<p>So... I was accepted to Colgate RD and given 20k total in grant money/work study. My parents EFC is 30k, so this makes sense. However, my parents will NOT be helping me with college expenses, but my grandparents will contribute 10k a year for me. Hence, I am responsible for the 20k each year that is left over. What do I do? I already emailed fin aid and explained my situation and asked what I can do, and they basically explained that my parents are dead-beats and are heaping a huge responsibility on me. I already knew that. What I need to know is what I can do to muster this 20k a year- meaning where can I get a loan or anything to make this work? The alternative is attending 1 of 2 state schools that I can go to for nearly free, but honestly I would much rather attend Colgate as it fits me much more. Please let me know</p>
<p><<the alternative=“” is=“” attending=“” 1=“” of=“” 2=“” state=“” schools=“” that=“” i=“” can=“” go=“” to=“” for=“” nearly=“” free,=“” but=“” honestly=“” would=“” much=“” rather=“” attend=“” colgate=“” as=“” it=“” fits=“” me=“” more=“”>></the></p>
<p>I’d much rather have a car from this decade, but I drive a 1991 Civic because it still runs.</p>
<p>the ONLY federal aid you are guaranteed regardless of income or credit is 5500 in stafford loans for a freshman, was that already factored in.</p>
<p>Even if you COULD get a loan for 15K, costs will increase over time and you will end up at least 80K in debt. DO NOT DO IT.</p>
<p>Maybe start at state U and transfer is financially it is viable for the 3rd or 4th year.</p>
<p>There are a number of things I want that I can’t afford.</p>
<p>Rob a bank</p>
<p>$80,000 worth of debt plus perhaps graduate school debt (another $50,000)$130,000 is alot of debt to graduate with…vs. free education - I know many VERY successful professionals who chose to be debt free at a fine institution with a less prestigious name, and then attended grad schol starting off without debt (sometimes you can even be awarded merit scholarships for outstanding college GPA’s, etc. for grad school)…do the other colleges have an Honors Program where you could be challenged and engaged? Perhaps talk with some of your prospective scholars in the program at the alternatives to Colgate to see the personal benefits for you and the caliber of education. Then if you chose grad school it would be your only debt and not so difficult to climb out of. It is often the quality of what you accomplish not where you acccomplish it, especially undergraduate.</p>
<p>Probably the best thing College Confidential does is to give kids pause before borrowing large sums when their parent’s don’t do it.</p>
<p>College is like any other consumer product, if you buy what you can’t afford, trouble is likely to follow.</p>
<p>Is there a reason your parents aren’t contributing outside of them being “deadbeats”? Any circumstances–supporting grandparents, medical bills, etc.? If you have special circumstances you can try to send them a letter detailing it, explaining exactly what the costs are, and <em>why</em> your parents can’t contribute. They may be able to help you if so. </p>
<p>If that’s not the situation, then I think you’re stuck.</p>
<p>I agree with all above. Take the affordable option and you will never regret it.</p>
<p>I think these kids need more information to figure it out for themselves. OP, you would need to have your parents borrow for you above the Stafford limits unless you already have income and credit sufficient to take a private loan. Or have someone willing to co-sign for you. That person is then on the hook for any payments you miss.</p>
<p>The payments on $80K would be around $900/month for 10 years! I like Colgate too but that’s just alot of debt to start your working life with! What are your career plans and will they support this? Imo, the only way to possibly do this is to work alot of hours during summers and while you’re in school (probably not a good thing academically though), get a position as an RA, or ask your parents to contribute more.</p>
<p>You can play with numbers and look up other loan info here:
[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)</p>
<p>It seems there is far too much emphasis on the absolute need for a college education. I have seen interviews with kids who have received a degree, but find themselves happy working as hair stylists or carpenters.</p>
<p>Several schools have now passed the $50k mark in annual tuition and fees. That happens to be the approximate median income of the average U.S. household. Add another $10k annually for room and board. When it costs $250k for a 4 year degree, can the fabled lifetime earnings gap of $1 million for those earning college vs. high school degrees remain valid?</p>
<p>Parents would do well to guide their kids to happiness and prosperity, which is not an automatic guarantee with a college degree.</p>
<p>Bill</p>
<p>[Money</a> Launch My Kid - College students and money matters-they really do need our help](<a href=“http://www.moneylaunchmykid.com%5DMoney”>http://www.moneylaunchmykid.com)</p>
<p>I always kinds of agreed with what everyone was saying, it has just been hard to accept that where I want to go really doesn’t matter that much. If it makes any difference, my state school options are University of Pittsburgh (full tuition, possibly chancellor’s scholarship) University of Minnesota (in state tuition=17, already given 10) and University if Wisconsin-Madison (Honors, but only loans for 18k price tag)</p>
<p>pick your best/favorite affordable option and I will guarantee that when you look back you will be glad you did. And kudos to the grandparents for kicking in some $$. My parents go on vacations that are more than my EFC, it would never cross their mind to throw me and my son a bone.</p>