<p>So i got into UMASS Amherst and they sent me my award letter. its says i have a total of 9,000 scholarship, including unsub and subsidized loans + a director’s scholarship. i am grateful that i recieved this money BUT im an out of state student and my total expenses for the year are an estimated $38,000. I can’t pay it off even with the $9000 scholarship in the first year of college.</p>
<p>the letter told me to go to studentloans.gov to calculate my costs. does the standard plan that is for 10 years only cover the 9,000 in scholarships or does it cover the remaining balance i will have ($30,000) + the remaining years. If it does cover the 30,000+ i am confident i can pay it off with the 10 year plan and monthly payments. is that what the 10 year loan means? or is that only for the $9000?</p>
<p>Unfortunately, you cannot afford UMass. Time to let go and move on to more realistic college choices.</p>
<p>You can only borrow $5,500 in federal Stafford loans your first year, along with a small amount of Perkins loans, if offered. Beyond that, only your parents can sign for PLUS loans, unless they fail a credit check.</p>
<p>More importantly, borrowing $140,000 for your undergraduate studies is simply insane even if you could do it. Your bland statement that “you could pay it off” has no connection with reality, because I don’t think you’ve calculated the true monthly payments associated with such loans. You’re talking about loan bills of thousands of dollars a month.</p>
<p>You need to choose a more affordable college. Out-of-state public schools do not generally give good financial aid to non-resident students such as yourself.</p>
<p>I agree with Polarscribe fully. It’s not what you GET from any school that matters; it’s what you have left to pay out of pocket and that includes loans and other self help when you are adding it up.</p>