<p>Hello,</p>
<p>I am applying for a private scholarship and I am taking a private loan.
My total cost of attendance for 2011-2012 is $60,000. I took a loan of $60,000.
Now, I'm applying for a scholarship (they give out $5,000 max). Should I say that I took a loan of $55,000 ? or it wouldn't matter much?</p>
<p>Thanks.</p>
<p>It shouldn’t matter but please do NOT take out such debt. 50-55K is a lot to take out for all four years of schools. The debt will cripple you and keep you from realizing your dreams after college. How would you get married (I would caution my children from marrying anyone with so much debt), own property, buy a car, have children, even have a social life?
Have you calculated how much your would have to pay on over 200K of debt after 4 years? Please come up with a better option.</p>
<p>If they ask you, yes, you should answer honestly, since if it is discovered, you could lose the scholarship for that. We had a situation of that sort some years ago. You do not have to offer the information if not asked.</p>
<p>1) In answer to your question, you should put the whole $60K, since that’s what you borrowed. I doubt it will make a difference, since any scholarship due at this time of year would understand that you had to borrow the entire CoA in order to attend school.</p>
<p>2) I agree with GTalum…you shouldn’t have to pay the entire CoA with loans, especially with the CoA being $60K per year. This is a really bad deal, and you should consider going somewhere else - somewhere cheaper.</p>
<p>@Kobica - from your previous posts you appear to be an international student who will be going to a graduate program here in the US. Also you have a parent who is a permanent resident here.</p>
<p>Don’t you have to prove that you already have your financial resources in place before you can get a student visa? Would a loan approval be satisfactory proof?
If your loan is coming from a US bank I think they will need a co-signer who will be responsible if you fail to pay the loan back. Does that person need to be a US citizen? If so, your parent may not qualify. </p>
<p>Even if you can get the loan, and it is acceptable for getting a student visa, it’s still a huge amount of debt. How many years is your graduate program?</p>
<p>@GTalum and Juillet</p>
<p>It’s a year and a half program. The total cost will be $70K-$75K. If I return it in 20 years, it all would cost me 120K-130K… I believe I will pay it off much faster (4-10 years).</p>
<p>@cptofthehouse</p>
<p>Thanks for the comment. Will write $60K.</p>
<p>@megmno</p>
<p>A proof of loan approval is enough. I was approved for the loan last week. They want the cosigner to be a permanent resident or a citizen (so it’s fine as my mom is a permanent resident).</p>
<p>The program is a year and a half. The total tuition for the 3 semesters is 60K, I added 10-15K for all my expenses for the three semesters. I believe it won’t be more than $75K.
Plus, all students find internships between the 2nd to the 3rd semester and it should cover around 5-10K(a three month internship).
I think I will be fine in terms of the debt 
Thanks for the concern though.</p>
<p>$75k in debt is still a lot.
What is your future career? how much do you think you’ll be earning?</p>
<p>@mom2collegekids</p>
<p>I know it’s a lot but there is nothing I can do… no matter which school I choose, if I want a brand name on my resume, I have to pay…
The average starting salary is 80-95 (base)… However, I’m a little cautious with these numbers as people come from different backgrounds… some people even start with 100-130K… but these are the ones with many years of experience…
I believe I will start somewhere around 75-85K…
Also, 75K in debt is a lot, but when you pay 500 bucks a month for 20 years, it doesn’t sound that bad :</p>