<p>So, I am not technically a first generation student but my mom went to school in another country so she doesn't know a whole lot about how college here works.. I'm a little on my own. Anyway, here's the situation. I got into my schools and ultimately my choices came down to Johns Hopkins and UMD College Park (I'm in state). I was ready to go to Maryland when Hopkins offered a generous amount of aid, so my COA would end up being similar to that if I were to attend UMDCP. I was down to about 13000 left and got a scholarship from a local organization for 4000.
Now my question is... are loans my next step? Where should I look into for the best types of loans (lowest interest rates, deferral, etc.) I just need some information. Thanks in advance!</p>
<p>Is your local scholarship renewable for all 4 years or is it just for this year/</p>
<p>If you have to borrow 13k this year, how are you going to borrow 51k to cover the next 3 years? At this rate you will have 61k in debt, not including what ever loans are in your financial aid package. Way, way, too much debt.</p>
<p>It sounds like you’re trying to borrow too much.</p>
<p>Are there already loans in your FA pkgs? If so, then borrowing more isn’t a good idea and would require qualified and willing co-signers. Would your mom qualify to borrow this money? Would she pay it back? </p>
<p>What is your intended major/career? How much do you think that you’ll be earning upon graduation?</p>
<p>How much is your mom paying each year towards your college costs?</p>
<p>it doesn’t sound like you applied to a financial safety.</p>
<p>Is that extra $4k scholarship for ONE YEAR only?</p>
<p>In another thread you say that UMD will cost you $15k per year in loans. WHO will be paying back those loans? YOU or your mom? How much is your mom paying?</p>
<p>If YOU will be paying back all the loans then you’re borrowing too much. </p>
<p>Is your mom going to cosign these extra loans (the ones beyond the Stafford Direct loans in your FA pkgs.)</p>
<p>I think it depends on what OP will be major in. I don’t think borrowing 11K or 15K would be too much. There is no where OP could go which would be cheaper. If a graduate could make 50-80K a year (depending on cost of living), he/she could manage 60K student loan.</p>
<p>If OP could go to JHU for 10+K/year, it would definitely be worth it. Is OP factor in summer earnings and work study?</p>
<p>Run your offers through this calculator, and see what the results look like:
[FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid)</p>
<p>See [Subsidized</a> and Unsubsidized Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much-can-i-borrow]Subsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much-can-i-borrow)
If you need to borrow than the limits to attend the school, I don’t think you could afford that school.</p>
<p>Well, my intended major is chemical engineering and my mom would cosign. However, I think if I’m granted commuter exemption, I will be good to go! That’ll reduce my cost by about 11k I believe</p>
<p>You need to find out how your aid package will change if you commute.</p>
<p>And I’d be borrowing about 7k for this year (if I stay on campus) not 13k…? I’m not really sure where those huge numbers came from… But i’ll look into whether commuting will be better or not.</p>
<p>happymom is right. If your EFC is 13K then your family would be required to pay 13K whether you live on campus or not. Some schools may also require all freshmen to live on campus.</p>
<p>Happymom probably wants you to check IF your aid will be reduced if you commute from home. At many schools, the cost of attendance for commuters living at home with their parents is less than that for students who live on campus. It is possible that your need based financial aid package will be reduced if you live at home…because you will NOT be paying room/board costs. You need to check this!</p>
<p>The other thing…you need to check with Hopkins regarding their policy on scholarships from outside. You are REQUIRED to report those scholarships to your college. At most places, this will reduce your financial need…and therefore the aid the school is providing to you.</p>
<p>Also…college is a FOUR year financial obligation. To be honest, borrowing $7000 for one year isn’t bad. BUT what is your plan for financing the subsequent three years? You got a $4000 outside scholarship for the upcoming year. If that is not renewable, you will have to fill in that additional amount of money for the following three years. And, keep in mind that your cost of attendance will increase about 3-5 % each year…and likely your aid will not.</p>
<p>I think it depends on what OP will be major in. I don’t think borrowing 11K or 15K would be too much. There is no where OP could go which would be cheaper. If a graduate could make 50-80K a year (depending on cost of living), he/she could manage 60K student loan.</p>
<p>She does have a cheaper option that she mentions in another thread.</p>
<p>MDgirl, the “huge numbers” are coming from a post in another thread.</p>
<p>You may be borrowing less the FIRST year because of a one time $4k merit scholarship. After that, you’ll be borrowing more each year. </p>
<p>Is some of your FA grants from the universities? or is all of your “free money” merit scholarships?</p>