Through scholarships, loans, and wrking
Wait, isn’t your net cost at ISU 21K and 15.5K with the loan?
And isn’t your net cost at IWU 31.5K?
No @MYOS1634
@Knowsstuff what is a housing credit
It’s a term I made up but you want them to decrease your housing.
I’m doing:
25K COA - 4K scholarship = 21K net cost
The OP already got a $2500 residential grant…isn’t that for the housing? At IWU?
And gain I ask…who is going to co-sign the about $100,000 in loans for these colleges.
My concern is that you have net costs of ~$20-40k/year but plan to pay them with:
- scholarships
- loans
- working
Where are the scholarships coming from? You’ve already been given the grants you’re going to get from the schools.
You can’t earn enough to cover a gap of over $25k or more per year.
You can only borrow $5500/year. That’s $27k total over 4 years. Are you planning to ask your parents to cosign an additional $20k-35k of loans every year?
@austinmshauri. This is why I asked for a breakdown so we can all understand his situation.
Can your parents find 8k in their savings and 1k a month to help you pay for IWU?
How do you find 24k - I don’t understand that number wrt listed information.
@thumper1. Yes most likely. I didn’t see it at ISU though and can always ask to increase it. Heck, they can always say no…
I am more concerned that he is not fully understanding where the rest of the money to pay for school is coming from and why I asked for the breakdown. It’s great he got what he did.
I do know of an admission counselor at IWU that had some family issues during him going there and like IWU paid for his schooling and he worked part time but then he guaranteed them to work at their university to pay them off or something like that. For a certain period of time. He was my daughters counselor and told me the story. So I guess, one in a million opportunities, do happen.
Ok
@ bubblytaco, I’m getting the impression that finances are an issue for your family. Is that true? A lot of people are in that position so if that’s the case you’re not alone.
We’d like to help you, but we’re 3 weeks and 150 posts in and you’re still responding with one word answers to comments that aren’t going to move this conversation forward. You don’t have to answer questions if you don’t want to, but we can’t help you if we don’t understand your situation.
My understanding from your various threads is this:
- You’re from IL and you want to be a teacher.
- You have a 22 ACT/3.8 GPA.
- You have several acceptances with net costs of $26k - $40k.
- Your family EFC is $30,000.
Your financial situation is unclear. You’ve said:
- Your parents can pay $20k/year.
- They can pay $1,000.
- They can pay $16k.
- You don’t want to discuss finances but you want advice on which is the best deal.
- You plan to pay the $26k-$40k net costs with “scholarships, loans, and work.”
If your parents haven’t told you how much they can pay without borrowing that’s not an unusual situation either. But it’s March 10th. You have ~6 weeks to make a decision so you really need to know where you stand financially. If you haven’t asked them directly how much they can pay from savings and current income (without borrowing) go ask them.
If they can pay ~$20k/year without taking out any loans that’s great. You have workable options. If they can’t contribute to your education then you can start at a community college and transfer after 2 years. But you need to know which situation you’re in.
So just talked to Purdue and they will not let me appeal.
OP, TBH, with your ACT score you aren’t going to have bargaining power for more FA. You need to find a school that is affordable for your family. Good luck.
Thank you. I will do my best.
@bubblytaco, You said a few pages back that this is all new to you. If your family is new to the college search process there are some basic facts about college funding you should know.
The only loans students can take on their own are the federal student loans: $5500 as a freshman, $6500 as a sophomore, $7500 as a junior, and $7500 as a senior. That adds up to about ~$27k total over 4 years. That’s the most that students can reasonably expect to repay on their own. If paying for a college requires more loans than that it’s really not affordable.
The best scholarships come from the schools. Scholarships don’t have to be paid back. Some of these grants are based on income (need based). Your family doesn’t seem to qualify for those. Others are merit based so your SAT and GPA would have to be above a certain level to qualify for them. If you received your financial aid package then you already have all the scholarships the school intends to offer.
It may help to make a spreadsheet. List each college’s cost of attendance (direct costs include tuition room, and board). Subtract any scholarships you were given. The balance is your net cost.
Next, list all your sources of funding. You already accounted for the grants the school gave you so make sure not to count those. Possible sources include the student loans, money your parents can pay from their current income, and money they can pay from savings. Subtract this total from the net cost. If the difference is less than ~$3k/year you may be able to make that up with a summer job. If it’s a lot more than that the best option may be starting at your local community college.
Thank you. Yes, I am waiting for the results for scholarships and if the number is not good enough to afford I will go to community college.
Are there 4-year colleges you can commute to?
Have you talked with your parents about what they can realistically pay toward college every month?
Yes as can commute to North Central after two years