Self-help and part-time jobs

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Discus: Individual Schools: US News Top 25: Massachusetts Institute of Technology: 2004 Archive: Self-help and part-time jobs
By Tober (Tober) on Tuesday, June 08, 2004 - 11:42 am: Edit

If you choose to borrow all of the money for self-help, and then later in the school year you decide to get a job, where does the money go? Do you receive it or does it go towards paying self-help automatically?

By Mrowry (Mrowry) on Tuesday, June 08, 2004 - 03:21 pm: Edit

Self-help just a number they use while calculating how much money to give you... there's no actual give and take process. To simplify, payment essentially comprises two entities: their money, and yours. Your job, your parents' income, and I think your loans are all "your" money. Basically you pay the non-their-money entity in one lump sum, and they expect you to figure out how to fill in the difference yourself.

By Webhappy2 (Webhappy2) on Tuesday, June 08, 2004 - 06:03 pm: Edit

I wish all colleges would make it as easy as that. Though there might need to be a 3rd category, for subsidized loans (0% interest loans).

By Teej (Teej) on Tuesday, June 15, 2004 - 09:15 am: Edit

I was just wondering how does the scholarship cover the costs? i mean are you expected to pay for housing and food or for fees from self help? My MIT scholarship amount covers the full tuition,so it means that amount goes to fees or housing???

By Goddess32585 (Goddess32585) on Thursday, June 17, 2004 - 12:08 am: Edit

housing, food, books, and other incidental fees (health insurance? crazy whatnot) are not part of tuition. so you'll have to pay for that yourself, either from loans or job earnings or savings.

incidentally, don't stress out if you aren't getting much in the way of MIT grants; it may look like a lot of loans or debt you're getting into, and your parents will likely stress over it. have faith that your degree will pay off...later. while you're in school, shoot for earning enough from a job (during term or the summer or IAP) to pay for housing, food, and your own entertainment (yes, you're allowed to go clubbing sometime) otherwise, you'll get sad and unhappy about money. and that's no fun at all.

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