I am currently a sophomore at Boston University, and surprisingly, I chose to attend here because it was the cheapest school for me (yes, you read that right. Fin aid was relatively nice to me). My family EFC is 0, so I am currently paying for my education entirely via loans, which is about 20k a year (mainly, I am paying just for housing). After four years, this adds up, and seeing as I would like to be a teacher…
So I have thought about a few options. I could live at home and commute, but it is about a 2 hour commute each way. I have done this before, for four days a week in the summer, and I can assure it is AWFUL. I am not sure I will be able to keep up with the amount of coursework I will have, plus keep my internship or my job doing this. But is it worth saving almost $35k at this point? I really don’t know, that is why I am asking you!
The other option I have is to graduate a semester early, where I would still live on campus next year, but then my senior year (last semester, in this scenario) I would commute. I did the math and I would save about 20k doing this. However, I would not be able to get my teaching license doing this, and would have to go into a Master’s program that would cost about 20-25k anyway.
I am really stressed at the thought of having 80k in debt by the time graduate, but I don’t know what to do. I chose BU because it was the least expensive school for me, but it is still creating a huge amount of burdensome debt. I really don’t want to drop out…at this point I am nearly half way done and I will have about 40k in debt anyways. I don’t want it to be in vain. Any advice would be much appreciated!
@thumper1 Nope my sate college would cost 21k/year (and that’s with me commuting from home) and everything else is a cc. And yes my EFC is zero but my mother was able to get a Parent Plus because they have something where even though she claimed bankruptcy she could get it? Honestly I am not sure about the details on that, but yes they are loans. And even though they are technically “her” loans, I will be the one supplying the money when it comes time to pay. The only thing that would have been cheaper is community college for two years, but my mom refused to allow that, and it’s too late now anyway.
@thumper1 I have done this and they told me I could try to appeal, but in doing so I was only awarded an additional $1,000. I don’t think I really have any other options other than those listed above.
A leave of absence will change the amount of financial aid that they will give me, and I will not be able to make the payments on those loans while working at my job in fast food. I am pretty stuck unless I drop out
This makes no sense. BU costs more than $20,000, right, and with a $0 EFC you would get $5,900 Pell and a $6,500 student loan, maybe work study and SEOG too. And then a parent plus for the rest. So not all of your expenses are paid with loans. You probably get grants from BU too.
What about U Mass Amherst or Lowell? Aren’t they cheaper?
Many schools include the Pell grant in the total grants they award, and for this student it seems all grants pay tuition, and she has to pay commuting/housing after all her school grants and government grants are considered.
Can you take classes online and reduce your commute to 1-2 days per week? Can you find a job that includes room/board, like an RA job, a live in nanny where they need help in the evening or weekends, a senior companion?
You are paying $20,000 a year JUST for housing? That’s a lot per month. Any chance you could reduce that cost by getting a less expensive place to live off campus?
@mommdc I never said that I do not get grants. I do, but the rest I need to pay. BU does not guarantee to meet full need. and UMASS is not cheaper if you live out of state (I am from NH)
@PurpleTitan the IBR can’t be used for all of my loans (the Parent PLUS) but for smaller loans that I have in my own name, it looks like it will be about $300 a month. Adding to that the fact that I will have to pay for the rest of the amount from the PLUS loan, I will be looking at paying around $600 a month in student loans (maybe $700).
@twoinanddone That is a good idea. We don’t have online classes, but I could try and get my schedule to work so that I only have MWF or TR classes. There are no guarantees, but it is worth a shot.
@thumper1 yes that is mainly for housing (about 18k for room and board, 2k for other expenses like tuition). I considered moving off campus, but unfortunately I would need to find a close to full time job to pay for it and for some reason that is exceptionally difficult (everyone wants to hire part time only). I could keep looking though, because apartments typically cost $800-1k a month depending on where/number of roommates, so it is definitely cheaper.
@thumper1 haha yes, I assure you I have a part time job (unfortunately, it is only open 9-5 so I am limited to when I can work as I have classes) . Do you know if the PLUS loan allows people to take out a loan for off-campus options? If not, should that info be found somewhere on the federal aid website?
What you need to find out is what the cost of attendance is for students living off campus in apartments. On the website, I see commuters (no lodging costs…because they would be living with parents), and on campus.
See if there is a cost of attendance that includes an amount for off campus lodging.
I have heard cases of students who wanted to live at home and commute to save money. However, they found that their financial package would be adjusted because their expenses were less. So instead, the amount they received towards tuition was reduced by the amount they would have been spending for R&B. Double check to make sure this wouldn’t apply in your case.
R&B at BU for traditional dorms (2x, 3x, or 4x occupancy) plus meal plan is 14.8K for this year and 15.2K for next. Are you in a more expensive housing and meal plan? Could you scale it back?
@mamaedefamilia I had no idea that they sometimes did that! I will look into it. And yes, I have a single so it is more expensive. This sounds dumb considering I am concerned about money, but I have pretty bad anxiety and having a roommate last year I feel like made it worse. My dining plan is the lower priced one though. That is partially why I am considering commuting, because while I dislike how expensive campus living is anyway, I feel awful for spending even more to live in a single.
There are other jobs where the business is open more than 9-5. I’m going through this right now with my daughter. She doesn’t want to work in food places. Life is tough and sometimes you have to take the job that you can get. Weekends, Friday nights, whatever.