So basically I have been offered $25,000 from this school along with $10,000 in loans. It is $5,500 in Subsidized stafford loans and the rest is in parent plus. Last year, I made $6,000 from work, so the way i see it I don’t really need the parent plus. Should I reject that parent loan and pay that myself? Is there anything i should consider before rejecting the loan? I don’t see why I shouldn’t personally, but I just wanted to ask.
Your parent just won’t apply for the Parent Plus Loan if you don’t need it.
If you can pay all of your costs to attend with the money from financial aid, your savings, my income you have…and the Direct Loan, there is no need for your parent to apply for the Parent Plus Loan.
The Parent Plus is a parent loan, not a student loan.
Just a note, you’ll receive $3500 in subsidized loans, ad $2000 in unsubsidized loans.
Your parents can always apply for Plus loans in the second semester if you need more money. If you have $6000 saved up, you’ll be able to get through the first semester. Is the $35000 the billed costs or the COA? If the billed costs, you may need a little more for books, transportation, living costs. If it’s the COA, you’ll probably be fine if you watch your pennies.
@twoinanddone it is COA, and the $6000 actually is not saved up, i’m just figuring that I’ll make $6000 again this year.
What you need to figure out is how much your bill is going to be on Sept 1 (or whatever day tuition is due). Will your FA cover that? Tuition and fees, for example, is $16,000. Your scholarship is $12,500 and 1/2 your loan is $2700. Will you have enough in your pocket to cover the rest and get you books and set up? I think so if you work hard and have $3000 or so from summer earnings. The come January you have to do that again.
And kudos to you for being willing to work rather than having your parents take out a loan!