In need of some advice - paying for UVA

Paying for College
1

<p>So, forgive me if I seem a little lost, but, well, I am. I am a first generation college student and I don't have many people I can turn to with questions like this, so I would greatly appreciate and help I can find on this forum.</p>

<p>I applied to three in-state Virginia schools: UVA, Virginia Tech, and William & Mary. I was accepted to all three, and for all three I was offered the same financial aid package:</p>

<p>Subsidized Stafford Loan: $2,108/year
Unsubsidized Stafford Loan: $3,392/year</p>

<p>Since the schools have similar ECAs and I've had my heart set on UVA for pre-medical studies for a while, I decided to commit to UVA. However, my mom recently lost her job, and my younger brother is only five years off from entering college himself, so I'm very concerned about how we're going to be able to pay for my education. I don't have any college savings, but I've applied for several scholarships and part-time jobs that I can work while I'm in school as well as summer jobs, and I think my parents have good enough credit that we'll qualify for student loans. But I'm worried that this is a dangerous way for my family to go financially. If I can't find a job to work while I'm at UVA to help pay off the loans, I could graduate with close to $100k in debt, taking interest into account. So, here are my main questions:</p>

<p>If I take out loans of that size, would it still be possible for me to enter medical school while keeping up with my payments? If not, should I try to change my plans to something I can start working on as soon as, if not before, I graduate, such as an engineering field?</p>

<p>Where would be the best place to take out these loans? I'm guessing the PLUS loan?</p>

<p>If you attend UVA, can you tell me how likely it is that I'll be able to find a job to work between classes?</p>

<p>If my mom can't find a job, will my financial aid package be adjusted next year based on my family's new annual income?</p>

<p>And one last question... is this all just a lost cause? Should I just get my degree from a community college? My parents are dead set against this, but I don't want to put us at any risk financially if I can avoid it.</p>

2

<p>UVA promises to meet need. What aid awards were you given? </p>

<p>You had to file CSS for UVA, so why is that a mistake? </p>

<p>Does your dad own a business? </p>

<p>What was your FASFA EFC?</p>

3

<p>The community colleges in VA all have guaranteed admissions arrangements with the state universities. If you start at the cheap local CC and fulfill the specific requirements, you will transfer directly into UVA. Talk with your guidance counselor about that. Happykid did that sort of thing here in MD. We saved a boatload of money.</p>

<p>You cannot borrow more than the federal loans on your own. Your parents would need to borrow or to co-sign. Don’t let them do that. Who knows when your mom will get a new job. </p>

<p>You can get in touch with each of the places where you were accepted, and as the financial aid office to reconsider your aid packages gives the change in circumstances. They may be able to adjust the packages now.</p>

4

<p>Hi. I just got a reply from the financial aid office, and they told me that they recently updated the financial aid website to tell late applicants not to submit the CSS, and I thought it was info I had missed when I initially applied, so it was just a misunderstanding.</p>

<p>My EFC is about $24,000 - which I think, right now, is over a third of my parents’ income, but it is what it is. The aid awards are just what I posted - $5500 in Federal Stafford loans.</p>

<p>My dad does not own a business, but my mom did and is trying to continue to do so but she will likely have to find a new job (since she has virtually no income from the small business she is trying to run).</p>

<p>happymom - Thank you, I’m planning to ask the financial aid offices for help, but I’m not anticipating any greater awards since my dad still makes enough that we’re not considered low-income.</p>

5

<p>Well…you don’t mention your dad’s income here. </p>

<p>You can contact UVA and let them know that your mom recently lost her job. They will tell you their policies on reviewing this. Some schools have a waiting time before processing these requests because often the parent gets another job. Also, if your mom received a severance package and/or payment for unused sick/vacation time, this income will be counted.</p>

<p>But really…if your dad’s income is sufficiently high, it might not matter a all.</p>

6

<p>Yes, if there is a change in your family’s financial status after you submitted the financial aid info, that is a reason for a request for reconsideration. </p>

<p>A couple things to keep in mind: UVa has a loan cap of around $25K. After you run up that much in federal loans (usually in your last semester of a 4 year program), you may be eligible for more aid (assuming that the formulas determine you have need at that time).</p>

<p>Second, your family will probably be eligible for $2500 of federal tax credits per year for each student in college. When you consider affordability, consider that your family in effect will probably receive a $2500 tax refund per year that can go to college expenses. That tax credit has been authorized through 2017. </p>

<p>Third, there are some cost savings to a family from a student being in college - such as reduced food, gas and utility expenses at home. It does not equal the cost of living in a dorm, but it is a factor.</p>

<p>Fourth, the amount of federal Stafford loans that are available increases as you progress. Your 3rd and 4th years, you will probably be eligible for $2000 more in subsidized loans per year than in your 1st year.</p>

<p>UVa has a very active discussion section of CollegeConfidential under Top Colleges if you have any questions specific to UVa.</p>

<p>Even if you are not eligible for official work study, there are still jobs available on most college campuses for students.</p>

<p>Most UVa students arrive with many AP credits. They may allow you to graduate a semester early (depending upon your program) which could save you many thousands of dollars. However, most UVa students prefer to stay all 4 years and take a second major, because they enjoy college too much.</p>

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<p>Despite my dad’s income, my parents have told me that they don’t have a way to pay for my college and that I’ll likely have to shoulder most of my own debt once I graduate. As much as I’d like to go to UVA, and as much as they’d hate for me to go to community college, I think that it might be the only reasonable option, given how much debt would accrue for me over four years. I’ve also looked into graduating early, since I’ve knocked out a few gen eds with AP credit, as well as getting off a meal plan and into the cheapest housing as soon as I can to save a few thousand a semester.</p>

<p>edit: charlieschm, Thank you for the info, I forgot about the Stafford loans increasing each year and I wasn’t aware of a tax credit. I’m going to be in touch with the financial aid office to explore my options, and I’ll check out the UVA discussion section as well.</p>

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<p>Sorry, I don’t wish to appear to be cruel but maybe as advice to others … waiting until after one has applied to and been accepted to colleges is not the time to start thinking about how one is going to pay for school.</p>

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<p>You don’t sound cruel, that’s just the reality, and I know. My parents have told me for the past couple of years that they will find a way for me to go to any school that I want to, but that doesn’t sound so realistic to me anymore and I thought staying in state would be enough but evidently not. I wanted to apply to Old Dominion since it is immensely cheaper and they offer much more aid, but my parents got so upset at the mention of it (“we want you to have a real college experience,” “you want to go to an intellectually stimulating school, not high school part 2,” etc) that I just didn’t press it, though I really should have. Too late now, anyway.</p>

<p>Will it really be impossible for me to pay back my loans once I graduate, as long as I find a source of income? I’m not exactly planning to live a life of luxury as soon as I’m out of school. I’ll be saving every cent I can while I’m attending, and working every job that I can whenever I can.</p>

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<p>OP, i dont understand your parents, they want you to go to a higher level higher cost university but said you are responsible for all your college expenses, how is that possible. Your father earns enough that your EFC does not qualify you for any financial need scholarships so they affect your ability to pay for college. If they are not willing to cover the EFC, then you have to go to a school you can afford or have the smallest loan incurred after 4 years. Parents cannot force you to go to an expensive college if they will not pay for it.</p>

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<h2>Golffather - it is not an overreach for a student to want to be able to attend UVa at in-state tuition rates.</h2>

<p>I hope you can make it work financially. If not, keep in mind that there is an active program that allows many high-achieving students at Va. Community Colleges to later transfer into UVa.</p>

<p>There is one other option. Maybe you can convince your parents to LOAN you some of the money at a lower interest rate than you would otherwise have to pay. (In a perfect world, maybe they would later forgive some of that loan). After all, if they have money sitting in a bank, it is paying less than 1%.</p>

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<p>My parents have told me for the past couple of years that they will find a way for me to go to any school that I want to, but that doesn’t sound so realistic to me anymore</p>

<p>Why do parents say these things when they don’t have “college money in the bank” and enough other money to survive a job loss or other fall-out? Too many times we see kids posting in the fall that they don’t have affordable choices because their “magical thinking” parents gave them false hope. Ugh!</p>

<p>VA has excellent CCs. Happymom knows a lot about those and maybe she’ll post info. At this point, ignore anything your parents say about debt. You can’t trust them at this point to give you realistic info…even if they promise to help pay for the debt. </p>

<p>go to a CC for two years, work over the summer to save money for your last two years at UVA. Sinc e you won’t qualify for aid anyway, you can earn/save as much as you want.</p>

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<p>I cannot offer better advice than the advice you have already received. But, I did want to come on here and commend you for being such a thoughtful daughter in what I’m sure is a difficult situation for your parents. Reading your posts makes it obvious your thoughtfulness, forethought, and intellect will take you far no matter what route you choose to take.
Just make sure you speak with the financial aid offices, counselors and your parents honestly. I’m sure you will make the right decision. And my best wishes on your mother finding another job soon.</p>

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<p>OP – you mention above that you are interested in Medical School? In that case it is important to keep your loans for undergrad to an absolute minimum since you have many more years of schooling in front of you.</p>

<p>CC yo VA four year university is one route to take. Another is to take a Gap year… no CC classes or anything. Work and save money and apply to schools for 2014/2015 that will offer you guaranteed merit for your stats. This may be a private university or a public OOS school. There is information on this forum about schools to look at. </p>

<p>If that does not work out you still could attend a CC with guaranteed admission to VA state universities.</p>

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<p>Sangchu, I wish I could come up with some better ideas, but a $20K gap when you are already taking on the auto Staffords is a lot. First of all, YOU cannot get anymore in loans without your parents being involved. They either have to cosign which means its on their heads really more than on yours because they are the only reason you’ll be getting the loan so it’ll be their credit and their debt to pay off even if you die,drop out or become disabled. It might make them feel better that your name is on there too, but it’s really hamstringing both you and them. Don’t even know what the interest rates would be for those loans, and for a $100K…ummmm. Read some of Gwgrad’s posts for a reality check of how it feels to owe that kind of money. Also, if you have medical school on the horizon, you do know that you will have to borrow heavily for that. With a brother of college age by then, the chances of any help from your parents there is about nil.</p>

<p>I think you may have already done this, but sit down and talk to them about how much they can pay. Anything? $1K, $2K. When you leave, there will be some reduction in expenses. Can they pull the budget belt tighter and start putting some money away right now into an account so that there will be a pot started? You say that they do not want you to go to community college, but the reality is if they do not show the money now, that’s where you are going. It’s Show Time here. Also, get a job NOW. After school, weekends, summers. Work, work, work where and when you can. Can you defer the UVA decision for a year, and see what you and your parents can save up in that time? Until the money is there, I would not make the commitment because it’s easy to plan, but difficult to actually salt that money away. </p>

<p>You can go to a local school and work part time for a year, and if you keep up the grades, most likely transfer to UVA. I recommend taking out those Stafford loans and stashing them for when you get to UVA because your eligbility does not accumulate for them. What you can do is work starting now and all through this year and 2014, saving every cent you can, getting courses as close to what UVA’s is towards your major, and taking ou that Stafford at the end of 2014 so the interest doesn’t start till then. I would then try to get into UVA for the spring semester. You would have the $5500 stashed of your Stafford, and be entitled to the FULL $6500 for that academic year, which would just about pay for your semester at UVA. The Staffords can all be taken in one semester if it is the second semester of the year, a little known thing about them You will have some money saved from the year and half you 've been working, plus you need to stay on your parents case to keep contributing as you go along, because otherwise they won’t have the money to give you when the time comes. You might just have enough to make it a full go for the next year. Then with the APs and the comm college courses from the first year, you might be able to get out of UVA in 2 1/2 years and at that point can go all out in borrowing. Still a lot of loans but far less than the $100K you are contemplating borrowing. It won’t be an easy go of it at all, but it’s possible. I’ve seen kids do it at various schools. </p>

<p>You can also appeal your award as Charlieschm has suggested, but my feeling is that the gap is really too big to get much more. Do give it a try as you want to start getting to know the fin aid dept there very well. </p>

<p>You can also go to cc for two years and transfer, working and saving both years’ Staffords and go to UVA straight up for tow years. There are a lot of variations to the theme I am considering. Also, if you give it another year, you can consider applying to Old Dominion and other schools where a full ride might be possible. Now you know the situation.</p>

<p>Since UVA does meet full need, yes, they will give you more money if your situation is permanent. But what would that income be? They also tend to go to PROFILE when that happens, and if your parents have any home equity, own a business, etc, the numbers get even dicier, and they still are not going to be able to contribute one red cent if that happens, I think you know that now. There will likely still be a sizeable gap. </p>

<p>I’m truly sorry it has come to this, and I wish I could do something to help you.</p>

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<p>I’d sit down and try to work out a deal with your parents (after you wash their cars and clean the house and make them a meal). </p>

<p>I’d say, if I commuted from home to community college, I’d need a car, gas and insurance, and you’d be stuck paying for my food and utility bills year-round… and I’ll take really long hot showers at home. To call it even, how about you pay for my meal plan at UVa?</p>

<p>I’d then say: you’re going to get a tax credit per year for me to attend college. In return, how about you pay for my housing at UVa?</p>

<p>Then, I’d agree to work full time over the summer and try to get a part-time job during the school year and take out federal loans towards the tuition. I’d ask: Would you be willing to loan me X of the remaining dollars a year at 4% interest rate to cover the gap, so I don’t need high interest rate loans?</p>

<p>You might also take them along on a Day on the Lawn Event at UVa so they get excited about the U. At least in the past, they had a full day of activities for parents.</p>

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<p>Thank you all for your responses and your advice. One of my family members has offered to help me with loans (that is, taking out a loan from them rather than the government or a private bank) since they had a savings prepared for one of their children who ended up not attending college. It may be enough to fill in the gaps that I can’t fill on my own. My parents are willing to help out a little as well, not by much, but it’s better than nothing. I’m also considering entering USUSH for medical school so I won’t have to worry about loans, and since I want to work with the Public Health Service if possible. It might work out after all. </p>

<p>Anyway, I’ve got a lot of thinking and planning to do, and a lot of people to talk with… fingers crossed. If it doesn’t work out, then you’ve all provided me with a wealth of advice, so thanks again. Cptofthehouse, I can’t articulate how much I especially appreciate your response, it’s more helpful and comprehensive than anything I’ve found on any internet search and I’ll be sure to keep all of your suggestions and tips in mind while I’m figuring all this out. Thank you.</p>

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<p>I know that UVA has a pretty good career services department and will help you find a job to work between classes. But you have to ask yourself how much you can really work and still do well in school. One of the best jobs to get there is in the libraries so you can do your homework while you are working.</p>

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<p>Go to ODU and live on campus to have that Real college experience. I know many who grew up a few miles away in Virginia Beach who did so and their experience was great. Completely different from those who commuted. Also, while its not incredibly tough to get into, ODU provides a pretty rigorous education that’s not the easiest to graduate from. Getting a degree from there is an accomplishment now. The school has really raised the bar and its not the same ODU of 20 years ago.</p>