<p>my parents make less than 60k, not the wealthiest and not the poorest either
i got in to uchicago and theyre offering 40k in grant and loans and my family is to cover for the rest of it (10k) but in four years, it adds up to 40k!!!
how is this fa compared to other colleges.. is this average? bad? good? i need some comparison measures please!</p>
<p>Well...figure it out. The cost of U Chicago over four years is $200,000. You are being asked to pay $40,000 of that. You can't go to a state university for $10,000 a year. But you have to be able to pay that $10,000 a year...combination perhaps of you working (more than one job in the summer...and working during the school year perhaps 10 hours a week or so), and your parents being able to contribute if they can (either through loans or out of savings).</p>
<p>It sounds like a great financial aid package if you can pay the $10,000 a year somehow. I hope it is very heavy on grants and very light on loans.</p>
<p>How much of the $40k is loans?</p>
<p>Is the cost of tuition/room/board/fees actually $50k? If the $50k is cost of attendance, and not just tuition/room/board/fees, you may be able to get by paying less. You can spend less on books (buy used), miscellaneous (no dinners out, etc), etc. On the other hand, if the $50k is just tuition/room/board/fees, you will need to remember that you DO have to budget in expenses such as books. </p>
<p>If you work during school & in the summers, you could earn a decent portion of the $10k/year.</p>
<p>As for how it compares to other schools ... you would probably pay less out of pocket at a school like Harvard. Mere mortals, however, generally get stuck paying at least their expected family contribution ... many have to pay quite a bit more. Your package sound okay.</p>
<p>Did you apply ED? If so, comparing might not be in the cards for you.</p>
<p>If you don't want to pay that much, you will need to look for schools where you would be a great merit candidate, or schools with a lower cost. There is nothing wrong with saying no to a cost you don't feel comfortable taking on.</p>
<p>35k is grant and 5k is loans</p>
<p>Okay, $5k is loans. That adds up to $20k in 4 years. If you need to borrow to make up the other $10k/year, that adds up to $60k over 4 years. You need to talk to your parents about how much they will be able to help ... if they can't help you with the $10k/year and you can't earn a good portion of it yourself, you may want to think carefully about the amount of debt you will be taking on.</p>
<p>It's not as good as a package from one of the ivies with excellent aid will be (and no loans) if you've also applied to those.</p>
<p>working during school 8-10 hours a week and during the summer should allow you to take home $5000/yr or so ... that is a pretty big tent in the portion you need to pay ... it sounds like Chicago gave you a great package.</p>
<p>It does sound like a good package. Our family income is under 60K, my son's school is a little over 50K (COA including tuition, room&board, fees, books, travel home twice a year, personal spending money, according the college's figures.)</p>
<p>His summer earnings expectation, work-study (approx. 8 hrs/wk), and the parental contribution come to about $9K this year. They'll expect his summer earnings to rise a bit each year. Personally, I consider it to be a very generous aid award. It sounds quite similar to yours. My son's college did eliminate loans, so that's a help, but setting that aside the current yearly cost to us is pretty much the same. It depends, like Kelsmom said, on what the 50K cost includes. If it includes books, travel, and personal expenses money, then you can make some adjustments in your spending and that will help bring the cost down a bit too.</p>
<p>The University of Chicago offers Odyssey Scholarships that give grants to every admitted student whose parents make less than 60k. The estimate that they gave you doesnt take that into consideration, but they give you the real package in April. Check the website for more info.</p>
<p>Also note that there is a reduction for families who earn less than $75k a year (but more than $60,000) as I understand it. Essentially, if you love the school (as I do, but s. is choosing to attend elsewhere : ) and are intending to study in a field that garners a respectable wage, you are in good shape as it is a good package.
While it's true that you could <em>possibly</em> have received full ride at a less selective and public school, it is important to remember you are ultimately making an investment in yourself -- one for which it is reasonable to expect a contribution from both your parents and your own efforts -- and one which you will enjoy your whole life! So go with your gut, but do check to see what the interest will look like so that you are clear about what the debt will mean to your lifestyle.
Good luck!
Cheers,
K</p>
<p>I think that anytime you receive a financial package for a school as highly regarded as the University of Chicago that requires you to pay less than you would at the local state college you've got a heck of a deal. Congratulations.</p>