right arrow
GUEST STUDENT OF THE WEEK: AMALehigh is a rising sophomore at Lehigh University, majoring in Finance. He answers questions about academics, networking, finance, Greek life, or Lehigh in general. ASK HIM ANYTHING!
Make sure to check out our July Checklists for HS Juniors and HS Seniors. Consult these quick resources to get you started on the process this month.
As we work to adjust to the current reality, make sure to check out these dedicated COVID-19 resources: our directory of virtual campus tours, our directory of extended deadlines, as well as the list of schools going test optional this fall.

Got into my dream school but I can't afford it

kpositivekpositive 13 replies8 threads Junior Member
I got into FIT but I was only offered 7K in grants and 4k in fed. subsidized loans and 2k in fed. unsubsidized loans. I already did three semesters at a cc, and I am out of state and my etc is 0 and I am also a first gen. student, which is why I am here because I don't know anybody else to ask. Should I take out a lot in loans to go to FIT, I know this is the right major for me and the right school for me, I would hate to not be able to go here because of financial status. If I do apply for these loans, where do I apply and how do the Federal Parent PLUS loans work? Can anyone advise me on what to do? Is there anyone I can talk to who can advise me about this?
edited May 26
20 replies
Post edited by CCEdit_Suraj on
· Reply · Share

Replies to: Got into my dream school but I can't afford it

  • austinmshauriaustinmshauri 9873 replies380 threads Senior Member
    Unfortunately, if you need $26k per year than FIT is too expensive. That's way too much for you to borrow, and you shouldn't ask your low income patents to co-sign for it either. You can only borrow ~$6500/year. Did you get accepted to any affordable schools?
    · Reply · Share
  • kpositivekpositive 13 replies8 threads Junior Member
    CUNY Hunter is an option, I would have pay 16k
    · Reply · Share
  • cptofthehousecptofthehouse 30394 replies59 threads Senior Member
    How much can you and your parents afford for college? What is the total cost for you to go to FIT after what they have offered you?

    It appears to me that you have already been offered the maximum in student loans that you can take. Your parents are eligible to take PLUS—which are student loans to make up the difference. With a 0 EFC, the big question is whether they can and whether they should take out such loans if they are approved. You are OOS for FIT which means a cost of $45-50k a year.

    Unless, your parents are willing and able to take on these large loans, FIT is not a dream school but a nightmare.
    · Reply · Share
  • Bill MarshBill Marsh 505 replies5 threads Member
    Appeal your financial aid package, it can’t hurt, FIT is a one of a kind school.

    Or maybe they’ll let youdefer for a yearwhile you work and save money, Jobs are tough to get right now, so it’s a dilemma.

    How many of your CC credits will be accepted at FIT?
    · Reply · Share
  • aunt beaaunt bea 10340 replies71 threads Senior Member
    This school is not affordable for you. I'm sorry that you were not advised before you applied. Parents are usually the ones who pay for their student's education.

    1) Your EFC is 0, which means that your parents cannot afford a lot of money to pay for your education. Your parents may be able to take out Parent Plus loans for your first year, IF they qualify for the amount you need. Some lenders make your parents pay as you go.
    Can your parents afford that? Then, what happens for your 2nd year? If you are at an EFC level of 0, the lenders may not want to loan them any more money and you'll be stuck because you wont be able to pay.
    If a Parent Plus Loan is offered, it is on the Financial aid page. Your parents may not be qualified.

    2) Transfers generally don't get full rides. Funding is limited.

    3) OOS means that your parents didn't pay taxes in NY state to help fund that state's schools'. The school is not obligated to fund you.
    · Reply · Share
  • kpositivekpositive 13 replies8 threads Junior Member
    all of my cc credits transferred to FIT, and if I appeal what exactly do I say?
    · Reply · Share
  • twoinanddonetwoinanddone 24821 replies20 threads Senior Member
    If your parents are citizens, they can take the Parent Plus loans. The qualifications are quite easy - haven't defaulted on other federal loans, haven't declared bankruptcy in last 5 years, are no more than 90 days delinquent on any major loans/credit cards ('major' means ~$3000)

    Just because they qualify doesn't mean they should take the loans. They should know the consequences and the obligation to repay.
    · Reply · Share
  • austinmshauriaustinmshauri 9873 replies380 threads Senior Member
    FIT already knows your financial situation. You're a low income student who wants to go to school in NYC. They get apps from many, many students who want the same thing. You can ask, but don't expect them to give you an extra $25k/year. Do you have a financial safety?
    · Reply · Share
  • thumper1thumper1 78312 replies3528 threads Senior Member
    edited May 24
    If your EFC is $0, then presumably your parents are lower income. Please, please don’t ask them to take out any loans for your undergrad education. This is putting their finances at risk.

    You need an affordable option. One that doesn’t require nearly or over $20,000 a year in loans.

    What is your career goal?

    Adding....the cost of lodging in NYC isn’t exactly a bargain either.

    edited May 24
    · Reply · Share
  • sybbie719sybbie719 20966 replies2052 threads Super Moderator
    edited May 24
    Bill Marsh wrote: »
    Appeal your financial aid package, it can’t hurt, FIT is a one of a kind school.

    Or maybe they’ll let you defer for a year while you work and save money, Jobs are tough to get right now, so it’s a dilemma.

    How many of your CC credits will be accepted at FIT?

    There is nothing for him to appeal. FIT is a public university (SUNY). Hunter is a public school (CUNY) . Op has already stated that s/he is OOS.

    There is no free money for OP to get if s/he is not eligible for PELL or NYS Aid. As an OOS student, the cost of attendance for FIT is $45k/year. This is way too much for your parents to borrow.

    What are your local options?
    edited May 24
    · Reply · Share
  • Eeyore123Eeyore123 1971 replies25 threads Senior Member
    Do you have any debt from CC? How long will it take you to graduate? If it takes you two years, your monthly payment will be $700+per month. If you go to your dream school, you likely will not be able to afford your dream job after college.
    · Reply · Share
  • happymomof1happymomof1 30759 replies197 threads Senior Member
    Do you have any affordable options in your own home state? You may need to study there now, and then move to NYC later.
    · Reply · Share
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama 84343 replies1049 threads Forum Champion
    What about your home state? What options exist there?

    Even Hunter isn’t affordable because you’d have too much debt.

    My niece went to a similar school in Calif and she’s never earned much...like maybe $15/hr. She would never have been able to afford to pay back loans (she has zero loans).

    What is your major and career goal? What do you expect your salary to be upon graduation?


    I have to say this: low income/first gen families are often the most at risk for situations like this. They often do not understand that their “first gen college child” will not likely be earning a lot when they graduate. They often wrongly assume that a college degree is the golden ticket to a high salary.

    Thumper is right. Do not put your low income family (or really anyone) at risk by asking them to take out Parent Plus loans or cosigned loans. You won’t likely be able to make the loan payments later.

    Your FA package already includes $7500 in fed loans. Adding more on top of that is too much.

    How much debt do you have from your CC years in college?

    While a NY job may pay better than a Midwest job, the higher income often becomes meaningless because housing costs are so much higher.
    · Reply · Share
  • kpositivekpositive 13 replies8 threads Junior Member
    Hello, I have ODU, or I could stay another semester at my cc and transfer to another uni in Virginia, like VCU or JMU, I am honestly not too sure what to do? My major at FIT would've been Advertising, Marketing, and Communications, so I major at other schools is Communications. I also don't have any debt at my cc.
    · Reply · Share
  • mamag2855mamag2855 833 replies2 threads Member
    VCU has good business programs, as well as fashion merchandizing through their highly ranked art school. Richmond is a great city to live in. A friend's D attended JMU and had a great experience there.

    What would your costs at your state Unis look like? Can you commute to any of them? What can your family afford to pay toward your costs?

    FIT and other NYC schools are too expensive for your family, and not worth large amounts of debt. Do well at one of your state Unis, minimize your debt, then look for jobs in NYC.
    · Reply · Share
  • aquaptaquapt 2438 replies51 threads Senior Member
    Of the VA schools, it seems as if VCU most closely matches what you were hoping for from FIT. They have an advertising major as well as the fashion merchandising program mentioned above, which has strong connections for summer internships in NYC. I'd think that spending another semester at CC and then transferring to VCU would be a great plan, honestly.

    At the same time, you can look into whether there are any private schools with good financial aid that you could send transfer apps to as well. Syracuse U, for example, while not in NYC, has very strong ties to the NYC fashion industry. Like VCU it has a highly-regarded fashion design program and also strong programs in business/advertising and communications. It's not a full need met school but it meets 94% of need on average so it has the potential to be affordable.

    In VA but private, U of Richmond meets full need and has a business school with an advertising major. Pretty competitive but the aid would be excellent if you could get in, and you'd have the option to cross-register for specific classes at VCU that aren't available at UR.

    With all the uncertainty about colleges bringing students back to campus in the fall, I think staying put for one more semester and applying to VCU and others sounds like a very wise choice. (I assume the ODU option would still be open after another CC semester as well.) I know it's a disappointing prospect compared to heading to NYC in a few months, but it seems like you really will have have good options.
    · Reply · Share
  • kpositivekpositive 13 replies8 threads Junior Member
    If I go with VCU option is it possible for me to major in mass communications B.S. with a concentration in advertising/creative and also minor in fashion merchandising?
    · Reply · Share
  • NJdad07090NJdad07090 613 replies8 threads Member
    You would have to ask the school but I would think so, stay in state and try to have the least amount of debt you can have, good luck
    · Reply · Share
  • aquaptaquapt 2438 replies51 threads Senior Member
    edited May 27
    Their Bulletin says that students in any other major can minor in fashion merchandising as long as they meet the 3.0 GPA requirement, so I would think so!

    http://bulletin.vcu.edu/undergraduate/arts/fashion-design-merchandising/fashion-minor/

    I think it's not so much a question of whether the minor is an option, but one of how long it will take to get through all of the coursework for both the major and the minor.
    edited May 27
    · Reply · Share
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama 84343 replies1049 threads Forum Champion
    aquapt wrote: »
    Their Bulletin says that students in any other major can minor in fashion merchandising as long as they meet the 3.0 GPA requirement, so I would think so!

    http://bulletin.vcu.edu/undergraduate/arts/fashion-design-merchandising/fashion-minor/

    I think it's not so much a question of whether the minor is an option, but one of how long it will take to get through all of the coursework for both the major and the minor.


    well, how many of the req’ts for the major and minor have you already completed at a CC?

    if necessary, spend another semester at a CC and finish as many of the lower division courses for both the major and minor there.
    · Reply · Share
Sign In or Register to comment.

Recent Activity