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!