Hey guys! International student accepted to Dickinson for 2024. However they have provided a loan to cover my cost of attendance per year. The loan is of 4K per year. I was also awarded a scholarship of 54k per year . I honestly don’t have the necessary funds available to pay this loan which will be around 20k by the time I graduate. I would like for them to reduce the loan amount and reimburse some of it as a grant award. What should I say in my appeal? I was able to successfully negotiate 40k more in aid from St. Lawrence so I know how to negotiate aid but not sure how to address repaying a loan. Who pays it though? Me or my father? I also will be leaving the states once I graduate so how even? Thanks
Dickinson has direct charges of $73k per year. With your $54k scholarship, you will have a minimum of $19k per year plus books, transportation, insurance, etc. Do you have the ability to cover that expense? They are offering to help with a loan, but you don’t have to take it.
If you choose to take the loan, it is expected you will repay it with your post-graduation earnings. If it’s a subsidized loan it is in your name. If it’s unsubsidized your parents would need to take it, though you could certainly take responsibility for paying the loan off.
Most schools are said to want a little of your past (savings), a little of your present (current earnings) and a little of your future (,loan repayments from future earnings). Parents usually deal with past and present while students often accept the future piece.
It sounds like a fair offer by Dickinson but if you prefer to graduate debt free, it’s not for you.
Like all students you will be expected to pay off the loan over the 10 years after you graduate when you will be earning, hopefully, a good salary.
These are tiny loans–$4,000 per year for $70,000 per year COA schools.
In prior posts, OP claims that $17,000 per year & about $19,000 per year is within the family’s ability to pay.
If Dickinson College is about $71,000 COA per year, then your $54,000 scholarship leaves about $17,000 contribution on your behalf. Perhaps, since you are an international student, the $4,000 loans are intended to assist with or cover expected travel related costs.
Nevertheless, Dickinson College has been quite generous as has, apparently, St. Lawrence University. If you do not expect to be able to repay $16,000 in loans plus interest for your college degree, then you may want to rethink whether or not attending college or university in the US is a wise decision for you.
The dean told me that they will consider it. And how will i repay it in 10 Years if I don’t even end up working or living here?
Also Dickinson is76k so myCOA is22know
International students are expected to return to their home country after graduation. If you can’t earn enough there to repay a loan, don’t take it.