<p>I was admitted to my dream school EA, and have spent nearly everyday since December crunching numbers and talking with my parents to figure out whether the $53,000+/yr price tag is possible, even with a generous need-based grant of $25,000/yr. As May 1 approaches, it is becoming less and less likely that I will be able to go to my dream school and more and more likely that I will end up at a large, Greek-dominated public school that, while a good school, probably won’t be able to offer me everything I’m looking for in my undergrad education. My parents are also extremely opposed to my taking out loans, and have said they refuse to cosign on any loans other than the ones the school already offered me. I’m wondering if taking a year off to work full-time is worth it, and if I will be able to make any sort of dent in the amount of money I have to pay to go to this school. Does anybody have any experience with this, and will I be able to get back into school mode when I do go? I’m willing to do absolutely anything to go to this school, so does anyone have any ideas as to how I can make it work?</p>
<p>the extra money from work might cause university to give you LESS aid. You might save $25,000 just to have that $25,000 they originally offered you taken away (ASK the FA office, don’t take my anonymous advice, though!!)</p>
<p>Many schools will let you defer for a year; just ask.</p>
<p>How much will you pay for the public school? Will parents pay for that?</p>
<p>A large public school has many different kinds of students; even if you’re not a frat-type, there will be a lot of people like you who could go to more intellectuallish type of places, but don’t have intellectuallish finances.</p>
<p>You have probably done all the number crunching – but just to make sure that you have covered all bases, see if all of this is correct/has been put into the equation:</p>
<p>COA is $53,000
Grant aid is $25,000
What you need to pay is $28,000.</p>
<p>You can take out a stafford loan for $3500, I believe (as long as total debt for undergrad is <$20,000 you should be fine)
If you work your butt off during the summer, you can earn $3000 (that is the maximum before it impacts your EFC) plus maybe pick up some cash babysitting/housesitting. Try and earn a total of $4000.</p>
<p>So – $28,000 - 3500(stafford loans) = $24,500 - $4000 (summer earnings)= $20,500.</p>
<p>If you can also get a job during the year, work-study is best, you can earn another $2500 – bringing the amount you are needing to pay down to $18,000.</p>
<p>Finally – if you are very frugal, buy books used online, your actual cost of attendance will probably be less than what they quoted – maybe as much as $1500 less.</p>
<p>What would your parents be paying to send you to the large public university? Would it be close to that $18,000 mark?</p>
<p>A few ideas:
- Have your parents been to your dream school? It sounds like a difference in perspective/values between the 2 of you. What is the value to you? Why do you think this school is worth taking loans for? I would try to sit down and throughly discuss it with them, and be prepared to both listen and also to have them hear you out. The amount of merit you have received is generous. Perhaps you could do some things while in school to reduce cost: work on campus, take classes at local jr college in summers, be an R.A.?</p>
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<li><p>Let’s say you can’t agree- perhaps you could attend public school for 2 years and transfer?</p></li>
<li><p>I echo Muffy about the year off to work- its very unlikely that your merit award would remain the same, as usually, the merit awards are linked to financial determined need. Student assets are taken by some colleges in total; others look at 1/3 of them in aid determinations.</p></li>
<li><p>Have you called your fin aid dept at dream school to discuss this with them? They might have some ideas about things other students have done on their campus to remain frugal. Other housing such as co-op after year 1? </p></li>
<li><p>If it comes down to it and you can’t go to dream school, your mission should be to fall in love with your public school. Its never black and white- there are always advantages to each college, no matter what. Find them, and fall in love with them. Perhaps you will be able to shine like an academic star, have a great social life or do some great internships or volunteer work. Perhaps it will be to get to a great grad school without any loans from your undergraduate work. Perhpas that would give you more freedom in your grad school years?</p></li>
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<p>My parents would be paying around 8000 a year at the public university, and I would also graduate with significantly less debt. I’ve been working with some numbers, and I could theoretically earn 28,330 in a year, after taxes, working two jobs. That would reduce my parents yearly contribution to right around 8000 if I graduated with 25,000 in debt.</p>
<p>I was planning on calling the fin aid office to ask about the effect of my working on my aid amount. From what I’ve been able to deduce from the literature they sent us, any money I earn is divided by four and I am expected to budget it over my college career. I had 9000 already saved that I’ll be contributing as well. I’m not sure if any money I earn will reduce the grant, so I’ll be sure to ask that. I’m worried about transferring, as there’s no guarantee I’ll be admitted again and I don’t want to go into my freshman year with the mentality that this is a temporary situation and possibly screw up my first year. I could be an RA after my second year at college, which would eliminate room and board, and I have already factored 2100 in work study that was offered into my calculations.</p>