Will this college choice leave me in too much debt?

Paying for College
1

I was accepted into my dream school, but the estimated total cost is about $37k and I would have to get about $7.5k in loans. My EFC is $0 and it’s true, my parent’s can’t help me out because they don’t make enough money and I have other siblings. I’d be the first to go to college, however, and am first-generation. This is my dream school, and I got my hopes up when I received my acceptance letter.

I know my financial aid will change each year, and maybe a number of loans I have to take out will increase. But I was wondering, what if I receive scholarships so that I don’t have to take out so many loans each year?

Can I make this work? Or is there no way around it?

If you need me to clarify something or more info, just ask. I really need any advice.

2

If you are getting need-based aid from the school, and outside scholarships that you get will reduce the amount of need-based aid, because your need will decrease. Many schools do this by first reducing loans and work study, so outside scholarships do provide some benefit, to a point.

3

Ask your GC if there are any local scholarships you can apply to.

Also…work as much as you can over the summer so you can borrow less.

4

What is your major? What is the school?

5

@intparent the school is uc santa barbara and my major is currently History of Art and Architecture, but I might change it to a science, i want to work in STEM.

6

Okay. So what exactly does your aid package look like (total cost before aid, grants and loans and workstudy and anything else included)?

7

total cost before aid: $36,921
total grants: $26,921
work study: $2,502

loan subsidized $3,500
loan unsibsidized $1,997
perkins loan $2,001

8

If you work over the summer, it does not look too bad to me.

9

I agree – if you work in the summer, you may be able to avoid the Perkins loan. You are in-state, right?

10

Yes, I am in-state

11

Thank you all for the advice, this helps ease some of my worries.