<p>My parents never indicated that paying for a public, instate college could be an issue, so that’s why my applications stacked up the way they did.
Let me refine the question. UVA is DOABLE for my family, through a combination of savings, my current earnings, current earnings of my parents, and loans. That is not the issue. My original issue, which has not been adequately addressed, is whether UVA would be worth my undertaking of 30-40,000 in student loan debt. Thoughts?</p>
<p>It is very unlikely that any of the parents here are going to say it is OK to take on more than the equivalent of the maximum debt allowed by the Stafford loans. To go over that amount, you would need a co-signer. Have your parents agreed to do that for you? If so, then you have their answer about what they think is appropriate.</p>
<p>Run one of the loan repayment calculators from [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org) and think about what kind of job you would have to be able to find in order to pay down the amount of debt that you are considering. Then spend some time contemplating what you could do with that 30 to 40k plus interest if you don’t take on that much debt. One year of grad school? Four summers of unpaid internships in your field of study? Two decent used cars? A downpayment on a home of your own? Maybe four full years at UVA is more important to you than anything else, maybe it isn’t.</p>
<p>One opinion: The first $25K (i.e., federal student loans) is an automatic yes for most anyone at most any school, if it means the difference between getting a college education or not. So the other $5K to $15K (^ co-signer or some other source) pertains to a UVA premium; I think someone more familiar with UVA can better advise on this issue.</p>
<p>UVa is not perfect, but it has a great student body. At most universities, you will find you will learn more from fellow students in the long run than you learn from professors, particularly in smaller classes. There also is benefit from going to college with students from many different states and countries. UVa is definitely worth taking out $25K in federally subsidized loans and working over the summers. </p>
<p>The decision would be more difficult if you were talking about full pay out of state tuition rates and massive debt for UVa vs. free tuition for VCU.</p>
<p>With an EFC of $32,000, any Stafford loans would probably be unsubsidized. I do think that UVa is worth considering if you can get the loan amounts down to more like $25,000 max (as opposed to the $30,000-40,000 you estimate). Since you do have an EFC that indicates your family should be able to cover costs, you might want to respectfully go back to your parents with a plan that shows you are willing to do your part-with taking out the Staffords, working summers,etc. and ask if they can consider contributing more themselves. It’s unfortunate that you did not have a clear understanding with your parents about cost before you applied. It is well known that UVa’s aid is primarily need based and if you had known in advance that your parents would balk at covering the costs, it would have been wise to apply to more schools that would be financial safeties (and that you would like more than VCU).Good luck.</p>
<p>In an earlier thread, you’ve indicated that the ONLY money you’re getting from your family is the $40k. Is that true or not? </p>
<p>If your parents will NOW also contribute out of current earnings, then how much is that? </p>
<p>In other words, sit down with your parents with a school budget of about $25k per year.</p>
<p>If you use $10k from savings, where will the other $15k come from exactly?? Ask your parents how much of that remaining $15k they wil pay out of current income.</p>
<p>Without that info, it’s hard to tell how much debt you’ll really have.</p>
<p>And…will your parents co-sign loans that exceed the fed student loan amounts?</p>
<p>I think we’re making this into a harder case than it really ought to be.</p>
<p>The OP’s family can cover nearly full tuition for 4 years from college savings alone. He can cover about half the remainder with student loans. The balance amounts to maybe about $6K per year. Heck, his family already pays for his meals. If they paid for board alone out of current income, and incidental expenses, the OP ought to be able to cover the remainder (housing, etc.) from his own savings and earnings. </p>
<p>Is UVa worth that? Yeah, I think so. Not $30-40K in debt, but up to about ~$25K in debt plus some hustling at odd jobs and extra outlays from current family income. The probable worst case isn’t having to quit school after 2 years. It’s more like having to take an extra year to graduate. Many students do that.</p>
<p>We’re talking about one of the finest public universities in the country. Excellent academics, beautiful campus, great college town. Go for it!</p>
<p>Me to. You ought to be able to work something out to make it doable. Are you certain that your parents are not willing to contribute a single dime beyond what they have saved? Aren’t they currently paying at least $5000/year to feed, transport, and clothe you and buy books – have you talked about the possibility that they could continue to do that?</p>
<p>Tk…I agree that IF the parents will pay for the meal plan and the remaining tuition out of current income, then the student could likely meet the difference with a student loan and summer/school year working (and use 1/4 of savings towards tuition.)</p>
<p>BUT…we’ve gotten mixed messages from the OP. </p>
<p>in one post she says that the parents will only pay for 2 years (and that’s with college savings) and then she has to pay for the other two years herself.</p>
<p>In another post, she says that they will co-sign loans for the rest BUT SHE will be responsible to pay those back.</p>
<p>In another post, she said that she can divide the savings into 4 years…which sounds like would be about $10k-11k per year.</p>
<p>In another post, she says that her parents will also be contributing out of current income (which doesn’t seem to square with what she said earlier.)</p>
<p>Affordability and appropriate debt levels hinge on how much parents will pay out of current income. Without knowing how much parents will be contribute beyond the savings ($500? $1000? $5000?), it’s hard to know whether she’ll end up with too much debt. </p>
<p>I think if the student can get a commitment that the parents will cover all of tuition, fees, and meals out of current income and college savings, then the student can cover the rest with student loans and summer work…and end up with a manageable debt load.</p>
<p>Parents should also realize that they save some money when their kids are away at college. My electric bills go way up when my son is home. If my son was home, it wouldn’t cost as much as a meal plan, but I would be spending much more on food.</p>
<p>Also, most families get a $2500 tax credit for each of 4 years for each kid in college.</p>
<p>In my state and many others, a parent can avoid state taxes on the money they pay for college by funneling it through a 529 account.</p>