<p>I just got accepted to U of C, and I am of course ecstatic. I was deferred EA, and after achieving the highest grades of my high school career this past semester, and writing a pretty authentic, passionate letter to my admissions counselor, I was accepted RD. </p>
<p>I was an idiot and didn't even apply for financial aid. My family income is above 200k, so I was fairly certain I would receive next to nothing in terms of grants. But in retrospect, I have realized that it could have been possible for me to receive federally subsidized, low interest loans, which increasingly is seeming like a great thing. I am slowly realizing the amount of financial strain I will be putting onto my parents by having them pay such a hefty price for my education. They will have to withdraw much from their retirement savings. My family has been very fortunate, and my parents have worked very hard (immigrated to this country with very very little), and I just feel very guilty for making them spend so much on me. </p>
<p>Now, I do plan on applying for other scholarships, but realistically they will only make a small dent in the 200k+ cost for a U of C education. I plan on working full time this summer, and hopefully every other summer during school, but again, I feel like this will help very little. </p>
<p>So basically a couple of questions: If my parents pay for my first year nearly fully out of pocket, can I apply for financial aid after my freshman year? Would I receive much in terms of federal loans? Would taking loans out and going 50/50 with my parents be intelligent? I am very nervous about the idea of graduating from college drowned in loans... How much can I expect to make during the year at U of C, working an on campus job (also, are those only given to students through financial-aid-work study programs, or are they open to everyone)? What other options do I have? Can I apply straight to the government for those loads, if the deadlines are later than UChicago's was? </p>
<p>sorry im probably not much help i dont know how to answer your questions, but all i can say is… have you considered deferring for a year? you can reapply for financial aid the next year and in the meantime maybe you should get a job or something. and actually you should sitll try applying for FA. it wont hurt.</p>
<p>A-Punk, I am in exactly the same situation. I didn’t apply for aid, thinking I wouldn’t qualify, and now I don’t know if I should have my parents pay the full cost. They are willing but I feel hesitant. I’m also worried about Chicago’s job recruitment…</p>
<p>I think you can still apply. I was an idiot and forgot to send one of the forms, but they just sent an email to me yesterday telling me to send it in. You just won’t get the estimate early.</p>
<p>With the income level you state, you would not qualify for any subsidized (interest deferred) loans anyway. And you would probably not even qualify for any federal loans anyway. I believe the federal loans are capped at a certain amount anyway. But you can definitely apply next year – or perhaps even this year to make dure.</p>
<p>I did the same thing as the OP and have just finished sending in all my FA forms to my schools today. Just send it in and hope for the best. You can bang your head into the wall later.</p>
<p>And there’s a good chance you’ll still get an aid letter. I have a friend who did something similar (applied very, very late for FA), has a ~$150k income level, and still got a bit of aid. So don’t give up.</p>
<p>I doubt you’ll get any aid. My family income is about 200k, and out EFC is about $50,000. Once both my sister and I are in college, we’ll get about 25,000 from each school, but we’re still paying 50 every year, for 6 years.
Do you guys have any extenuating circumstances? When my sister decided her college, my father drove there and mentioned the amount of grandparent support our family pays for. Apparently, schools “cover” that, so my sister got maybe $1000.
Chicago has merit aid. 5000, 10000 or full tuition. But there’s not much you can do to up your chances of receiving it. And decisions may have already been made.</p>
<p>Apply for FA now. Apply for whatever scholarships you can find with late deadlines. Look into loans, work study, etc.</p>
<p>I think you should apply for aid right now. You’ll still get a response despite how late it is. Even if you don’t qualify for any, at least you’ll know for sure instead of wondering. And definitely get a job over the summer and a part time job during the academic year – those two combined should make a dent of ~$4k.</p>
<p>with the income you mention (and the type of assets that usually come along with that type of an income) you will not qualify for any need-based aid.</p>
<p>however – that does not mean that you cannot help pay for your college years. This is your education and you are right to think twice about loading your parents with all the costs. here is what you can reasonably do during your 4 years:</p>
<p>apply for scholarships – even a thousand a year can help.</p>
<p>work summers – you can usually earn $2000+ during a summer</p>
<p>work ~10 hours a week at school (there are generally plenty of on-campus jobs available, regardless of need). You can earn another $2000 during the school year.</p>
<p>Take out low-interest stafford loans each year – these are available regardless of need. The amounts you may borrow change each year. Right now: freshman – $3500, sophomore – $4500, junior & senior – $5500 each year. All total, you can borrow $19,000 with low interest, no payments until you graduate (can be deferred while you continue study for a masters, etc) and should be relatively easy to pay off once you graduate.</p>
<p>Finally – be careful how you spend money at school. buy used books, think carefully before spending money, etc.</p>
<p>if you do this, you can contribute $39,000 towards you education – which is considerable.</p>
<p>-Gather financial documents.
-Need to fill the Fafsa using information from 2009 Tax form
Access the site and create a pin number: [FAFSA</a> - Free Application for Federal Student Aid](<a href=“http://www.fafsa.ed.gov/]FAFSA”>http://www.fafsa.ed.gov/)
-Send the FAFSA to the university: When you fill the Fafsa you will have the opportunity to name the universities the Fafsa will be send.
-Probably you need to fill a Student Profile</p>
<p>send an email to the Chicago FA office and ask them what is required of you to borrow the stafford loan. specifically ask them if the FAFSA is enough or if you are required to complete the Chicago FA forms. </p>
<p>I would also ask the aid office your question about work – if work jobs are available for all and if so, what is the process.</p>