<p>I am planning on attending Oregon State University and here is the breakdown of the costs:
Tuition/fees $8,091.00
Books/Supplies $1,908.00
Room and Board $10,074.00
Misc/Personal $2,616.00
Direct Loan fees $57.00
Total: $22,746.00</p>
<p>I am offered:
Pell 4800
OR opportunity grant 1950
Academic Achievement Scholarship 3000
Sub and unsub loans 5500
Parent Plus Loans 7496
Outside scholarships 5000</p>
<p>So I have 14,750 in grants and scholarships. That leaves me with 7,996 to cover. But I know that my personal fees will not even come close to the 2616, probably $500. And books will probably cost 1,000 if I buy used ones. Room and board will probably be about 9000 if I don't choose the premium for my meal plan (I'm pretty small, I don't eat that much). </p>
<p>So I have to take out about 4,000 in loans. Do I go ahead and accept all of the sub and unsub loans? I don't want my parents taking out loans for me. </p>
<p>Also, my parents think I'm stupid that I am not choosing to live in an apartment with my brother to save money, because I wouldn't have to take out loans my first year if I did that. But I want that dorm experience. Is this reasonable?</p>
<p>You think personal fees for an entire school year will only come out to $500? I think that’s a little unreasonable to expect. Do you not have a mobile phone bill, at least? Books and supplies usually include things like a laptop computer and perhaps some lab equipment, but I agree, that figure is usually inflated.</p>
<p>Remember that whatever meals you don’t get on the meal plan/dining dollars, you will have to make up in some other way - so even if you choose a basic or preferred plan, you’ll have to either buy groceries and cook in your residence hall if it has a kitchen, or you’ll have to eat out (which can get really expensive). So yes, your direct costs to the university might be $9,000 but your actual board costs may be more.</p>
<p>Anyway, if you only need $4,000 in loans, then no, don’t take the entire amount. Usually a financial aid form has a space where you can write how much you are actually accepting of the loans. If it doesn’t, call the financial aid office. Decline the PLUS loans if you don’t need them.</p>
<p>I don’t think it’s stupid. I think $4,000 in your first year is worth living in a residence hall for. If you were borrowing like $10K I would agree with your parents, but living in a res hall your first year is an experience. You can always move in with your brother next year.</p>
<p>Have you asked about work study? That’s usually a good way to cover personal expenses throughout the year.</p>
<p>Also, are you sure the outside scholarship does not reduce any of the school grants/scholarships? The reason I ask is the school’s COA normally equals the total of all grants/scholarships plus your loans/contributions. In your breakdown it exceeds the COA so I don’t know why they would have a PLUS loan in the package.</p>
<p><a href=“http://oregonstate.edu/financialaid/faq#faq9[/url]”>http://oregonstate.edu/financialaid/faq#faq9</a></p>
<p>Many students from Oregon State receive scholarships and grants from outside organizations. The receipt of any scholarship or grant not listed on the award notification must be reported to the Office of Financial Aid and Scholarships in writing as soon as you are notified of the award. Please indicate the full name and the amount of the award.</p>
<p>Please submit the form titled Reporting Additional Sources of Assistance on the Financial Aid forms page for the corresponding year you will be receiving the funds and submit it to the Financial Aid Office for processing.</p>
<p>kdog, what do you mean? The COA and my offered FA package were the same amounts.
I believe my outside scholarships will first replace my loans, because it wouldn’t make sense to reduce my pell or opportunity grants.</p>
<p>Your outside scholarship puts your amount over the COA. You need to report the scholarship to the school and see if it will affect any of your scholarships or not. All schools handle them differently so you can’t say for certain whether it will reduce your contribution or not unless you have already spoken with them. Obviously, Pell wouldn’t be affected but any university provided aid could be. See below:</p>
<ol>
<li>How Will The Receipt Of An Outside Scholarship Affect My Financial Aid Package?</li>
</ol>
<p>Many students from Oregon State receive scholarships and grants from outside organizations. The receipt of any scholarship or grant not listed on the award notification must be reported to the Office of Financial Aid and Scholarships in writing as soon as the student is notified of the award. Please indicate the name of the award and the amount of the award. Additional resources may reduce your overall financial aid package.</p>