I got in at my "first choice" but the financial aid package is still 14...

[pumuckl_08]

...thousand short. What can I do? I got in at American University in D.C. a month ago. They waived the housing deposit and offered a 26K award package. Problem is, the cost is around 40K. The bundle includes financial aid, loans, grants etc.. but now I'm left with few options and I'm getting scared.

Here's what I'm looking at:

In a week, I'll know if I am to receive the Jack Cooke Scholarship that I was nominated for. If I get it, no more worries. In the mean time, I've been applying for private loans online and getting turned down. I've no co-signer. I was a ward of California so, asking relatives is out.

I really want to go to this school. I've worked really hard for it too. Can anyone tell me where to start? I'm taking a big jump here, but I had to ask. I've already done the financial aid, pell, Stafford, etc.. and I'm waiting to hear back on the scholarship. I'm continuing to apply online for scholarships.

Any other resources?

Thank you for taking the time
Thank you so much, but, I don't qualify for Pell, my EFC was too high. My major is tricky too, not a lot of money out there for "Peace and Conflict Resolution" majors. Thank you
Financial Aid, yes I spoke with the office in D.C. and here in San Diego at my current college. They referred me to sites for private loans which turned me down without a co-signer.

Part-time work, heck, I plan on working full time, always have. That's part of the problem, the more I've worked, the less aid I've been eligible for. I'm totally going to work while in school but need to pay the university by June, on the payment plan they offered me [the remaining 14 thousand, split by 12 months, with the first payment due in June].
Thank you so much Charles, for your answer, but, no government work for me. Peace Corp is as close as I'll ever get to federal.

You're very right though, I've several acquaintances who've taken advantage of this GI bill
SMWA: Bless you and your rose colored glasses; those are just the positive things I want to hear, but, you know how hard it is to NOT freak out. Stafford Loan was part of my award package as well.

Thank you very much for your thoughtful reply 8+)
Pogo: thank you for your reply. I don't qualify for Chafey [age cut off is 25 years], EOPS told me I made too much last year [cut off a my college is 12K per year],

Casey Family grants I've not heard of however; I will have to check this out.

I'm transferring from a 2-year actually [though it took me a little longer than two years...]

This school is worth it, and the tag. My first, first choice was College of Letters and Science at Berkeley, but it's very competitive. Even with PTK and stellar GPA it's very tough. You never know though, I could get a friendly letter in the next two weeks, I've just no gotten my hopes up and A.U. also has a wonderful program at School of International Service.

Thank you very much for your advice. You're very thoughtful 8+)
SMRARDIN: Thank you very much for your reply. Yes, you're absolutely right, it is a hefty tag! Realistically most would re-consider. But, I've considered a few things as well like, I'm going to be working in the non-profit sector and teaching, so, I'll never make much money anyway after graduating. Also, I've applied and plan on serving with Peace Corps after University, aside from the obvious benifits, PC also forgives 30% of student loans, not to mention that fact, they have a graduate program for volunteers who can serve and work towards their Masters at the same time! What a bonus 8+)
I know exactly what I want to do after school and how to do it, the hard part is getting there, as you said.

You're very right, there are many things to be considered, thank you so much for your thoughtful response!

[angelicdemon211 .]

Congratulations! Now that we have that out of the way, have you tried speaking with a financial aid counselor? They can usually offer you some alternatives to other types of loans. I don't know the exact details (I'm about to go through the same problem you are) but I'm sure they will offer you at least some sort of advice.

[pogo]

if you were in foster care ("ward of the court") then there's a few programs that cover the cost of state colleges (maybe private too, not sure).
Casey Family grants, EOPS grants, Chafee grants...if you're still in touch with your social worker ask them about foster youth college scholarships.

if you hit a dead-end and still can't afford it, then I'm afraid you'll have to start at a community college and transfer in 2 yrs. Some colleges just aren't worth breaking the bank for. Ask yourself just what is it that makes this college in DC so unique and worth the price tag (my guess is unless it's the only program of its kind in america, you'll find something similar for a lower price)

same problem happened with me at NYU, my folks are lower-middle class and they gave us jack squat in aid ($13K bill). I ended up leaving in my first semester coz the program sucked anyway.

best of luck and congrats on getting in.

[Taylor W726]

Try this:
http://businessmajors.about.com/od/payingforschool/a/PellGrants.htm

[Penny G]

Would a part time job while you're going to school be an option? Lots of schools have a work program. Best of luck to you, and congratulations!

[smrardin]

As the mother and step-mother of six, I understand your desire to go to your dream school. I really, really do. However, the fact of the matter is that $40,000 only gets you into year one. It doesn't even get you a degree, let alone a job. So, you are about to learn a "grown up lesson." If you can learn it now, you will be happier and better off in the long run.

Educational loans are usually quite easy to get. Part of the problem may well be your major. Realistically, how much money are you looking at earning a year once you graduate? How available are jobs for that major? Usually, a loan of large size is more doable if you are looking at significant income potential. To be frank, I am not sure you are.

You will have to decide in your heart and head whether the dream you have of attending this school is worth a minimum of $15,000 a year for at least 4 years. (More if this program has the year of internship many universities are pushing now.) That amount is only useful if you happen to get the same $26,000 for the remaining years you are there. Realistically, you are probably looking at graduating with $75,000 in debt. Is that an acceptable price tag to you for this dream? Only you can answer that.

If I were you I would make a list of what is important to you about attending this school. Then make another list of the things that are negative about this school. Is a degree from American University worth more for your desired major than one from Plane Old State U? That should be taken into account also. Maybe it does. Maybe it doesn't.

You are right to be worried about it. That is a lot of money and long time you will carry that debt. Regardless of where you go to school, you do not want to spend your time worrying about finances. You want to be able to learn and get good grades and enjoy this portion of your life.

I hope your scholarship comes through. I really do. In the meantime, however, you have a lot to think about and a lot of intangibles to try and place value on.