I’m most likely being granted a full tuition scholarship at my top choice college. However, room and board/meals/fees add up to about $7,500 per year. Is it, in your opinion, still worth it to go there? Is $30,000 in student loans awful?
How much are your parents willing to pay?
Did you run your numbers through the net price calculator?
$30,000 for all four years? You can only take $27,000 in your own name. Who,will,take,the remaining loans?
I’ve read that it’s $31,000, but maybe I’m misunderstanding.
My parents are probably not going to pay any of it, if we’re being real, here. Yes, I did run the prices through the net price calculator.
You’d probably have to take federal direct loans and work a part time job to cover the remainder.
What is the alternative choice? A full ride scholarship at some other school? Deferring college until later (financial aid independence)?
I’m planning on applying for outside scholarships, so hopefully those will cover some portion. Working a part-time job is required at my school, as well.
You have to eat whether or not you go to college.
Well… I’m not exactly sure what that has to do with the question.
Is this Berea College?
Are you low income? Will you qualify for a Pell grant?
Indeed it is.
What did the NPC show?
Not going to college doesn’t make the cost of your food go to zero. You could look at whether it’s worth it or not by just comparing the incremental cost (room) and not room and board since you have to eat regardless.
I’m not sure exactly, since my parents completed it while I was away and basically told me I was very likely to be accepted.
You can only take a limited amount each year, 5500, 6500, for freshman and sophomore yrs. then 7500 each year after. So that is 27k. Sure the limit is 31k, so if you have to go for more years you can take another 4K the 5th year.
That is a very low residual cost to go away to college, I would take it. But you didn’t answer what the alternative is. And you can get summer jobs at home hopefully to earn something. Ask you parents to kick in a bit as they won’t be feeding you or paying for hot showers for 9 months of the year.
Hmm. Were in the same dilemma. Because grad school debt is in my DC’s future, we have decided she must keep undergrad debt as low as possible. So, likely she’ll have to love at home then, unless she’s lucky enough to get room covered. We know she will have tuition free.