<p>Hello, I am a freshman attending a CC at the moment. My first semester I went to a uni and accrued 4,750 in loans. I was accepted to my state school for next year, sophomore year (I’ll have 41 credits). The COA is sky-high, but with the 10.5k in loans (parents didn’t pass plus loan app), 5-6k that my parents are giving me and 2k in loans I took out this semester I will probably be able to get by.
Even though this state school is very good, I don’t know if it’s worth 40k-50k in loans. The average starting salary is around 50k for this school, so I think I would be able to handle it, but it would be difficult.
Here’s the thing though. My dad is quitting his job next summer to start his own business, and because of this our EFC will drop dramatically. He makes almost all of the money, and our efc is about 38k!! Would it be smart to just attend CC for another year (even though I am REALLY ready to move on) and maybe apply to one of my dream LAC’s with our lower EFC? And since he is quitting in the summer of next year, would I be able to apply for my junior year and update the school or something regarding him not having his job? I know EFC is calculated on previous year income, so I don’t know if that would be a problem.
-Thanks, and sorry for the long text, this is sort of a unique situation.</p>
<p>You need to know that LACs usually use the CSS Profile to determine their FA. The Profile will add many deductions your dad would take for business expenses back in to your income. You would probably be no better off than you are now. I would stay at the CC to keep costs down, get your basics out of the way, and work to save $ for the four year school.</p>
<p>Well last year we filled out a CSS profile for a private school and we got more money than we expected. I think the EFC on our fafsa was 35k and school brought the price down to about 25k with need based aid. So in our case the profile may have helped us? I have a sibling in private school and our house isn’t worth what it was when we bought it.</p>
<p>You were not a transfer last year. Even schools that guarantee to meet full need to their students often exclude transfers and other categories. As a rule, transfers are last to get what’s left of the money. Yes, on paper, it looks like it would work, and if you get what your EFC says, it might work, but that 's not how it usually works. Also if your dad is starting a business and getting start funds and assets, they could affect your school need as financial aid calculator, particularly PROFILE does not look at these things the same way business owners would. </p>
<p>If things are going to be tight, what I would do is get as many credits as possible at the community college, paying for it without loans. Then try to get through the university in 2 years with as few loans as possible.</p>
<p>Go on ahead a apply to the publics as a transfer too and see what pans out. Just realize that it is a lottery ticket.</p>
<p>Well I just had a convo with parents. I’m looking at 35-40k loans after looking at it all for three years. UIUC locks in tuition. So with interest, worst case scenario I’m looking at 45k in loans. Parents said they would pitch in about 10k or more depending on the situation of the business, so that would bring me down to 35k AT MOST which I think is reasonable for me. Starting salary is 53k for my major so I should be alright, and I’m fine with forgoing some luxury expenses after college (car, nice apt etc). I suppose I could do income based repayment if worst comes to worst correct? I also received a 1k scholorship, and I’m applying for many more on on the 15th when they open up.</p>
<p>The average starting salary is around 50k for this school</p>
<p>For what major/career?</p>
<p>And do LACs have this major?</p>
<p>Are you a Missouri resident?</p>
<p>Does Mizzou or the Missouri Tech school (whatever the name is now) have your major?</p>
<p>Here is my opinion: </p>
<p>The school you are looking at is way too expensive. Also your parents got denied for a parent plus loan (this indicates they may have credit issues). Your dad is planning to start a business and may need some of the money they are planning to give you for college for living expenses while the business is getting off the ground unless they have other money. </p>
<p>Your best bet is stick it out at your community college for another year and then transfer later. </p>
<p>Even though you mention a decent starting salary that is just an average and that number can be manipulated. </p>
<p>I am sure there are other schools where you can earn the same salary but with the tuition at a fraction of the cost.</p>
<p>I’m an illinois resident. All the public schools here over 10k a year.
I’m majoring in economics.
As an econ major at UIUC I would have access to the business school alumni network, which is pretty strong. </p>
<p>My dad is using some money coming in from an inheritance to start the business. I don’t think he is actually starting a business though, I’ think he might just be looking for a new field of work that is closer to home. </p>
<p>Basically regardless of where I go (minus CC) I will be taking out the max independent student loan limit.
I’m also on track to graduate a semester early, so hopefully I can save a bit of money by doing that as well.</p>