have to apply, get a credit check and maybe they’ll be approved and they could get that for any amount as long as Cost of Attendance minus other loans and awards are subtracted from it. Need doesn’t come into play. The same with the Stafford unsubisized part. If your parents get turned down for PLUS, then you can get another $4k in Stafford loans yourself, unsubsidized, that is. It’s all federal money,not the school’s. </p>
<p>This is not a good package, no. You would have gotten this pretty much at any NY SUNY school. But then the SUNYs do not guarantee to meet need and rarely do. So this is typical. Where the SUNYs excell is in providing low TUITION at many available locations. Room and board is high IMO, though in some locales, after freshman year, cheap housing is available in the vicinity and can bring down that cost. </p>
<p>I’ve heard good things about New Paltz, so if you and your parents can make it work and can afford the loans, good for you. Otherwise, look for a local options where your Staffords and your TAP can cover your costs entirely.</p>
<p>I’m just not sure what to do. My dad thinks I should email the school and ask if they could do anything else to help with the financial aid, but the thing is, any other school I choose would basically be the same in terms of the financial aid. The only way to really save money is by doing a community college, and I know it’s selfish of me, but I really REALLY don’t want to do that.</p>
<p>The school says that my parents should be paying $12k a year and I pay the remainder (about 8k.) My parents said that they can pay about 8k, but maybe more. So that means about 14k a year for me then? Is this too much?</p>
<p>College is so expensive and pretty much anywhere I go is going to be expensive. What I don’t understand is, what is it like for most families? I realize I didn’t get any scholarships from the school, however, is my cost of attendance REALLY much worse than everyone else? Most SUNY schools are this price and SUNY’s are cheap compared to most schools so why is everyone basically shocked at what they gave me? And how can I try to fix this?</p>
<p>Also, I will most likely be doing the Work study.</p>
<p>The school is not likely going to give you anything more.</p>
<p>If your parents will pay $8k, then they don’t need to borrow as much. Will they borrow the remainder? ($12,700 - $8k)???</p>
<p>$14k per year is too much for you. Also, if you work over this summer and work during the school year, you won’t need to borrow so much. That’s what many/most kids do.</p>
<p>I think most people are shocked by your aid pkg because we didn’t know that the PLUS loan was essentially for your parents’ EFC.</p>
<p>What is your FAFSA EFC? It sounds like it’s about $12k per year.</p>
<p>I know students who started out at a CC and ended up transferring to UC Berkeley, UCLA, Stanford, Santa Clara University, Mills College, and countless other amazing schools. CC is what YOU make of it and these days, even more very bright students than ever have had to use this route for financial reasons. The CC professors will see you and recognize what you are trying to do–most CC professors these days have PHDs and are thrilled to meet CC students who want to transfer on to great 4year colleges.</p>
<p>Know that many many students stay at home and attend a local college or start at a CC. </p>
<p>14K a year in loans is too much for you (and doubly so if you are allergic to working fulltime in the summers and parttime in the school year to offset some of that.)</p>
<p>Ok first of all, I am only a student and so therefore I cannot work full-time during the summer however I worked last summer ALOT, like 5 hrs short of full time and I am also working this summer and will probably be finding another job. Overall I have almost $2,000 currently in the bank and by the end of the summer will probably have $2,500. And I am going to do the work study thing.</p>
<p>I am going to call the college tomorrow, to see if they can do anything. I guess what we don’t understand is, unless everyone had children go to a community college and do a 2+2 program, isn’t this how it is for everyone? I mean, essentially, $20,000 is fairly cheap for a college. And I know I didn’t get alot of aid, but still. So I guess that’s why I’m confused as to why everyone is shocked about this.</p>
<p>And yes the package states that my parents will pay $12k per year in the PLUS loan.</p>
<p>Ok first of all, I am only a student and so therefore I cannot work full-time during the summer</p>
<p>??? Since when can students not work full time during the summer? My kids have done that for several summers. There’s nothing that stops a student from working full-time (or near-full-time) or even work 2 jobs in the summer.</p>
<p>. I guess what we don’t understand is, unless everyone had children go to a community college and do a 2+2 program, isn’t this how it is for everyone</p>
<p>Most freshmen do NOT get to go away to college. Most commute…either to their local 4 year public univ or they start at a CC. </p>
<p>MOST students do NOT go away to school. It’s expensive, it’s often a luxury, and most families can NOT afford it.</p>
<p>I know many students who work 30+ hours a week while going to school full-time. I did. It depends on how badly you want to go. </p>
<p>School is supposed to be paid for by a combination of savings over the years, scholarships, current income, and loans. Students that don’t have these don’t typically go away to a 4 year college. They commute, start at a CC, take gap years and work full-time, go part-time at night, etc. The other posters are right. Most students do not go away to college.</p>
<p>Bottom line: on a bill of roughly 20k, they gave you roughly $1500. That’s little aid from the school.
You can speak with the college. It’s worth it to make sure you made no mistakes on the FA paperwork you submitted. You need a fast Plan B. Loans are not aid, they simply delay the cost and interest accrues. If you are a NY resident, consider one of the cc programs that can guarantee transfer into Cornell. Or similar other plans.</p>
<p>Even if you scrape together “enough” for 1st year, you’ll have 3 more to go. Sorry.</p>
<p>I talked to my parents about it and opted to go to the community college. They told me that I don’t need to do that and we will make New Paltz work. </p>
<p>Room and board is $10k. This is double the amount of tuition. Once I move off campus and get off the meal plans, my cost will probably shrink dramatically. </p>
<p>I understand that alot of people go to community college, but also a lot of people don’t. With the work study and tap, it comes out to 18k – actually a little less. And this includes things such as transportation, personal fees, etc. I understand this costs a great deal of money but why is everyone on here basically telling me the only thing for me to do is go to a community college? I have talked to my parents about that and they said that it is not necessary.</p>
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