<p>Northern Illinois also has some generous merit and additional scholarship funds or out-of-state residents of nearby states (Indiana, Iowa, Wisconsin and Missouri). Odd funding priorities…</p>
<p>It’s funny how everyone is talking about how Illinois in-state cost for attendance is ridiculously high… because I’m from Illinois T_T . UIUC was my safety school and so far the cheapest school I’ve been accepted into.</p>
<p>@ mom2collegekids:</p>
<p>That’s what we were trying to figure out. We were deciding against getting a loan for that 38,000 and having that loan pay the school while we pay the loan. Does that make sense? After talking to them and talking to other people, finding the money to bridge the < $10,000 sounds like a lot more sense. I know nothing about money, but those loans will have interest rates and it doesn’t make sense to borrow that much money when we can foot most of the bill.</p>
<p>I’m thinking that I’ll work a full time job this summer to help pay for the difference.</p>
<p>I want to know any alternative if we can’t sign up for any loans together. My in state school and Tufts are a few thousand apart. Do I not go to school for a year? Ugh, I’m sorry. I think that I’m over thinking these things and I’m just a little bit nervous T_T</p>
<p>You aren’t overthinking it and I’m glad you are talking to the people on this board to get some advice.</p>
<p>The situation in our state is a disgrace. I’m embarrassed as a taxpayer to have to hear an instate student having to figure this out for this tuition level. </p>
<p>Good luck to you and your family.</p>
<p>Chimikins, what’s in your aid package from Tufts? Does it already include Stafford loans? With your parents’ poor credit, loans may be an issue. If Stafford loans can be used to bridge your gap your parents’ credit may not come into play (other than perhaps to qualify you for additional loans if they ‘re denied for PLUS). Also, are your costs based on Tufts’ stated COA? If so, you might be able to economize on some of the indirect costs.</p>
<p>UIUC was my safety school and so far the cheapest school I’ve been accepted into.</p>
<p>Well, it sounds like you’re comparing UIUC’s price to PRIVATES. That’s comparing apples with oranges. If you were to compare UIUC’s instate price to OTHER states’ instate prices, you’d see that UIUC, Penn St, and maybe a couple of others, are a LOT higher than the others. </p>
<p>So, for people who find that they can’t afford their instate public (which may be you), they may decide to apply to OOS publics that will give huge merit scholarships which bring the OOS cost down to about $20k per year or LESS. </p>
<p>However, that option isn’t available to you as a transfer. If you had had strong high school stats, then you could have done that as a frosh.</p>
<p>Your parents need to “do that math” and see how much they can make in monthly payments and pay THAT amount directly to the school in monthly payments (don’t use a loan for this!) The school payment plan doesn’t charge interest, so don’t use a loan for this. Then borrow any shortfall (which may not be possible if credit is a problem).</p>
<p>So, if your parents can pay $2500 per month for 10 months, then they don’t need to borrow $25k from a loan source.</p>
<p>However, you say that their credit is terrible, so how are they going to borrow AT ALL???</p>
<p>How much are YOU going to borrow with a Stafford loan? Your parents’ credit won’t affect that. You can borrow $7500.</p>
<p>OP, It’s important to know what is in your Tufts package. If it already includes part or all of the Staffords, then you can only get $4K more on your own IF your parents are denied by PLUS, which leaves a $6K gap between what your parents are going to pay, and what the cost. If that is the case, unless you are working this summer and expect to work during the school year, you are going to come up short. What you can do is apply for a Stafford loan for the year you just completed at the CC up to $6500 or whatever the max amount they will let you based on the that CC’s COA. You would need to fil out a FAFSA for 2012 and take the loan out for the 2012-13 school year you just finished. The proceeds would go to your CC and they would then send it to you. But you need to move fast, as the time deadline is approaching for you to be able to do these for the previous year. Since you did not borrow last year, you can do this, but it has to be before the doors are closed for this previous year. You can then take the money and use it for next year. </p>
<p>OP can borrow $6500 for Sophomore (just completed at the CC) and junior years from the Stafford Direct loan program and $7500 for senior year without having parents apply and get denied from PLUS (DIrect parent loan) I believe s/he can get an additional $4-5K a year if the parents are declined PLUS. </p>
<p>You have to move fast to get that money to reimburse you for the year you just paid for at the CC in loan form to apply to your junior year at Tufts.</p>
<p>In your case, with two successful years, under your belt, it would be a worth while venture to borrow about $10 or so to get a Tufts degree and experience since you have not borrowed at all for 2 years. It would not be worth while to borrow what would amount to $80k by the time interest is done for the experience at EITHER Tufts or UI. If that is the situation, look for a less expensive school to which you can commute and get your 4 year degree. It is a danged shame, SHAME ON YOU ILLINOIS, that you are in that situation, but really at 7% interest minimum, borrowing that kind of money for college makes no sense, as your parents seem to be having financial issues and you would be really helping them out by being well on your feet without basically a house payment on your head when you graduate. </p>
<p>So, if your parents can commit to that $28K, and they should enter the monthly payment contract for it asap and even start paying the school now directly before the contract to get amount down low when they do sign it, you should be able to borrow the remainder. </p>
<p>Any lender is going to ask for a qualified cosigner for any loan YOU take. Doubt if you can even get a car loan on your own. Direct Staffords are all you can take on your own, other than anything the school gives you such as Perkins, but the Staffords are an auto qualify if you have filled out the FAFSA for the 2013-14 school year, which you must have done for Tufts to have given you a financial aid package. As I keep bringing up, you probably can still get money for 2012-13 for the full cost (including commuting expenses–they will calculate the max amount) for your community college which will funnel out to you and you can apply the funds to Tufts but that deadline is coming very quickly, like the end of this month.</p>
<p>This is where the community college program can show a huge fail in states. You get a student who goes there, excells to the point where s/he can get accepted to a selective school like Tufts, but to finish up the two remaining years at flagship is going to be whomping $34K. The other schools in the state are not a whole lot cheaper anyways, and if such a student does not have a 4 years state school within commutable distance, it is a problem. Even if there is such a school, there may not be any mass transit options which can mean a car has to be purchased. Throw that into the equation , and the cost to get that degree goes way up. So to get a college degree in a state like Illinois, a student who is doing all the right things to be frugal is still stuck with a huge bill.</p>
<p>In this case, the OP’s parents have the finanicials so they are deemed able to pay, and it appears as though they will come up with at least most of their EFC, but the problem is that the IL schools do not meet need anyways. It leaves students, even ones who are very qualified and should be able to get their bachelors in a bad place.</p>
<p>I have to commend the OP’s cc in getting him/her through two years well prepared enough to be a qualified transfer, which can be an even more fundamental problems with many CCs. I also commend her and her family for getting through those two years loan free. I feel more financial latitude can be taken by someone who has gotten this far successfully, but, dang!, to borrow $75-80K (and it will be that with accrued interest) for the next to years? I also feel given the state’s issues right now in shortfalls for education, as wonderful as IU-UC is, and it is a world class institution, not just national but WORLD class, a student would get so much more, and have a richer, more personal experience in Boston at Tufts. I don’t think I’ve ever said this about a student on these boards, though I read it from parental posts all of the time, but this student deserves it. I wouldn’t say it for anyone, no matter how high the SAT scores or grades from high school, but someone getting through CC the way the OP has, does DESERVE to go to a private for close the cost of the state school. It’s just a matter of getting the numbers to work, and whether the parents can truly afford the bulk of the cost, that $28K that OP indicates they will be paying. Absolutely, I would say, fine about the student borrowing the difference in that case.</p>
<p>Chimikins, please listen to cptofthehouse about applying for a loan for this year that just ended. You have to move fast or you won’t be eligible for those funds. Fill out the 2012-2013 fafsa today using 2011 taxes and have it send to your cc. Call the financial aid office and let them know you need a loan for the school year just ending. If they ask why, you don’t have to get into all your financials for next year; just tell them your family is having some money problems and you need this loan.</p>
<p>Besides Alabama, Mizzou has found some low-hanging fruit in prospects that would’ve ordinarily gone to UIUC. Pay OOS tuition freshman year (about $36K COA), earn $4k in Missouri over the subsequent summer, then pay in-state the rest of the way, about $21K COA.</p>
<p>Believe it or not, I’ve sensed in the last admission period that UIUC has loosened their criteria a bit, which doesn’t surprise me. $30-$34K COA in-state. Criminal. Neither of my D’s attended although both were accepted–in '05 I seem to remember COA being around $22K, and in '09 about $26K.</p>
<p>Yep - my S was also accepted 3 years ago in Honors at UIUC. He tried to bargain with them based on offers from other private schools. Their response was to suggest to him which would be THEIR top choice out of the privates he had to choose from! What! They didn’t fight it or try to address/match the financial concerns. That is why my S is at ND right now (which was also their top choice school, haha). </p>
<p>With D, she didn’t even bother to go back to them to negotiate. What is funny is that D’s HS sort of requires (not strictly enforced of course) all students to apply to UIUC as a “safety”. That is the only reason D applied after the experience with S.</p>
<p>Yes, occasionally I find myself in a discussion about the cost of college and the other poster is going on and on about what a “bargain” instate is, and then I realize, OH. They are from another state.</p>
<p>But, no matter, from what I understand all the state schools are heading this way.</p>
<p>Good luck to the OP. I hope you can follow the advice you got about the loans.</p>
<p>Oh, and I should add that we also knew nothing about financial aid back when S applied. Didn’t even realize that while UIUC was an academic safety - that is was NOT a financial safety! What a rude awakening - but everything worked out OK. They say that God takes care of fools and babies…</p>
<p>Chimikins -</p>
<p>Here is a tool that you and your parents can use to compare all of your aid packages: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid) That website has lots of useful calculators to help all of you sort through the potential ramifications of various types of loans.</p>
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<p>That is actually not the case. Many states are going that direction, but not all.</p>
<p>This graph shows that the average cost of in-state colleges varies by state from 9.3% of income (Wyoming) to 23.3% of income (Pennsylvania). Illinois is only the 4th-worst!</p>
<p><a href=“HigherEdInfo.org: Percent of Family Income Needed to Pay for College - by Type of Institution”>HigherEdInfo.org: Percent of Family Income Needed to Pay for College - by Type of Institution;
<p>My state (Georgia) is very much at the other end of the scale. Typical in-state freshmen at Georgia Tech this fall will be paying about $15K COA.</p>
<p>thank you for sharing. ;)</p>
<p>I understand even Virginia is looking into this. What can you do?</p>
<p>In Illinois it’s the pensions and administrations. But, the OP on THIS thread isn’t from Georgia. He’s from Illinois.</p>
<p>Good luck OP.</p>
<p>BobWallace, are they going by average cost (meaning how much instate students actually spend) or tuition and fees? If it’s tuition and fees, it wouldn’t take into account initiatives the states may have, like Florida or Georgia’s widespread scholarship programs. From what I’ve seen, Ohio kids have a popular dual-enrollment program and scheme where the kids are granted college credit for AP classes even without passing the exams. (I believe the credit is given as dual enrollment instead of AP.) Of course, that benefits the kids who are best prepared for college but, if it’s utilized by many of the kids, may affect the actual amount instate families spend.</p>
<p>The graph I linked is computed as follows:</p>
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</p>
<p>Thanks. So it would account for Georgia’s program and Florida’s program but not Ohio’s program. Seeing where they are on the chart, that makes sense.</p>