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Can you help me figure out what I still owe?

CollegeReady2020CollegeReady2020 Registered User Posts: 12 New Member
Hey, I need help making sure I calculated these two problems correctly... Monthly payments & the minimum amount of hours I would need to work each week to pay an extra cost.

I am going to a college with a yearly tuition cost of $33,730. (Only paying tuition not room & board, etc also)
Fortunately, I earned $16,400 in scholarships and $11,965 in grants such as federal, state, educational, and from the college itself - totaling $28,365. That does not include the loans I was eligible for because as of now, I believe I am able to avoid them. So here is what I am trying to figure out... My parents are divorced so they are splitting the monthly payments 50/50. The payment plan is for 8 months. With my math, I calculated the payments PER PARENT would be $335. Is that correct? I am eligible to do a work study program and earn up to $2,000 more. I am trying to figure out if I need to go with the work study program or not. My parents don't want me to, just so I focus strictly on studying to join Alpha Lambda Delta and stay involved in extracurricular stuff like I did in high school, but I don't want to end up taking out a loan if something comes up and one of them are not able to cover the $335. I trust them to pay it without a problem of course, but I like to think ahead about what could potentially happen in the near future. Also I will add this, I was going to go to another school with a lower tuition cost and my monthly payments for that were $230/parent but my parents wanted me to go to a smaller private school. So overall, that is $210 more a month. Both of them can cover that without a problem, but I feel bad increasing the payments $105 a month. I hate putting "more pressure" on people, especially when it's dealing with financial stuff. I want to do the work study program to cover that extra $210. I would be getting paid $7.25/hour. So in a week's time, I calculated a minimum of 7.5 hours per week to pay that extra $210 at the end of the month. Is that right as well?

I am meeting with my financial aid counselor tomorrow, but I wanted to get a general idea of what I think I owe before I went. Thank you for your help!

Replies to: Can you help me figure out what I still owe?

  • SeeksKnowledgeSeeksKnowledge Registered User Posts: 182 Junior Member
    Yep I came up with the same totals as you! I don't think you should have a hard time working if its only 7.25 hours a week? When I went to college (stone ages) I probably worked around 15 hours a week, took a full load, was in a sorority and a few other organizations, it's doable. It's all about organization. Take the job, it looks good on your resume that you could work, and hold down school and other activities too. Just make sure to get your studying in to keep those grades up. Good Luck!
  • Madison85Madison85 Registered User Posts: 10,554 Senior Member
    edited August 2016
    Were you offered subsidized loans? Do you plan to eventually go to graduate school?

    Are the grants and scholarships each year for all 4 years?

    Do you have savings from your summer job?

    The parent who claims you on his/her tax return could get up to a $2500 tax credit (FREE MONEY) each year for 4 years. It's called the American Opportunity Tax Credit. Google 'IRS Publication 970' to read more.

    Do you commute to college from home?
  • twoinanddonetwoinanddone Registered User Posts: 18,909 Senior Member
    Take the work study out of the equation because it's not going to be on the bill and not going to be in the 8 monthly payments. If you want to work and pay some of that, you can, but the payment plan isn't going to change once it is set, and they aren't going to drop it down because you are planning on earning money through work study.

    If you are only planning on making $50/wk, are you not planning on spending anything? I think the best agreement you can have with your parents is to let them pay their agreed amount, you work and go to school, and you pay for all your expenses. If you have anything left at the end of the year, you could make a payment toward next year's tuition, and thus the monthly payment plan will be lower.
  • mommdcmommdc Registered User Posts: 10,536 Senior Member
    You also need books. How are you getting to school, car, bus?
  • mommdcmommdc Registered User Posts: 10,536 Senior Member
    And if your parents have a hard time paying their payment, make sure they let you know. You should be able to take a loan out during the school year by letting your FA office know you need it.
  • mamommamom Registered User Posts: 3,483 Senior Member
    Agree with the others. Do not allocate your work study money to help pay your parents bill. You will need some spending money for lunch, books, transportation, etc. If you are able to save any money, you can use that next year to help your parents out. Good luck!
  • CollegeReady2020CollegeReady2020 Registered User Posts: 12 New Member
    Hey guys, I will answer all of the questions you all asked me here since the questions and answers may be useful to anyone else. My parents are continuing to pay for all of my necessities like my car insurance, gas, and things like that. I rented what books I could and bought some. It was not much at all, so that is covered. I'm a commuter student and I'm only about 20 minutes away from the campus. I'm going to talk about it with my parents again since I found out the exact costs. I don't think either of them should have an issue paying the extra. I was going to do the work study program to pay the extra myself so they didn't have to, but I value my education more than anything so if it requires I take out a small loan than I will. I have around $1,500 saved up that my parent's don't actually know about. If I have to use that then I definitely will. Regarding the question about a summer job, I did work this past summer and I will be working over Christmas break and my Mom's office.. They usually pay me a decent amount and I don't mind using that money for school at all. I'm in the physician assistant program at my university with a medical studies major, and I plan on going to graduate school after and focusing on neuroscience and earning my PhD. My classes on MWF do not start until 11:00 and end at 2:50 so I plan to go on to the library on campus and study from about 8:00-10:50 (We go at a VERY fast pace in my biology class!) and then I can work after... Also on Wednesday I only have class until 11:50, so they are going to let me work from 12-5 on Wednesdays. I don't really need the extra money for myself so I'm not worried about making more than what I have to so I can cover the extra amount. It's only until 5 p.m. anyways so it's not too bad. I still have time set aside for the clubs/organizations I'm involved in too since our meetings are usually after 5.
  • CollegeReady2020CollegeReady2020 Registered User Posts: 12 New Member
    If any of you look at this comment, will you answer this for me as well?

    Would it be logical to take out a subsidized loan for the full year's amount of what I would be covering if I decided to go with the work-study program, unless my parents can pay it without any issues, and whatever money I earn over breaks and the summer I will get from working at my mom's office I will just use that to pay off the loan... It's only about $1,500 and it doesn't gain interest either.

    I am actually one teenager who can say I'm responsible with money and would actually use it to pay off that loan. I tend to think ahead of how expensive graduate school is going to be, so I am trying to leave undergrad as debt free as I can! I know what money is left over that my parents have at the end of the month after all of the other bills and normal things like that are paid for, they will give to me towards that loan. I am trying to save what is in my savings account, but I don't mind using it if I absolutely have to.
  • mommdcmommdc Registered User Posts: 10,536 Senior Member
    You can take out the full amount of subsidized loan, and save it for the graduate part of the PA program. Only loans will be offered then and most programs charge $50,000 just for tuition, that's $100,000 in the usual 2 yrs of the program. Interests rates on direct student loans are only 3.76%, grad plus loans interest rate is over 6%.

    Don't worry about paying off loans till after graduation. You will need the money (in grad school). Subsidized loans don't accrue interest while in school and 6 mos later.

    Also, I hope you reported the $1,500 your parents don't know about on the financial aid forms. You are getting generous aid and need to report all assets you have.
  • mommdcmommdc Registered User Posts: 10,536 Senior Member
    ^I meant to say, you can borrow the full amount of sub loan you were offered
  • CollegeReady2020CollegeReady2020 Registered User Posts: 12 New Member
    Yes, when my Mom and I went through the FAFSA process we put it on there. What you just said though makes really good sense and I'm definitely going to consider that when I run it by them again later today! Thank you!
  • mommdcmommdc Registered User Posts: 10,536 Senior Member
    ^just keep the loan refund money in a separate account and don't spend it until you need it for grad school. Keep receipts of the amount of your loan refund. Then you should not have to include it with your other savings assets on the FAFSA.
  • mommdcmommdc Registered User Posts: 10,536 Senior Member
    Work study income also is subtracted on the FAFSA from other work income, so it won't increase your EFC. You would report it under income from "need based employment" in question 44c.
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