Help evaluate state university Fin Aid Award?

Paying for College
1

<p>I received the following award from State University 1, which has tuition, room/board, and book expenses (not counting personal expenses) of approximately $16,000.</p>

<p>Scholarship $7,000
University grant $2,500
Stafford subsidized loan $3,500
Work/Study $2,400
Stafford unsubsidized loan $2,000
Parent loan $2,500</p>

<p>I will be working hard this summer to make as much money as possible, but so far my only guaranteed position (and a very good one career-wise) offers $9/hour, 20 hours a week. I will ask for more hours and am still looking for other positions, but the economy is particularly rough in our area. We have no savings to help toward college.</p>

<p>My parents can pay only a very minimal amount towards my college expenses, but they can continue to support me for all personal and related expenses. I expect to decline this award’s second unsubsidized loan and my parents can’t take out the parent loan offered.</p>

<p>Would you consider the above financial aid package a fair, average, or great award for a state school? I still haven’t heard from our other state universities other than scholarship amounts and don’t know how much aid packages differ from school to school within the same state. Thank you!</p>

2

<p>I would say that looks like a very good award. First your in-state college is very affordable (comparatively) so good for you. You get over half the COA paid with scholarships and grants. This still comes to just over $5K/year in loans which should be workable once you graduate. Work on getting more hours and saving up. Good luck!</p>

3

<p>I agree that it seems good. Save up as much as you can this summer & get a work study job in the fall. If you will be a little bit short, maybe your parents would be willing to contribute a little each month to the shortfall - you could sign up for your school’s payment plan (assuming they do offer one) & you could get everything covered that way.</p>