<p>Hi there, I'm a US citizen going to a 50k a year university. I need some advice for paying for college for one year (the remaining three years are covered).The university offers no scholarships.</p>
<p>After applying for FA, university offers $5,000.
I will also get a $300 a month stipend for every month (12 months), and $1200 book allowance annually.
The total aid I would get would therefore be $9,800.
My parents could pay $5,000 for this year (they are no longer employed).
I'm hoping to earn $2,000 this summer.</p>
<p>This leaves $33,200 which I need to find. </p>
<p>I could take out a loan, but I'd like to hear if anybody has any information on any scholarships or grants available. Do you have any advice?</p>
<p>I've looked at different scholarship websites and have applied for a few, but most I encounter seem very specific to this and that--- basically I don't qualify for most.</p>
<p>Thanks in advance.</p>
<p>You say subsequent three years are covered? I would suggest contacting whomever is paying for years 2-4 and telling them you will not be able to attend in year one. See how they might be able to help you.</p>
<p>When did your parents become unemployed? You could also talk to the financial aid office at your college to see if there is additional financial aid available. You will need to have documentation of your parents’ job losses.</p>
<p>P.S. Did you have any affordable colleges on your list? I hate to be rough, but it’s May 8 and you needed to commit to your $50K college by May 1. How did you think you were going to be able to pay for this upcoming year?</p>
<p>How would you take out a $30K+ loan? You can’t borrow that much in your own name. Are your parents unemployed, or are they retired? Are they able and willing to borrow that much?</p>
<p>I sincerely doubt that you have the next 3 years covered. You have probably been told by ROTC that you have a good chance at one of their scholarships which will pay for most of your college. That is not 100%. I see this all of the time. Kid and family very hopefully and eagerly pay the huge premium. Kid does ROTC. Doesnt’ get the award. One of my oldest friends fell for that one. </p>
<p>Take a gap year, go to a local state school and participate in a ROTC chapter near it. Then see what gives next year. The forecast I am getting is that apps are going to rise sharply next year for this situation and anyone in hopes of getting a full ROTC ride is going to have a tough go.</p>
<p>@OP - on April 3, you were deciding between Princeton and Columbia… </p>
<p><a href=“http://talk.collegeconfidential.com/princeton-university/1117701-columbia-vs-princeton.html[/url]”>http://talk.collegeconfidential.com/princeton-university/1117701-columbia-vs-princeton.html</a></p>
<p>Assuming that dilemma was based on actual acceptances, and you have selected one of those 2 options, can you defer admission for a year, and get a better handle on how to approach the finances?</p>
<p>I don’t know about Columbia, but I do know that Princeton has started a Gap Year program.</p>
<p>OP…if this IS a choice between Princeton and Columbia, these are both schools that meet full need. From what you posted, your family contribution for these schools exceeds $45,000 a year. This would mean that your family income for the 2010 year was well in the $200,000 range or close to it. Or you have very significant assets. Are you saying that this income no longer exists? Did your parents get laid off or are they retiring, or what? If this is a job loss (as in terminated), are they looking for other jobs? Did they receive a severance package from their employers…and for how long (this counts as income for financial aid purposes). </p>
<p>And again I ask…what was your plan for paying the costs of attending whatever college when you accepted the admissions offer on May 1?</p>
<p>Hi everyone. Thanks so much for your input.</p>
<p>@thumper1:</p>
<p>I was awarded a 3-year ROTC scholarship this May-- the scholarship begins Fall 2012. There’s really no way to appeal that as the budget this year for Army ROTC was drastically cut and I was lucky to have even received a scholarship. I did try to ask Princeton ROTC, and was told basically that the decision is final.</p>
<p>Regarding parents-- retired, but self-employed, although had to take time off to care for their parents who are very ill. Technically there’s still income, but very little. This info was in the FA app.</p>
<p>I planned to pay for this year by the ROTC scholarship I’d applied for (I finished high school last year, was awarded 4-year scholarship last year but took a year off as I hadn’t gotten into any satisfactory college, so had to reapply to college and to ROTC). Although looking back this was a big assumption, I’d no idea ROTC was more competitive this year, as I got the scholarship pretty quickly last year. I thought I’d be the same case this year.</p>
<p>The most affordable college on my list was UMass Amherst. I think it’s instate 18,000, with 2k scholarship, which would be 16,000… the remaining colleges were private :(</p>
<p>@tk21769. Hi there. Yes, my parents are retired (sorry I should’ve made the distinction). They are willing to borrow if it’s absolutely necessary.</p>
<p>Thanks for your comment :)</p>
<p>@cptofthehouse. I agree with you 100% about ROTC. The budget decreased so much this year that relatively few private u applicants got the scholarship. But in my case I’m pretty sure about it as I was awarded the 3-year scholarship, but it begins fall 2012. When I visited Princeton (this was when I was waiting for cadet command scholarship results), there were a few cadets in sophomore/junior year still waiting for a campus-based scholarship, which only gets decided after cadet command has finished in the summer :(</p>
<p>I actually am on a gap year now-- graduated high school last year and am volunteering this year. I did earn some money, although nothing substantial (a couple of hundred), since I live overseas. Am hoping to earn around 2,000 this summer.
Thanks for the suggestion though!</p>
<p>@mtpaper. Yes, Princeton has it’s Bridge Year, which would be perfect except I finished HS last year and am already on a gap year. I wouldn’t mind taking another year off, but I’ve a long road ahead of me with med school and residency (which I’m quite sure on, as I spent my gap year in a hospital)-- I’ll be in my 30s by the time I get a job. --.–</p>
<p>@thumper1. There was never that much income (<60k). We have 2 properties (exc home), one of which is in ligitation, ie, illiquid, and the other which is still being paid off to bank. Princeton knows this and says it’s their policy to only give loans for illiquid assets. No grants.</p>
<p>If you really believe you are going to be able to come up with the money in 2012, as do your parents, ANY credit worthy American can cosign PLUS for you or either of your parents to get the loan. If those who know you don’t trust you for the loan, how do you expect anyone who doesn’t know you other than your family’s record in terms of paying back obligation to trust you?</p>
<p>If your family income was less than $60,000, there is NO WAY your family contribution would be $45,000 plus a year UNLESS those other two properties are worth quite a bit of money. I’m sorry but something isn’t washing with this story. It sounds like your assets (those properties) are worth a LOT of money, and that the business expenses your parents may have used for their self employed business were also not allowed for finaid calculation purposes. Do your parents have pensions or other retirement income…again, that also counts in the equation.</p>
<p>I do not understand how a family with an income of less than $60,000 per year would have received only $5000 in aid from Princeton. Clearly, Princeton sees more in financial pluses from your family than is being presented here. </p>
<p>Now…having said all of that…you knew when you accepted Princeton’s admissions offer that you had a significant GAP in the amount of aid offered and the cost of attending. How did you and your family THINK this money was going to be found? What plan did you have BEFORE you made your matriculation decision?</p>
<p>The only option I can think of is a private loan of some kind. You will need a cosigner for that loan. You cannot get a loan in this amount in your name only as a student.</p>