<p>I have fallen one point shy of the ACT requirement to get the scholarship that is worth $1,500 a year. I come from a middle class family, so I would not qualify for grants. I am going to have to pay about the full cost of attendance for in-state, which is about $22,000. I’ve looked at some loans that I could get from the government and I have a few questions for people with experience in student loans. First, is there any government loan that would be able to pay the full cost? Second, if there isn’t, and I only receive a loan for $5,000, could I go to a bank and get a private loan to pay for the other $17,000? Can I get a private loan to cover the entire cost? My overall question is this, can I go into a bank and get a private loan and have everything paid for? I will have a co-signer by the way. Thank you!</p>
<p>With a credit worthy co-signer, you could. The question is would you want to. Coming out of undergrad with $80,000+ in debt isn’t a good idea.</p>
<p>Hopefully, you’ll still get some scholarship money. What did you put down as your major?</p>
<p>* First, is there any government loan that would be able to pay the full cost? Second, if there isn’t, and I only receive a loan for $5,000, could I go to a bank and get a private loan to pay for the other $17,000? Can I get a private loan to cover the entire cost? My overall question is this, can I go into a bank and get a private loan and have everything paid for? I will have a co-signer by the way. Thank you! *</p>
<p>You need to minimize your loans…you’re borrowing too much.</p>
<p>1) How much will your parents contribute each year? </p>
<p>2) Have you asked your parents if THEY will borrow, if needed, and be responsible for any amount? If so, they can take out a Parent Plus loan that they would be responsible for. </p>
<p>3) How much can you earn over the summer and during the school year?</p>
<p>4) What housing option are you choosing? There are ways to minimize COA.</p>
<p>5) Private loans such as Discover or Sallie Mae are possible, but again, you need to minimize these. </p>
<p>6) What are your less expensive options?</p>
<p>7) What is your career goal? How much will you likely be earning as a newish grad?</p>
<p>My parents said they will be paying the interest on the loan while I was in school. I’ve seen the Parent Plus loan and they are considering that. I have a job and should have $2,000 by the time I get to UA. I will be living in Ridgecrest South. I will be majoring in biology, but may switch that to chemistry. I hope to get into dental school. You’re saying I need to minimize the amount, but if I get a private loan why would the amount matter if I have a credit worthy co-signer? If my parents end up deciding to get the Parent Plus loan, will that cover the full cost? Thanks!</p>
<p>You’re saying I need to minimize the amount,* but if I get a private loan why would the amount matter if I have a credit worthy co-signer?** !*</p>
<p>Having a “worthy cosigner” is not your most important concern. Your most important concern is that you’re borrowing TOO MUCH and the debt will be too much to pay back. </p>
<p>*I will be majoring in biology, but may switch that to chemistry. </p>
<p>I hope to get into dental school.
*</p>
<p>Dental school is VERY expensive and will require large loans for that. That is why undergrad loans should be very small or avoided. At this rate, you’ll have $250k-300k in debt by the time you graduate from Dental school.</p>
<p>*I will be living in Ridgecrest South.
*</p>
<p>The Super-suites are a few thousand dollars more than standard doubles. It isn’t a good idea to make that selection when you’re borrowing so much.</p>
<p>If my parents end up deciding to get the Parent Plus loan, will that cover the full cost? Thanks</p>
<p>Yes, it can…but WHO will be paying that back? your parents or YOU? (technically, your parents will be legally responsible, but it sounds like you’re the one who’s agreeing to pay.)</p>
<p>Again…too much debt.</p>
<p>It is still possible though. You’re just saying it’s too much debt correct?</p>
<p>And are Burke East and West considered a standard double that would only cost $2,500 per semester?</p>
<p>Yes…I’m saying that it is way tooo much debt.</p>
<p>Do you realize that your parents have to re-qualify each year as co-signers? Every year their credit rating will take a hit since the previous year’s loan will hurt their credit rating. As the debt mounts, their credit rating will be lowered.</p>
<p>How much can you earn over the summer?</p>
<p>Yes…Burke would be a standard double.</p>
<p>I totally agree with Mom2CK. Especially if you’re planning on dental school (remember, there aren’t a lot of fellowships, etc. available for law, medical, dental school like there are for some other graduate programs), you need to minimize the undergrad debt. Otherwise you could easily come out of school with an unmanageable debt burden. It will affect many of your life choices in the future. Do the math and figure out what the payments will be on $80,000+, and then do a projection of total loans after dental school to calculate that payment. I suspect your head will be spinning when you see the numbers.</p>
<p>SF-I don’t know if this is of any interest to you but it’s worth taking a look. My employee’s son is looking for ways to pay for college and this is the route he’s taking in a northern state. From what I understand, technical degrees are highly desired within the program. </p>
<p>[U.S</a>. Air Force ROTC - Scholarships - High School Scholarships - Eligibility](<a href=“http://afrotc.com/scholarships/high-school/eligibility/]U.S”>High School Scholarship Requirements | Scholarships | U.S. Air Force ROTC)</p>
<p>Best of luck! I agree with the other posters about grad debt. FYI, I’m almost 40yo and I continue to pay my own personal student loans every single month. It’s a little disturbing to think that there’s a possibility of paying for multiple student loans simultaneously. Obviously, I NEVER gave that a thought when I was 18yo and making choices about what I could realistically afford.</p>
<p>I’m sure there are many good books out there about this topic. </p>
<p>Try to pick up at the library or bookstore ($16) the book “Debt-Free U” by Zac Bissonnette who is a student himself…very easy read with lots of good ideas and examples :)</p>
<p>A quick google search will bring up many “horror” stories of graduates with large student loan balances. </p>
<p>I’m not saying student loans are bad in and of themselves (as I had myself had to use them) just to think about what you are borrowing before taking the money.</p>
<p>I’m curious to know if SFHS has been awarded any additional merit scholarships. This is the time that Bama sends out more merit to those who didn’t quite make the cut-offs for higher merit. Not everyone gets more, but some do…especially if their major has money to give. </p>
<p>Also…SFHS…what is your EFC? How much will your parents be paying each year (either directly or by loan that they’d be responsible for?) If your EFC is low enough, you should get FA …especially since you’re instate.</p>