school costs 100k total
parents are paying 50k
no financial aid
What do i do? Im majoring in computer science so I don’t care if my loan is as high as 50k. Also there might be a chance that i will win a 8k/year scholarship from my school. If not, what do I do? Does having good grades help? I have a 4.1 gpa and a 1300 sat.
So…is that school $25,000 a year for a total of $100,000?
If your parents are paying 1/2 for each year…that leaves you with a balance of $12,500 for freshman year. You can take a $5500 Direct Loan in your name IF you completed the FAFSA…did you? That brings your balance to $7000.
If you get an $8000 a year scholarship…then the scholarship and the $5500 Loan and your parent contribution of $12,500 will cover the costs.
Now…if your school costs MORE than $25,000 a year…you have financial issues.
So…please clarify.
YOU can take out 28k loans in total over 4 years, max Stafford. That is all YOU can take. You can probably earn 2k a summer. That is 8k. Maybe you can earn 2-3 k working during the school year. So maybe another 8-10 k. Your parents need to help more or they need to take a loan. Hopefully, you win the scholarship.
Everyone can get 28k in loans from FASFA. That’s what you get so I don’t know why you think you didn’t get anything. You completed it?
Did you submit the 2018-2019 FAFSA? And did your college receive it? On another thread you had a question about that.
As noted by @gearmom anyone who completes a FAFSA is eligible to take the Direct Loan in their name…here are the amounts.
Freshmen $5500
Sophomore $6500
Junior $7500
Senior $7500
Anything in excess of this loan amount would either need to be taken out by parents or co-signed by them.
Your parents are paying 1/2 of your cost of attendance…if it’s $50,000 over four years.
Any chance you could live at home…and commute…to save costs?
^Or OP could work and earn 10-12k of the remaining.
Is OP a non-resident or citizen that is not eligible to financial aid? If that is the case, forget about the Federal Loans.
In another thread you said your parents earn $25k/year. I don’t know what the cost of living is in whatever country they live in, but using half of it to pay for your college seems like a lot. Are there any cheaper options you can commute to from your brother’s house?
You should note going in as a CS intended major doesn’t mean you come out with a CS degree. I am not sure what schools are are looking at, what weed out is like, whether you are direct admit, but you still have a 1300 SAT? What rigorous classes do you have that will help in CS?
Don’t bank on earnings you may well never make. Many students underestimate the rigour of CS and will drop out or be weeded out. Even very strong students.
Apply for the FAFSA and plan to take the student loans. Apply for other scholarships, not just the one you mentioned, and also contact the school’s financial aid office to see if there are additional scholarships or grants you might be eligible for. Explain the situation, and maybe they can increase the amount of aid they have offered you. (If your parents earn $25K per year, I’m surprised the college hasn’t provided you with more financial aid than that. Could you apply to a couple more colleges to see if they will?)
If things haven’t changed, you are a US citizen currently in the US with your older brother as your legal guardian. What happened when you filed the FAFSA? Were you considered independent because of that guardianship, or were you considered your parents’ dependent?
Are you hoping to attend a public university in the state where you live? Do you have in-state status there?
What are the details of your aid package?
Do you have any other options?