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how to pay for college if financial aid doesn't cover everything
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Replies to: how to pay for college if financial aid doesn't cover everything
@alostcollegekid
The $4000 is INCLUDED in that $12,500 loan you are getting. If you were not an independent student, your Federally funded loan would only be $7500.
If you got about $11,500 as a second year student...that’s $6500 plus the additional $4000....probably because your parent applied for and was declined for a Parent Plus Loan. Did that happen? If the parent applies for and is declined for the Plus, the student can take $4000 in addition federally funded loans.
Anyway...the point is...you don’t have any more federally funded loans to access.
You have done very well and if you can get a degree that is desirable in the work force, life will be good. Your priority is to get the heck out of college with that degree ASAP. In two years.
If you work this summer, you should be able to come up with enough to pay the gap for the first two quarters. Try to work and get the $1500 needed to pay that third quarter and then it’s back to full time work to knock it out for the second and last year.
It’s not going to be easy but it’s doable. Extreme austerity, and focus in getting that degree in 2 years. Borrow some if you have to. It’ll be costlier to take more time on this. Much more so.
And the problem with this is????
For your situation, it is the best of both worlds, you are getting work experience and tuition benefits. As person who completed 3 Masters and helped hundreds of employees obtain a degree/advanced degree on the Corporate dime, there is nothing wrong with seriously thinking about this as an option. You are going to have to eventually work some place anyway. You can work hand in hand with your manager and HR to formulate a career plan for your next job as you are obtaining your degree.
You need a concrete plan for paying for college, not a bunch of ifs/thens.
DO NOT.
You need to sit down with career services at the college you are considering ASAP and have a professional go over various roles and companies and career paths that people with the degrees you are considering have pursued from their college. You need to contact- ASAP- alums from that college and see if you can have a half hour informational interview with them to discuss what they do all day, what the ups and downs of their jobs have been.
I don't think any of the careers you are considering are ideal for someone who doesn't like math btw. And if you haven't sat with an academic counselor (not the career services folks, but a Dean or someone in charge of academics) to review your current transcript and figure out EXACTLY which courses you need to take to get a BA, do that immediately before you go further into debt.
I know lots of folks in your shoes. You'd be surprised how many find out that they're on the 6 year plan for a four year degree- through NO FAULT of their own, just because they assumed that credits that would transfer did not, or that the statistics course they took is not the right statistics course at the four year school, or that the psych course they took counts for distribution requirements but is not the right pre-req for the behavioral economics class they want to take.
That is not how it works. When you get reimbursed for tuition, the reimbursement happens after successful completion of the course work. The work commitment is after the reimbursement.
You do not work for the company for X number of years before getting reimbursed. large corporations, hospitals, even school systems hire people across almost every major imaginable.
There are some reimbursement plans that will reimburse you based on GPA: 4.0=100% 3.0= 75%, 2.0= 50%
I agree with @blossom about meeting with both career services and your academic/transfer advisor. You want to make sure that your whole degree transfers and that you get credit for your bachelors.
One of your challenges especially going into cybersecurity; if you are not on a upward trend in GPA, your GPA could be a problem (especially since you state your CC GPA is under 2.5). I would also be careful about the debt that you are taking on, because there are some jobs where you would be considered an employment risk because of your student loan debt.
COA typically includes books, so instead of buying them rent them or buy them used or use the College library reserve.
I agree that it/security will have a much better ROI than a general business degree.
"Q4. How much is the American opportunity tax credit worth?
A. It is a tax credit of up to $2,500 of the cost of tuition, fees and course materials paid during the taxable year. Also, 40% of the credit (up to $1,000) is refundable. This means you can get it even if you owe no tax."
from https://www.irs.gov/newsroom/american-opportunity-tax-credit-questions-and-answers
Take the time to read through IRS publication 970 that explains Tax Benefits for Education. https://www.irs.gov/pub/irs-pdf/p970.pdf
Pell is $6,195 for $0 FAFSA EFC.
You need to look at tuition and fees, then living expenses.
Are you going to be living at home, or in an apartment, or on campus?
Sharing rent and cooking meals might be cheaper than a dorm and meal plan.
What does th Pelicqn Promise cover, and is it renewable for your senior year?
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