<p>I got my Johns Hopkins financial aid award. COA is 61,320. That includes books, travel expenses, and personal expenses (not sure if I needed to tell you that). I received a 35,500 JHU grant and 2,500 work study. </p>
<p>So, I don't want my parents to have to pay all of the rest of the tuition. I believe I can take out Stafford loans? How do I go about doing that and how much can I take out? Also, for the work study...how does this work? If I work over the summer and make 2,500, do I need to work during the school year if I pay that?</p>
<p>You can borrow $5,500 your freshman year with Stafford loans. </p>
<p>Work study means that there is money to pay your salary for an on campus job if you find that job and if you actually work enough hours to earn the money. Some students never find the job, or if they find one, can’t work enough hours to make all of the money.</p>
<p>Xposted!
Freshmen can take out $5,500, in Stafford loans.
I would also reccomend that you take the work study. Money earned through work study is financial aid, and will not count as income for FAFSA next year. While earning money in the summer is also desirable, that money, will count as income.
Work study can be enough for personal expenses/books. It is earned through the year & you get a paycheck just like a regular job. It is up to you to find the job but they will have a list.</p>
<p>That still leaves quite a gap though particularly if your parents will not be contributing.</p>
<p>What are your other acceptances?</p>
<p>As a Frosh, you can take out a $5500 Stafford loan…that’s it. </p>
<p>Wasn’t there already a loan in your FA pkg? If so, that may be it.</p>
<p>You don’t have to do work-study, but it’s a good idea to do so. If I were you, this is what I’d do… Work over the summer and put that towards college for less loans. Take the work-study job and use those earning for your “pocket money.”</p>
<p>Work-study is a college job…you work about 8-10 hours per week, and then you get paid about every 2 weeks. the number of work hours vary.</p>
<p>My parents are contributing! I just want to pay for some part of my education…they’ve been paying private school tuition for a long time. Haha!</p>
<p>mom2collegekids, there was no loan in my package. It was the grant and work study. </p>
<p>Thanks for the tip about income being taxed and work study not being taxed. Everyone on here is awesome! I really appreciate it!</p>