Out of Options

Paying for College
1

<p>Hey everyone, I got into Schreyer HC at Pennstate, Brandeis U, Pitt, Drexel, and got waitlisted at Carnegie Mellon.</p>

<p>These schools offer me an anual of 3.5k/22k (schreyer), 47k/53k (brandeis), 10k/23k (pitt), 20k/46k (drexel), and 30k/55k (cmellon), respectively. My EFC was only 2k when I filled out the FAFSA with my parents' details. </p>

<p>My parents cannot pay anything for my college education. They cannot co-sign any documents with me. The aid I received from these schools includes the subsidized/unsubsidized loans. I have called various financial institutions and they all tell me the same thing: if I'm not 18 (I'm 17, I skipped a grade), or I don't have a cosigner or collateral, then I can't take out any loans. I have applied to several small-scale scholarships, and have yet to hear back. Realistically, I do not expect their aid to exceed 5k. I have written letters of appeal to both Schreyer and Brandeis, and have not heard back yet. </p>

<p>My top choice is Schreyer HC, but I will realistically have to attend Brandeis. In some magical fashion, I must procure 7k so I can go to college next year. Is this possible? What are my options here?</p>

<p>I just don't understand... for a family of 5 that is making less than 50k/year together, how can they realistically expect these monstrously huge payments? I don't know what to do.</p>

2

<p>well you can always find work and rack up money. If you get good grades, definitely apply for summer co-ops and internships because they pay better. I assume you’ve calculated all the excess expenses in there, such as books, food, gas, etc.</p>

<p>I think you have the right mindset to expect the minimal from colleges nowadays. I’m kind of in your shoes right now. I have an international student status, so I get even less scholarships. Actually, they didn’t give me ■■■. But at least my parents are doing the best they can to help me.</p>

<p>You’re not alone. Work A LOT during the summer.</p>

3

<p>You need to accept that Pitt is out and find a way to make Bradeis work. A job now, 2 this summer and work study will go a long way towards meeting the gap. Then have your Parents apply for a Plus Loan, if they are turned down you will get more in Stafford loans. If that’s too much in loans, community college for 2 years works.</p>

4

<p>Sounds like you can swing Brandeis if you opt for the cheapest meal plan, the cheapest room, eliminate expenses for unnecessary items, and buy used books where possible. (I checked their cost of attendance on their website - you can save some money there.) You ought to be able to make up the difference with a part time job, including this summer - there are jobs so start looking tomorrow morning. I know that’s not ideal but there’s no way you should let the 6K gap get in the way because you can reduce the expense end of the gap by 1,500-2,000 and making up the difference is a job where you can earn $100 per week.</p>

<p>And I’m being serious when I say this next thing. Your parents don’t have to feed you because you’re away at school. Maybe they could send you $20 per week to help out.</p>

<p>You only need to get through this year because you’ll be able to sign next year. </p>

<p>Good luck. I hope you get it figured out.</p>

5

<p>*These schools offer me an anual of 3.5k/22k (schreyer), 47k/53k (brandeis), 10k/23k (pitt), 20k/46k (drexel), and 30k/55k (cmellon), respectively. My EFC was only 2k when I filled out the FAFSA with my parents’ details.</p>

<p>My parents cannot pay anything for my college education. They cannot co-sign any documents with me. The aid I received from these schools includes the subsidized/unsubsidized loans. *</p>

<p>You don’t need co-signers for the sub/unsub loans in your FA package. Are you asking about additional loans?</p>

<p>BTW…if your parents credit isn’t good enough for a Parent Plus loan, then after they are denied, you can borrow $4k more with a Stafford unsub loan. So, if that’s the issue, then you need to have your parents apply, get turned down, and they you can borrow more.</p>

<p>I don’t understand the amounts above. Are you saying that Penn State only gave you $3.5k for a COA of $22k? That doesn’t sound right. Or am I reading the amounts incorrectly???</p>

<p>What exactly is in the Brandeis package? What is the breakdown? Did it include work-study? If not, you’ll need to ask for some.</p>

<p>Also what is the breakdown of Brandeis cost of attendance? These things are often padded, therefore you won’t need all of that.</p>

<p>Did you receive a Pell grant in EVERY package? If not, you should have?</p>

6

<p>Seems odd that you applied to elite small universities like Brandeis and CMU but would prefer a huge, impersonal factory like Penn State–even in their honors program.</p>

<p>There really is no comparison between Penn Stateand Brandeis. At Penn your classes your first few years will be very large, and you will have TAs in many of your introductory classes. At Brandeis, you will have dramatically smaller class sizes and classes taught by professors, not TAs. </p>

<p>Brandeis has all of the elements of a small liberal arts college, but set in a research environment. Undergarduate teaching is the main focus of the faculty, not research. In contrast, if your main interest is big-time athletics and partying, then you should choose Penn State. But if your focus is academics, class size, quality of teaching, then Brandeis is your clear choice, again, assuming you can afford it</p>

7

<p>Thanks for your responses everyone. </p>

<p>“well you can always find work and rack up money” … “jobs so start looking tomorrow morning” I’m already working part time. I have a couple hundred saved up, and I have the option of working a second job also this summer. </p>

<p>“know that’s not ideal but there’s no way you should let the 6K gap get in the way” Yes, that is my mindset. I will have to find ways to minimize these expenses. </p>

<p>“You don’t need co-signers for the sub/unsub loans in your FA package.” Yes, I know, but I need cosigners for additional loans. </p>

<p>“if your parents credit isn’t good enough for a Parent Plus loan,” my parents are eligible for a PLUS loan I believe (they told me to scrap the whole idea of any loans involving them), but they refuse to take it, because they are already paying off debts, going into more debt, and need money to feed everyone. They can’t make any loan payments. </p>

<p>“after they are denied, you can borrow $4k more with a Stafford unsub loan” this is VERY useful information. I am already borrowing the max amount with the unsub loan I think, but I will see if I can do this. My father works and my mother is unemployed; if she tries to take a PLUS loan, she will be rejected, and I can borrow the money, right? Or does it have to be the parental unit?</p>

<p>“Are you saying that Penn State only gave you $3.5k for a COA of $22k?” Oh, I’m sorry. I made a mistake. The 3.5 was just the default schreyer scholarship. There is also an additional 6k in subsidized, and unsubsidized loans together (aid). I included these loans in all the other amounts. I received grants in every school I applied to, EXCEPT Penn State. When I called them and asked why they said it was because they had limited funds to disperse and were sorry. </p>

<p>The Brandeis package included work-study, I remember, and indeed the cost of attendance was padded and based on estimates. I take from this knowledge that if I live strictly, buy used books, chose the smallest meal plan, cheapest fees, etc, that I can reduce the cost to the point where it’s no longer a big problem.</p>

<p>EDIT:</p>

<p>“There really is no comparison between Penn State and Brandeis. At Penn your classes your first few years will be very large, and you will have TAs in many of your introductory classes. At Brandeis, you will have dramatically smaller class sizes and classes taught by professors, not TAs.” I believe Schreyer has small classes, 20 people or so, or so I’ve read here on CC. They give me priority class registration and a guaranteed two-person dorm too. My focus is academics however, I applied as a math major. </p>

<p>“Seems odd that you applied to elite small universities like Brandeis and CMU” I applied to the schools that gave me application fee waivers and fee reductions, and which I gathered were good for undergraduate mathematics. I also applied to MIT and Duke, but got rejected by both.</p>

8

<p>Lorentz – Take a look at another recent thread about PLUS loans – apparently your parents don’t have to be denied the loan, the school’s loan officer can determine that they wouldn’t qualify, and then you’re eligible for the increased Stafford loan limit. </p>

<p>You sound like a very organized student, and I’m glad that Brandeis seems like it is going to work for you.</p>

9

<p>[qoute]My EFC was only 2k when I filled out the FAFSA with my parents’ details.</p>

<p>Are you saying that Penn State only gave you $3.5k for a COA of $22k?" Oh, I’m sorry. I made a mistake. The 3.5 was just the default schreyer scholarship. There is also an additional 6k in subsidized, and unsubsidized loans together (aid).

[/quote]
</p>

<p>Did all of your packages include the $3600 Pell grant you’re eligible for? You may also be eligible for a $750 ACG if you meet your state’s HS qualifications - that is often added after the college verifies your final HS transcript.</p>

<p>Did Brandeis give you a work study award? You’re very close to being able to afford this school without additional loans, but may need a bit of extra help. Your parents should be eligible for tax deductions/credits (see IRS Publication 970) while you’re in school. Perhaps they would consider taking a small loan if needed and paying it back with the tax savings.</p>

10

<p>Someone else asked about having the unemployed parents apply for the Plus loan, and someone else said that that is possible. </p>

<p>But, first see if the FA officer can determine whether your mom/parents won’t qualify and automatically increase your Stafford loans.</p>

<p>MOre importantly, cut the fluff out of your COA for Brandeis. Don’t borrow more just to have extra cash to blow. You should have an emergency amount, but don’t borrow more than necessary.</p>

<p>How much W/S did Brandeis give? If it’s about $2000, then ask for a bit more.</p>