<p>please can somebody tell me the interest, repayment plan etc. about the following loans!</p>
<p>Federal Perkins Loan 4,000.00<br>
Subsidized Federal Stafford Loan 2,625.00<br>
Carnegie Mellon Gate Loan 4,000.00 </p>
<p>also, ive mentioned the amount of each loan. is it too much?</p>
<p>come on! please reply somebody!</p>
<p>CMU loans will be administered by aessuccess.com, an agency of the State of Pennsylvannia. I suggest you use the links associated with that site or wait until you recieve you enrollment packet. Do not make any applications prior to 3 months of 1st day of school-they will be rejected.</p>
<p>how big is my loan? is it repayable? will it put too much pressure on me?</p>
<p>Here's a helpful page with info about loans & different amounts of debt taken on for graduate school, with some info about grad + undergrad indebtedness.</p>
<p><a href="http://finaid.org/loans/%5B/url%5D">http://finaid.org/loans/</a></p>
<p>$10,625 in one year is quite a bit of debt for a student, particularly since costs tend to increase over the 4+ years at any school as tuition & other expenses rise & grants may not. After 4 years, it would be over $42,000 (if there are NO increases in loan amounts over the years).</p>
<p>Here's a calculator that helps you calculate debt repayment & how much you might be talking about. Remember, this is undergrad only, so if you MAY go on to grad school or may take longer than 4 years (which happens often), debt will also increase.</p>
<p>If you were my kid, I'd strongly DISCOURAGE taking on that kind of debt for an undergrad education & encouarge considering in-state schools with possibly more expensive grad/pro school. On the other hand, if you're not planning on grad school & are SURE this is the school for you, it is something you & your family should carefully discuss.</p>
<p>I agree with HImom. I think that taking out no more than $5,000 a year for 4 years of undergrad education is enough. That's actually the average amount of loans most college students take out.</p>
<p>$40,000+ in undergrad loans is a lot, and unless you make a lot of money upon graduation from undergrad, having such a large debt will seriously restrict your options.</p>
<p>A VERY, VERY, good aid package. Congrats. (parent of graduating CMU kid)</p>
<p>Essentially you got tuition, books, paid by CMU. You only have to provide R & B. You can further save $2-4K/year if you do triple in a dorm, avoid the meal plans, and stay off the junk food. If you add some summer work and work study, I think you would be OK. Two summers with good internships will also do wonders.</p>
<p>thats just the loan. besdies that i have got arnd 20k in grants etc. so will the loan be repayable?</p>
<p>Grant money is a gift; Grants are not loans and do not need to paid back, unless you have some later obligation when you remember your time at CMU. </p>
<p>CMU's COA ~$45k= $20K [grant] + $11.5K [student loans] + $ X [unknown funds]; with $ X {~$13.5K} = PLUS loans, other scholarships, or EFC ?</p>
<p>ur loan (10.5K) + ur parent contribution (13.5K) + CMU grant (20K) = 45K !</p>
<p>Dont forget to work parttime term job and fulltime summer so u can knock down 5K from your loan. Then u will only have about 22K (5.5K x 4) in loan debt after college.</p>
<p>so do you think the loan will be manageable?
my parents will be paying the rest i.e. total cost - loan - grants(etc.)</p>
<p>yes follow rabban's advice.</p>