I have received my letter from Kettering University.
Trustee Scholarship- $14,500
Fed Pell Grant- $4925
Fed SEOG Grant- $1,500
Direct loan sub- $3500
Direct loan unsub- $2000
I didn’t get anything for workstudy???
Family info:
EFC: $800 at time of sending fafsa, $0 updated fafsa
I will be visiting the school this weekend. Is there anything I could do to get more aid besides applying to scholarships. Can I get anymore aid in grants? Also, what is the usual interest rate for private loans?
When you update your FAFSA with relevant tax information, your school likely can look to see if it will impact your award. With a $0 EFC down from $800 - you hopefully can qualify for $800 more in Pell. However, your school will need to verify this with the income documents they request.
The interest rate will be based on you (if you’re the student, then probably your co-signer). Do you plan to borrow from your bank, credit union, from Sallie Mae, or somewhere else? How much money do you need to borrow? If it’s a lot, you might not be able to afford this school.
What are the costs, tuition, room and board, the university will bill for? Do the scholarship, grants and loans cover that amount? Then you will need money for books, personal expenses and travel. Can you get a job in the summer to cover some of the costs?
Also ask the school about the work-study
@mommdc Total cost for 2015-2016 year is 45,940 (tuition, residence & meal plan). The net cost after the aid (no federal loans) will leave a total of $25,015. I help my dad at our family business every day. Whats the difference between a federal direct plus loan and the sub and unsub loans?
You can only take out the $5500 federal student loans they gave you in your package. Is your family prepared to take out $20k/year worth of loans for you? That’s too much debt for an undergrad degree. Did you get accepted to any schools that are more affordable?
The PLUS loan is a parent loan that your parent would apply for - their credit history would need to be approved and they would be responsible for paying it back. The sub/unsub loans are both Direct loans that would be in your name. The subsidized loan does not accrue interest while you are in school, whereas the unsubsidized loan does start to accrue interest from the day the loan disburses.
@austinmshauri unfortunately i did not get accepted to any other schools. I am waiting on an appeal for UCSD. I thought I had it all when I became a questbridge finalist. But I just ended up with rejections across the board. I also have wages from my required co-op position. $10-15k, but lets say $10k to be conservative. I just found out I have $1200 of work-study. Is $9k/year worth of loans worth an undergrad degree?
[url=<a href=“https://www.kettering.edu/experiential-learning/corporate-partnerships/co-op-schedule%5DKetering%5B/url”>https://www.kettering.edu/experiential-learning/corporate-partnerships/co-op-schedule]Ketering[/url] requires a co-op position while you’re there? That won’t pay the tuition and fees in August. And how would you support yourself the months when you’re working if you need the money to pay your tuition? You have a $5500 loan in your package already, plus you need another $20k just for this year. Prices will go up every year, but the amount of your federal loan will only increase to $6500 as a soph, and $7500 each year as a junior and senior. You’re talking about borrowing a total of $27k (federal student loans) + another $80k, so $107k for an undergrad degree. Even if you can earn $10k/year in a co-op and save it for years 2-4, your total loans would still be nearly $80k. That’s too much debt for an undergrad degree.
I think you’re better off taking a gap year and applying to affordable colleges, or looking for a less expensive rolling admissions school, or commuting to a state school. What are your stats (SAT/ACT & GPA)? What state are you in? Are there any affordable colleges nearby? It sounds like you’ll have the $5500 federal loan + another ~$5k Pell grant, so if you can combine that with summer earnings and/or a couple thousand from your parents, you may be able to swing a reasonably priced school.
@austinmshauri I am in California. ACT: 29, UW GPA: 3.75. The tuition is fixed so it will stay that price throughout my course there. How much should an undergrad degree be worth?
If you did not get admitted to any UC you applied to, you are guaranteed admission to UC Merced if you are top 9% based on gpa and test scores. if you are interested in that, google UC statewide path and make a call to Merced asap. They have a calculator on the website and your stats say top 9%.
That’s a rough admissions round, I’m sorry. If you can get into Merced then they will cover all your costs as a low income student you will have a student contribution of w/s and a 5000 loan.
I look at your posting history and you went for really top schools heavily and not a top ACT. I had advised you to look at some of the less competitive QB partner schools then. They are all good but some are easier to get into than Stanford and Brown etc. The purpose being they meet need where Kettering does not. Does Questbridge help you out in this situation? Have you talked to them? What about your guidance counselor, you are in a private school yes? Can he make any calls for you like to Notre Dame if you are still waitlisted there?
I don’t think Kettering is suddenly going to give you 25k. They might give you a few thousand more. Some schools only have limited or no work/study available. It just means you do a p/t job and get paid. You don’t find a job you don’t get any money. So often you can just get any p/t job on campus if there are any available and it will work just like work study. Find out if they have a lot of jobs available or if it is hard to come by. It doesn’t matter that much if it is formally w/s or not.
One option you have is to do a gap year and try again and put some more likely schools on, also trying the UC again. You would want to retake the ACT or take the SAT. Or you could go to CC and transfer to UC. Or you could keep pushing and find what is still open. Your guidance counselor should be working with you on this.
The maximum loans I think students should take are the federal student loans (about $5500/year) or $27k total over 4 years.
You have some good advice above. Get help from your guidance counselor.
You can look into Merced. Ask your GC if you meet the requirements for admission.
You could take a gap year, get a job, and try again next fall with a new list that has some financial safeties on it.
Good luck.