<p>Hi everyone! I was wondering if there were any knowledgable parents or students out there that can help me with a few questions. </p>
<p>I was recently admitted to the university of Miami as a transfer student. I was awarded 27K on financial aid due to the fact that I'm an independent student. I know tuition goes up every year and I probably won't be awarded that next year.</p>
<p>They offered me three loans summing up to 8K. I'm still about 5k away from completing tuition and fees (I need to factor in school health insurance after that too). I also need books, a new laptop etc. </p>
<p>What should I do in this situation? It is beneficial to take the loans they're offering me and then search for other loans through private banks? I saw the PLUS loan that parents can sign for, only I don't have anyone to sign for me. I don't qualify for the private loans for some reason either.</p>
<p>Any advice would be helpful. Thank you! </p>
<p>What should I do in this situation?</p>
<p>do you have an alternative school that will not need as much loans?</p>
<p>Did UM offer workstudy?
Do you know about the Miami Commitment program? Will that help?</p>
<p>Re: the 27k that you were awarded - is that loans or a grant</p>
<p>What is that 8K in loans comprised of? A Pell and some Staffords? What factored into the estimated Cost of Attendance (COA) that this aid package is based on?</p>
<p>You need to talk to them very specifically about what your aid package is likely to look like in future years. Will you be there for only two years or will you need three?</p>
<p>How much debt do you have from your previous college(s)?</p>
<p>Do you have any other options on the table? How do their aid packages compare? Run the numbers here, and see what you think about them: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid)</p>
<p>The 27K was everything between the Pell Grant to the Coral Grant. I also got some financial aid for being a Florida resident, etc. The loans that they offered me were an additional 8K to the 27K (stafford, unsub and sub loans). </p>
<p>I haven’t been informed about the work study program or the the Miami commitment. Am I supposed to be noticed that I’m eligible? </p>
<p>Also, I don’t have any other debt. I’m a transfer student meaning that I would only be there two years. I was accepted to UF but without housing meaning I have to find a new place to live. I’m more interested in UM because it’s a school more focused in the sciences and I’m a pre med major. </p>
<p>I did the math and considering that I am only paying tuition and fees, I would pay 16K in loans for both years. I need to set up a payment plan or find other private loans for the other 10K. I also need books and a new laptop for those two years.</p>
<p>How much can you earn over the summer?</p>
<p>And, how much can you earn over the school year?</p>
<p>As in my part time/full time job? It depends. I have expenses (rent, car, etc). I want to continue working during the fall semester but chances are I’ll get laid off if I work less than 30 hours. Either way, I’m looking at getting into some private loans to cover the difference of the expense.</p>
<p>Does anyone know how I should go about getting private loans or more federal loans even though the school didn’t offer any more to me?</p>
<p>I don’t understand how much you have to pay. UMiami has a COA in the mid $50K range, does it not? So $27K in grants is going to be about half of what you need. It doesn’t even cover tuition and fees, does it? </p>
<p>Everything else is loans, right? But they don’t add up for a transfer student. Are you entering as a junior? If so, the Staffords alone should add up to $11500 if you are an independent student. If you can get a Perkins as well, that might cover half of what’s left of your need. But without credit, I don’t see how you are going to get a dime more without a credit worthy adult cosigning for you. And if you do, you will have about $27K in debt for just one year, double that to get your degree which is well into dangerous territory in terms of amount of loans. You will have to borrow for med school, and that is really getting into some big time debt, even for a doctor. </p>
<p>If you are not an independent student, your best source of loans is from your parents. They may have HELOC available, or can apply through PLUS for loans.</p>
<p>Actually, tuition is $39K, fees are $1,200 and I won’t be living on campus. All the other expenses like transportation, meals, etc. are things I have covered now so it’s not like I should factor those in. </p>
<p>In a perfect world I would have parents to cosign a PLUS loan or have something for me to go to school with but I don’t. That’s the original reason why I posted on this forum to get advice on which loans to get. </p>
<p>I’m really only concerned with tuition and fees. All the other expenses like books, a laptop, ect. are things I can take care of without loans. I’m actually apply to scholarships and I already received one for $1,500. I know that isn’t much but it’s a start. </p>
<p>I understand it’s a huge expense but there are certain circumstances. No, this isn’t my first choice but it’s going to have to work considering the circumstances. No one wants to be in debt but at least I’m not one of these kids leaving the responsibility to a parent and not considering the cost. I’m taking the responsibility and putting myself through school. I’m not leaving the burden of loans to anyone.</p>
<p>If your parents aren’t going to co-sign, then I don’t see how you’ll get the private loans that you’ll need.</p>
<p>Do you have any other affordable choices?</p>
<p>As for working…Would you have time to take a second job over the summer to work during your “off hours”? If you could work 50-60 hours per week over the summer, and you economize, then you can save some money for college. If you can work a second job over the summer, then maybe that second job can become your part-time job during the school year. </p>
<p>I know it may seem extreme to work 50-60 hours a week during the summer, but believe me, not only did I do that during summers while in college, but I know kids who are doing that now.</p>