Dream school debt

mathmomvt
Mon, 22 Oct 2012 01:46:15 +0000

I haven’t gotten my aid letter yet but the estimated cost a year would be around 12,000 without merit aid. My parents said I will need about 24,000 in loans to cover all four years



Where are you getting the estimated cost per year? Have they already applied Stafford loans to get you down to 12K per year? If so, you probably can’t afford this school as you would need to take 5.5K+ in loans (most likely) each year to get down to the 12K cost, and then take another 6K in loans toward that 12K (assuming your parents are paying the rest). That’s probably too much to take in loans, and you won’t be able to get anyone to loan you the “second” 6K unless you have a credit-worthy co-signer.