<p>Yes, I’m aware of the mathematics.
My parents plan to cosign. They -can- pay the full amount if they wanted to and they’ve told me this, but they would prefer I have to pay off the loans after graduating from college. So they’ll co-sign the loans as they -could- pay it off, but they want me to be the one with the main responsibility for them and have to worry about my credit being damaged. If (and I realize it’s a somewhat big if) I can land a job soon after graduating for annual earnings of 35k/yr,</p>
<p>After all the taxes and bankrupt social security decimate me (assuming I choose to live in the U.S., at least for a time)
27,090 left</p>
<p>Pay 6,000 a year in rent
3,120 in gasoline (volatile)
2,800 in groceries (might be over-estimating)
2,400 electric
600 water
480 internet
360 mobile
1,000 misc. random needs fund.</p>
<p>around 10,000 to use towards paying the loans.</p>
<p>For Drake,
11x4 = 44
44+(44 * 0.07) = (47,080)
47080 - 10,000 = (37,080) yr1
" = (39676)
" = (29676) yr2
" = (31753)
" = (21753) yr3
" = (23276)
" = (13276) yr4
" = (14205)
" = (4205) yr5
" = (4500)
" = 5500 yr6</p>
<p>Wouldn’t account for inflation, which shouldn’t have a huge effect over 6 years if it stays within 2-3%, although the federal reserve’s QEternity worries me a bit inflation-wise. Regardless of that, the single biggest thing to watch budget-wise would be gasoline.</p>
<p>That would be assuming I make 35,000 each year. Which again, assuming I’ll get a job quickly might be pushing it, but I don’t think that salary is over-estimated.</p>
<p>“Would you need to re-apply after the gap year? What is your aid package, exactly? Are those merit-based awards or is some of it need-based? Are the merit awards only available to students immediately out of high school, or would you be re-considered for those awards (if they still exist) next year?”</p>
<p>Yes I would.
Currently: $5,000 merit, $1,250 grant (need-based), $5,500 federal non plus loans.
I would be re-considered.
I was technically already ‘out of highschool’ when I applied to UNT this year, as I graduated a semester early from highschool so I could get a full time job to pay for study abroad this coming January through June. </p>
<p>(which is another thing to factor into financial aid; will a college consider writing off my income for ‘special circumstances’ since it was used towards study abroad or not, blah blah blah. That would only be a one time aberration if they didn’t however.)</p>