I’m not sure what you mean. They don’t reduce tuition to the amount of the ISA. You said in your original post that the cost of attendance is $40k/year and you got no aid. That means you have to pay $40k/year.
Students who are approved for the ISA program can only borrow up to 15% of their expected annual income, so even if you’re permitted to borrow it won’t be a substantial amount. I think the program would work something like this:
Assuming the cost of attendance is $40k/year for the next 4 years…
Freshman year:
Federal student loan: $5500
Family contribution: $16k
Balance: $19k (Where would this come from? A PLUS loan?)
Cost (Freshman): Out-of-pocket:$16k, Federal Loans: $5500, Plus Loan (?): $19k
Sophomore year:
Federal student loan: $6500
Family contribution: $16k
ISA Loan: $10k
Balance: $8k (PLUS loan?)
Cost:Out-of-Pocket: $16k, Federal Loan: $6500, ISA Loan: $10k, Plus Loan: ~$8k
Junior year:
Federal student loan: $7500
Family contribution: $16k
ISA Loan: $10k
Balance: $7k (PLUS loan?)
Cost:Out-of-Pocket: $16k, Federal Loan: $7500, ISA Loan: $10k, Plus Loan: ~$7k
Senior year:
Federal student loan: $7500
Family contribution: $16k
ISA Loan: $10k
Balance: $7k (PLUS loan?)
Cost:Out-of-Pocket: $16k, Federal Loan: $7500, ISA Loan: $10k, Plus Loan: ~$7k
Total Cost:
Out-of-Pocket: $16k x 4 = $64,000
Federal Student Loans: ~$27k
ISA Loans: $40k
Plus Loans (?): $41k
If your parents can pay $16k/year you need $24k/year. If you finance all of it through loans you’ll graduate with over $100k in debt. That’s just not affordable.
Ohhh now I get it thank you for clarifying I was genuinely confused.
Appealing all award letters
Make sure to include all documents from your parent’s employer.
Illinois Wesleyan instead of 27k dropped to 25k
You can negotiate with Illinois Wesleyan. My daughter was there for 2 years. But you also have to bring something to the table. They will look at your other financial offers and might beat their offers.
As an exercise, which college do you live the closest to that you can go there and sit down with an admissions officer and financial aid person? IWU would be willing to do this. This way they can walk you through your options for better understanding.
Illinois Wesleyan vs Illinois State for education major? Both are same price.
For teaching… Illinois State hands down. It’s the gold standard in Illinois. BTW - I don’t know what your looking at but IWU is not the same price as IWU. It’s a private school not public. You might be able to get some sort of merit /financial aid.
Isu is like $27,000 total costs and IWU is $54,000 total costs before financial aid and meritt.
What are the net costs to you for Illinois Wesleyan and Illinois State?
And can you afford to pay these net costs?
For Education, Illinois State.
Did you get honors program?
I’m talking about final cost they are both 24k after scholarships
Illinois StateI didnt get into the honors program
Where are you getting the $24,000 from? I thought your family wasn’t able to contribute that much.
I can afford to take out some loans
Previous cost I thought were pertaining to family only.
You, the student, will need co-signers for loans above the $5500 Direct Loan amount which is likely already included in your financial aid package.
Do you have a qualified co-signer? Will your parents take almost $100,000 in loans for you to get an undergrad degree?
Is $24,000 net cost of after you deducted granted scholarships, work study and Staffed/federal loans?
Can you apply to Honors?