<p>I'm going to be a freshman at Indiana University in the fall. I am from Illinois and I know I am going to need a lot of help paying OOS tuition. I was awarded the highest Dean's scholarship which is $11,000 a year and I filled out the FAFSA. My FAFSA award letter was $19,280. This doesn't even come close to paying the $45,000 tuition. I know about private loans but those interest rates are so high. Any suggestions from former parents or students or anyone for that matter?? Thanks in advance. </p>
<p>I don’t have much advice, as I was in-state…but you are looking at this very late in the game. Did you and your parents discuss how you were going to pay for it during the application process? </p>
<p>I have no easy answers, but I’ll share what we’re doing. My son took a gap year after high school in order to earn more money. He was able to keep his IU merit scholarships but we had to follow a certain procedures in order to do so. We can not afford all four years without additional scholarships so he will continue to apply for new ones every year including departmental awards. If nothing comes through, he’ll probably have to take another year off after his first 2 and earn some more money to finish. Or he’ll get most of his credits out of the way in three years (he’s starting with 15) and finish his final year as a working part-time student given that his expected major cannot be finished in under 4 years because of the required sequence of the courses. In addition, we’re hoping that we will get some federal and/or state aid in the future given our expected changing circumstances since my husband is disabled, I am under-employed and we’ll have another child in college (hopefully). We are going to avoid loans because it would be better to take more years to get through college than to start out adult life with a life time of debt. </p>
<p>Another thing…have you considered and In state school? That might be the best route even if just for the first few years.</p>
<p>Congrats on the scholarship, my Illinois daughter is just getting $4,ooo a year – but IU tuition worth it, she loves it. We have taken out a home-equity loan, with low and tax-deductible interest. You might talk to your parents about that. Also, be sure to call the IU financial aid office, they are the experts.
Be sure to take one of the intensive freshman seminar courses – included in your fall tuition except for $600 or so room and board. Definitely worth it, as you will get 3 credit hours which will help ensure you will graduate in four years (avoiding extra tuition) or allow you to drop a horrible class sometime. My daughter thought her IFS was a great way to get comfortable with the campus, dorm life, etc. before the fall crowds come in. Good luck!</p>
<p>momhsc–If your son takes an additional year off later in his education, make sure that the scholarship will still be there for him when he returns. He also will not receive the scholarship unless he is full-time. </p>
<p>Another thing you mentioned in your thread, and I’m assuming you are OOS, he will never be eligible for state aid as an OOS student. </p>
<p>It seems every year on CC there are posts like the OP’s. It’s sad that the finances were not considered previously. </p>
<p>MidwestMom–Home equity loans are not feasible for everyone, and a student struggling to come up with tuition money certainly cannot afford $600 for IFS room and board. </p>
<p>rrah - No…he is not OOS. I do know about the checking on the scholarship situation. He took a gap year and was able to keep his, but we’ll have to consider that when determining if another year off will make the most sense. We are going to try to avoid loans…I think it’s worth taking more years to get through college and come out with debt than to be paying it off for the next 10 to 20 years. It’s amazing how many 40 year old people are still paying off their education.</p>
<p>Just to mention another money saver - living off campus and cooking your own meals can save several thousand a year. </p>
<p>momhec2–good thing he’s not OOS. DD was able to avoid loans and graduated in three years. DS will also graduate in 3 years without loans. He will likely stay for an extra year for a one year master’s program. I wish the scholarship he received would pay for more grad level courses for him, but it won’t. He’s limited in the number of grad level courses he can take while officially an undergrad. </p>
<p>I completely agree on graduating with as little debt as possible. DH and I both had lots of debt from 4 years at IU and 2 years for grad school at IU. Fortunately we were able to pay it off in less than 10 years. Our goal always was for our kids to make it through their undergrad years without debt. 1 down, 1 to go. : )</p>