Very Very Scary

<p>I just got word that I will only recieve 38,000 dollars in financial aid. Yeah to most people this is an awesome package. My parents are expected to pay about 1,000 a month- that is huge- they only make about 50,000 a year and I have a younger sibling. They won't qualify for a PLUS loan because of a horrible credit history. I have outside scholarships, but they only take away from the loans already in my package and then grant money, they won't reduce my parents expeceted contribution- this SUX- How in the hell am I supposed to help them pay 7-9000 dollars a year. </p>

<p>Is anyone else in this situation, how are you dealing with it?</p>

<p>:( <strong><em>THIS SUX</em></strong> :(</p>

<p>Do you have a job? I received around the same amount of money, by the way, and it really was necessary for me to get a job pronto so I could help pay for the cost of college (I have three younger siblings, so helping out is expected of me.). Also, you can work full-time over the summer, as well as work-study during the year; just up your hours to cover the tuition cost.</p>

<p>No, very very scary is being a soldier on patrol in Iraq or Afghanistan. One of the top universities in the world giving you $38,000 to go there and read books for 9 months is about the least scary thing I can think of.</p>

<p>our net was something ridiculously low, and if i was offered 38k w/ an acceptance (we'll see soon... still waiting. computer error put me in RD instead of EA transfer), i'd imagine i'll be going.</p>

<p>and yeah, it's not all that scary. deffered loans?</p>

<p>If you parents have credit that awful, they'll likely be turned down. My mother was.</p>

<p>First of all, check your math. The college website lists the cost of attendance at $45,825 for a first year student, INCLUDING estimated cost of books. Let's see...46-38 = 8...</p>

<p>Call the financial aid office and discuss it with them. You need to know if you were gapped, for one.</p>

<p>If you were not gapped, then you need to understand how they did their calculations, and what your options are for handling the difference. </p>

<p>I would also check the information you provided to them for accuracy before you call.</p>

<p>BTW, be thankful that they apply your outside scholarship funds to loans, not your grants like some colleges do.</p>

<p>Hey, no one said paying for college is easy. You think I enjoy paying full freight for my D? You think I didn't think it impossible when I first saw her aid award, which was none?</p>

<p>Though no expert, I understand that parents who do not qualify for plus loans may, as a result, qualify for other federally guaranteed loans. You need to speak with someone knowledgeable in this area.</p>

<p>thanx (ten characters)</p>

<p>In fact, my parents have terrible credit and we're incredibly broke. You will qualify for some supplementary federally subsidized loans. The thing that stinks about the PLUS is that your parents will have to apply (and be rejected) for it every year; hurting their credit even further in the process.</p>

hurting their credit even further in the process.


<p>The ding for not being accepted for the PLUS loan is very very very minor. If the parents are making regular payments, it won't even make a difference.</p>

<p>hey, great news- I found that I will be recieveing a total of 41,500 from the university. It cost me 48,505 for the year. The other 7,005 I can make the majority of that over the summer, 2,625 unsubsidized loan, and work study/job during school year. I figure that my parents will only have to contribute about 150 a monty for 7 months of the year- not bad at all.</p>

<p>:) I'm happy :)</p>

<p>Thanx for the responses</p>

<p>Wonderful! I am so glad to hear it will work out!</p>

<p>Very nice, have fun at Chicago. The world is a little less scary today.</p>


<p>Help us to understand what changed and why?</p>

<p>Well- it turned out that Only recieved 32,000 in university grant money and then I was selected as one of the University scholars, 9,500.</p>

<p>32,000+9,500= 41,500 finaid</p>

<p>Wait--were you a transfer app or freshman? I'm still waiting to hear back from them,</p>

<p>robertson would it be possible for you to post your stats </p>

<p>good luck at Chiacgo :)</p>

<p>hey i have three younger siblings (16,14,13) who are all going to go to college. my dad makes around $90,000 a year and we got NO FINANCIAL AID at all. i attempted over 20 scholarships and have won nothing yet.</p>

<p>ur situation is not scary at all.</p>

<p>OK, since this thread looks like it's turning into a poor-off, allow me:</p>

<p>My family has been hemmoraging money and assets for the last three years. My mom makes $30,000 a year and my father just lost the business that he sank all our funds and assets into. Our income has been in the negative on all of our taxes since 2003. My EFC is less than $500. Borrowing privately is totally out of the question--frequent unemployment due to illness killed my credit; bankruptcy wrecked theirs. I, too, have 3 younger siblings, all of whom are already attending or will be attending college shortly. In fact, my little sister will automatically be withdrawn from her school if they do not receive a payment shortly. Though I'm solely responsible for my education at this point, haven't lived under my parents' roof for six years, and haven't been claimed as a dependent on their taxes for two years, financial aid methodology insists on evaluating me as a dependent; thereby denying me thousands in additional Stafford loans.</p>

<p>In short, getting in is only half the battle: if I don't get adequate aid I'll still be at my state uni next year. Scary, though, is never a word I would use. I might be ticked, sure. But I still count myself lucky, and if I don't get enough aid, well then, that's just another obstacle I'll have to overcome. I know someone else out there has got it rougher than me, and I'm thankful I'm in school at all. </p>

<p>I do have to ask, robertson, could you PM me with an overview of your package and your stats (both financial and academic)? I know it's really personal info, and I'd totally respect you're privacy, but any information would be incredibly helpful.</p>

<p>Basically, I would really like to be as poor as you all seem to be.</p>