Financing your education

[MSDubbs]

Hey all,

 

For those of you who have heard from some of your schools already, are you running into the issue where even *loans* are maxed out at less than the cost of tuition? Does anyone know where you can go to find loans other than the unsubsidized loans offered by the schools themselves? Is anyone finding additional scholarships to apply for, or sites where you can still apply for outside scholarships?

 

Maybe I was being naive, but I figured I'd be able to find loans to at the very least cover tuition...I'd just then have to figure out if it's realistic to be able to pay them off later.

 

Any advice/people in similar situations?

[carrielynn]

I was under the impression that after the unsubsidized loans max out, you can then apply for Grad PLUS loans. Those are based on credit history, which is giving me no short amount of terror because mine is not the best. But apparently they're easily obtained if you don't have an adverse credit history and/or have a parent willing to cosign. I would talk to the financial aid office at your prospective school(s).

[motz]

Thanks for starting this thread!  I appreciate the information, and also the fact that someone else is asking these same questions.    I've started wondering why I was so optimistic about finances when I started this process.  I'd be really glad to hear from other people who found alternative funding sources.

[MSDubbs]

I was under the impression that after the unsubsidized loans max out, you can then apply for Grad PLUS loans. Those are based on credit history, which is giving me no short amount of terror because mine is not the best. But apparently they're easily obtained if you don't have an adverse credit history and/or have a parent willing to cosign. I would talk to the financial aid office at your prospective school(s).

Thanks, that is really good to know. I talked to the financial aid office at BU, and they were like *shrug* we can't help you, this is all we offer. But if I can find outside funding sources, that will put my mind more at ease.

Also, carrielynn, congrats on getting into Pittsburgh! Have you heard about your funding package there yet?

Edited February 20, 2013 by MSDubbs

[MSDubbs]

If you can keep from doing it, try not to take any private loans.  Federal loans qualify for income-based repayments, but all that goes away with private loans. You can't consolidate those loans and they are hard to defer.  Your very expensive school is not going to translate in to much higher wages- consider what you're getting yourself in to with that level of debt. A state school ed will get you the same job, in most cases, as private school ed.

Thanks, Socialworkphd. That's great advice! Do you mind if I ask where you went/are going?

[carrielynn]

Thanks, that is really good to know. I talked to the financial aid office at BU, and they were like *shrug* we can't help you, this is all we offer. But if I can find outside funding sources, that will put my mind more at ease.

Also, carrielynn, congrats on getting into Pittsburgh! Have you heard about your funding package there yet?

 

Haha, that sounds...helpful.

 

Thank you! I did receive a merit scholarship for $6000/year. Which means I could finance the rest of the tuition with federal loans, but as far as I can tell, not cost of living (I'd be moving there if I go). Pittsburgh is, by all accounts, very livable financially, but I'm assuming I'll need more than, uh, $0.

 

I applied to my local state school as well, and I know it would be the best option financially if I get in (live at home, in-state tuition, stay on at my job part-time), but I'm struggling with the knowledge that I don't at all want to practice in Oklahoma after graduation and might want to get my education somewhere where I could get better contacts.

[MSDubbs]

Yeah, I've heard that where you make your connections can be even more important than the school itself. Do you know much about Pittsburgh? I got in there as well, waiting to hear back about the scholarship (I applied to the early deadline with the criteria for some merit based aid). I don't know a whole lot about the city or the school, and I won't be able to visit before I need to make some sort of decision. Just curious about reasons you applied/are considering it. Also, I am from the bay area (though currently living in Portland, OR) so if you have any questions about that, feel free to ask me and I'll do my best to help =)

[carrielynn]

I've actually never been to Pittsburgh myself, but I have very good friends who live there and have possible connections for a cheap room to rent. I was looking for a change from OK and it seemed prudent to apply to a school where I had some kind of support network. Plus, I'm interested in a dual MSW/MPA program, so I've also applied to the Graduate School of Public and International Affairs at Pitt. My friends have told me that Pittsburgh is great. Very affordable cost of living (from what I can tell, studios around $500-600, one bedrooms $600 and up, obviously cheaper if you get a roomie) and lots to do and see. Also, it's closer to a lot of the job markets that I'm interested in, such as New York and DC.

 

Hmm, that's odd that you haven't received your scholarship letter yet. I thought they were all supposed to be out by the 15th. I've found the admissions department to be pretty communicative if you contact them, so maybe call and ask what the holdup is?

 

Thanks! I actually lived in Alameda for about a year. Worked in SF and Marin county. I'd love to go back, it's just a matter of whether or not I have a chance of getting into Berkeley (or SJSU for that matter, I've heard the CSUs are being veeeery selective recently).

[citychild]

So... my question is... how does everyone negotiate what school to attend? Loyola doesn't return aid packages till March. I'm estimating it will be $35k for advanced standing.

I also got into SUNY Buffalo for $14k with scholarship for out of state.

I'm really hesitant to go to Buffalo. I hate driving and public transit is nearly non-existent in Buffalo as far as I understand.

But I'm looking at cost.

When do you compromise city for cost?

(It doesn't help that I haven't heard from 3/5 schools)

Edited February 20, 2013 by citychild

[MSDubbs]

So... my question is... how does everyone negotiate what school to attend? Loyola doesn't return aid packages till March. I'm estimating it will be $35k for advanced standing.

I also got into SUNY Buffalo for $14k with scholarship for out of state.

I'm really hesitant to go to Buffalo. I hate driving and public transit is nearly non-existent in Buffalo as far as I understand.

But I'm looking at cost.

When do you compromise city for cost?

(It doesn't help that I haven't heard from 3/5 schools)

Hey (again) Citychild! Ps: check your PMs

hg\

I'm in a similar position. The schools I have heard from are wildly unaffordable, and a few of them are not even telling me tuition/funding until the summer. The less expensive ones have not given me a decision yet (though, just FYI, UW is supposed to have all decisions by feb 28). It's stressing me out a lot, but I am starting to think that if the costs are going to be roughly the same, it's important to decide based on what you know about the school itself and also the location. Can you see yourself living in Buffalo after graduating? Do you know anything about job placement rates afterwards, or if people typically move away to find something after? I'm guessing the cost of living in Buffalo is less than NYC for instance, but would you need to move into the city afterwards? And is that going to be affordable later, with student debt and all? Just things I am trying to consider too.

[MSDubbs]

I've actually never been to Pittsburgh myself, but I have very good friends who live there and have possible connections for a cheap room to rent. I was looking for a change from OK and it seemed prudent to apply to a school where I had some kind of support network. Plus, I'm interested in a dual MSW/MPA program, so I've also applied to the Graduate School of Public and International Affairs at Pitt. My friends have told me that Pittsburgh is great. Very affordable cost of living (from what I can tell, studios around $500-600, one bedrooms $600 and up, obviously cheaper if you get a roomie) and lots to do and see. Also, it's closer to a lot of the job markets that I'm interested in, such as New York and DC.

 

Hmm, that's odd that you haven't received your scholarship letter yet. I thought they were all supposed to be out by the 15th. I've found the admissions department to be pretty communicative if you contact them, so maybe call and ask what the holdup is?

 

Thanks! I actually lived in Alameda for about a year. Worked in SF and Marin county. I'd love to go back, it's just a matter of whether or not I have a chance of getting into Berkeley (or SJSU for that matter, I've heard the CSUs are being veeeery selective recently).

Word. thanks for the info! I called and they were just like...with the holiday, you might get it later *thumbs up*. My main frustration with this process is how vague everyone is. I wish someone could just open my file and tell me, instead of telling me I'll receive it in the mail. Oh well, lessons in patience here. I have heard the csus are getting rather selective as well. But it sounds like you are competitive, so good luck and hang in there! Perhaps I'll end up seeing you at Pitt, who knows!

[citychild]

Hey (again) Citychild! Ps: check your PMs

hg\

I'm in a similar position. The schools I have heard from are wildly unaffordable, and a few of them are not even telling me tuition/funding until the summer. The less expensive ones have not given me a decision yet (though, just FYI, UW is supposed to have all decisions by feb 28). It's stressing me out a lot, but I am starting to think that if the costs are going to be roughly the same, it's important to decide based on what you know about the school itself and also the location. Can you see yourself living in Buffalo after graduating? Do you know anything about job placement rates afterwards, or if people typically move away to find something after? I'm guessing the cost of living in Buffalo is less than NYC for instance, but would you need to move into the city afterwards? And is that going to be affordable later, with student debt and all? Just things I am trying to consider too.

Despite repeat dialogue with SUNY, I'm not getting concrete information about type of internship. I don't see myself living in Buffalo, although I am not ruling it out, and would imagine moving at least to Westchester County after graduating. The jobs are difficult to find online and SUNY Social Work lists 9 positions on their website in the community, some of which are part-time. I think I'm going insane :-/ To make it worse, I'm now doubting my application choices. Edited February 20, 2013 by citychild