<p>soo here's what it says:</p>
<p>CAS scholarship: 4,510
J. Eckhouse Scholarship: 6,000
Federal Work- Study Eligibility: 1,900
Direct Stafford Loan: 3, 500
Direct Unsubsidized Stafford Loan: 2,000
Direct PLUS Loan: 38,156</p>
<p>So, is this that bad?</p>
<p>I can’t comment on “good” of “bad”… but it breaks down to:</p>
<p>10,510 in scholarships (grants that will not need to be repaid)</p>
<p>1,900 is work study (this is money that you will be paid for working in a job on campus… you will be paid the money after you accrue the hours… meaning if the work study job you secure on campus you will be paid for your hourly work, but only can work the number of hours up to $1900 based on the hourly rate for the job. If you DON’T work that many hours you will not receive all of your work study money)</p>
<p>5,500 is loan money in your name (this is money you will be required to start paying back 6 months after you graduate)</p>
<p>38,156 that your parents are eligible to take out in loans that they will need to start paying back… I THINK as soon as they take out the loan.</p>
<p>So, assuming these amounts stay about the same over the four years (they will likely vary a little based on the cost of attendance, loan eligibility, etc…), and you take all of these loans (rather than relying on college savings and/ or paying more directly out of pocket) you and your family will have 43,656 in loans per year, I believe totaling 174,624 by the time you graduate.</p>
<p>I am NOT a math expert, so if I am calculating incorrectly PLEASE, PLEASE someone correct me!!!</p>
<p>what if my parents cannot afford to take out the 31,000 or they want me to pay for my college myself?</p>
<p>I believe that the PLUS loans must be taken out by parents.</p>
<p>From the website – [Student</a> Aid on the Web](<a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp?tab=funding]Student”>http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp?tab=funding)</p>
<p>so the parents can start paying back AFTER the student graduates rigth? (not one at a time, right?) For those who have this type of experience before, how much does your parent usually pay back EACH month? (please tell us how much your parents have borrowed)</p>
<p>Yes, 60 days after the student graduates. They typically give you 10 to 25 years to pay back the loan. It has a fixed interest rate of 7.9% and they charge 2.5% of something I can’t understand.</p>
<p>parent starts to pay right after the $ is disbursed…</p>
<p>“For PLUS loans made to parents that are first disbursed on or after July 1, 2008, the borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.”</p>
<p>I guess the parents can pay back 6 months after the student graduates? I’m not sure…</p>
<p>Yes, they can start paying back 6 months after the student graduates. I would look at the website link to find out when the loan starts to accrue interest.</p>
<p>I believe it begins to accrue interest immediately after they give you the money. So even though they give you the option of when to begin paying it back, if you chose to do so 6 months after graduation, then you are paying more interest on the loan.</p>