Hey guys,
I’m admitted to GMU for fall 2017, and really want to go there. The problem is I’m OOS, and my parents can’t pay anything when it comes to college finances. (they only pay 1k towards my education in high school, so I guess that can be considered for college) I’ve been offered 20,020 in grants (+ work-study) and about 5,500 in loans. I do not mind taking loans first year considering I’m out of state, but I’m worried about years 2-4. If I get into the honors college by sophomore year, would I find I’d have a full ride? GMU is a school I want to attend, and my heart is set on it, but I don’t want to drown in debt.
Getting accepted into the honors college does not guarantee a scholarship.
@raclut I know, but I’m generally active so I think would be able to get scholarships/ research grants from the school. Would that be enough?
What is the estimated cost to attend? Are you able to attend with just work-study and your $5,500 Stafford loan, or do you need additional help? I don’t know of ANY schools that offer additional grants in subsequent years. Are your grades high enough that you might still receive a merit scholarship from them THIS YEAR, or have all merit scholarships already been announced? Again, merit scholarships are usually given to freshmen in differing dollar amounts and for 1 - 4 years, typically with a minimum GPA required to maintain them. There might be small department scholarships available in junior or senior year, but you cannot count on receiving them and they would not cover very much of your cost. Your $5,500 loan is all you can take out in loans, so if the current aid package doesn’t cover all costs, the school is not affordable for you.
There is a lot of research activity at GMU but more than likely you will not be paid for it.
Your best chance for any scholarships are as a freshman. When you received your acceptance offer you would have been notified if you were awarded a scholarship. Expect that the tuition will increase each year and that your grants will also decrease. Have you received any scholarships from GMU or outside the school?
If you were instate I would have recommended going to community college for two years and then transferring to a four year school. My concern for you is that you may have to withdraw from the school after the first year because of your inability to pay future college expenses. So far based on what you’ve described, your plan sounds unrealistic and very risky for you.
Your best bet would be to discuss this directly with the school as they will have the final say on what they can offer you.
What I’m trying to do at the moment is add up as many scholarships I can to be equal to, or more than, 10k. I don’t mind taking a 20k loan first year since I’m OOS and that difference would be gone by second year when I’m a resident. I’m still checking with the admissions office whether or not I’m getting merit.
Sorry if I’m not giving enough info. Basically the grant plus work study is 20k. If I work more, I can up that to 20.5 or 21 hopefully. The estimated cost is 51k, so I’d have about 30 left. If I figure out 10k (every year - whether that’s from the merit scholarship reconsideration, or outside scholarships) then I’d take a 20k loan just first year since years 2-4 are have an estimated cost of 30.
@raclut why would tuition increase every year? can you look at the comments I just posted is that unrealistic?
@NerdMom88 I plan to take out a private loan in addition to the unsub loan gmu offered to equate to 20k
Why do you think that you will qualify for “resident” status? Unless your parents move to Virginia, I think it’s very unlikely.
"I have lived and worked in Virginia for one year, pay Virginia income taxes, obtained a Virginia license, registered to vote and registered my vehicle in Virginia. Do I qualify for in-state tuition?
Maybe. The above “factors” are evidence of domiciliary intent but are not determinative because Virginia law requires consideration of other matters. If you are a dependent student or a minor, your domicile will be presumed to be that of your parent(s). If your residence or physical presence in Virginia is primarily for educational purposes, you will not qualify for in-state tuition even if you achieved all of the above factors. If you entered the University as an out-of-state student, you must present clear and convincing evidence to rebut the presumption that you are residing in Virginia primarily to attend school."
http://registrar.gmu.edu/students/domicile/faqs/
In addition, are your parents going to co-sign for $20K in loans?
Why do you think your tuition will only be $30 years 2-4? Being a student does not automatically make you a resident after 1 year qualifying for in-state tuition.
@virginia989, everything @suzy100 just said is absolutely correct. Reading the school’s policy, you will not be considered as in-state, ever, unless your parents live in Virginia. You would need to be able to cover at least four years of OOS tuition. Tuition rises every year at almost every school, usually more than the cost of living increases. You can assume at least a 3% to 4% increase every year.
What you CAN’T assume is that you’ll be able to get 10K in scholarships, or new scholarships next year. Scholarships outside the ones offered by the school in your freshman year are VERY competitive and VERY difficult to get. You’ll need to assume that you’ll be short 30K your first year, and even more in succeeding years, and you cannot take private loans to cover that amount, even if you are willing, unless your parents co-sign the loans.
Also, it’s minor compared to everything else, but you cannot work to earn more than the work/study has offered. To do so, you’d need to get a different job.
I know you don’t want to hear this, but you’re making a lot of assumptions that just aren’t true, and you simply can’t afford this school. Even if you got co-signed loans each year, you’d end up $120K or more in debt for an undergrad degree. Repayment of an amount like that would cripple your earnings for years to come, consuming 1/3 to 1/2 of your take-home pay.
You need to go with an affordable option. In the case of an undergrad degree, that is an option that will not exceed $27K in debt for four years – that is the amount of Stafford loans that you, as a student, can receive. Most students find that amount affordable to repay.
I have read every post on this thread and I agree with what @NerdMom88 and @suzy100 are saying.
They have given you very good advice and points to consider.
A true safety school is one that is an academic and financial safety. (one that you can afford)
Have you applied to any schools in your hometown where you could commute from home to?
Those schools might be your most affordable options if you live at home and use grants and small loans to cover tuition.
Please don’t assume $10,000 in scholarships a year and don’t assume you will have instate residency after the first year. You may have been awarded work study but what happens if you are not able to find a work study position on campus? A work study job is not guaranteed.
Frankly, I don’t see this as an affordable option for you.
@virginia989 I don’t think you can reasonably get enough outside scholarships to make up the type of difference you’re talking about, but if you absolutely are going to GMU, you can apply for outside scholarships. Try for local ones that basically no one can apply to through asking around or just asking your counselor. I know I got $200 just for being a volunteer in this club throughout high school. I’m also applying to other local scholarships and am anticipating getting at least five more in addition to what I have now just because only 2-3 people qualify. One of them is for female seniors going into business-related fields (well, for me it’s business law, lol) in my county, which narrows it down to like 1,300 senior girls who could apply. Even though many qualified, only 12 actually did. You’ll do even better with STEM scholarships.
But then again, I wouldn’t count on that. Check with Mason about merit money and residency status. Consider if it’s worth the out of state tuition…
If you’re planning to afford GMU with outside scholarships, make sure to familiarize yourself with how the university calculates financial need. Many schools will decrease your financial aid if you get outside scholarships.