<p>I just received my financial aid package from SFSU.
I got 5K in grants and 18K in loans, which surprising considering the fact that I applied for FAFSA late April, haha. </p>
<p>About 2 months before this I really wanted to go to SF instead of going to community college since I wanted to live a more independent lifestyle. And while waiting weeks for financial aid to come, I assumed either I wouldn't get much or any at all. So I started to lean more towards CC. I took my placement tests, attended orientation, and have my schedule for Fall all set up and paid for already. But now the situation just took a turn. And I have limited time before making a decision. </p>
<p>SFSU-
Pros-More of a college life. I have the city to explore. Won't have to live with my parents.
Local dance studio, has a hip hop dance company there that's really well known that I've admired for quite some time and I'd love to attend their workshops, classes, even try out.
Cons-I don't like cold weather. I don't have campus housing(waitlisted at 158). It'll be harder for me to transfer. </p>
<p>Local CC-
Pros-Comfortable staying at home. Seems more manageable than going to SF. Content with the fact that it's pretty much a 5 minute drive to my CC and I can just take my classes and I'm pretty much done for the day. Easier to transfer.
Cons-Have to stay with parents. It'll pretty much HS part 2. Limited options to explore new opportunities, experiences.</p>
<p>Since you (a student) can’t take out $18k in loans, will your parents take out the amount greater than the student loans? (I’m guessing if the grant is Pell and/or Cal Grant, then probably not)</p>
<p>The COA is quite padded. Over $4k in personal and travel.</p>
<p>The tuition is less than $5k.</p>
<p>Can you get housing/meals for less than the stated $12,414 ?</p>
<p>Is the $5k grant a Pell Grant?</p>
<p>Can you work part-time to reduce any of this?</p>
<p>It’s ridiculous to borrow that much - when it’s really mostly going to room and board.</p>
<p>I think you should go to a CC for 2 years…that will cut your loans. And, then apply for FA earlier!</p>
<p>I am a CA resident, and I’ve been one since I was 4.
Same with my family.</p>
<p>I applied on the 28th of April and pretty much got a full ride, counting loans that is.
5K Pell Grant, and the 18K is direct loans.</p>
<p>It is worth that much including housing.
5K tuition+12K housing+w/e left for books, personal living, transportation adds up to 23 K. Don’t believe me, check on collegeboard.</p>
<p>I can get room and housing for that much or even less. </p>
<p>Alot of people on this forum say borrowing anything over 10K a year is a bad idea. But I ask around alot and it seems like borrowing 17K is the norm, most if not all my friends borrow the same amount. According to my parents you can take your time after school to pay it off gradually. Even more so if you go to graduate school, which I’m planning on doing.
I do plan on working part-time, more for myself though, cause it’s not like it’s going to pay for much.
I just told my parents about the financial aid, and they really want me to go. Which I don’t mind, since I’m open to both choices.</p>
<p>I applied on the 28th of April and pretty much got a full ride, counting loans that is.
5K Pell Grant, and the 18K is direct loans.</p>
<p>a full ride? LOL That’s not a full ride.</p>
<p>What do you mean by saying that you got $18k in loans. YOU didn’t get $18k in loans. YOU got something like $6k in loans and YOUR PARENTS got the rest. Do they understand that? Federal Plus loans are PARENT loans. They aren’t YOURS. Will YOUR PARENTS take out those loans and be responsible for them??? ( since you qualify for a lot of Pell, I’m guessing that they can’t afford these loans - and may not qualify for them anyway)</p>
<p>And, there’s no way any school (especially a Cal State) is worth over $70k in debt (by graduation). Your parents are very naive about repayment of these loans. </p>
<p>Do you have any idea what your monthly payments would be? Over $800 per month for 10 LONG years.</p>
<p>You’d be insane to take out these loans.</p>
<p>What is your likely major/career? How much will you be likely earning when you graduate?</p>
<p>Most of it is a parent plus loan. Most of the kids I know that have graduate ended up paying back for their parents portion.
If it is as ridiculous as you say, then how do most Cal State kids pay off their loans? I have a friends who applied for aid early and didn’t even receive grants.
I’m going to major in Business. Most likely Finance/Management. Most starting salaries for jobs in that category tend to be 45-50K.</p>
<p>Most kids graduate with a TOTAL debt of $20k of loans after 4 years…not anything close to what you’re suggesting.</p>
<p>If your friend applied early and didnt’ receive grants, it’s because the family income/assets is too high.</p>
<p>I’m a native Californian. My entire family lives there. Believe me, most kids do NOT graduate from the UC or Cal State system with $75k in debt (or anything close to it).</p>
<p>If you’ll be making $40-50k per year, how will you afford to pay back $800+ per month in student loans. That’s like 3 extra car payments after paying for your living expenses, taxes, and your own real car payment.</p>
<p>Why don’t you ask people who are earning that much if they can afford to also pay for 3 extra car payments. I’m sure they will tell you NO! </p>
<p>go to the CC for 2 years, then go to a university. If you get good enough grades and transfer to a UC, you’d probably get much better aid. Sounds like applied too late to get a Cal Grant. </p>
<p>I don’t mean to be harsh, but the truth is that your family is low income (hence the large Pell Grant). That suggests that they really aren’t the best ones to advise you on taking out large loans. And, as I’ve suggested, they may not even qualify for those Plus loans in future years. Do you realize that those Plus loans accrue interest while you’re in school? That’s why you should not do this.</p>