<p>So i just got my University of Texas Austin financial aid package, and it comprises of 40,000 in loans per year. My EFC is 0.... does anyone else see a problem in this? or is this the average "package" people get? i just dont want to feel like the only unlucky joe schmoe :(</p>
<p>100% of need met in form of loan?..maybe that pell grant is exhausted?</p>
<p>for university of florida instate for me (estimated need was 16k a year)
i got 50% grant , 50% loan…for fall09/spring10…(this is just prediction…of aid package by finaid)</p>
<p>i have applied for aid this summer and may be in the same jam as you…hope i get good aid</p>
<p>Did you miss financial deadlines. You may call their department and ask, if you missed a big deadline and that is the package for late people, ask them what the package would have looked like if you’d been on time; if that is attractive consider deferring for a year. Do Not take $40k in loans for your freshman year! :eek:</p>
<p>Pell grant does not get exhausted - with a 0 EFC you should have $5350 in pell grant (assuming you are eligible for federal aid - US citizen or permanent resident etc).</p>
<p>Your location reads “Jerseyyyy”, which would seem to indicate that you are out-of-state for UT Austin. 40k in loans for four years is way too much in loans. You need to go to that cheap in-state school that you think you hate.</p>
<p>Just think, when you graduate from college (not taking into account graduate school), you will have $160,000 in loans. Assuming lenders are willing to lend you that much, do you have any idea what that will cost you on a monthly/annual basis to repay?</p>
<p>Ask the FA office if they will loan you that much over 4 years - without co-signers. If they say “no”, then how will you pay for the rest?</p>
<p>Hey guys, sorry I had to take care of an errand. </p>
<p>To clear some things up:</p>
<p>I didn’t miss ANY deadlines. In fact i was probably the first guy to fill that stuff out. </p>
<p>My Pell grant was 2675, and my partial tuition award was 644 per semester. Then theres 19,000 in loans per semester. cost of attendance per semester is about 22,000 per semester. So out of the 22,000 they covered me for 3000 and the rest up to my neck in loans. </p>
<p>Yes i’m from new jersey, tried getting into a better state school than Rutgers (which i already got accepted to) but didn’t realize their so called “financial package” would be a financial death trap. </p>
<p>and yes i’m a us citizen :)</p>
<p>COE per year is 44,000 $$$ </p>
<p>OperaDad, you’re right. No one in their right MIND would take out 40k in loans. How is that even possible? What if i didn’t have a co signer? what was i supposed to do? </p>
<p>this is like 2% grant , 98% loan. 
:(</p>
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<p>there’s your problem. I hope you still have options open, because this one is NOT doable</p>
<p>yea college is expensive =|</p>
<p>This is more for the next person than you, but you should have also applied to private colleges. The cost is not much more than out of state tuition, but they usually give a much better financial aid package. For instance, my son will be attending a private college and the cost after scholarships and grants is $10,000 more than the instate university cost (mostly loans). If he went to a out of state, state university, I’d bet the cost would have added $20,000 in loans, about double the private.</p>
<p>waiting for an answer from USC :)</p>
<p>zircushio</p>
<p>Just in case you did not know, but once you leave NJ, many consider Rutgers to be a top notch school. My DH and I went there. We graduated and moved out of state - only to be shocked at people’s responses to hearing where we’d graduated from. All were quite impressed that we were RU grads. </p>
<p>Since RU will be much cheaper, you may want to reconsider that school. And you’ll get a great education there.</p>
<p>see everyone in NJ takes rutgers for granted, and its <em>kinda</em> looked down upon… idk. I’m actually quite glad to hear that rutgers alums are praised. i’d assume they were the lower half of the prestige pool. I’d graduate rutgers with 10k debt. I have a full ride at montclair state university, and i’m awaiting news from USC. </p>
<p>bookreader, what major did you matriculate as?</p>
<p>I’m actually a Douglass College grad and my major was human nutrition. My DH majored in Computer Science. He later went to grad school in George Washington U and Johns Hopkins and he realized just how great his computer classes were at RU when he saw what passed for graduate education in computer science.</p>
<p>To graduate with such a small amount of debt is a great thing. In fact, you could probably earn 10 grand during the summers and end up without any debt. </p>
<p>Montclair and RU are quite different, so compare carefully. Do you like a small school feel or would you prefer the crowd at RU? There is more to do at RU and New Brunswick is more of a college town than what you will find at Montclair. Also there are way, way more dining options at RU than at Montclair that only has a nearby diner. Also, the Rutgers cafeteria has won awards for their food.</p>
<p>FYI - on the west coast Rutgers is considered a fairly good state school.</p>
<p>hey guys i wanna go to uci but im an out of state transfer and my costswere 47000 and my efc was 14000. uci only gave me 1900 for the year…is there any way i can get them to lower my costs or give me more money?</p>
<p>Check the residency form, can you move to CA, be financially independent and then apply for the next year as an in state student? Do not pay $50k a year for a UC!</p>
<p>feddi420, Establishing California residency and becoming financially independent for UCI tuition purposes is not easy. You must earn enough money to pay all your expenses - including rent, food, tuition… Meaning you will likely have to continue to work full-time as a student after establishing residency. Your parents cannot have claimed you on their taxes for at least two years preceding your application for residency for tuition purposes. (But this does NOT mean their information is not used for the FAFSA - it WILL be used until you are 24, PLUS your earnings, meaning your EFC will likely increase.)[UCI</a> Office of the Registrar - Residence Classification for Tuition Purposes](<a href=“http://www.reg.uci.edu/residency/classification.html]UCI”>UCI University Registrar - RESIDENCE CLASSIFICATION FOR TUITION PURPOSES)</p>
<p>You would not be able to spend the summer or breaks in your home state, you would have to stay and work in California
[UCI</a> Office of the Registrar - Physical Presence in California](<a href=“http://www.reg.uci.edu/residency/physicalpresence.html]UCI”>http://www.reg.uci.edu/residency/physicalpresence.html)</p>
<p>Also pay close attention to the “Intent” requirement: [UCI</a> Office of the Registrar - Intent to Become a California Resident](<a href=“http://www.reg.uci.edu/residency/intent.html]UCI”>http://www.reg.uci.edu/residency/intent.html)</p>
<p>Can you apply to a university in your home state where you already qualify for in-state tuition?</p>
<p>"To graduate with such a small amount of debt is a great thing. In fact, you could probably earn 10 grand during the summers and end up without any debt.
Perhaps I am a bit behind on compensation numbers, But what Summer Jobs pay 10K?</p>
<p>I think they are referring to the total one could earn over the four summers - including immediately after high school - of college. Not per summer (though that would be GREAT!).</p>