I start school in August of 2016 and I’m $6,181 short for college. My cost is $28,816 and including FAFSA, scholarships, grants… I have $22,635. THIS IS NOT INCLUDING MY WORK STUDY (Work study = $2,500 for the year) and I don’t want to take out any private loans and I don’t want to wait and rely on scholarships that I’ve applied for. The payment plan I would like to do would be the 9 month plan where I start Paynent in July. Here’s the thing. I won’t have any money until I start school. So with the 9 month plan, I will need money for 2 months. Which is $687 a month. Or I can choose the 12 month plan where I pay $515 every month starting on April 20th…-_- I know I’m getting money for when I graduate but I don’t want to rely on something that I don’t have yet. Also do you think *having to make $515 ~ $580 for a freshman is too hard? Keep in mind, I’m in AP calc I and I’m taking two additional classes in the summer. (So I guess I can use that time in school of not having to take these classes to work in August and etc…)
Does the $22635 include any federal loans(usually a total of $5500 in federal loans is available for freshman students to borrow)? Does the $28816 cost include travel, personal expenses and books? It would be helpful if you post all of the info you have about the cost of attendance and your complete financial aid award:)
It does not include books and personal expenses. And the $22635 does include federal loans: $7000. $3500 sub, $1500 unsub and $2000 Perkins
I’m sorry it’s $2000 I sub and $1500 Perkins
You’ll need to get a job over the summer. You’re ~$3700 short when you include the Work Study. How much can your parents throw in?
We did the 12 month plan one year. Our payments started July 1, not in April. Check the monthly plan to see what the options are.
I don’t see the $5500 Direct Loan in your financial aid package in your first post. If you don’t have THAT, you might want to consider taking that loan. If you have the money, you can pay it off sooner. But really…lots easier than a payment plan…and a little less stress…because you know you will have the money.
How much will your parents contribute? Annually?
@“Erin’s Dad” I would like to cover the cost on my own.
@thumper1 the $$22,635 that I have (not including Work study: $2,500) is what I have including all government loans and current grants and Scholarships I have. And I with 9 month Paynent plan my parents would already be paying at least two month of the money I would owe.
From above…you have the $2000 subsidized Direct Loan. Well…that is what you have in one post.
Could you please clarify your actual loan amounts.
How much in Direct Loans…and how much in Perkins?
For freshman year…you are eligible for a total of $5500 in Direct Loan money. That is in addition to your Perkins…whatever amount that is!
You can take out an additional $3000 in Direct Loans ($1500 additional dollars per semester). You can pay the interest or the principal as you go on any of your loans if you find you have extra cash.
If you take the $3000 unsubsidized loan, than you will have about $3000 additional to cover. That would be $1500 per semester. Get a job ASAP and plan to work ALL SUMMER. If you do, you should be able to earn the bulk of this money.
Adding to the recommendation that earning $ will be imperative, especially since you said you haven’t calculated in transportation, books and perhaps some other ancillary fees (student activities, student health, etc??). You can take on pet-sitting, dog walking and babysitting jobs while looking for after school and summer employment.
@jym626 @thumper1 @“Erin’s Dad” But what I wanted to come to in my situation. With me owing $6,100 and having 2-3 classes completed when I start school in August, will I be okay?
@jym626 @thumper1 @“Erin’s Dad” ALSO I can get a different dorm that’s the same cost as the one I’m looking at now (so cost of room won’t change) and it doesn’t require a meal plan. Meaning school will cost less, I don’t have to stress about the payment each month. AND I’ll have that money to use for groceries…
Your current need based aid is based on you having a meal plan…just make sure that won’t change if you do NOT need a meal plan.
$685 per month is way too much for a college kid working a work study job to come up with every month. You can’t do it making $10/hr shelving books at the library and you don’t have enough money allotted to work study to pay it (your work study will end after you earn $2500, and so may your job). You’ll need some pocket money even if you have a meal plan and a dorm. When you go home for breaks, you’d need to have a job to keep making that Dec and Jan payment.
Don’t do that to yourself. Take the loan, and if you earn the money pay the loan early, or pay the interest as you go along.
@twoinanddone Yesterday I changed some things to where I’ll owe $3085. I changed my dorm and took the meal plan away. This way I’ll be spending $342 a month(9 month plan). I think that this will be more manageable especially if school is 8 1/2 months meaning I’m hair enters at least $312.5 worth work study.
The money I’ll have left will be used towards food and I’m the way my family is I’m pretty sure they’ll make sure I have some food when I start.( the dorm I chose doesn’t require a meal plan But you can buy meal blocks/bundles throughout the year)
Also remember to keep in mind. I’ll already have 2 - 3 courses simple yes when I start school in August, so If I have to, I can use that time working so I don’t stress myself out out.
What do you think of his plan? I’m an incoming freshman so I need help to figure out what’s best.
No meal plan? Is that even allowed as a freshman living on campus? What will you eat?
@kandcsmom meal plans are only required for certain dorms.
@twoinanddone actually the amount I said I’ll make is incorrect.
$2,500 for the school year
Payments are from July 20, 2016 - March 20, 2017
My parents are paying the first two months J
July and August.
I’ll pay for 7 months. Sep 20, 2016 - March 20, 2017
I’ll make (at least) The guaranteed a month of $357/month
Maybe this has been asked, but did you get admitted to a school that costs less than this one?
If your parents get the tax credit on your college tuition next year around this time of up to $2500 maybe they can give you that money to go toward your costs.
Google “American Opportunity Tax Credit”.
Also see IRS Publication 970.