<p>TAke as many details as you can with you – for instance, I would go with my tax returns, my parent’s tax returns and any supporting details (the family car needs a new engine for $2K, the little sister has braces costing $2K, the grandmother needs $1k to get her furnace fixed, etc). No fiction (ever!) but do go ahead and lay out what your picture is. </p>
<p>This is no time to be proud. Tell them what your parent’s retirement picture is and what they owe on the mortgage. </p>
<p>I wince when I read that a student “feels I belong here”. There was a student posting the other day who felt she belonged at NYU and did anybody know where she could come up with $50K in scholarships/loans. Many, many parents tried to tell her that she was barreling down a very dark and dangerous road but she was certain she was on the right path for her. </p>
<p>Best of luck as you meet with the fin aid director. Prepare for the worst and hope for the best. </p>
<p>You are not alone in this. Many, many families and looking at college costs and rethinking (and re choosing) paths.</p>
<p>Hmmm…Guess I’m not following calmom’s line of reasoning above. First, it’s mid-June so there’s less than 6 months left in the year and, if OP has been a student until May, it’s unlikely she’s made much money so far. So, $20K seems to be a bit on the high side. Second, the EFC formula also has exclusions for federal (actual), state (5%), and Social Security (7.65%) taxes, so it’s not actually a 50% addition to EFC for amounts earned over $3500. More importantly, since Barnard has told this student that they will meet 100% of need, it seems better to forgo the measly $2-3K Pell grant and save/borrow the projected increase in EFC if necessary (about $47500 under the above scenario) and receive a far greater need-based package from the school than to borrow the full, nearly $50K, COA this year. In addition, OP could always hedge her bets by applying as a transfer to another, more affordable, school during the gap year since she indicated in post 5 that she does NOT necessarily feel “she belongs there”.</p>
<p>Thank you very much for the information, everyone. I really appreciate your insights. </p>
<p>I will bring everything I have, all financial documents and such, when I meet with the director. </p>
<p>In terms of jobs, I have never had a real job, except in tutoring math and physics–which doesn’t pay that much…So taking time off never really seemed quite appealing for me; perhaps I am not thinking hard enough, but it seems like a route that would not work for someone whose tuition exceeds that of a state or public university.</p>
<p>That being said, I have considered going to a community college for a semester or a year, but the problem is, I have finished my “Nine Ways of Knowing” at Barnard, and I have taken all of the math and science courses (the upper level ones) that are offered at community college. So, they really don’t have the courses I need. Also, I have transferred in the maximum number of credits/summer credits at Barnard.</p>
<p>**Barnard does say, however, they do not guarantee full institutional aid for transfers…</p>
<p>About the PLUS loan: who should I speak to about this? Financial Aid encouraged my family to take it as though it was no big deal, but I am getting scared now and am unsure who I should speak to or where I can find the best information about it.</p>
<p>Financial Aid encouraged my family to take it as though it was no big deal,</p>
<p>Barnard does not care that your family is taking out unaffordable Plus Loans…all they want is the bills paid. </p>
<p>Do not consider their “encouragement” as a sign that the loans are affordable or appropriate.</p>
<p>I don’t know how much your dad borrowed for last spring, but if it was about $15k, then that loan (by itself) will cause a loan of about $200 per month for 10 years. That was just for ONE semester of school.</p>
<p>For a low income family, coming up with an extra $200 a month for 120 straight months is likely going to a problem - especially during any months when the family encounters unexpected expenses (which will likely happen many times over a 10 year period). </p>
<p>If your family borrows similarly for the next 4 semesters, they will owe $1000 a month for the next 120 months. That is impossible for a low income family.</p>
<p>I get the feeling that rstrkl is letting the big truck buy her rather than her buying what she and her family can actually afford. Barnard is this big fancy truck/suv with all the bells and whistles and is a great fit for a lot of her immediate goals and she is trying to finance it any way possible… looking into PLUS loans. Not a good idea.</p>
<p>The reality is that shopping for a truck/suv should be done the other way around, setting your budget BEFORE looking at all the shiny vehicles on the lot. </p>
<p>How much in loans can you take for your 4 year education. If your personally-decided cap for ALL loans taken out before graduation is (let’s say) 25K and your parent’s personally-decided cap for ALL loans and cash and PLUS loans taken out on your behalf is (let’s say) 15K … then do the math. Can you with those number (25K + 15K) pay off the balances of the Barnard bills over the next two years until graduation? Calculate in your summer earnings and student work earnings of course, but if after all that number crunching based on pre-decided numbers don’t add up then BUY A SMALL SUBCOMPACT CAR!!</p>
<p>Of course Barnard is going to tell you it is no big deal for your parents to take out PLUS loans – you are practically a full-pay student so it is ca-ching! time for the college. They get a full paying student that they offer little to no scholarship/grants… some random parents take out huge PLUS loans… and the college never has to think about it again. Also, as a transfer student, you can’t screw up their 4year graduation rates for national ranking so what do they care if you drop out after a year because of money woes? They got your cash. Maybe it is not quite that heartless, but the reality is that your parents have ALL the risk with the PLUS loan and the college has none.</p>
<p>Ask your parents what their limit is on PLUS loans and go into the meeting knowing your overall limits. (If this gets to you too late - review the numbers with a clear head.)</p>