Please HELP! ME! With my financial Aid Award

Paying for College
1

<p>:( I really want to go to this school, its my top choice but I'm not sure if its a good financial aid award. I need help, I want to know if this debt will be manageable for me? My Family can't help me pay for college because my mom passed away and my dad is out of the picture, and my sister (my guardian) can't afford to help me.</p>

<p>GIFT AID TOTALS FALL SPRING
Ashbrook Scholarship 2,000 1,000 1,000
Director's Scholarship 9,000 4,500 4,500
Ashland University Endowed Scholarship 5,000 2,500 2,500
Ashland University Grant 240 120 120
Federal Pell Grant 5,550 2,775 2,775
Fed. Acad. Competitiveness Grant - Yr. 1 750 375 375
Federal Supplemental Grant 2,000 1,000 1,000
_______
GIFT AID SUBTOTAL: $24,540</p>

<p>STUDENT LOAN ELIGIBILITY
Federal Stafford Loan - Subsidized 3,500 1,750 1,750
Federal Stafford Loan - Unsubsidized 6,000 3,000 3,000
Federal Perkins Loan 2,000 1,000 1,000
_______
STUDENT LOAN SUBTOTAL: $11,500</p>

<p>TOTAL: $36,040</p>

<p>OTHER AID OPPORTUNITIES
Federal Work-Study 2,800 1,400 1,400</p>

<ul>
<li> Stafford Loan - will be processed unless you email us at <a href="mailto:financialaid@ashland.edu">financialaid@ashland.edu</a> to
reduce or cancel the loan</li>
<li> Federal Work-Study - is not deducted from the "Est. Billed Cost" below since the bill
must be paid before each term begins</li>
</ul>

<hr>

<p>2010-11 ESTIMATED EXPENSES APPROXIMATE COST TO FAMILY</p>

<pre><code>Tuition $26,566 Est. Billed Cost $36,756
Fees 838 Less: Gift Aid - 24,540
Room 5,022 Student Loans - 11,500
Board 4,330

Est. Billed Cost $36,756 Approx. Cost to Family $716
</code></pre>

2

<p>They expect you to borrow about $45k total. That’s a lot.</p>

<p>What is your likely major and likely career?</p>

3

<p>I Know I’m really worried :(. I’m planning on double majoring in political science and international relations with a minor in spanish. And likely career probably a lobbyist.</p>

4

<p>OK, $11, 500 times four years is about $46K in debt. You may be able to shave some off of this (buy used books, live in the cheapest dorm, etc). </p>

<p>A quick trip to the loan calculator shows that $46K at 6% would be a payment of $388 a month for 15 years. That’s a heavy load. (It would be $317 at 3%, so do pay attention to % rates.)</p>

<p>I think a lot depends on the variables. For instance, if you were majoring in nursing, there’s a high chance you 'd get a good paying job straight out of college. Things would be harder if you want to major in Romantic Poetry. </p>

<p>I think I’d, for sure, reach out the financial aid office and make sure they know your circumstances. If your sister is your legal guardian, what does it take for you to be considered “independent” for financial aid purposes? Ask, politely, if there is any further information you can provide and let them know you are open to suggestions. </p>

<p>Find out, also, if there are ways to trim costs. For instance, you may not be able to be a dorm RA as a freshman but it could mean $3K a year for later years (if that job suits your personality). </p>

<p>$44K is a lot. It is not, however, impossible. This is going to be one of those life decisions that will be tough. Please be very shrewd. You could also ask admissions to put you in touch with other students who are graduating seniors in your major. They could be frank about expenses and work opportunities. DO MAKE SURE that this package is “similar to” what you will have for all four years. Some schools give their strongest package to freshmen and then the deal gets worse and worse. Ask fin aid if your circumstances stay the same, will you be awarded similar amounts in the future?</p>

<p>Good luck. This is tricky stuff to navigate.</p>

5

<p>I know your school. IMO, 45K is an awful lot to borrow unless you will come out with a high salary job - you are an Ashbrook Scholar - so are you a history or political science major? What are your plans - is law school in your future???</p>

6

<p>I hate double majors. They exhaust students and often end up requiring an additional expensive year of college (no fin aid AT ALL for that fifth year). Please consider taking ONE major and several courses in the other. What’s wrong with an International Relations major with minor in Spanish and strong coursework in poly sci?</p>

<p>If you skip the double major (trap!) then you might have time and energy to earn some bucks and cut that debt load.</p>

7

<p>Thank you Olymon, I really appreciate it. I think I will call the financial aid office and ask them what you suggested, I really hope then can help me out I was expecting for a loan of about 5-6k a year but not 11k a year :(. And yes, they have me as an independent, but i don’t think it helped much.</p>

<p>Thank you again.</p>

8

<p>abasket, yes I am a political science major. And at first I was thinking about law school but now I’m leaning towards becoming a lobbyist and working in D.C. </p>

<p>I’m just very confused and I don’t know if I should do it. I mean i love the school and the opportunities it offers but I don’t know if I will be able to handle that loan.</p>

9

<p>Thank you Olymon, well In order to be an Ashbrook Scholar I must major or minor in political science. I know that minoring in Spanish will not be hard (I am Hispanic and I have been educated in Spanish speaking schools.) so I thought it would be okay, that is why i thought about the double major.</p>

10

<p>Oly…what loan calculator do you use? The online one I use defaults to 6.8% (don’t know why), but it gives me this for borrowing $46k for 10 years (why does yours give 15 years?)</p>

<p>Loan Balance: $46,000.00
Adjusted Loan Balance: $46,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00</p>

<p>Monthly Loan Payment: $529.37
Number of Payments: 120</p>

<p>Cumulative Payments: $63,524.32
Total Interest Paid: $17,524.32</p>

<p>It is estimated that you will need an annual salary of at least $63,524.40 to be able to afford to repay this loan.</p>

11

<p>Thank you so much for your help. I guess I just really have to think about it. I just hope i make the right decision</p>