Okay, so I made a post regarding this subject already but I didn’t receive much help so I’m going to try again.
I applied to a few of the UCs and already got accepted into UC Davis, which is one of my top choices for college. Between tuition and other living expenses, I’ll have to pay $60,000 each year to the university (total of $240,000 to complete my bachelors).
I will receive a Pell Grant of a little over $5,000, and my mother said she was willing to pay another $5,000 into my school year, which still leads me to $50,000 I have to pay. I’m currently aplying for scholarships and what not, so let’s say I’ll end up with a total of $45,000 that I have to get from student loans. However, I read somewhere that, as a freshman student, I cannot take loans of over $5,000. Lets say that I do take the $5,000 loan… that still leaves me with $40,000 my parents will have to take a loan for, which is why I have to ask: If I make my parents take that loan, does that mean they will have to pay it themselves, or will they be able to send the debt to me when I graduate?
EXTRA INFO:
parents annual income: less than $50,000
Also, does anyone know if I can become a California resident within the first two years of staying at the dorms? I read somewhere of a way to become a resident (to pay less on my tuition) but I want to know how it all really works. Yes, I am planning on staying in Cali after graduation.
[PS: Don’t try to discourage me saying that I should pick another college. I don’t want another college. Just help me make this work.]
Will your parents even qualify for loans of $40,000 a year with their income? If they can make it work for year 1, what about the following years as they are carrying and paying interest on that first year debt. With such a low income, how do you expect that they can repay any loans at all? There is no way you as a student will qualify for loans above the federal limit.
There is no way for you to qualify as a California resident as a student. You could move to California, work and support yourself for 5-6 years until you are over 24, then go through the process of reapplying as an independent adult. At that time you would be considered an instate student but it is unlikely that you would qualify for the loans to make UCs possible.
CA schools do not give aid to OOS students. I am not going to discourage you, just give you the facts. UC Davis is not affordable for you and your family.
My post is going to disappoint you. And I do realize you are a HS student with a dream you would like to make happen.
We can’t help you make this work…now…because it simply will NOT work. You have $5900 in Pell, $5500 in Direct Loan, and $5000 from your mom. That leaves you $45,000 short and that is for the first year only. You will be that short…or more in subsequent years as costs increase.
The UCs do not give a nickel of need based institutional aid to OOS students and this is very common knowledge and is all over their financial aid pages.
They are NOT going to make an exception for you.
So…you have a couple of choices.
Find another school that is affordable...now.
Talk your parents into relocating to California NOW...and apply for admission for fall 2019.
Move to California, and establish residency there. Get a job...pay taxes. Even with that...Youreally won’t be able to start college until you have independent status at age 24. Even with that...the full Pell Grant, independent student Direct Loan, and money from your parent won’t be enough to pay full costs, including room/board and other living expenses...for UC Davis.
You need an affordable option. The UCs are not an affordable option for OOS students. Period.
NO…you cannot become a resident of CA while living in the dorms. Impossible!
Oh…and your parents have $50,000 a year in income…and you think they should take $45,000 a year in LOANS for you to attend college. Sorry… but that is selfish, and unreasonable. Please, do not burden your parents with this kind of loan idea. It’s not in anyone’s best interest.
You are from Puerto Rico…and what are your SAT or ACT scores, and GPA. Folks here might be able to help you find an affordable option…but you need to put the UCs out of consideration. Sooner the better.
sorry, OOS publics when you are low income are a waste of an application. To my knowledge, only a few publics meet full need for OOS students and UC no longer does.
You MUST choose elsewhere. You can NOT gain residency in two years or three years or even four years unless your family moves to California.
Sorry.
fwiw: unless you applied to Davis’ enology program, the college is certainly not worth the OOS fees.
^^ even a California community college will charge OOS fees. But sure, the OP could attend a community college in his/her state to save money, but even then the OP cannot afford ONE year at Davis, much less two.
That community college will need to be local to,where this student lives. NOY a CC in California, where she most definitely will need to pay the OOS rate…plus living expenses.
In addition, the student would need to be absolutely certain her courses would transfer to any four year school…or she could easily be spending 3 plus more years to complete her degree if they don’t.
If this student gives us her stats (SAT or ACT and GPA) , maybe they are high enough to qualify for merit aid…at a place where her Pell Grant and Direct Loan plus some money from her parent…could cover the remaining costs.
@Volatyl: The maximum that a student is awarded in loans as part of the Federal financial aid package is $5500.00 for year one and two, $6500 for year three, and $7500 for year 4. Payments on these loans (subsidized/unsubsidized and Perkins) plus interest, will be your responsibility.
There are others - the Federal Parents’ PLUS loan will be the parent’s responsibility. You will need a co-signer for private loans (credit union/banks). The interest rate for these loans are higher than those mentioned above, and the amount given is based on your parent’s credit worthiness. If your parents’ annual income less than $50K, there is a strong chance that they will not be approved for a $40K loan. There are a few private loans that will allow a co-signer release where the loan can be transferred to the student after a few years of timely payments by the co-owner, the catch is you need to prove that you are financially able to continue payments for the remaining of the loan period.
You also need to take into consideration future tuition and housing cost increases.
As far as your P.S. statement - take your emotions out of the picture. I know that each child has his/her dream school, and there are parents who are WILLING to do anything to make it possible. You state that YOU will have to pay $60K for attending the school, then say if you make your parents take a loan…WOW!
Or perhaps a CA private if there’s one on the NACAC list in May. But it just doesn’t add up. I can’t imagine a child willingly putting such a burden on their parents so I’m guessing OP has no concept of what such a loan would do to her family and herself.
@volatyl: If no college is affordable, take a Gap year. Create a new thread with your stats. Posters here will help you find colleges in California that meet need, or offer merit for your stats.
I don’t think you should pick another college. I think you should take a gap year and get a job and see how long it takes to save even a fraction of that money.
Your other thread states your parents earn less than $30k/year. You might think you can “make” them take a $45k/year loan for you, but who do you think you’re going to persuade to give it to them? You have a lowish SAT so you may not qualify for merit, and you want to study medicine so you don’t want a lot of undergrad debt even if you could get it. Is there a college in Nevada you could commute to from your brother’s home?
What is your career goal? How much do you think you’ll be earning as a new graduate? Do you understand that you likely will not be earning enough to make those loan payments? And then your parents will get stuck with the loans
Your parents cannot transfer the loan to you. Your parents won’t be able to qualify to cosign for such large loans. Besides, It is too risky for them.
Also, are they going to pay for you to fly back and forth from PR to UCD a couple of times per year? That’s quite expensive.
The only way it works is if your parents move to California and establish residency (requires at least a year), and you reapply to enter in a term after your parents and you have California residency.
If you try to make this work you might get enough money together for one year, and then you’ll have to drop out since you won’t have the money to pay for your sophomore year. Then you’ll be 60K in debt with a minimum wage job and no way out.
Your only solution is if you have to go to school in California, get a job in California, live there for at least two years and then, maybe, you can qualify for in state.
I asked you on your previous post if you had consulted with your guidance counselor because most of them know that California public universities do not fund people who do not pay taxes in California.
You received federal funds. You won’t receive anything from California.
To get instate residency, your parents would have had to move 1 year before your entrance into a university (sept 2017) and they would have to be presently paying California taxes (which aint cheap). Also they’d have to pay your OOS tuition of $60k upfront, which they don’t have. Jobs are not immediate.
For you to gain instate residency, you could not attend the university for 2 years and would need to be working a full time job, paying state and federal taxes, paying market rental rates (no discounted rents allowed) and no financial help from anyone. (You can’t live with relatives or friends) You have to prove that what you make, matches your UC budget sheet. Because California is so expensive, most students find it impossible to do this. Our rates in California for housing are ridiculous! On Thursday, the UC Regents approved an increase of 3.5% on non-residents. http://www.latimes.com/local/education/la-me-edu-uc-regents-tuition-20180315-story.html
@CU123, unless this student can find an actual job, earn about $3k minimum a month, in California for a CSU, not a UC, she might be able to survive the two years. FWIW: My dd and my ds had trouble finding local jobs without a degree.
We can’t help you make it work: we don’t have the money either. Pick an affordable college. If you don’t want another college, then it’s on you to figure out who is going to donate a quarter of a million dollars for your education.