Paying for undergrad...

[Baylor91Bound]

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Alright so I applied to several universities and have sent in my fafsa. I just received my financial aid summary from Southwestern University (not where I want to go, but I figured it'd give me a good idea of how much I'll be paying for school since it's about the same cost as Baylor).

Before you tell me to go ask my counselor, know that I'm going to take my summary to school and talk to her. I'd just like advice from people who have already been through this process..

And here's the rundown: My parents' adjusted gross income amounted to be 73K. But, my Dad was self-employed for 8 months of last year which made his income extremely low. So, my parents took out one of their 401k's. Meaning their income from last year basically was 63k.

I'm eligible for $11,500 in scholarships at Southwestern ($8,000 at Baylor) and a few thousand in grants as well as about $3500 in stafford loans. My question is: how in the hell are my parents supposed to come up with $20,000 a year? I understand there are such things as loans, but those are to be paid back within 10 years, and my parents said there is not way they can make that happen. And then there's the way the economy is which makes it even harder to take out loans. So what is my last resort? Is there a way that I can defer them until I make sufficient money myself? Meaning like 20 years down the road...or what? Can I just nott go to Baylor? : (

Please let me know your experiences with this kind of thing.

Thanks : )

 

[Maygyver]

Alright so I applied to several universities and have sent in my fafsa. I just received my financial aid summary from Southwestern University (not where I want to go, but I figured it'd give me a good idea of how much I'll be paying for school since it's about the same cost as Baylor).

Before you tell me to go ask my counselor, know that I'm going to take my summary to school and talk to her. I'd just like advice from people who have already been through this process..

And here's the rundown: My parents' adjusted gross income amounted to be 73K. But, my Dad was self-employed for 8 months of last year which made his income extremely low. So, my parents took out one of their 401k's. Meaning their income from last year basically was 63k.

I'm eligible for $11,500 in scholarships at Southwestern ($8,000 at Baylor) and a few thousand in grants as well as about $3500 in stafford loans. My question is: how in the hell are my parents supposed to come up with $20,000 a year? I understand there are such things as loans, but those are to be paid back within 10 years, and my parents said there is not way they can make that happen. And then there's the way the economy is which makes it even harder to take out loans. So what is my last resort? Is there a way that I can defer them until I make sufficient money myself? Meaning like 20 years down the road...or what? Can I just nott go to Baylor? : (

Please let me know your experiences with this kind of thing.

Thanks : )

Even with those scholarships you still need 20k a year?

 

[Baylor91Bound]

Yep

 

[DrYoda]

Baylor's website seems to be estimating around 18k/year. Perhaps downgrade your standard of living to save money?

 

[TheMagicCookie]

Baylor's website seems to be estimating around 18k/year. Perhaps downgrade your standard of living to save money?

I agree, where were you planning on living? That's sounds like quite a bit of extra money needed. It sounds like you only need to account for about $7,500 for the remaining tuition...what are you going to be spending $12,000 on? You can take out student loans through banks, get a part time job, etc. There are many ways to get around the tuition deficits. It may not be fun, but everyone goes through it.

 

[Baylor91Bound]

no including tuition and room and board, baylor is about 38k a year..from them I have an 8k scholarship and I figure that i'll get a little more in grants/stafford loans. so I think i'll still have to cover about 20k a year. on the southwestern summary it even highlights that I have to cover 19k. so will I automatically qualify for that much in student loans? or what? cuz i'm not sure if my parents have the best credit in the world..i realize i'm gonna have to get a part-time job. but me earning 2k a year isn't gonna help me a whole lot. my parents can't contribute much.

 

[Baylor91Bound]

basically I just wanna make sure that I'm eligible for about 20k in loans every year. this may sound stupid, but right now i'm not worried about having loans I just want the education. and of course i'll be working to aid in the payback process. and i've also I applied for about 15 scholarships so that will help me some

 

[TheMagicCookie]

basically I just wanna make sure that I'm eligible for about 20k in loans every year. this may sound stupid, but right now i'm not worried about having loans I just want the education. and of course i'll be working to aid in the payback process. and i've also I applied for about 15 scholarships so that will help me some

You're answering your own question...if you're not worried about loans, then apply for them and be done with the worrying.

Where are you getting the estimates of needing 38k a yr. for all costs? The school's website is estimating 17k including meal plan, parking and dorms. The estimates for dorm and meal plan are per semester, so x2...the added cost including tuition should only be around 21-22k




Total required tuition and fees

$13,247.00​

Vehicle Registration Fee, annual

200.00
200.00​

The Works-16 Meal Plan, per semester

1,781.38
1,781.38​

**Residence hall room , per semester (community bath only)

2,000.00
2,000.00​

Total Estimate
$17,228.38


​

 

[Maygyver]

Maybe she/he was adding that 17k onto 20k? Only thing I can think of. But yeah, with an 8k scholarship that definitely sounds feasible. Try applying for some local scholarships too.

 

[Baylor91Bound]

You're answering your own question...if you're not worried about loans, then apply for them and be done with the worrying.

Where are you getting the estimates of needing 38k a yr. for all costs? The school's website is estimating 17k including meal plan, parking and dorms. The estimates for dorm and meal plan are per semester, so x2...the added cost including tuition should only be around 21-22k




Total required tuition and fees

$13,247.00​

Vehicle Registration Fee, annual

200.00
200.00​

The Works-16 Meal Plan, per semester

1,781.38
1,781.38​

**Residence hall room , per semester (community bath only)

2,000.00
2,000.00​

Total Estimate
$17,228.38


​

I thought that meant $17,228.38 per semester? lol I'm a dumb ass..guess I should rethink the whole college thing? haha : P

 

[Baylor91Bound]

What I was worried about was the eligibility for student loans. But I'll be needing a lot less now, so that's good. Ha

Thanks guys

 

[Baylor91Bound]

Undergraduate Costs for 2009-2010
























Tuition* $25,320 Required Fees 2,590 Room** 4,838 Board*** 4,896 Total (fall and spring)**** $37,644

* Baylor charges tuition at a flat rate of $25,320 per academic year (fall and spring) for students taking 12 hours or more per semester.

** The cost listed above is an average figure for all residence halls. Less costly housing is available.

*** Includes the 16 meal plan, plus an average allowance for 5 additional meals for a total of 21 meals per week. Other meal plans are available.

**** The total cost does not include the following (estimated annual costs in brackets): books [$1,140], supplies [$258], transportation [$1,992], or personal expenditures [$1,890].
International Baylor students may have different travel costs and in addition must be prepared to cover health insurance.


wait..that's where I got my info from (from the baylor site). so I guess it is about 38k a year..is just anyone able to take out that much money in student loans? That was what I intended my original question to be..

 

[LovinPsych]

I know how you feel I get confused too over those figures hence why I have my best friend Sara do it and help me out hehe . 😀

 

[Maygyver]

Undergraduate Costs for 2009-2010

Tuition* $25,320 Required Fees 2,590 Room** 4,838 Board*** 4,896 Total (fall and spring)**** $37,644

* Baylor charges tuition at a flat rate of $25,320 per academic year (fall and spring) for students taking 12 hours or more per semester.

** The cost listed above is an average figure for all residence halls. Less costly housing is available.

*** Includes the 16 meal plan, plus an average allowance for 5 additional meals for a total of 21 meals per week. Other meal plans are available.

**** The total cost does not include the following (estimated annual costs in brackets): books [$1,140], supplies [$258], transportation [$1,992], or personal expenditures [$1,890].
International Baylor students may have different travel costs and in addition must be prepared to cover health insurance.


wait..that's where I got my info from (from the baylor site). so I guess it is about 38k a year..is just anyone able to take out that much money in student loans? That was what I intended my original question to be..

Hm, I'm not sure how there are two different fees because Magic found a different number. Is this for out of state perhaps?

I am getting the same results as Magic: http://www.baylor.edu/cashiers/index.php?id=44611

 

[TheMagicCookie]

2009-2010 Tuition and Fees


Undergraduate Tuition, per semester,
(12 hours or more--
also, certain graduate programs)
$12,660.00 Law Tuition, per quarter hour
$875.00 Graduate Tuition, per semester hour
$1,055.00 Truett Seminary Tuition, per semester hour
$602.00 General Student Fee (GSF), per semester

$1,295.00 Housing (varies per assignment), per semester
$2,120.00


I just looked on the site again and found an area that was a little more clear. It is 12k per semester for tuition. The last estimate I posted didn't specify if it was per semester or not. You are correct, OP. My bad 😉

 

[Maygyver]

2009-2010 Tuition and Fees


Undergraduate Tuition, per semester,
(12 hours or more--
also, certain graduate programs)
$12,660.00 Law Tuition, per quarter hour
$875.00 Graduate Tuition, per semester hour
$1,055.00 Truett Seminary Tuition, per semester hour
$602.00 General Student Fee (GSF), per semester

$1,295.00 Housing (varies per assignment), per semester
$2,120.00


I just looked on the site again and found an area that was a little more clear. It is 12k per semester for tuition. The last estimate I posted didn't specify if it was per semester or not. You are correct, OP. My bad 😉

Ha, I totally just found that too. But yeah, to the OP, if you are really struggling for money, have you thought of going to a cheaper Texas school that is still a good one? I would look into that, or see if you can get some more scholarship money. Good luck though.

 

[EyEnStein 07]

OP i understand your frustration, i had to give up a top school because we simply could not come up with 30k+ per year, and my scholarships were barely helping.

Regretfully, i chose to go to a city school, where everyday i cant help but to feel bad about not being able to go to my choice. I think if a school thats worth 17k or 20k is truly where you will be happy, then take the loans under your name and go. If you feel you can do just as well at your city/state school, then by all means go.

Its tough, talk to family and school counselors. Maybe even call the schools and ask if they will provide you with any extra $... Good Luck.