Paying for School (Last-minute decision)

Paying for College
1

<p>Night after night, I've been dreading paying for college and I don't fully understand my award all that much and how paying for school is going to work out. I was applying last-minute to Texas Tech University and I'll be transferring in with about 86 hours, with around 60 applicable hours towards my degree. From Texas Tech's website:</p>

<p>======================================
Estimated Cost of Attendance
Tuition & Fees $9,608
Room & Board $9,384</p>

<h1>Total Estimated Direct Cost $18,992</h1>

<p>Books & Supplies $1,200
Other (personal, transportation...) $4,420</p>

<h1>Total Estimated Cost $24,612</h1>

<p>Texas Tech is going to give me a $9,500 scholarship for the coming year. I expect the scholarship to continue for another year. As well, I plan to stay there and graduate in about two or three years. Clearly, $9,500 will clear almost all of the tuition and fees sections, but I have to worry about the remaining expenses: room and board, books and supplies, and other expenses. </p>

<p>Because of how late I am at applying, (already accepted, just not "officially enrolled" yet) I have to choose the dorm option unless I feel like doing potluck roommates in an apartment off-campus, which I don't want to. As well, I have slightly under $30,000 saved up for college. Do I have a fighting shot at potentially graduating debt-free? Or am I going to run into trouble down the line? Parent contribution is not expected.</p>

<p>I've ran the numbers myself and I'm just worried about this whole ordeal. I don't trust myself with calculations. Advice? Help? Insight?</p>

<p>Much appreciated!</p>

2

<p>You will need 24,612 - 9500 = 15,112 each year as long as you don’t spend anything else that the costs listed here. If you cut any costs then you will need less. Saving on room and board living off campus is one way. Buying used or renting text books and not having to buy a computer and stull helps too. So yes, it looks like you will just make it. If it were me, I’d look for a low hours part time job during the school year too. </p>

3

<p>You will need 24,612 - 9500 = 15,112 each year as long as you don’t spend anything other than the costs listed here. If you cut any costs then you will need less. Saving on room and board living off campus is one way. Buying used or renting text books and not having to buy a computer and stull helps too. So yes, it looks like you will just make it if and only if you can finish in 2 years. If it were me, I’d look for a part time job during the school year too. </p>

4

<p>You better graduate in 2 years because that award will likely disappear after the second year since it is a transfer award.</p>

5

<p>That “other” category will be completely in your hands. How often will you go home and how far is it from the campus? Do you have a personal budget that you operate from right now? What are you predicting for your personal expenses each month?</p>

<p>I would definitely suggest that you make it a goal to graduate in two years. You can do it! By the way, what happened to those extra 26 credits? That seems like a lot of credit to lose in the transfer.</p>

6

<p>Work summers as well. If you work the whole summer at a decent-paying job, you can almost fund room&board with your earnings from the summer.</p>