I'm scared of being in debt(

Paying for College
1

<p>I am scared of hearing of people being in debt of more than 100k because of loans. I don't want to be that person living a miserable life especially since I will definately not have anyone to help me with paying for college. </p>

<p>I have an EFC of 0. I will attend my public state university and I will be a pre-nursing major.</p>

<p>Estimated cost of attendance
Books and Supplies $1,200.00
Living Expenses $5,220.00
Stafford Fees $120.00
Tuition and Fees $8,336.00
Transportation $2,070.00
Total: $16,946.00</p>

<p>Financial Package</p>

<p>Federal Direct Subsidized Loan Offered $3,500.00
Federal Direct Unsub. Stafford Offered $1,213.00
Scholarship Accepted $6,588.00
Federal Pell Grant Accepted $5,645.00
Total $16,946.00</p>

<p>So with my scholarship and grant it totals up to $12,233</p>

<p>Loans: $4,713</p>

<p>I have many questions. First, What do you think about my package? Good, bad?</p>

<p>I will be living with my parents. On my financial aid package it says status living with parents. So, does that mean I won't pay the 5k Living expenses?</p>

<p>What are Stafford Fees?</p>

<p>And I will be hearing from two scholarships this month. Hopefully I get them. One scholarship is $10,000($2,500 a year) the other one is HSF. So, I can only win one. If I do not win them, then should I take out loans? I don't think I could afford unsubsized loans.</p>

<p>What do they mean by transportation? DO they mean the university buses they offer or the cost of my gas to and from college?</p>

<p>Also, my mom wants to go to Venezuela. I haven't gone in 5 years and I miss my family and I want to see them. But I want to also stay here with my dad to work so I can have some money for college. My parents can't pay for my college but, my mom says that it is okay if I go to Venezuela. I feel like I should stay and work all summer to save up money.</p>

<p>Should I go visit my family or work during the summer? I never had a job............. only volunteer work.</p>

2

<p>You will need money to live, eat and drive your car to school. Even if you live with your parents, you will have expenses of your own. You don’ t need the loan but it’s great that you have access to it. </p>

<p>It is a great package and you should start building your credit rating too. So a small amount of loan is not a bad thing. Best of luck.</p>

3

<p>You are not going to end up $100,000 in debt. If all you end up needing is the Stafford loans, that should be a manageable debt, especially with a nurse’s salary; you are very fortunate to have the financial award package that you have.</p>

<p>Payments don’t start until after you graduate. </p>

<p>Their estimate of living expenses and transportation could be higher than your actual costs if you are living at home and your parents are providing you with food and shelter. By “transportation” the school means the cost to get to and from the college. That could be higher because the school’s estimate is based on the distance that students travel from all over the state for beginning and end of each semester and break.</p>

<p>You can always take the loan in case you need it, bank it, and then pay it off at the end of the year. Or hold it in reserve for unexpected expenses.</p>

<p>As far as the summer trip goes, it’s your call. One thought - if you don’t go, can your parents put the cost of the plane ticket toward your education expenses? That might allow you to turn down the unsub loan…</p>

4

<p>I will be living with my parents. On my financial aid package it says status living with parents. So, does that mean I won’t pay the 5k Living expenses?</p>

<p>You will not be paying the school the $5k. That is just an estimate as to how much it will cost you (or your parents) to have you living at home, plus driving your car, etc. Certainly, if your parents are going to be buying the groceries, and paying the electric bill, then you won’t be spending $5k.</p>

<p>Also, if you work over the summer, you can save money to put towards gas and other day to day expenses.</p>

5

<p>This is an excellent package.</p>

<p>You direct costs to the school are $8336.00. Your scholarship and pell grant cover more than this so you have some money left over for books and other expenses. You will graduate debt free as long as you maintain that scholarship (is that renewable over 4 years) and your pell remains the same (do you think your and your parent’s financial situation will change much?).</p>