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will a school give u a loan if your family income is between 8,000-9,000 per year?? would they refuse to loan you money because they are afraid that you won't end up paying them back??

By Webhappy2 (Webhappy2) on Wednesday, November 19, 2003 - 08:02 pm: Edit

You should get a free ride at that income. If you've passed high school with that little income, you've overcome some serious hardship!

By Drusba (Drusba) on Thursday, November 20, 2003 - 07:11 pm: Edit

This is an area of complexity. Your family will need to submit financial aid forms (FAFSA and possibly others). FAFSA is used to qualify for federally backed grants and loans based on need and then school may even provide some other funds. What you will need to do is apply to where you are going to apply and then get in all the necessary financial aid forms. If that is your entire family income you will likely qualify for significant financial aid, and that could come in the form of grants (which you don't need to repay), loans, work study. Whether it will be enough in relation to actual costs is likely to depend on what your actual need is shown by FAFSA and what the school will actually provide. You need to go into this positive because there are many low income students that end up at places where tuition, fees and room & board is well in excess of $30,000 but they get substantial grants and some loans to cover that.

By Easydoesitmom (Easydoesitmom) on Friday, November 21, 2003 - 12:47 pm: Edit

Not to change the subject but I was bit horrified by the types of kids during campuses visits of many of these better private schools . The materialism was scary . I am thinking about my inner city neighbor's oldest D ( whose income stems from a small job & her working single Mom with three kids - is below $20,000 a year , children on Medicaid ) and applying to the likes of Oberlin , Macalaster , Skidmore , Vassar and a few other tony types . I am worried about how she literally be broke on campus ( simple wardrobe , borrowed computer , no car and no extra money for fun ) . Will she feel happy among many excessively privileged kids on the campus ?? Or should she apply to a public college where they are more in her boat ?? The Mother & I have been ruminating on this aspect for her D who is a bit sensitive about her lack of extras ( not a complainer, though ).
We also are wondering if her daughter will have to buy health insurance through the college ( if she goes out - of - state ) . Any out - of - state college health insurance vs. Medicaid experience out there ??

By Vadad (Vadad) on Friday, November 21, 2003 - 01:56 pm: Edit

As for college health insurance, it is usually very inexpensive (insurers consider college kids a pretty low-risk group). I'd be surprised if it wasn't included in the financial aid calculation for the youngster. I can't help on the Medicaid question, though.
I'm thinking of the courage it would take for this young girl to work and live in the midst of wealthy kids, but then, she must have a lot of courage and self-confidence just to be considering applying to those places. The work-study component of most aid packages is sort of designed to give the kids some spending money, but I've no doubt she will feel very different from the majority of kids there. Not all rich kids are bad kids; many have mommas who taught them to be modest and grateful for and generous with what they've got. I bet at the schools you've listed she won't be the only one in the tight money boat. And the close contact with professors and personal attention she'll receive may be a great advantage to her. I hope she's accepted, gets generous aid, and has the courage to go ahead with it. One idea: it may be that the school has someone in student services at the colleges that is able to address this type of concern and allay some of your friend's fears.