<p>Alrite, jus recently received my Financial Aid package from the mighty Pratt Institute saying I'm eligible for a 25,000 loan. Per semester... Ok any advice on this?? What can I do to knockout my 20,000 gap..?</p>
<p>I’ve heard of Pratt doing that with other students. It’s really some kind of unethical…</p>
<p>My advice would be to mail the offer back to them with a nasty note asking if they intend for all their students to file for bankruptcy immediately upon graduation.</p>
<p>Write back, saying you’ll report them for unethical banking.</p>
<p>Don’t take the loan! :eek:</p>
<p>Getting back to your question, questforART, if you had any shot of filling a 20K gap, you’d know about it by now. It just isn’t doable. Pratt probably doesn’t expect you’ll take out 50K in loans for just one year of school either. This kind of “offer” is called an accept-deny. The accept you, but they do so in a way that makes it impossible for you to attend.</p>
<p>Pratt doesn’t have a fat endowment, and it isn’t their mission to create opportunity for students to the extent some traditional colleges do. Pratt offers a very expensive product. Like other very expensive products, some people can afford it, some can’t. If you walked into a BMW dealership and they ridiculously offered you huge outrageous loans to buy a car (they wouldn’t, by the way) you would know they weren’t looking out for your best interest, right?</p>
<p>I hope you applied to some more affordable traditional colleges with excellent art departments. If you didn’t, you can start somewhere else and perhaps transfer to one later. There is more than one path to anywhere.</p>
<p>I agree with 'rent. You can ask Pratt for some more reasonable altenatives, but I doubt that a gap that large could be filled.</p>
<p>The cost oof attendance at Pratt is about 50k per year. There are many other schools that you could go to for much less. I wouldn’t do it.<br>
Why Pratt?</p>
<p>Pratt is a fine school. What they are saying is that you are accepted, but they aren’t offering you any price breaks. You gotta borrow the money and pay it back if you want to go there. I don’t think it is such a fine school for someone who has to borrow $200K to go there. Many other options that can provide an excellent education for far less than that.</p>
<p>Out of curiosity what was your EFC?</p>
<p>Thanks everyone, sorry I’m so late. But I will hopefully attend SCAD. If not there Winthrop. So whew bye bye Pratt. It’s tough but I gotta detach myself from my dream school. And my EFC was 1700.</p>
<p>How are the aid packages at those other schools? Have you rec’d them yet?</p>
<p>Sorry you received this–unfortunately it happens. One correction, bankruptcy DOES NOT discharge education loans, so folks who are counting on that will be HUGELY mistaken. There is no good reason to go into debt of $200K PLUS for your education. There are many other fine institutions, including your local community college & local university system that can start you off on your education at a MUCH lower cost. If you do great, you will get many courses/credits out of the way while you apply to transfer to your target/dream school. Good luck!</p>
<p>I know it doesn’t. But of course, it would restructure all the other debts so, hey, your entire income can go toward paying off student loan debts. Which is the probable end result of borrowing $200,000 for an undergraduate degree.</p>
<p>In other words, I was being facetious.</p>
<p>This is an offer to chain you to the bench working for paying off your loan for 20-years of your life. I wouldn’t take this one.</p>
<p>There are many who mistakenly believe bankruptcy does discharge student debt, so PLEASE DON’T suggest it and reinforce these mistaken beliefs. Thanks!</p>
<p>Actually, it would likely be longer than a 20 year repayment for a $200K loan, especially if you may incur any other debt, e.g. housing or anything else down the road.</p>
<p>See thread–Weird Way of Paying for College.</p>
<p>Exactly just TOO MUCH… But yea, I’m just gonna wait on my financial package from SCAD to come in. The cost to go there is approximately 10,000 less, which should equate a 10,000 less gap. That’s my main plan as of now.</p>
<p>Does that mean you plan to attend a school that would cause you to take out loans in the principal amount of over $160K over the course of 4 years? That’s really HUGE (of course you need to wait & see what is offered, but there will also be interest growing on each loan from the date you draw the funds, which will grow while you’re attending school). Please, please, please run the numbers vs. the projected income of what ALL people graduating from this school are earning (including those who end up working at fast food & convenience stores because that’s the only job they could get).</p>
<p>This is STILL CRUSHING DEBT.</p>
<p>You really need to rethink this and start saving and try to see if you can get a few years of CC or something & transfer or some way of reducing the crushing debt.</p>
<p>HImom,
Not sure if you’re referring to SCAD in your post or not. But I am currently waiting on what all they will offer besides the 14,500K renewable I have already received. And yes comparing what graduates normally start making post college to the loans they’ll have to pay is SUPER important. And what is CC? </p>
<p>-Thanks!</p>