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Do NOT think you can just apply and work out money afterward. Many a student's heart has been crushed by not being able to attend THE SCHOOL they want because it is too expensive. And PLEASE don't believe you can just get a bunch of loans. Think about the debt (thousands of dollars per month) you will have to pay over 10 years to service that debt. Think about where you can afford first.
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Erin's Dad is exactly right. Very right
Every spring we see kids here that are very upset because all of their FA packages include too many loans, or have gaps, or their parents can't pay their EFC, or some other negative issue. At that point, they feel that they have no choices as to where to go.
You shouldn't just apply to a group of schools that you like, and then hope the money will work out. The reason that isn't a good idea, is that many schools don't offer much financial help at all. IF you don't consider money first, you could end up applying to 8-10 school that won't offer you any money at all.
We don't mean to "let the air out of your dreams," but when money is an issue, you can't just pick schools that you like and hope the money comes. There isn't a College Cost Fairy out there that drops loads of money onto kids who really want to go to certain schools. (I sure wish there were
)
You need to do this in a more focused manner..
First...
What are your stats? (to determine which schools might give you scholarships)
HOw much can your parents pay for your education each year?
How high is your parents EFC? IF you don't know their EFC, how much do they earn each year?
The possible problems are...
IF your parents' income is highish, their EFC may too high to qualify for much aid.
If your parents' EFC is high, they may not be able to afford to pay it - which will leave you with a big gap. (Scholarships reduce FA. Scholarships don't reduce EFC until they exceed FA)
If your chosen schools can't/won't meet your financial needs, you'll have another gap (most schools cannot meet need).
If your chosen schools don't offer much merit scholarships, then you can't overcome a low FA package.
Erin's Dad is right about the dangers of loans.
Please, do not depend on loans to pay for your educations. Even if you borrow only $12k per year ($48k for 4 years), you'll have a monthly payment of over $550 per month for 10 very long years. That would be a serious burden on your life when you are 23 - 33 years old. And, if you try to borrow more than that, it would be absolutely suffocating for a very long time during important years of your life.
Once we know what your financial situation is, we'll be able to make some sound choices that will give you happy results that you want.
Right now, knowing that you need a lot of FA, I'm no longer comfortable suggesting the Loyolas - especially if your parents have an EFC that they can't afford.
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