<p>I want to ED to a school that is approximately $56,614 for my tuition, fees, and room and board. </p>
<p>Based on the Net Price Calculator on Collegeboard I will get enough aid and reasonable loans for the expected contribution from my family to be around $30,000. However, when my brother leaves college in two years the price skyrockets to $49,000 </p>
<p>What should I do? I really love this school and want to apply Early Decision, </p>
<p>How can I raise money, should I take out more loans?</p>
<p>My parents can only afford to give me $30,000 per year as I have a younger sibling who is 4 years younger than I am, but with income, family assets etc. They expect us to pay much more</p>
<p>If your parents’ limit is 30k each year, then that is the figure you have to work with. Don’t apply anywhere ED because you definitely will need to be able to compare aid packages.</p>
<p>You may love the school, but, as things stand now, you can’t afford it. You can’t “raise” $19k per year! If your projected aid package didn’t already include loans, this might be doable . . . but if you’re talking about almost $40k on top of four years of federal student loans, then that’s TOO MUCH!</p>
<p>If $30k is your parents’ cap, then you have to find a school that you’ll be able to afford within that limit.</p>
<p>Borrowing sounds easy. And it is. It’s the repayment that’s difficult. Student loans are unforgiving. They can easily impact the next 10 or 20 years of your life . . . or more! They could mean: passing up the job you love because it doesn’t pay quite enough to cover the loan payments; not being able to travel; not being able to buy a house; and, worse case scenario, not being able to get married because of the debt burden you’d bring to the marriage. NO college is worth all that!!!</p>
<p>I agree with Dodgersmom. I do have to wonder if your parents have looked at the numbers of what they can afford or if they are limiting you out of fairness. If your brother attends school now then the current EFC is probably near $49K without you in college. When you are both in college the combined EFC will probably be higher than that.</p>
<p>^^ I don’t think it matters Erin’s Dad. If the parents gave the OP a budget, then the parents gave the OP a budget. We gave out kids a budget and I didn’t really care what the colleges ‘thought’ we could pay, there were 3 kids and 9 years of college payments we had to consider… so the parents might have a “plan” for the dollars after the older one graduates. A budget is a budget. And good for the OP’s parents for giving a budget figure…so many kids go into this process blind.</p>