<p>Looking at the net price calculators at 4 schools I’m interested in, the average net cost will be around $20,000. I’m assuming it will be lower for the other years, as my EFC is 6967 due to my current full time job. I’m assuming that will go in down in the following terms because my income will be substantially less.</p>
<p>So how much in student loans is too much? Is there a rule of thumb to go by on how much debt is affordable and how much is too much?</p>
<p>Does your college meet full need for
ALL students? If not, you may not see
an increase in your aid when your income goes down.</p>
<p>NPCs only are averages, so beware. If the school does not guarantee to meet need and/or if merit money is offered, you could be seeing figures based on the averages which could mean no one, including and most importantly to you, YOU will get that cost. </p>
<p>For traditional student the federal amounts offered to students is often considered what is reasonable debt. Others say, the expected first year gross income should be the maximum. </p>
<p>It sound like you are looking to be come a non traditional student who has been working full time. That is a whole other story, and depends on a lot of other factors. Are you independent? Do you have a course of study with a ready market for your skills upon graduation? Do you have family that will help you with your loans? THough these questions are also relevant for the traditional student, usually they are more dependent on their parents and there is more interplay there. They also are usually younger, and college is their first step out.</p>
<p>thumper1:
I don’t believe any of them do</p>
<p>cptofthehouse:
Yes, I will be a non-traditional student. I am independent, I’m hoping to study aerospace engineering, and I’m on my own with the loans…</p>
<p>So there really isn’t a way to estimate cost until the school does your FA package?</p>
<p>You can look up the schools Net PRice Calculator (NPC) and it will give you an average. The calculator tends to be accurate for schools that meet full need and don’t have merit awards, but not so good with that in the mix because averages are just that. You have your head in an icebox and your backside to the fire and be comfortable on average. So it is with numbers. But looking at your EFC and looking at the average aid met and where you are in terms of school stats, you can get some idea. If you are going to be one of the very top students test score wise at a school, you are highly likely to get one of their better packages. If not,… well, it’s up in the air if the school does not meet need.</p>
<p>You need to have a heart to heart talk with the financial aid director: call and make an appoinitment, bring your paperwork and tell him/her that you need a realistic figure to plan this out. That person will have the best idea as to what aid you will be eligible to get. Your current EFC is too high for PELL grants, so loans are what you are eligible to get unless the school has some funds they can funnel your way. Does your state have any college aid money. NY has TAP for instance and that can kick in. Otherwise it’s $9500 in Stafford loans.</p>