Foo - Paying for school

How are you financing your education? It seems like I'm going to get into huge debt -- like taking out a mortgage :(. I worked 30 hours a week while attending a school this year, and so I was able to pay off as I went at UNH. But, I don't want to do this anymore. I want full time campus life for the next three years, now that I've gotten my gen ed's out of the way. I got my acceptance letter to the school of my choice, but I also got the financial aid package letter. This is daunting :(.

Sadly, I was not eligible for most scholarships out there...yet

Either find a cheaper school if you think this one is too expensive, or take out lots of loans and major in something that'll make you lots of dough and get all A's.

Well it is expensive, but.....it's one of the few places I really think I will be happy with. UNH is a fairly traditional school in all aspects, and I really am not enjoying it right now. If I went to UNH, being an in state student, I would pay almost 10,000 dollars less per year. Then it comes down to this: Is it worth that if I wont be happy?
Hampshire is very unique is almost every regard, and similar alternatives are just as expensive.

I definitely think merit scholarships, whether offered by the school or by outsiders, is where it's at.

Student loans, for the win!

But actually, I applied for a student loan from Chase, finally got the check in March, and due to the whole Bear Stearns thing, the check bounced. SERIOUSLY. My check from JP Morgan bounced. Might want to think twice about the student loan route, I guess. :(

If you want full-time campus life, it is going to cost you. I worked full-time while completing school. I wasn't happy either but I also didn't want to be in debt up to my ears when I was finished.
Everyone is different. You have to decide if it's worth it.

Student loans, financial aid, and I applied for just about every scholarship available to me.

I am going to school full time with a wife and two kids. At my school we have what amounts to two semesters of students teaching, so I don't have time to work except for Saturdays, but this summer, I will be working 35-40 hours to save some dough.

well I am working 30 hours a week now and commuting, it sucks. I feel like I miss a lot of the social elements, and I consider that to be part of the college experience. Also, I need flexibility for independent studies and classes with labs. I'm happy that I have my freshman year done, gen eds done, and I have zero debt. I have no regrets about this year.

bounced?! Holy hell. So how did you work that one out?

Student loans, financial aid, and I applied for just about every scholarship available to me.

I am going to school full time with a wife and two kids. At my school we have what amounts to two semesters of students teaching, so I don't have time to work except for Saturdays, but this summer, I will be working 35-40 hours to save some dough.

Did you manage to accumulate a good sum through scholarships? I am applying to all that I can find, but most have already passed. I didn't know if I would be attending full time on campus until just a few days ago, so I didn't apply.

Go talk to professors to see if someone has an Research Assistantship open. Its a long shot for a undergrad but hey you are pretty enterprising, someone might be impressed. You can atleast swing a job that @ 20 hrs a will will pay much more than any on campus jobs. Some of these interdisciplinary stuff is pretty good too as they need someone who will deliver and not theorize. Before I got my RA, as a grad student I made close to 1000 bucks a month working 20hrs a week. That sure helps with living and such.

I go to a very cheap school, <$2000/semester for 12 credits. It's a small 4 year state college, 6000 students. I'm not sure if it's a better or worse education than a university, but I'm happy with my experience there.

I'm a non-trad, single, very low income, high GPA student.

I have gotten the maximum Pell Grants (federal) every year of school.

I just got notified of my financial aid package for next fall/spring, which will be my last year of school:
Pell grant $4731 (2300/semester)
State grant $1500 (750/sem)
Scholarship $500 (250/sem)
Total $6731

So I will get tuition paid and a grand or so for my pocket each semester.

I have done much better than this in the past when I got bigger scholarships. One semester I picked up a $4700 check after tuition.

I don't have to pay any of this money back and it's not taxed (according to CPA I asked).

Get to know the folks in the financial aid dept. They can help you, and maybe find you scholarships. The director of the fin aid dept knows me by name and always speaks to me.

Find out which prof in your department is on the scholarship committee for that department and let them know who you are and that you need money for school. My advisor is on that committee, he has gotten many excellent scholarships for me.

Don't give up, you have to keep after it, getting money for school.

My efforts have paid off well. I'll graduate debt free.

Hmm....I guess it's a lot about WHO YOU KNOW. These are some great comments, thank you all!

if you'll make at least $40,000 a year when you get out go ahead and get this education doing something you really love. you can live off $20,000 a year if you have to and pay the other $20,000 to your education debt. that's my plan if i can find the right job. if the school is good and you're good at what you do then go for it. you've really got nothing to lose but opportunity.


and working during school is pointless. $6 an hour ain't gonna pay for ****.

and working during school is pointless. $6 an hour ain't gonna pay for ****.

That's not entirely true. If you can handle being a waiter, you can work one or two nights a week and finance all your spending money for that week, and still get off on work nights in time to make it to the bar. That helps with the expenses quite a bit. It also won't interfere with studying. But it is true, it's not going to pay for room or tuition. I'll second the loans on that.

Financial aid carried me all the way FTW!

Well for whatever it's worth, this school pays 8.00/hour for work study. My hopes are that my work study will be something easy and sedentary so I can do my homework.

and working during school is pointless. $6 an hour ain't gonna pay for ****.

I kinda agree with that, you'll pay more in loans and interest, but low wage work blows while going to school. Work full time during the summer and part time here and there during the year

Might as well just enjoy the last few years of non-work living you'll have till retirement, study hard, and make some friends.

Student loans, for the win!

But actually, I applied for a student loan from Chase, finally got the check in March, and due to the whole Bear Stearns thing, the check bounced. SERIOUSLY. My check from JP Morgan bounced. Might want to think twice about the student loan route, I guess. :(

YGPM...

You can spend years trying to pay off your school loans so be careful. I completed my engineering degree without a loan, but my wife had nothing but loans. She is now a "Stay at home mom" and it took us about 10 years to pay her loans off. I worked in the hay fields all summer and made enough for school with it and the GI bill.

You may try working a semester to pay for the next.

The Air National Guards paid for a lot of my school through the GI bill. You will delay your grad date because of basic. But you get the GI bill plus your weekend wages.

I made it through on student loans.

I did 6 years in the Navy, the "real" GI bill had been abolished, and the "consolation" GI Bill that I had ran out after one year. It still wasn't very much.

I was already 9 years behind (worked for 3 years after), so I wasn't gonna go alternate semesters, and you can't really do engineering part time.

So I bit the bullet, and borrowed. I am still paying it off. But I still think it was worth it.

Pretty much, you have three ways of going through college:

1: ROTC.
2: Be lucky enough to find a job that works around college hours. A lot of employers don't like people taking day classes, because they know the person will be leaving them, or demanding a raise, so will fire you if they find out.
3: Loans, loans, and more loans. With the cost of tuition, Stafford loans will cover you for 1-2 years, but then you have to hit private loans, which either require a co-signer, or will charge you an insane interest rate such as 11% or something.

I would consider either the loan or ROTC route. Jobs are becoming harder and harder to find as the economy is starting to collapse, and its a lot better to have a degree + debt that you can get a forbarance on, as opposed to no degree.

I'm thinking the OP's school-of-choice is one of the higher dollar options out there. I was under the impression that a lot of those, esp. the classic NE liberal arts types, have a flexibility in 'institutional grants' (just what is the tuition figure they wind up charging you), that not so many people pay the sticker price. That still might not help w/ housing. But yeah, max out the student loans if you haven't already.

3: Loans, loans, and more loans. With the cost of tuition, Stafford loans will cover you for 1-2 years, but then you have to hit private loans, which either require a co-signer, or will charge you an insane interest rate such as 11% or something.


I don't have a cosigner, i pay 8.5%, i expect to reconsolidated at a lower rate.

bounced?! Holy hell. So how did you work that one out?

Well, the check went through and I paid my tuition then my bank sent the check back because Chase didn't have the money to cover it. I was $1200 in the red in my account two weeks ago, and Chase told me I'd have a check in my mailbox at least a week ago.

If you go the student loan route, pick another bank... :(

But so far, my bank has only charged me a $3 returned check fee (it's a small local bank, my family has had accounts there for years, they understand the situation, I guess?) and Chase said they'd cover the fee.

Indeed, Hampshire is an expensive option, but not any more expensive than most other private schools I've looked at.

According to their financial aid office, I have a 4500 strafford loan maximum. Next year, as a junior, I'll have a 5500 limit. Looks like I am stuck with private loans :(. I do have around 10,000 in a college savings account (529). On the one hand, it seems like it would be best to save that for my senior year, as this will allow more time for interest to accumulate. On the other hand, the more I borrow NOW, the more I pay on interest. I think that I will pay on interest while in school, and then pay the principle when out of school. So, perhaps the extra interest that I would be paying will exceed the amount of interest I am paid by my 529. In which case...I'm all in.

are your parents contributing at all? i'm guessing the figures you mention include federal loans/grants sholarchips are a hit/miss boat- there's always someone who is more qualified/more need/better student/whatever than you

Indeed, Hampshire is an expensive option, but not any more expensive than most other private schools I've looked at.

According to their financial aid office, I have a 4500 strafford loan maximum. Next year, as a junior, I'll have a 5500 limit. Looks like I am stuck with private loans :(. I do have around 10,000 in a college savings account (529). On the one hand, it seems like it would be best to save that for my senior year, as this will allow more time for interest to accumulate. On the other hand, the more I borrow NOW, the more I pay on interest. I think that I will pay on interest while in school, and then pay the principle when out of school. So, perhaps the extra interest that I would be paying will exceed the amount of interest I am paid by my 529. In which case...I'm all in.


At around 9%, you're looking at roughly $100 a month for 25 years per 10,000 you borrow. That really isn't too bad when you consider what that investment is returning.

My parents unfortunately cannot contribute much right now. THey'll be able to help later. Having spoken with the financial aid office just recently, I think I am having my doubts:

FOr one, if I get any merit scholarships, my grant money from Hampshire decreases! So it ends up being relatively equal! WTF?

I would be looking at borrowing almost $100,000 over the next 3 years; is that worth it?
While I feel I would have an opportunity of a lifetime, do I want to be paying back 100,000 with interest? My family is in that middle bracket, where we get crappy grant and cannot afford.

My parents unfortunately cannot contribute much right now. THey'll be able to help later. Having spoken with the financial aid office just recently, I think I am having my doubts:

FOr one, if I get any merit scholarships, my grant money from Hampshire decreases! So it ends up being relatively equal! WTF?

I would be looking at borrowing almost $100,000 over the next 3 years; is that worth it?
While I feel I would have an opportunity of a lifetime, do I want to be paying back 100,000 with interest? My family is in that middle bracket, where we get crappy grant and cannot afford.

Depends on what job you're going into and what you expect to be getting paid.
Depends on what you feel you need/want to spend every month in order to live happily
Depends on why you are going to be spending this much money

I love Iowa and i've loved being here, but i could have saved about 20 grand staying in Illinois...i wish i did that.

Right now, I'm financing my education on loans alone. I've stopped living on campus to alleviate this. The only thing that I'm really banking on right now is that, upon graduation, I'm able to find a job that has the potential to take care of those loans in a timely manner. Given the internships that I've currently had over the last three years, it doesn't seem like this will be a problem, but then again, anything can happen in the last two years...

Also, I feel that it's best to choose a school that pertains to your interests instead of your financial capabilities, unless it's wiser to save money and make that your basis for decision. I personally think that it's a bad idea to invest well over $100K on a liberal arts major like many that I know around the area, as the job market for these degrees is not that well established and usually pays little (at least in New York).

Yea, I am rejecting Hampshire.

Just the fact that they deduct money earned frm merit scholarships from your NEED BASED GRANT. Oh my god, that is just so sleazy! Hampshire is a very selective school for transfers, and I was able to be accepted -- even after being rejcted once. So, evidently I have what it takes to get into a decent school. I am going to stick at UNH, pay as I go (no loan FTW!!), and then apply to at least five schools for the Spring.

Other schools give better aid, and undoubtedly will have better policies. For example, several schools I know of state that all need based financial aid is now scholarship, not loan. Of my 21,000 dollar financial "aid" package at Hampshire, 4500 of it was a loan!

So I will apply to other schools, hopefully those with greater endowments (so able to provide better aid), and SHOP AROUND. In fact, if I continue my academic excellence and get a good scholarship somewhere, perhaps I can even bargain. At the end of hte day, I am the customer. Why should I need to beg? ANd 100k for just an undergrad degree is just obscene.

ROTC... or just join the Marines after graduation.. we are paying off college debt these days for junior officers.. you will love it .. I promise :)

ROTC... or just join the Marines after graduation.. we are paying off college debt these days for junior officers.. you will love it .. I promise :)

You wana pay all my loans, give me the money up front?

consider yourself pretty lucky to get a 21k fin aid package @ a place like hampshire

all financial aid packages will include some component of loans

all college will involve a debt load, unless you go to school part time/work full time & go to a cheep comm. college or state school

is all the debt worth it? depends. (read timmy's post above)

it would have been wise to apply to a range of other schools to get a feel for the available aid that you potentially would get.

pcow, what do you plan on studiying and what jobs do you wanna get?

go to www.payscale.com and look at salaries for jobs you would like to get. This will help give you a ballpark on what kinda pay you can expect to get. Your college's career services website likely has statistics on what the graduating majors are getting paid. That will help as well. Good luck!

Some of us joined the military and then got out, worked full time while raising a family and going to school full time.

Not recommended necessarily... but if what you are missing at college is the social life, just find a job that allows it.

Personally, I would say to take a deep breath and realize that you are earning your degree in a way that the majority of college students can't even understand.

But, with all that said, I know the stress of no social life, and nothing but work and school, so I hope yuou find some way to help you through!

consider yourself pretty lucky to get a 21k fin aid package @ a place like hampshire

all financial aid packages will include some component of loans

all college will involve a debt load, unless you go to school part time/work full time & go to a cheep comm. college or state school

is all the debt worth it? depends. (read timmy's post above)

it would have been wise to apply to a range of other schools to get a feel for the available aid that you potentially would get.

Not all financial aid packages include loans. When UNH accepted me last year, I would have received a 3500 dollar grant -- no loan or work study. Plenty of schools I have looked at state that all need based aid is grant. Also, while all colleges require a debt load, I think 33,000 per year of debt is unusually high.

Not going to college is not an option, it is aligned with my life goals. I'll be applying to several schools for spring admission, so we'll see how it goes then.

Not all financial aid packages include loans. When UNH accepted me last year, I would have received a 3500 dollar grant -- no loan or work study. Plenty of schools I have looked at state that all need based aid is grant. Also, while all colleges require a debt load, I think 33,000 per year of debt is unusually high.

Not going to college is not an option, it is aligned with my life goals. I'll be applying to several schools for spring admission, so we'll see how it goes then.

You are guaranteed federal loans if you qualify...

pcow, what do you plan on studiying and what jobs do you wanna get?

go to www.payscale.com and look at salaries for jobs you would like to get. This will help give you a ballpark on what kinda pay you can expect to get. Your college's career services website likely has statistics on what the graduating majors are getting paid. That will help as well. Good luck!

I wish I knew what I wanted. My best guess is that I'll be doing something in the business/economics realm, or a more scientific realm such as physics.

You are guaranteed federal loans if you qualify...

"if you qualify" is the key though; second year students have a 4500 dollar limit for the Strafford loan. My parents make too much money for me to qualify for that Perkins or pell loan, whatever it's called.

I don't understand why you're so drawn to this school if you don't know what you want to do...?

"if you qualify" is the key though; second year students have a 4500 dollar limit for the Strafford loan. My parents make too much money for me to qualify for that Perkins or pell loan, whatever it's called.

You just told us you qualified a while back. Now you're saying you don't

I'm glad BYU is 2430$ per semester of college. Sure beats 20+ grand tuition.

You just told us you qualified a while back. Now you're saying you don't

I qualify for a 4500 dollar strafford loan from the government, that's IT.

I don't understand why you're so drawn to this school if you don't know what you want to do...?

Because Hampshire offers a unique opportunity to help me find my way. I have spoken to the faculty at Hampshire for many hours, most of them recommended that I attend Hampshire and "let things naturally unfold".

I qualify for a 4500 dollar strafford loan from the government, that's IT.

Umm...exactly.

Which brings us back to this post.


Not all financial aid packages include loans. When UNH accepted me last year, I would have received a 3500 dollar grant -- no loan or work study. Plenty of schools I have looked at state that all need based aid is grant.

To which i responded

You are guaranteed federal loans if you qualify...

The school isn't giving you the loan, they aren't backing the loan...

You're either eligible, or you are not.


Because Hampshire offers a unique opportunity to help me find my way. I have spoken to the faculty at Hampshire for many hours, most of them recommended that I attend Hampshire and "let things naturally unfold".

What is so unique about this? It's called Gen Eds and you have to take them with most majors and they typically take 2-4 semesters. There is nothing unique about this...they want your money.

You pay just about anybody here $33,000 a year to watch "things unfold" for you. I don't blame your folks for not funding an expensive school for you. Go to a state school and figure out what you want to do on the cheap - save your $$ for an expensive Graduate degree - and stay away from those alternative loans. Student loans should be for what you NEED, not what you want. Do not use a credit card, either.

You want someone to pay your way? join the National Guard. They'll pay your tuition & give you @ $300 a month under the Montgomery bill, plus pay you about $175 a month for weekend drills.... this can work out wonderfully for you, unless, of course, you end up in Iraq. On the bright side, if you do end up in Iraq, when you get back, the GI Bill will provide @ $1100 a month. My son's education was interrupted by Iraq, but he's due back in July - he'll have about $25,000 in combat pay saved up, and his education paid for.

if i had known it was $100,000 of debt i would have told you to stay where you're at! :eek: ****! if new hampshire told me that crap i'd tell 'em to take and shove it back up their asses where it belongs! good greif! i'm looking at $50,000 and that's enough as it is! :eek:

Because Hampshire offers a unique opportunity to help me find my way. I have spoken to the faculty at Hampshire for many hours, most of them recommended that I attend Hampshire and "let things naturally unfold".
I'm sorry to say this, but stick with UNH. You are entering a crucial time of your life when we are also entering a recession. This may well be the worst one we've had since the Great Depression - only time will tell. If you can get through college with zero consumer debt and little to no student loan debt, that will be a far greater blessing than the greatest education at the greatest institution in existence.

Phantomcow, you are a natural learner. You are curious and so you educate yourself every day. You will do great at UNH, no matter what major you choose. When you are finished with your degree, I know you will not stop learning - it's not in your nature. You also are good at seeking out mentors for wherever your interests take you and learning from them. I've seen you do that often enough on this forum. Sometimes the things we choose to learn "for ourselves" in our own time are the most rewarding of all. Our nation seems to have stopped placing a value on people like you, but trust me when I tell you that things are changing and we will soon need you.

Take the education that is within your means at this time in your life, and trust that it will be what you want it to be. You do have that power. :)

I wouldn't start calling Great Depression just yet...

FWIW, i intend on going to get my Masters in Secondary Education but i'm going to take a year off and grab a 25-30k a year job and apply about 90% of that towards outstanding student loans while i have the opportunity to live with...*ehem* mommy *ehem*.

If i had an accounting degree and could go snag a 50,000+ a year job, i wouldn't worry about it and i'd probably go move to CO or Oregon. But because my career goals means i wont be making much money for a couple decades, i have to adjust to accommodate my finances as best as possible.

Each situation is unique. Some people couldn't stand to go live with their parents for a year. If you really feel you need to go to a school that costs X amount of dollars and XX% of that is going to be through student loans...then do it. Just don't ignore the fact that in a couple years you're going to be paying those back.

As i stated, i love Iowa but had i known for sure what i wanted to do, i probably would have had a slightly different major and i would have stayed in Illinois.

if you'll make at least $40,000 a year when you get out go ahead and get this education doing something you really love. you can live off $20,000 a year if you have to and pay the other $20,000 to your education debt. that's my plan if i can find the right job. if the school is good and you're good at what you do then go for it. you've really got nothing to lose but opportunity.


and working during school is pointless. $6 an hour ain't gonna pay for ****.

Even at $6/hour, you're going to put a dent in it, though really you can work for more than that easily, and it's better than sitting around and doing nothing about the debt that's piling up.

Me, I'm going to Community College, once I get my AA, I'll finish up schooling with a state college while looking for financial aid from schools and other sources. Talked to a lot of people and this seems to be a fairly cheap way with quite decent education.