I feel like this might be stupid question but…
If the total cost of attendance for one year was 60k, and I was given say 30k in grant, 5,500 in loans… that would be 35,500 taken care of the total cost(i know i have to pay loans back). However, what would I do to take care of the other ~25k. Would that just be considered “debt” or would I HAVE to use other loans immediately??
Thanks for reading. Sorry if there was a simple answer to this.
Yes it is. Debt = Loans. Your PARENTS would have to cosign on loans for the remaining $20,000/year. That would be a total of $199,999 in loans which will cripple you and your parents for 20 years after graduation.
Your family cannot pay anything? They will be expected to pay.
Let’s try the math again.
If the school costs $60k and you receive grants for $30k, then you and your parents have to pay the other $30k from any combination of savings, current earnings, student loan up to $5500, and parent loans from a bank, etc.
If this remaining $30k owed each year was all paid through taking out loans each of the 4 years, then after 4 years the balance due would be more than $120k if no payments were made since interest generally begins to accrue immediately.
If your family doesn’t pay the balance…your registration will be suspended and you will not be permitted to attend the college. Colleges expect their bills to be paid…on time. You will receive a bill for the first term usually prior to the start of the term…with a payment due date prior to the start of the term. If you don’t pay the bill, or sign up for a monthly payment plan…you can’t attend.
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Theres literally not a single thread on the U of Utah(or a single person interested in the school). I am just concerned about my chances of getting in as a CIVIL engineer major with a
SAT math 650
SAT read 490
SAT write 540
HS GPA UW 3.6 or 3.8
HS Weighted GPA 4.2
Cali resident(yes I know its way more expensive)
U of U acceptance rate is pretty high but Im just concerned about getting in as an engineering major.
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Are you looking for loans to go to Utah?
You are talking about way tooooooo much debt. Who would crazy enough to cosign that much debt so that you can go OOS to Utah?
Why aren’t you applying to some CSUs and lower UCs?
How much will your parents pay?