I need suggestions on how to pay for college. Please read details and give me options!?

Question

I recently was accepted by Pitzer College. The tuition for this college is $50,800.

Budget Category

Tuition and Fees: $37,870

Room and Board: $10,930

Books and Personal: $2,000

As of right now, I am not planning to dorm at Pitzer College because of the financial situation.

This is what I received as a financial aid award. Keep in mind, my parents make less than $70,000. Rip-off? Yes.

Grants: $6,210

Loan: $ 3,700

Work: $2,460

Total: $12,370

However, I am confused. I received a Cal Grant A reward of $9,730 but Pitzer only gave me $6,210 of that? I really don't get what it all means.

With that being said, I was wondering what options I had in order to make up that $25,000+ difference.

Thanks in advance.

Answer 1

I'm not familiar with Cal Grants... is that a state grant?  

Nice to see tuition just running away like it is everywhere.  :-(  Ideas on how to fill the gap of the aid you have been offered - Your parents (if you are a dependent student) can take out the Parent Plus loan.  It is a federal loan that is available for just this sort of situation.  However, your parents may not be willing or able to begin making payments on the loan right away.  

Another option is private loans, but I have to tell you this can be a horrible road considering the sheer cost of what you will be funding.  After 4 years you will have considerable debt.  

You can also work while in school to help subsidize the costs.  Is it possible to live off campus with family?  This would also help you cut some costs.  

Good luck!

Answer 2

Parent PLUS loans.  If your folks are unwilling or unable to pay cash or get a loan for you, seriously, I'd look at finding a better school.  

Never judge a school by how much money they offer you, but by the total loan amounts you will have to take out to graduate.  It sounds like you have a good understanding of this, but I just want to reiterate.  

25K X 4 years  = too much for you to have to borrow for some private school no one is ever going to know outside the immediate area.  Employers don't pay you more because you have a private liberal arts degree.... despite all attempts to convince their students on campus this.

"Small class size, individual attention, dedicated teachers" is not worth 100K and student loan payments of over 1,000 a month for the rest of your life.  You can go to any great state school for less than 6,000 a year in tuition.  Graduate debt free and buy a great car and big house when you graduate.

Little "uber philosophers" running around your feet. lol