Ok, so I just got accepted into Northeastern, and the package they provided me (COA) - (Scholarships, Grants) comes out to around 12k a year, and after loans and work study is around 7-8k a year. My parents make around 60k/yr, but they aren’t willing to contribute much and expect me to pay for most of it. What opportunities can I find, Northeastern-Specific, or just in general, to be able to afford the high costs? Is there any leeway on my loan/grant numbers (say, for example, by contacting the admissions office)? Any help or experience would be greatly appreciated.
Federal direct loan that you can take without a cosigner is $5,500. Realistically, you can work for a few thousand dollars more in the summer and part time during the school year. Perhaps if you do well in terms of summer work and part time work during the school year, you may be able to come up with the $6,500 needed, but that is a pretty big stretch.
Northeastern curriculum is structured around co-op jobs mixed in, so you may be able to earn more during co-op job terms, but that won’t help you initially.
Do you have any lower cost options?
$12k - $5500 (loan) - $3000 (summer savings) - $2000 (work study) = $1500. It would be a shame to pass on Northeastern for that COA balance. Can your parents contribute that much? And can you make more than $3000 each summer?
Do you have the full $5500 in Direct Loans?
Look at the billable costs…tuition, fees, room, board. Does your need based aid cover those costs? Don’t include work study…because that money won’t come to you until you earn it at a job.
What exactly IS your aid package. The billable costs for tuition and fees $49,497, room/board $16,240 for a total of $65737.
So…how much aid did you receive to cover the $65737 in billable costs?
If either parent has credit problems, have them apply for a Plus loan… they’ll be denied and then you can borrow $4k more.
Doesn’t NEU have co-ops? If so, get involved with those and then you won’t have to borrow a lot during the later years.
I have a job and about 1000 saved up already, and am looking into co-op programs. Additionally, I haven’t gotten all my college acceptances. I got into a few ivy schools but the financial aid was a bit rough, so I don’t have any realistic lower cost options.
Also, I did receive the full $5500 in Direct loans, and my parents don’t have any credit problems. My exact package was 22k in scholarships, 31k in Northeastern grants, plus 2k federal grant, 3500 direct subsidized, and 2000 indirect subsidized, with my fafsa efc being around 4k/yr.
NEU has great co-ops, but I’m not sure I can land one in the first year of college. I’m guessing just saving up money and trying to land a higher paying job (and a co-op asap) would lead to the best outcome.
That’s a good package…I sure hope you can somehow come up with the balance.
Do you also have work study? If so…that can help you with the semesters after the first one.
None of the Ivies gave you similar need based aid?
At Northeastern you don’t go on co-op until at least your fourth semester, or alternatively your fifth semester. After that you typically alternate between co-op and classes. Pay ranges based on the field but usually covers your living costs. While some co-op’s can pay far more than that, you shouldn’t take any big risks based on expected co-op pay.
For your first year, there’s not much you can do to reduce the cost. In future years, you can cut the meal plan and save a bit there, and after your second year you can usually find cheaper housing by going off campus. That said, in total, I think it’s safe to say you would have a max of 35K cost over all years not including loans, with potentially less after co-op pay. As others have said, that’s a pretty solid deal and a reasonable amount to consider for loans.
What major are you going into?
That is an amazing package from Northeastern. Like—it is doubtful that even community college will be cheaper than that residual 8K per year.
Do your parents have other extenuating circumstances that are keeping them from being able to pay?
Can you defer your enrollment for a year and work for a year and save, then go to Northeastern.
???
Did you fill out css profile??
Do your parents own a business???
Ivies typically offer full rides for kids from families whose income is under 75k. So if your family makes about 60k, all costs should be covered.
If that didn’t happen, there may well be a mistake in your CSS.
While I can’t offer advice about financing your first year, I can share that Northeastern Honor’s Program provided incredible opportunities for my daughter. Twice, she received $5000 for co-ops abroad . She had several paid Teaching Assistant positions as an undergrad and received grants to be a research assistant. She also worked (study time) at the front desk of the dorms. She was a very strong student who spent the time to apply for these opportunities.
I don’t know if Northeastern will re-evaluate your package but I did find their staff to be very friendly and patient with my questions. We had a financial aid advisor assigned to handle the national merit scholarships.
I agree with others that if you are the caliber of student to get this type of scholarship from Northeastern and got into Ivies-- there may have been an error in your CSS. The error would impact your aid at the Ivies and at Northeastern.