I want to work while I'm in school.

Paying for College
1

<p>My dream school is Tufts - and I've been admitted! Yay :D Unfortunately, I'm not sure what the fin. aid will be like yet. I'll know on Monday.</p>

<p>I really, really want to work while in school... I know I'll be in somewhat of a debt (or... perhaps my parents will be, rather) when I graduate, so I want some $$$ in the bank. That way when I graduate, I can START paying it off with money that I have already earned! I know after all that money is gone I'll have to start paying it off with money I make from my salary, but it seems like IR majors make a starting salary of at least $40k so it shouldn't be TOO bad.</p>

<p>Now, Tufts is supposed to provide work study for all applicants who are eligible for aid. That sounds good, but apparently you can't work and earn more than your work study permits, right? Does that mean I have to take a second job... and wouldn't that be hard to balance my schedule with?</p>

<p>I'll be in Boston, so there should be plenty of opportunities, right?</p>

<p>Another Q: I know for a lot of educational loans, payments aren't due til after a grace period of 6 mons after graduation (presumably so one can find a job). But just out of curiosity, can I start paying it off while I'm in school itself?</p>

2

<p>I don’t think you can. I think you have to wait until you are out of college and the 6 month grace period is over.</p>

<p>On another note, i’m trying to figure this out as well. Do you know when schools ship their financial aid packages?</p>

3

<p>It would be very difficult, and compromise your grades, EC’s and group study opportunities to work more hours than what work study gives you.</p>

<p>If this is what you really need to do, choose a lower cost school. Kids trying to do this end up feeling left out of the college social life and not having much fun.</p>

4

<p>^ Hm, so is that implying that the $$$ work study gives me would be the amount of hours I could handle anyway?</p>

5

<p>If you earn too much $$ it will compromise your FA. Be aware if you earn too much to justify for the amount of FA you receive it will be cut.</p>

6

<p>Student loans can be repaid while a student is still enrolled in school…it just requires contact with the lender to let them know your plan, as student loans are designed for no payment plan during enrollment.</p>

7

<p>I assume that you’ll be in attending in Somerville, MA which isn’t in the City of Boston though I guess that it’s considered part of of the Boston Metro area. Getting to Boston would mean driving (parking can be a nightmare in Boston) or taking the MBTA which means a decent walk to Porter Square and then ten to fifteen minutes to the downtown area. The transportation time may compromise your efficiency for classes.</p>

8

<p>Work study money earned is reported on FAFSA, but is NOT assessed for the EFC calculation.</p>

9

<p>Work study is part of your financial aid package. Even if you don’t get work study there are often job opportunities on campus. I worked in the cafeteria and in the Student Union ratskellar when I was in college for my spending money. A lot of kids do this. Being in a major city, you may be able to find off campus jobs as well that are still close to the school. </p>

<p>You will have to do your calculations regarding financial aid and make sure you don’t make just enough to throw you in a category that is makes it not beneficial to work. You will also have to make sure you can handle a job and your academics.</p>

10

<p>Yes, you can prepay your loan. It’s not a good idea financially for subsidized loans, though – simply because the loan is interest free while you are in school. You are better off if you can avoid the loan in the first place, because of origination fees. If you have to take unsubsidized loans to make ends meet, then it would be an excellent idea to start paying those down as much as possible. </p>

<p>And yes you can take a 2nd job and work more hours than your work-study allotment. My daughter always has done that, mostly with bartending through an agency operated by her college. She earns between $7-$10/hour for work study, but (I think) $22/hour for bartending – and the bartending jobs are flexible in terms of time – she only signs up for specific jobs when she has the time. Usually those jobs are during hours when students tend to be playing rather than working in any case. </p>

<p>My kids have almost always worked multiple jobs while attending school. My d. has a very strong GPA – its just a matter of being disciplined about your time. More work time means less play time, not less study time. (Obviously you should have some time in your life for relaxation – but you might get lucky and find a type of work that you also find enjoyable.)</p>