The cost of attendance:
Tuition $5,272.00
Housing/Food $8,000.00
Books $1,200.00
Personal/Misc./Travel $4,494.00
Total for Residents
$18,966.00
Okay so on the letter I have:
$500 for a freshman leadership scholarship
$3500 sub stafford loan
$2000 un-sub stafford loan
$500 from the state of MS
$12,876 parent loan
Total: $19,376.
My parents don't want to take out a loan for me just in case something happens and they are stuck with a loan. So where do I find the $12,876? Where do I find a loan for this much?
For the expenses such as personal and travel, will that money just go into an account for me?
No, it wont go into an account for you... if you have money left over after your tuition and fees are paid, the excess is given to you (usually deposited into your bank account). Example: Tuition and fees and dorm and meals are 10,000 and you get 14,000 in financial aid, you will get the 4,000 in cash in excess for those mis expenses.
If your parents take out a plus loan, that money would go to them. However, you MUST have excess money. If your parents are not willing to borrow for the PLUS loan, you will NOT have excess.
You will be short.... to the tune of about...
5272+8000+1200=$14,472
500+3500+2000+500=$6,500
You are short about $7,972 if your parents don't do the plus loan. If you can not convince them to borrow for you you will have to find a cheaper school that you can attend that is less than 5500 a year. (The max amount you can borrow in federal student loans). Or find a scholarship to pay the 7,972.
Make sure your parents realize they will likely have to borrow at least that much for you again next year, and the year after that, and the year after that. (8Kx4 years...32,000 total min parent loan debt)
There is nothing worse than going to a college you really can't afford and are dependent on others for loans. You don't want to attend a few years only to be forced to come home to a cheaper school (after it's really too late to transfer) when they are unwilling or unable to borrow for you any longer.
Hope that helps.
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