Basically my parents said that college is too expensive for them to be paying for all of my tuition so I want to graduate with as little debt as possible. I can go to my local community college for 2 years with a presidential scholarship then transfer
or
Go to Loyola with free tuition…(I would have to work full time for at least a year before I become eligible so I’d have to take a year off or just pay for one year of school). I’d basically be a zombie trying to juggle school and work but I would hardly have any loans…
Are you still in high school, or have you graduated and are considering CC this fall vs. Loyola in 2016?
There may be other options besides just these two. Can your parents pay anything at all? If so, what is their limit?
Have your parents run the Net Price Calculator at Loyola or any other places you might attend? Does it look like you would qualify for any financial aid?
Provided you are a US citizen or legal permanent resident, you can file the FAFSA to learn whether or not you are eligible for federal aid other than federal student loans. Those are the only loans you can borrow on your own. Most students find that they can pay those loans off without too much trouble. They are $5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year. If you can live at home while attending Loyola, and you borrow part of the federal loan each year, you might not have to work quite as much as you think right now.
There is a lot of good information about financial aid in the Financial Aid Forum. Go read through the threads on merit-based aid. If Loyola will give you full tuition, you might qualify for better aid somewhere else.
What can your parents pay? Would you be willing to take on debt to the extent of the subsidized federal loans (the complete federal loan package, $5,500 for freshman year, 27K total, can be paid back. Over that amount, however, and you make your post graduation life very difficult). The subsidized part would be $3,500 for freshman year.
Investigate financial aid and run the Net Price Calculator.
Free tuition at Loyola is great - keep in mind that yes, you’d save money for your first 2 years at CC, but you’d be unlikely to get any merit scholarship for your last two years.Investigate whether there are merit scholarship for CC transfers and for how much, then calculate costs for 4 years. Don’t forget to look at whether the CC has a history of students transferring to your state flagship (ask what percentage freshmen in the “transfer” track are admitted to the flagship after 2 years. If the CC hems and hews, then it’s a bad sign. If they can give you 3-year numbers only it’s okay.) Only 15% lower-income students who start at a CC end up graduating from a 4-year (or is it matriculating at a 4-year?) They’re better off starting at the 4-year university, except in states with exceptional CC networks like California.
It’s good your parents told you now - too many kids learn that in March or April, after they got their acceptances and got invested into the process, only to learn it was for nothing. :s
What’s your EFC? Your current GPA (w and UW)? your ACT/SAT scores? (Did you make NMSF or National Achievement or other?) What major are you interested in? Could you qualify for financial aid at a “100% need” college?
I agree with Happymomof1 above: check out the Financial Aid forum and if Loyola offers full tuition, odds are, many other colleges will.