So my Estimated Financial Aid award came in today (PIC)

[powerlifter198]

Wat you think guys? [IMG][/IMG]

Does it mean they'll pay for me 17k and it costs 28k a year so ill have to pay 11k out of my pocket?

[Honkey_Kong]

It looks good. If you don't need loans, don't take them. Those payment are turning in to major burdens for young people when they finally enter the job market.

[Tron3219]

It looks good. If you don't need loans, don't take them. Those payment are turning in to major burdens for young people when they finally enter the job market.

No joke! I didn't finish college cuz I didn't get loans and couldn't get many grants. Ironic thing is I make more then most of my friends that went and graduated.

-Chomp Chomp Chomp-Clink Clink Clink-

[MickeyKnox]

No joke! I didn't finish college cuz I didn't get loans and couldn't get many grants. Ironic thing is I make more then most of my friends that went and graduated.

-Chomp Chomp Chomp-Clink Clink Clink-

...and youre bigger..lol

[Bonaparte]

That isn't what that means at all.
The smaller number is the the total from grants that you are offered (free money, so take it).
The bigger number is how much you could have if you accepted the grants, ALONG with the loans (the latter of which you will have to pay back).

It makes no mention of tuition or predicted living costs. Those are found elsewhere.

PS: you should probably be asking your financial advisor about this stuff, not a bunch of guys on a steroid forum...

[powerlifter198]

That isn't what that means at all.
The smaller number is the the total from grants that you are offered (free money, so take it).
The bigger number is how much you could have if you accepted the grants, ALONG with the loans (the latter of which you will have to pay back).

It makes no mention of tuition or predicted living costs. Those are found elsewhere.

PS: you should probably be asking your financial advisor about this stuff, not a bunch of guys on a steroid forum...

I know but i just got it today so i was wondering wat others would sat. So how much would I owe a year?

[Honkey_Kong]

I know but i just got it today so i was wondering wat others would sat. So how much would I owe a year?

They will go over the interest rate with you and the estimated payments post graduation if you accept loans. The subsidized loans will mean the interest while you're in school will be paid by the federal government. They're not going to cover the principle of the loan though. Unsubsidized loans will mean that you borrowed $2000 or whatever you agree to and while you're in school that interest is building. Eventually, you're going to have an enormous debt that you'll be making payments for a long time to get out of.

And here is the kicker, you're BETTING on the idea that your education will enable you to get a job that makes not just more money than what you're currently capable of making, but MORE than what you need in order to live AND on top of that pay for the growing debt that you picked up in the student loans.

If you look at the number of people who are not able to find good enough employment after graduation, it's not really a good bet to be making. It's better to mooch off your parents if you can while you're in school than it is to acquire the debt from student loans.

[thegodfather]

They will go over the interest rate with you and the estimated payments post graduation if you accept loans. The subsidized loans will mean the interest while you're in school will be paid by the federal government. They're not going to cover the principle of the loan though. Unsubsidized loans will mean that you borrowed $2000 or whatever you agree to and while you're in school that interest is building. Eventually, you're going to have an enormous debt that you'll be making payments for a long time to get out of.

And here is the kicker, you're BETTING on the idea that your education will enable you to get a job that makes not just more money than what you're currently capable of making, but MORE than what you need in order to live AND on top of that pay for the growing debt that you picked up in the student loans.

If you look at the number of people who are not able to find good enough employment after graduation, it's not really a good bet to be making. It's better to mooch off your parents if you can while you're in school than it is to acquire the debt from student loans.

Amen....I completely agree with HK, coming from someone who is a little shy of a six figure student loan debt. It is certainly not worth it to accrue so much student loan debt unless your degree is in a very lucrative field with good job security (i.e.- accounting, biochemistry, physics, nursing, etc). Almost every hard science, math, and some specialized degrees are worth the investment, but the rest of the social sciences and what not, are not worth accruing student loan debt for. If you goto graduate school (and almost everyone NEEDS to in order to gain meaningful employment these days), you will have plenty of time to rack up student loan debt. Also, no one can tell you what amount of money you will need, because that depends on the school you're at, its best to look at TOTAL COST OF ATTENDANCE, to get an idea of what is needed for a given year. My tuition in undergrad was $20,000/semester, but total cost of attendance was $32,000, if you lived on campus or in off campus housing.

[powerlifter198]

I'm confused guys but the total cost is 28k

And I'm trying to become a mechanical engineer is that a Goood investment ? They make 60k starting salary

[fitizens_united]

I'm confused guys but the total cost is 28k

And I'm trying to become a mechanical engineer is that a Goood investment ? They make 60k starting salary

One thing to remember is that you will change your major before you graduate, it's almost guaranteed. Unless you've done extensive job shadowing and personal interviews, you're going to learn a lot about yourself and your motivations through the people you meet and the work you do while you're in college.

That said, mechanical engineering is a good forecast for the types of careers you will be looking into. Be sure to attend as many career fairs that you can, apply early for internships, and try to study abroad at least once. Being cultured and balanced is highly appreciated in the collegiate-type job market, you want to stand out and diversify as much as you can.

As for the aid, you were given ~$17,000 in money that is NOT expected to be paid back. This was given to you through the school and the state. The remainder is aid that is offered as a LOAN that is expected to be paid in installments after you graduate. Remember that if you accept any loans, you MUST remain enrolled for a minimum of 12 credits per semester or else the government will be knocking on your door. It says $28,000 in aid offered because loans still count as a form of aid, even if they have to be paid back.

Just remember that every semester you take a loan it will be added onto your 'IOU' to the federal government. As long as you choose a promising career, you should have no worries. Congratulations on your success!