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Financial Aid Problem

sunnygirl038sunnygirl038 Posts: 18Registered User New Member
I have a financial aid question that I've been thinking about for a long time. Is there any way that I can somehow pay my own tuition money and not rely on my parents for it? In other words, is it possible for me to take out enough loans somehow to cover the tuition money for now and pay back later? I understand that there will be interest involved but I'm still willing to try it. I don't know that much about this field and hope you guys could help me a little.

Thanks. I'd greatly appreciate it.
Post edited by sunnygirl038 on

Replies to: Financial Aid Problem

  • River PhoenixRiver Phoenix Posts: 731Registered User Member
    What is the reason? I don't think that you can get a better financial aid package just because you write down that you and not your parents is paying for it. Your parents are expected to pay a certain amount and financial aid is based on it. (Unless there is the case where you are divorced from your parents or something, but these things need to be documented very well.) If you want to be in charge of paying your own tuition, it's theoretically possible that you could take out loans for it, and handle the financial situation yourself - but I don't especially recommend this and it's something you would have to work out with your parents. See what barkowitz says, he actually knows what he's talking about ;P
  • sunnygirl038sunnygirl038 Posts: 18Registered User New Member
    Thanks River Phoenix. The reason: I guess in a way it's because I don't want to deal with the pressure. I mean, my parents are investing a lot and if I don't turn out to be a certain way or go to a certain grad/med school or be in a certain profession, then I would feel really bad for them. It's all internal stuff:things in my mind. My parents are really nice and insist that they pay all of the money for college. However, if I take out loans and pay the money myself, then perhaps I would have a more carefree life and even if I do happen to fail in the future and not turn out to be a prominent scientist/engineer that everyone expects graduates from MIT to be, I would at least not feel that bad because it's my life and it's my money.

    But, with that being said, there are at least 4000 undergrads here and if all of them can live with this pressure, I guess I should too.
  • molliebatmitmolliebatmit Posts: 12,272Super Moderator Senior Member
    Haha, maybe you're just more conscientious than the average MIT undergrad. When my parents give me grief about how they're paying through the nose for my education, I tend to give them the blank stare of the unrepetant child.

    But perhaps I have to be somewhat immune -- with my extremely expensive MIT education, I'm planning to attend graduate school and pursue a career in biological research. Biologists in academia and government, unfortunately, do not make the big bucks. Eh.
  • goddess32585goddess32585 Posts: 301Registered User Junior Member
    so, i may be in the extreme minority, but the agreement (somewhat tacit, but also somewhat discussed) is that my parents are taking out many loans, some from banks, and some from other members of my family, and i have some myself, from the gov't and whatnot, but at the end of the day, it's my responsibility to earn that money and pay back my parents and everyone else. it'll take a long time, esp since i'm going into a field that pays even less well than bio (psst, mollie, i hear this is your century, not ours :), but hey, them's the breaks.
  • Oh! LailaOh! Laila Posts: 326Registered User Member
    er.... i dont know what you guys are talking about, honestly.
    MIT offered me 100% finaid... my parents dont have to pay a penny :)
  • molliebatmitmolliebatmit Posts: 12,272Super Moderator Senior Member
    Haha, I don't know, goddess. I mean, there are probably more faculty positions in biology, but I don't know that they actually pay better unless you're at a top-ranked school. And I love myself and all, but I'm not going to have the hubris, as a college senior, to assume that I'll be getting a faculty job at a top biology school anytime soon (or ever).

    Guess that's why I've got the course 16 boyfriend...
  • mborohovskimborohovski Posts: 69Registered User Junior Member
    Laila, you're a special case, though I'm in a relatively similar (but not the same) position.

    sunnygirl, here's something you might find helpful: when the bill is posted for MIT, it is sent to YOU. Not your parents. You are responsible for paying the bill, and unless you set up your parents as an authorized payer, they can't pay it.

    I really don't recommend taking out too many loans, but I guess you can (most banks will loan you money, but at this point it will come with a sky-high interest rate since you have no credit). Talk to Daniel Barkowitz about this more, he is moneygod (and just a really cool guy in general).
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