<p>No I’d need to go to school for 2-3 more years, but I can probably get better FA if I do good?
I mean my efc will still be 0 right?</p>
<p>So more school after undergrad … on Saturday to see if your dad will help, he might and that might make your personal loans lower.</p>
<p>All right.
hopefully he supports me. :)</p>
<p>*No I’d need to go to school for 2-3 more years, but I can probably get better FA if I do good?
I mean my efc will still be 0 right? *</p>
<p>Your EFC could still be 0, but FA for grad school is not as generous. You won’t get Pell and other aid. You can get loans, but not much (if any) free money. The gov’t doesn’t help much with grad degrees. The gov’t can only really help ( a little) with undergrad degrees.</p>
<p>I just did a loan calculator on finaid.org
and put the stafford loans on worst case scenario maximum rates of 8.25%.
This is assuming I pay all my interest in College.</p>
<pre><code>Loan Balance: $3,500.00 $2,000.00 $6,000.00 $11,500.00
Loan Interest Rate: 8.25% 5.00% 8.25%
Loan Term: 8 years 4.8 years 10 years
Minimum Payment: $50.00 $40.00 $50.00
Monthly Loan Payment: $50.00 $40.00 $73.59 $163.59
Number of Payments: 96 57 120
Cumulative Payments: $4,789.75 $2,247.38 $8,831.09 $15,868.23
Total Interest Paid: $1,289.75 $247.38 $2,831.09 $4,368.23
</code></pre>
<p>It is estimated that you will need an annual salary of at least $19,630.80 to be able to afford to repay these loans. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $13,087.20 , but you may experience some financial difficulty.</p>
<p>These results assume that the student is paying the interest charges on any unsubsidized loans and is not capitalizing the interest while in school. If the student is capitalizing the interest, the cumulative payments and total interest charges will be higher than shown here.</p>
<p>If the loans are consolidated, the interest rate will be 7.62%</p>
<p>Let me know if I did this wrong but it says I will pay payments of $163.59 a month if I pay all the interest, which hopefully I can pay most of it. It seems wrong to me so just let me know. I know it will be higher because of the unsubsidized loans.</p>
<p>Did you put in that you’d be borrowing a total of about $45k-48k for 4 years?</p>
<p>I’m not sure what you put in…</p>
<p>Loan Calculator</p>
<pre><code>Loan Balance: $48,000.00
Adjusted Loan Balance: $48,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
Monthly Loan Payment: $552.39
Number of Payments: 120
Cumulative Payments: $66,286.04
Total Interest Paid: $18,286.04
</code></pre>
<p>Note: The monthly loan payment was calculated at 119 payments of $552.39 plus a final payment of $551.63.</p>
<p>It is estimated that you will need an annual salary of at least $66,286.80 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans.</p>
<p>And this would be for undergrad only. If you do the PA route, you’ll need to borrow at least another $80k or more.</p>
<p>wait…i forgot to multiply by four…hold on.</p>
<p>Ok so now it says $550…</p>
<p>Yup got to admit that’s a lot.
Well I’ll see what other offers I get, but I am still really considering it.
I’m thinking if my dad helps me, I’ll make as much as I can in summer jobs in order to get rid of some loans. Is that possible?</p>
<p>Because it’s a school you like I wouldn’t completely write the school off but due to financial situation definately consider other more affordable schools.</p>
<p>Yeah I still need to visit it and see if I REALLY like it and am willing to work hard to go there lol. Luckily I’m getting the chance to visit.</p>
<p>You need to be careful about earning too much during the summer. You could lose your 0 EFC. The rules are different for independent students.</p>
<p>There was a kid on CC who was independent and his EFC went up too high. Hopefully Swimcat or Kelsmom or someone can shed light on 0 EFC, income, and independent status.</p>
<p>What is your aid package for UC Santa Cruz? Have you visited that school, too?</p>
<p>Funny. We both have the same loans amount and I’m also an independent student. Trust me I can understand you, I really want to go to this school too! and I might be willing to take that debt I just hope to God I graduate with a well paying job :[</p>
<p>Don’t know how much I’m getting from Santa Cruz yet.
Wait would making around $5,000 during summer crush my 0 efc?
Anyways Seattle u promises to give the same amount of gift aid all four years.</p>