Hi everyone. I was hoping to get a little bit of perspective.
So I was accepted to the Newhouse/Whitman double major program at Syracuse University and was awarded a full tuition scholarship. After factoring in the pell grant and work study it would end up being about $14,000/year. I would end up with about 30k in student loans and my parents would ultimately end up paying 20k. Obviously I know what an incredible opportunity this is and my dream has always been to study out of state. I would be receiving a $65k education at the fraction of the cost. But, I could go to my local university (Florida International University) for $2000/year.
I have to let Syracuse know by February 15 because I applied early (but I am not bound by ED) I also applied to 15 other schools (UF, UM, UCF (accepted) Boston University, Fordham, Northeastern, American, George Washington, Babson, NYU, Tulane,FSU, USC) that notify me in march. My dilemma is that the chances of me getting full tuition at another school is slim to none so if I pass up on Syracuse I might only get need based financial aid that wont be enough or might not even get accepted. If I do accept Syracuse I could always wait and see what other schools give me.
But right now I can’t decide whether to go in debt for Syracuse or settle on FIU, the local community college, or another similar in state school. I am majoring in Marketing/PR.
I think you need to figure out what your family can reasonably afford to spend annually. Your tuition would be fully covered…but can they and will they pay the remaining costs even subtracting the PEll Grant?
Remember. Work study is money you have to earn by working. You won’t have that up front.
BUT you can alsomtake the $5500 Direct Loan in your name only for freshman year.
So…the big question…can your parents pay that balance?
@thumper1 I’m planning on using work/study for the costs not directly billed (transportation, books, etc) I talked to my parents and they would be able to pay the 5k/year, it would be tight but they could.
Clarify this for me…you then take the full Direct Loan monies each year…and your parents would,somehow pay $20,000 over the four years? And that’s all?
You need to discuss the finances with your parents. Is this really affordable for them?
Here is what YOU can take in loans yourself…no cosigner.
Freshman $5500
Sophomore $6500
Junior $7500
Senior. $7500
Will these loans plus what your parents pay cover the cost of attending Syracuse.
Good that it’s a full tuition award…and not a specific dollar amount…because a full tuition award should increase IF the tuition increases. Ask that question!
I’m not sure you can still get a Perkins Loan if you’ve never received one. Syracuse might have another program to substitute for that $2000 loan.
If your tuition is covered, that leaves you with R&B plus other expenses. Some schools estimate high for those expenses, and a student can do a lot to control them (no car, not eating out much off the meal plan, etc). You don’t want to be penny pinching, but you really can save a lot. My kids don’t spend anywhere near the COA estimates. This is especially true for soph-senior years if you live off campus, and when you learn how to get the cheaper books. If you are thinking you need $20k per year for R&B and expenses, I think you could get that down to $18k. You’ll get $5900 for Pell, you can borrow at least $5500 (maybe $7500), you might get SEOG from Syracuse ($1000). If you can work during the school year ($2000) and the summer ($3000), you are getting very close to covering it.
If you can go to FIU for $2000, you may also have that availability at UF or FSU. Are you interested in those?
These are the billable costs you will get for syracuse…well…they are for THIS year!
If your tuition is fully covered, you will be billed for Housing, meal, fees…total about $17000.
You have a $5900 Pell (if your EFC is $0), and the $5500 Direct Loan. Leaving you $5600. ypur parents will pay $5500. That leaves $100 but you also have the Perkins Loan.
Now…you have to include transportation, and books, and personal expenses. In addition, if you live in FL now, you are going to need some winter clothing if you move to Syracuse.
I probably am underestimating someplace. It’s tight as you say.
You and your family will need to discuss this…it’s really such a personal family decision.
But I’m going to say…if you have an EFC of $0 and are getting the full Pell Grant, can your parents reallynafford to spend $500 a month on your college schooling?just food for thought.
A full tuition scholarship (plus need based aid)…for anyone…is only a great award IF the family can afford the remaining costs for the student to attend.
@thumper1 the scholarship covers tuition and mandatory fees which comes out to $46,755 in my financial aid package which leaves the $15,561 for room and board. I work and plan to cover the winter clothes and will continue in college to cover the personal expenses, books, etc. I have a $2570 pell grant which lowers the room and board to $12,991.
"I have to let Syracuse know by February 15 "
HUH??
I question this. Who at Syracuse told you this?
ALL colleges that allow students to apply without the normal ED restrictions[ and I’m assuming this applies to your situation since yours was not a regular ED application] are SUPPOSED to allow accepted students until May 1 to decide where they will be enrolling.
@twoinanddone UF is out of the question because there was a problem with my transcripts and they are only considering me on space availability. I applied to FSU but am not too enthusiastic about it. The reason FIU is so cheap is because I would be living/eating at home etc.
Did you understand when you applied through the non-profit[ I’m guessing Posse or Quest-bridge] that you would have the hard Feb 15 deadline if you were accepted at Syracuse but did not receive the full scholarship?
I think you need to call the college admissions office, ask to speak to a senior admissions officer and question that person re: the Feb 15 deadline. Ask them why you dont have until May 1.
You can buy winter clothing at a thrift shop in Syracuse when you get there in the fall, should you choose to go. My D needed warmer clothing upstate than she needed in NYC and she used thrift shops. Nice clothing for virtually nothing, including boots…
Also, my understanding of unsubsidized loans is that you have to pay the interest while you are in school. I have always rejected them so I might be wrong.
You. Posted that you were accepted ED in December.
The interest accrues on unsub loans from the moment you take them out. The interest on sub loans are paid by the federal govt while you are in school
I am quite sure that your pell grant is being used to pay your tuition. I would not count on it for room and board. ETA: I see that you were admitted through Posse
What exactly does your financial aid award letter say?