<p>OHHHH.... mine's covered by something else oh I get it, nevermind :D</p>
<p>Reviving an old thread...
Does it matter how much we put in loans and put in work for the $5500 self-help? For example, I was thinking of putting $4000 in loans and $1500 in work (just because I think $4000 is the maximum loan amount that remains interest free while still an undergraduate), although I'm pretty sure that I'll be earning more than $1500 from a job. (I figured I should just be safe in case I don't earn more than $1500. If I do, I can just start paying the loan immediately.)
Would it be better for me to put a higher figure for the work amount? Or is the only difference that any amount I earn beyond $1500 goes into my hands and not into the self-help?
And what is the difference between Federal Work Study and an MIT job award?</p>
<p>I think the $4000loan/$1500job combo is the best. (suggested by an experienced student at MIT)</p>
<p>$1500 comes out to $750/terms, so I think that IS doable. </p>
<p>1500$/9 months = ~170$/month = 42$/week</p>
<p>And considering that the min. job pay is ~8$, you work for 5.25 hours/week.</p>
<p>Even less... it's $8.65 minimum, and you can expect a $10 job normally.</p>
<p>But what if I think I'll earn more out of a job than what I put down for the work amount?
For example, say I get some scholarships so that my self-help is only $3000 my first year.
Would it make a difference between putting down that I want $3000 in loans (just to be safe in case I...uh...get fired =) or don't end up finding as much time to work as I was expecting, or whatever) and putting down that I want $1500 in loans $1500 in work?</p>
<p>
[quote]
And one last question, with all the studying and homework, how much free time do you usually get (if you don't do any extracurricular activities) to work on on-campus jobs?
[/quote]
</p>
<p>Freshman year I worked 7 hrs/week at a library on-campus. Sophomore and junior year I have worked about 15 hrs/week at my UROP. And I do extracurriculars... ;) I'm sure someone who's committed to working really hard could probably do about 20 hrs/week at a job and still survive.</p>
<p>You tell the SFS how much you want to work for, but they don't know how much you actually EARN. So if you tell them you will pay $1500 by working and actually make $3000, they won't know. You just have to give them what you said you would.</p>
<p>Some other clarification...</p>
<p>You can get more than $4000 interest free (or low interest) while in school. Technically you could receive the entire $5500 in subsidized loans while in school, so interest should not be an issue.</p>
<p>As for work, $8.75 is the minimum hourly wage on campus, although many jobs do pay more per hour. Most students work an average of 10 hours per week, which works out to about $2625 for a 30 week year. But I would be cautious of putting too much in work your first year.</p>
<p>Since MIT runs an "open job market" for students, you can work for more (or much more) than your official work amount. The only exception to this is community service (where you are paid to do what most of us would consider a volunteer job -- tutoring, working in the schools, etc).</p>
<p>In fact, you could tell us you wanted to borrow the whole thing ($5500) and then work also. Since the jobs are pretty much always available, there is no problem there.</p>
<p>On the blue financial aid reply sheet that I sent in, I gave a certain figure for how much i wanted to pay in loans and how much in work-study. Would it be possible to revise this figure even though I've already sent the form in?</p>
<p>Sure. Just download another form, mark it as revised, and send it in.</p>
<p>Does the $5500 self-help amount increase every year, or does it remain the same?</p>
<p>And internationals can't qualify for federal loans=(</p>
<p>pretty much if you have a urop during the year and an internship during the summer (both of which most people are able to find) then you don't have to worry about your self-help award.</p>
<p>hrm so does that $5500 self-help amount increase every year or remain the same? Thanks!</p>
<p>At the present time, we have no plans to change it. In fact, the only change in the past 7 or so years has been downward (from $7500 to $5600 to $5500).</p>
<p>If you make excess money with work-study can you use it to pay off loans?</p>
<p>Sure. Any amount can be prepaid to the loans without penalty. You need to keep in mind though that by borrowing more than you need you may wind up with fees associated with the higher borrowing amount that you otherwise wouldn't have.</p>
<p>For Freshman year, I advise a plan which has you borrowing $4000 and working for $1500. $1500 is very manageable (probably no more than 5-7 hours a week). After your Freshman experiece, you'll know better how much work you can handle in conjunction to your studies.</p>
<p>Thanks! So for freshman, soph, junior and senior year - all self-help amounts will be $5500? It's not just freshman self-help that stays at $5500 right?</p>
<p>Is there any penalty for consolidating all your loans at graduation, or for early repayment?</p>
<p>At this point, we have no plan to raise the Self Help rate. As you can guess I cannot predict what will happen in the next four years, but I can tell you that I know of no plan to raise it.</p>
<p>No penalty to consildate Federal loans and no prepayment penalty on any loans.</p>
<p>wow that was pretty quick - thanks!</p>