<p>So I'm currently enrolled at UT Dallas (University of Texas at Dallas) and got a little too caught up in classes this semester and missed a lot of deadlines for scholarships. I've got a very low EFC (~2000 soon to be 0 after my special circumstance goes through) so my tuition and fees are completely paid off with my Pell grant and TX Initial, but I still have around $8K to cover myself next year due to rent and food.</p>
<p>My current plan is to get my on campus job, apply for as many scholarships as possible (hopefully at least $3K) and work my butt off (for like $2K). However, in the event that I fail or fall short, I know I'd be relying on the same $3500 loan I did this year. </p>
<p>So with all the current "high student loan debt" scare that's been startling me since I began my college trek last year, would graduating with around $14K in debt really be all that bad??</p>
<p>I looked up the starting salaries for my major and I'm looking at like $35K (absolute worst case scenario) to $47K. </p>
<p>Any advice??</p>
<p>No, the amount of debt you are considering is reasonable. As far as working goes, though I am a believer and an advocate for students earning a portion of their college money, in your case, make sure you do not eat into your PELL Grant amounts with your income and make sure your accounts are bone dry when you fill out your FAFSA; that you have paid off your bills, because you could end up adversely affecting that EFC. Student earnings and assets are hit very hard in the the EFC calculation.</p>
<p>I actually ran into the problem with my work income this year! My fin aid counselor said that no matter how much I make my TX Grant Initial and Pell Grant will always cover my tuition and fees, but just in case had me fill out a Special Circumstance form stating that I had quit my job in Jul.</p>
<p>However, if I have to work an off-campus job during the school year in order to make the amount necessary, how much can I make before it disqualifies me for Pell Grant? In order to qualify for the Pell Grant I though my EFC just had to be under 5550. It rests at 1201 right now and I made 4,500 from Jan to Jul of last year.</p>
<p>You have to run the number, Glossue. I’m not sure your fin aid counselor got this right. Unless you are working a work study job which does not count towards financial aid calculations. Think about it. If in the unlikely event you made $50K, you really think your EFC will not be affected and you will still get those grants? I don’t know a thing about the Tx Grant, but the PELL is very much income sensitive. You can go on a calculator and see exactly what counts as student income and how it affects the PELL. Are you an independent student? I see no mention of parental income or assets. The thing is, student income and assets more sharply affect the EFC calculation, so you do have to watch the limits.</p>
<p>I figured as much . . . I’ll go back in and try to talk to another fin aid counselor on monday. From what I understand/guestimate, my TX Grant Initial is dependant on my Pell Grant. If my Pell Grant drops, it increases to cover the gap. If I get the on-campus job, it’ll pay me enough that I can just make the $2K i need over the break and send in another special circumstance to bring my EFC back down to 0. However, if I have to take a job during the school year, even with me working max hours I’d probably only be able to bust out perhaps another 4500. 
Does this mean I’ll stay in the clear?</p>
<p>You need to know exactly how the TX Grant and PELL work, and how that ties in with your income and assets. That is your responsibility. You can use an EFC calculator on line and it will show you how your income will affect your EFC to the point that your PELL will disappear at a certiain income level. Go on ahead and play with it. I can’t help you with the TX Grant. But you need to understand all of this, as your college money depends on it. I find it hard to believe that if you will get TX Grant regardless of how much money you make, as your PELL grant diminishes. Think about that. You don’t get the Grant, do you, if you don’'t have need. At what threshhold does it start affecting you? This is the sort of exercise a lot of people have to do, whether on social security, or other benefits, tied to income.</p>
<p>Thanks so much for your advice! I just finished messing around with my finances on the EFC calculator online. For this upcoming year, if my Special Circumstance goes through, my EFC will become 0 and overall my fin aid package should be the same as this year, but with a bigger sub loan amount.</p>
<p>However, next year if I make like 12K (so unlikely you have no idea), even with my little sister coming to college, my EFC is like 3388 and my Pell grant drops to 2200. Thankfully the situation of me making only like 4500 during the year is more likely, and my EFC would only be like 907 and my Pell grant 4600.</p>
<p>I’ll double-check exactly how my TX initial Grant works, but it seems that my Pell grant is safe for now.</p>
<p>Any ideas besides loans on how to pay for my housing though?</p>
<p>Can you clarify…</p>
<p>What is the breakdown of costs at your school?</p>
<p>What is the breakdown of your aid…grants, loans, Work study, etc??</p>
<p>You didn’t mention if you are a “dependent” student or not but if so, you have a $6K income protection allowance before any income is calculated for EFC in FAFSA. You can work through the FAFSA worksheets with different income scenario’s to determine what affect it will have on your EFC and Pell eligibility.</p>
<p><a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/010512EFCFormulaGuide1213.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/010512EFCFormulaGuide1213.pdf</a></p>
<p>It’s probably too late for this coming year, but for future years, you could probably save a lot on your housing by applying to be an RA. You might want to investigate how your school compensates RAs to see if the RA job would help you out financially.</p>
<p>The consumer champ’s rule of thumb when it comes to determining what level of borrowing you can comfortably handle: Do not take on loans that exceed the likely first-year earnings in your field.</p>
<p>@mom2college: Breakdown is $11168 Tuition + $400-500 in Lab Fees, $4500 for On campus apartments ($512/mo), $1000 Food ($100/mo), Renters insurance ($8/mo), and since my major doesn’t really depend on books much, I’m guessing I’ll only pay like $300 on books. I don’t have a car and UTD gives us all free DART passes, so free transportation all around.</p>
<p>Anyway, it comes out to around 18.5K. However the COA on my schools website for the upcoming year suggests it might be more around 21K.</p>
<p>Last year my breakdown was:
PELL: $5550
TX Initial: $6000
Top 10% Scholarship: $2000
STAFFORD subsidized: $3500
STAFFORD unsub: $4000 (I didn’t take this though)
Outside Scholarships: $3000</p>
<p>I’m assuming this year it’ll be something similar.</p>
<p>@Kdog: yes I’m dependent!</p>
<p>@mom6350: The PA system here is kinda ridiculous and I wasn’t sure if that would really fit me. Next year, I’ll be moving into the 2 bedroom apartments so my rent will practically be halved and I’ll have no trouble.</p>
<p>@beloein: That’s what I’ve heard. The worst case scenario starting salary can have me pay off the $20K i’ll probably owe in like 7 years, so I figure it’d be okay.</p>
<p>*Breakdown is</p>
<p>$11168 Tuition + $400-500 in Lab Fees, </p>
<p>$4500 for On campus apartments ($512/mo), </p>
<p>$1000 Food ($100/mo),
Renters insurance ($8/mo),
and since my major doesn’t really depend on books much, I’m guessing I’ll only pay like $300 on books. I don’t have a car and UTD gives us all free DART passes, so free transportation all around.</p>
<p>Anyway, it comes out to around 18.5K. However the COA on my schools website for the upcoming year suggests it might be more around 21K.</p>
<p>Last year my breakdown was:
PELL: $5550
TX Initial: $6000
Top 10% Scholarship: $2000
STAFFORD subsidized: $3500
STAFFORD unsub: $4000 (I didn’t take this though)
Outside Scholarships: $3000</p>
<p>I’m assuming this year it’ll be something similar. *</p>
<p>How much can you earn over the summer? (wow, UTD’s tuition is high for a non-flagship!!)</p>
<p>Haha yeah a lot of people tell me that, but the tuition is fixed so I never have to worry about it increasing!!</p>
<p>Kinda depends on the job that I land when I head back home, but if I work a crap ton, I could probably make around $1500-3000.</p>