<p>Financial Aid Award(Seton Hall) School costs $47,914</p>
<p>Award:
SHU Need Grant-10,160$
Federal Work Study-$4,000
Federal Stafford Sub Loan-$3,500
Federal Stafford Unsub Loan-$2,000
*Est. Private Loan- $28,254(Would I have to pay for this in the end?)</p>
<p>Total aid(2010-2011)-$47,914</p>
<p>Sorry, this is not a full ride, it is less than 1/4 tank. They are offering you the opportunity to take out $33,754 in loans which you indeed have to repay. The work study is paid to you if you accept a job and work about 10 hours a week. You would get paid every 2 weeks.</p>
<p>my understanding of a full ride is when grants and scholarships cover tuition, room/board, books, misc. expenses, and you do not have to pay that back.</p>
<p>I would not consider this a full ride as you have over 30k in loans for one year that you will have to pay back.</p>
<p>Heavens No. Nowhere near a full ride. A full ride would not include loans. $33,754 in loans for a year is horrendous. Not only is it not a full ride,it is a dreadful financial aid package.</p>
<p>
Yes. If it says loan it has to be paid back. So you would have $33,754 plus interest to pay back for just the one year. So at the end of 4 years you are looking at $135,000 in loans plus any accumulated interest (assuming you are not paying the interest as you go along every year - all the loans except the sub stafford will be incurring interest from the day they are disbursed). So with interest you are looking at upward of $157,000 in debt at the end of 4 years which would mean monthly repayments of close to $2,000 a month every month for 10 long years.</p>
<p>Please do not even consider taking on this sort of debt.</p>
<p>No, thats not a full ride at all. I also agree, taking that much of debt for undergraduate could end as a tragedy. Definately keep looking elsewhere.</p>
<p>I hope you applied to financial safety school. As said above, this is an awful fa package.</p>
<p>I’m a little surprised that you would ask if a loan has to be paid back. Do you have a parent who can look over your packages? If not, come back with you others. </p>
<p>How much will your parents pay each year. What is your efc?</p>
<p>liljay, don’t take on a package that looks like this. You would be much better off going to community college than taking on nearly 34,000 in loans for one year!</p>
<p>liljay527, I got my Finaid package from Seton Hall today as well! It sucked too 
Aside from the 17,500 scholarship, it was all loans- I was really hoping for a grant since my EFC is zero. Not that im not thankful for the 17k scholarship… But I would have about 18k in loans a year! Guess its not the most affordable school out there.</p>
<p>EDIT: Also, does anyone know why the workstudy award is so high?? Mine was 4000 too, but at most other colleges it was 1500-2000. Would Seton Hall pay more or just make us work more hours?</p>
<p>WS funds are limited so schools decide how to award them and set the maximums themselves. At my daughters school (a state U) the maximum is $3400. How many hours you would have to work for that depends on the pay for the job you get. At her school the pay ranges from minimum wage up to around $10 per hour. Last year she was lucky enough to get one of the better paying jobs ($9.50ish an hour) so she earned the full $3400 working around 12 hours a week which was just perfect.</p>
<p>My D got her financial aid package from SHU today. Her scholarship was full tuition and then she got work study. No grants, but I think that’s fair since we don’t really have need. We were pretty happy with the package, but the OP would be insane to take it.</p>
<p>definitely not taking this ****.</p>
<p>Hey,</p>
<p>I also got my FA package from Seton today and it was pretty crappy. I guess we’re in the same boat. Oh well, I applied to a lot of other schools, so we’ll see.</p>
<p>From what I’ve heard from others, Seton Hall (and some other schools) will put large loans in FA package, if the student’s stats aren’t high.</p>
<p>Hi! I got my FA package today too.</p>
<p>Award:
University Scholarship-$19500
SHU Need Grant-$3490
Federal Work Study-$4,000
Federal Stafford Sub Loan-$3,500
Federal Stafford Unsub Loan-$2,000
*Est. Private Loan-$15424</p>
<p>I’m not quite sure how all the loans work 
I was expecting a better FA, oh well.</p>
<p>^^^^</p>
<p>Looks like your EFC was higher (so less “SHU Need Grant”), but your stats are higher, hence the $20k scholarship. It looks like the “Private loan” is a reference to EFC and/or gap.</p>
<p>What was your EFC?</p>
<p>Stellaire, here’s how the loans work: You have to pay them back, with interest. With that “aid” package, you’re looking at graduating more than $80,000 in debt. Please don’t do that to yourself.</p>
<p>Rule of thumb I saw was that your total loans to get your degree should total no more than what your first year’s income in your job.</p>
<p>1st example: You’ll be a social worker earning 60K a year. Each years’ total loans(subsidized,Non-subsidized) should be no more than 15k.</p>
<p>2nd example: You’ll be a doctor earning 100K first year out. Loans should be no more than 25k each year. </p>
<p>If parents/grandparents can’t help more, pick a more reasonable school… There are many excellent colleges that are more affordable…A lot of these colleges are now designer colleges meaning you’re paying more for the name, than that the education is any better. But hey, If you can afford it, go there…</p>
<p>^^^</p>
<p>I think a better rule of thumb is to borrow no more than half of what your first year’s income “might” be. There have been enough stories of kids not earning what they thought they would or still not being able to afford their student loans when they totaled their first year’s salary.</p>
<p>An engineer starting out at $50k per year, can have problems making payments of $575 a month if rent is high, a car must be purchased, etc. And, the guideline is that to comfortably pay back $50k, a person should be earning $70k (not $50k). </p>
<p>Certainly, if a new grad is able to live at home and make substantial reductions to their loans, that would be a different situation. However, most college students don’t know if they will be able to get a job in the parents’ hometown to enable such a scenario.</p>
<p>Mom2collegekids, my EFC was like 6000. It was 20 using estimates from 2008, but since my dad is self-employed, we don’t know how much work he’ll get. He did really well this year, so our income increased It’s good AND bad. </p>
<p>LasMa, I would never accept that package. I was chosen as a Frederick Douglass Scholar at American U, so I’m definitely crossing Seton Hall off my list.</p>
<p>Smart! 
And a serious congratulations on the scholarship.</p>