I just got my generous $45,000 financial aid package letter and wondering what to feel about it. $40K is in Parent PLUS loans and $5K in the actual grants. is debt now financial aid?
My partents would be paying this back until I'm 30, but how they present it is like its free money when its the actual opposite. I know I need the money, but am I supposed to be happy and pretend $40K in loan is aid?
I feel gaslit by "financial aid package" being 90% loans
byu/thawk5113 inStudentLoans
Posted by thawk5113
7 Comments
Some people don’t qualify for loans, so it could worse!
you can turn it down
also, some of the loans are subsidized.
“Student financial aid” has always been a broad term that includes every third-party method that helps students cover the financial costs of college: grants/scholarships, work-study, and loans.
Even though you have to pay loans back, they still help you attend college if you can’t afford to attend without them. Obviously, different forms of aid are more desirable than others and should be prioritized. And if attending would require an unreasonable amount of borrowing, then reconsider your plans.
Unfortunately, “aid” is standard industry jargon and that sucks. Spring deadlines are tight but you can focus on summer/ fall scholarship apps now that most schools will front-load grants for freshmen then shift to loans.
Student loans have always been a part of financial aid packages. $5k in grants is good. College is expensive. I am not sure what you expected to see in the letter. $40k per year in loans for an undergraduate degree is wildly expensive. Maybe you should consider community college if you don’t have the funds saved for tuition.
My parents pitched loans as free money. It is not. Think long and hard as you will need to pay them back and you could be paying for over 30 years depending on the type of loan. Or you could try the PSLF program for ten years, but then you’re working non-profit for 10 years.
Honestly, my parents really kind of screwed me over and just let me sink, I don’t want that for you. Consider community college for a few years, as $45k for four years is a lot of debt.
I’ve been waiting for my daughter’s aid package to come. do you have any idea when i can expect it?