<p>When your parents co-sign any loans, they are agreeing to pay them off if anything should happen to you. If you die or become disabled, your parents will still have to pay them off. If you go the co-signing route, make certain to take out sufficient life insurance on yourself to cover the amount(s) borrowed.</p>
<p>Student loans are not forgiven in bankruptcy. They will be on your credit report and on your parents’ credit report until they are paid off OR both you and the parent(s) who co-signed are dead. That you got some need-based aid from UNT is telling: your parents may not truly be in a position to pay down debt if you can’t, and they may face challenges in qualifying for loans in future years. You need a plan for all four years of college that includes the possibility that they won’t re-qualify sometime down the line.</p>
<p>Your parents may prefer to consider PLUS loans. Those are forgiven if the student or the parent who borrowed the loan dies (check the specific policies about disability). You candraw up a separate loan agreement between you and your parents defining your responsibility for re-paying those loans in advance of them taking the PLUS. Qualifying for the PLUS is much simpler than for other loans. Once you have filed the FAFSA, one of your parents can go online at home, complete the PLUS application, and find out immediately if they qualify. As long as they don’t have a bunch of overdue bills in their credit history, the PLUS system is all but certain to approve them.</p>
<p>In your budget analysis, you have not included car repair/maintenance/insurance, anything toward an emergency fund (I do like the things-happen category though!!), or a guesstimate of what you could put toward your own retirement. In many parts of the country, $500/month for rent wouldn’t even be possible if you are sharing an apartment. I’d adjust that figure up a bit too.</p>
<p>[FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org) has a whole bunch of handy calculators that you might like to run. The loan re-payment calculator will help you see the income range you should aim for in order to have your debt-load be workable. The award-letter comparison calculator lets you view the numbers for three colleges/universities side-by-side. Go take a look at them, and see if they help you with your evaluation of your situation.</p>
<p>Since you plan on a Gap Year, you do have the option of choosing one university now, but reapplying elsewhere (unless your enrollment deferment agreement explicitly states otherwise). That could be your best option of all. During your Gap, you may find some better options for yourself.</p>
<p>Wishing you all the best!</p>