To start off, I really have little to no understanding of how financial aid works. Even though I applied and everything, I don’t completely get how much money I will be paying for college on a yearly basis. It would great if someone helped me understanding all these numbers, thanks!!
By the way, this is for University of the Pacific
Uop grant: 14,000
Powell scholarship: $4,000.00
Federal Direct Parent PLUS Ln: $32,800.00
Federal Direct Ford Sub Loan:$3,500.00
Federal Direct Ford Unsub Loan: $2,000.00
Pacific Scholarship:$8,000.00
Total: $64,300.00
Cost of Attendance
Books and Supplies
$1,854.00
University General Fees
$560.00
Loan Orig/Ins Fees
$94.00
University Room and Board
$12,802.00
Miscellaneous/Personal
$2,403.00
Transportation
$837.00
Pacific Tuition
$45,786.00
Total:
$64,336.00
So how much would I have to pay out-of pocket?
There is $43,000 or so in loans in this package.
You got $26,000 in grants. Just tuition and room and board cost $57,000 and when you add in fees, you are clot to $58,000.
You got less than half of that in free money. The rest is Loans.
In my opinion…that is WAY too much annual debt for undergrad school.
Eek, out of 64k, they’re giving you 26k. Leaves you roughly 38k. For one year. You’d want to see what grants are renewable and under what conditions.
They’re showing that balance as loans, but loans have to be paid back. That’s 160k owed for 4 years. Not good. With the uop, your family is low to mid income, right?
Your parents loans (you’d take the student type) would add to about 130k. And the calculator I used shows up to 55k interest. By the time they’re repaying the full amount (all 4 years borrowed,) could be 1500/mo.
The loans you have ‘guaranteed’ access to:
Parent+ loan - Loan your parents take out, interest from day 1
Subsidized loan - your loan, no interest till post graduation or stop attending
Unsubsidized loan - yourloan, interest from day 1
Total you/your family is responsible for:
Total cost of attendance - scholarships & grants
64336-26000=$38336
You will have to come up with $38,336 be it from loans outside scholarships, parents money, etc
Or put another way,
Cost without travel, books, supplies, etc is about $60,000 per year.
Money the college is giving you to pay for that with: $26,000
So your family needs to pay $34,000 per year.
You can borrow some yourself: $5500 (this year, goes up a little each year but probably so does tuition)
Your parents need to come up with the rest ($28,500 - plus books and travel and such) from their savings, income, other family members or PLUS loans if they qualify.