@“beth’s mom” yes,getting into uiuc’s college of business is difficult, which is why I don’t want to give up my spot now. I was directly admitted into the college of business, why would I take the risk of giving up my spot and getting rejected later as a transfer student. I get uiuc is expensive, however it’s still my best option. I would be taking out 8,500 dollars in loans my freshman year yes, but next year I will be staying in an off campus apartment, so I will not be taking out that many loans next year.
@thumper1 A lot of Illinois public schools (especially the ones we would call “affordable”) seriously are in real danger of shutting down. Chicago State U. has even cancelled spring break and shortened the whole calendar year to ensure that they will AT LEAST be able to graduate their current senior class. Eastern Illinois is not sure how long it can go on either. The only school that is in NO danger of shutting down what so ever in the near future is UIUC, which is probably why he/she wants to go here, for assurance.
Your fear is understandable. No one wants you to drop out for financial reasons because then it is hard to get back on track. What everyone else fears is that you not finish the program because you and your family simply can’t afford to pay. Have you researched the difficulty of transferring from CC into the college of business? Look to see which is the most likely to be successful route - taking a chance on finances and entering freshman year or attending CC for two years and transferring to UIUC school of business.
@SlackerMomMD thanks for your advice, I will probably just take the financial risks, and start at Uiuc as a freshman because I think it’s worth it. Uiuc is my dream school and I worked really hard in high school to secure my spot here. I know it’s more practical to do two years at a CC and transfer, but I want the traditional college experience and I think that’s priceless.
Ok, your assumption that you would only take out $8,500 this year is wrong.
First of all you cannot take out more than $5,500.
Your parents would have to take out the rest.
And it would not be only $8,500
The tuition for business school, which Accounting is under it seems is $5,000 higher than the tuition you referenced, several people have pointed out that the MAP grant can’t be counted on.
So then your tuition, room and board will be $32,000 and your aid minus MAP will be about $16,500, so you will need to come up with $15,500. So you would have to take out $5,500 and your parents $10,000.
By working PT during the school year and summer months the student should be able to make between $7-8k, reducing the parents loan to $2-3k.
Most people here are telling you to go to CC, while it may work for some it is way more likeyl you don’t make it through.
Work hard during the summer and end up in 30k debt. You can pay that off fairly quick and definitely within 10 years if you’re very money conscious.
http://www.cbsnews.com/news/why-community-college-students-arent-graduating/
@mommdc you do realize I already knew the direct cost for the college of business. I literally stated that in my original post. Second of all I CAN take out 8,500 in loans my freshman year, why? Because the 5,500 are federal loans BUT the other loan (3,000) is directly from the university, so it’s a private loan NOT federal. AND I will not be subtracting the map grant because If a budget is passed within the next four years, which I think it will. The map grant will stay a grant and uiuc will be reimbursed. I’ve already spoken with the financial aid office at uiuc.
@kmrcollege yep I will be working over summer which is why my parents won’t the taking out the parent plus loan. And if I owe anything that is a direct cost I will work out a payment plan.
IMO you might not have to take out the university or parent plus loan if you working now and will continue to do so in the summer. My daughter made about $6000 dollars last year working at Six Flags.
Ok, my apologies, I forgot about the $3,000 university loan.
Your original post referenced $35,710 COA, it did not separate out tuition and other charges.
Your COA was met with grants, scholarship, work study, $8,500 of direct and university loan and suggested $3000 Parent loan.
I agree that the $3000 something can be earned in summer so parents don’t have to take out a loan.
I guess hopefully the MAP grant will be funded, but you will have to deal with it if it’s not.
Just remember that the work study money is not available up front. And you will need money for books and such before you start college.
All of us just want to save you from a situation where you start out at UIUC and then can’t afford to continue going there. That’s all we are trying to do.
To make 7-8K with a take home amount of $7 after taxes, you’d have to work 20+ hours a week year round. Is that realistic when attending college full time?
It is something to think about for OP, is this something they could do and still maintain good grades and enjoy the “college experience”.