<p>Hi, I'm a high school senior who recently got accepted Massachusetts College of Art and Design, I was also awarded a scholarship for 7,000 dollars, but this only covers the basic fees. I'm applying for a lot of outside scholarships and the like, but I wanted to know: Is there a limit to the amount of loans you can take out as a student/student with parents?</p>
<p>Stafford (federal) loan limits are $5500 for freshmen, $6500 for sophomores, and $7500 for juniors and seniors with a cumulative limit of $31K. Other loans, including Parent Plus loans, cannot exceed the school’s cost of attendance minus all other aid (grants, scholarships, loans).</p>
<p>Hannah, tred carefully here. There is a growing numbers of stories about kids who borrowed way too much and can’t pay back their loans. An arts college is probably not going to yield a high paying job, so think hard about borrowing more than the Stafford loan maximum each year.</p>
<p>Congrats on your acceptance to Mass Art and on your scholarship. I am assuming you are a Massachusetts resident. Since, if you are, your scholarship almost covers the cost of tuition and fees, have you considered staying at home and commuting to the school, or do you live too far away to commute? Don’t forget you will have to buy supplies as well.</p>
<p>My daughter has a few friends there and they are all quite happy - and their parents are happy with the in-state COA. I know that Mass Art doesn’t guarantee housing past the first year, so even if you are planning to be a resident as a freshman you might find yourself looking for alternative housing later on. I agree with the previous poster that you should try to keep your borrowing to a minimum, but I am not sure if she is aware that Mass Art is a public school, and a really excellent choice for someone who wishes to pursue a career in the arts as they offer a top tier arts education at public university prices.</p>
<p>*Hannah, tred carefully here. There is a growing numbers of stories about kids who borrowed way too much and can’t pay back their loans. An arts college is probably not going to yield a high paying job, so think hard about borrowing more than the Stafford loan maximum each year. *</p>
<p>Very true.</p>
<p>Unless your parents are going to be solely responsible for paying back the Parent Plus loans, then you shouldn’t borrow much as a student.</p>
<p>I have 2 cousins that have graduated in recent years from Calif art schools. Neither has a decent paying job. If they had to pay back loans, they’d be in serious trouble.</p>
<p>Carmen, that’s very good to know! We so often hear about students paying $40K+ for art schools and borrowing way too much…it’s wonderful to hear about a good school at a reasonable price! It looks like the total instate COA at MassArt is $24K although it jumps to $40K for OOS who aren’t covered by NE regional exchange.</p>
<p>Hannah, have you filed your FAFSA yet and do you know if you’ll be eligible for any need-based aid?</p>
<p>Hey everyone, thanks so much for all this advice. I have filled out my FAFSA but it’s not likely we will get aide. I should qualify for the bright futures but not sure how much it will be/ what I can expect minimally. My GPA is Core: 3.6, Unweighted: 3.7 and Weighted: 4.0</p>
<p>Does Massachusets have a Bright Futures program? I had only heard of the Florida one.</p>
<p>Hannah, if you’re a FL resident you should def check the limitations on Bright Futures…I don’t think you can use it outside of FL and I’m not sure that all schools in FL participate either! You need to check into that so you’re not counting on something that won’t apply at the school you’ve selected.</p>
<p>^^ Yes, I’m 99.999% sure the Florida bright futures can only be used in Florida. That’s why I was wondering if it is a different program Hannah is talking about.</p>
<p>make that 100% sure. From <a href=“http://www.floridastudentfinancialaid.org/SSFAD/bf/fundrequire.htm[/url]”>http://www.floridastudentfinancialaid.org/SSFAD/bf/fundrequire.htm</a>
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<p>I think MA’s higher ed awards are called Mass Grants, or something like that. MA has an odd system…they keep instate tuition low at the publics, but the fees are usually very high.</p>