<p>Sherrylol, you are offered $5500 in DIrect loans, most likely, in your own name. So you need to come up with about $15K more for the year. That is $7500 per semester. If indeed, your father wants to borrow this amount for the year, then you will owe the $5500 and he will owe $15K for freshman year alone. He should apply for PLUS to see if he qualifies. Since you have filled out the FAFSA already, it won’t be too onerous a process and he can do it in the privacy of whereever he wants to apply on line. He will need his FAFSA PIN to do this.</p>
<p>However, realize that is just for one year. Next year, he’ll have to do the same and again, and again. He’ll be more than $60K in debt for your education, a lot more than that, because of the interest charges which begin to accrue as soon as the funds are released each semester. You will also owe money, probably $26K in principal alone, and unless any of these loans are subsidized, they will accrue interest too. You get to borrow a little bit more for subsequent years than the $5500 allowed for you this year. But the cost goes up each year too. </p>
<p>It is unreasonable for college student to take out more than that amount, simply because you won’t get the loans. Not without a co signer, and when you do that, you are just an extra also on the loan. You and the cosigner will both be on the hook. </p>
<p>Please do the numbers on what you and your dad each will have to pay if you borrow for all four years of school. In the above scenario, I am seeing 10 years of payments amounting to about $1000 a month for him and about $400 a month for you. That’s a long time to pay that much.</p>
<p>Oh, sorry I meant direct loans. I’m not sure if you can tell but I kind of have no idea what I’m talking about. 
Also I’m undecided as of yet but I’m fairly certain I want to do something in the science field. My dad is offering to pay off a majority of the loans as soon as the whole mortgage thing is dealt with (since that’s the main reason why we have to take out so many loans) so I don’t have to deal with all this debt by myself. And wait, even with interest I shouldn’t be 100k in debt…should I? We’re taking out 20k in direct loans and 2k a term, depending on if we need it or not.</p>
<p>If you are considering taking out the full Stafford/Direct loans, these are
$5,500 freshman
$6,500 sophomore
$7,500 junior
$7,500 senior</p>
<p>for a grand total of $27,000.</p>
<p>Most parents here in the Financial Aid Forum would tell you that this figure is manageable for most college graduates, but that it is also the maximum debt that you should consider for yourself. We would also encourage your parents to not borrow at all, so that this is the total family debt.</p>
<p>* We’re taking out 20k in direct loans and 2k a term, depending on if we need it or not.*</p>
<p>??? </p>
<p>What do you mean $20k in direct loans? Is most of that a Parent Plus loan? </p>
<p>This is still too much debt for you and your dad. Too much debt.</p>
<p>Sherry, you have the opportunity to go to Brooklyn College and graduate with little to no debt (maybe you and dad can split THOSE costs).</p>
<p>Once you’re graduated, living on your own, paying rent, car, utiities, cell phone, cable, food, clothing, etc, you’ll all be soooooo glad that you and your parents don’t have tens of thousands in debt to pay off.</p>
<p>Once your dad has his mortgage paid off, he’ll need to direct his money towards retirement…not paying off big school debt. Disaster!!!</p>
<p>Sorry I’m confusing you guys, the loans I was awarded are listed as “federal direct subsidized loan” and “federal direct unsubsidized loan”. And the whole no debt thing IS really appealing to me but I’m not sure if it’s too late for all that. I’ve paid for everything except for the actual tuition and registered for classes. And oh man, I didn’t even take into consideration my parents’ retirement. Well…damn.</p>
<p>What have you paid for? room and board? Find out what the school’s policy is if you withdraw. You can probably still get your money back at this point.</p>
<p>If she withdraws before class starts she should be able to get a full tuition refund. She will have to call to cancel room and board Check link</p>
<p>[Binghamton</a> University - Student Accounts: Tuition Adjustment](<a href=“http://www2.binghamton.edu/student-accounts/tuitionadjustments.html]Binghamton”>http://www2.binghamton.edu/student-accounts/tuitionadjustments.html)</p>
<p>To the OP, I’m really impressed with your maturity, good sense, and willingness to consider a new plan at this late date. You must be on somewhat of a roller-coaster of emotions right now. Hang in there! You and your parents will be very glad in the long run if you avoid the mistake of taking out huge loans for your first year of school!</p>
<p>Sherry, YOU are only allowed to take out $5500 in loans as a freshman, and that is through DIrect Loans, some may be subsidized. </p>
<p>How is the rest being paid? YOU cannot take out any more loans on your own unless your parent applies for PARENT DIRECT LOANS also known as PLUS and is turned down. Then you can get $4K more. That still doesn’t get you to what you need for Binghamton. If you are talking about applying for private loans, you need a cosigner with good credit and if your dad can’t get a PLUS approval, it is doubtful he’ll make the cut as a cosigner, or if he does the interest rate and terms will likely be tough. You really don’t have much time to get rolling on all of this, so that if things don’t pan out, you can make other plans and get some of your money back.</p>
<p>Good luck with your decision. I think withdrawing from Bing and attending CUNY is a great alternative.</p>
<p>You may have to explain to your dad that you may have to put off your college, at least at Binghamton, until he gets his finances in order, since payments are due soon, and you pretty much maxed out on loans you can take out on your own. The next step in payment has to be from him, not you, and he either can pay, where ever he might get the money or cannot pay. YOU cannot do anything more. If he wants to borrow himself, he has to start the process NOW. If he wants YOU to borrow, he still has to start the process, since YOU cannot get the money alone. THe easiest thing for him to do is to apply for PLUS in the privaccy of his home and see if he even qualifies for loans. If he doesn’t, you can get $4K more, but that is it, and he may not be good material to be a cosigner for you privately.</p>