Financial Aid won't cover enough for all school expenses?

[xgac12x]

with all the grants and whatnot im getting (including subsidized and unsub) i have about 7k worth of student financial aid. Well average costs are about 9500-10k per year. How am I suppose to make up for this deficit? The school is UCF by the way. I really do not want to take loans, I live with a single parent that has low income (EFC is 100). I applied for about 7-8 scholarships so I guess we will see if I get any of those. I am going in the fall and I am very anxious..all these questions are hanging out there, and I dont want to have to take any loans that I can get funding elsewhere. 

[Stralem]

Is that $7000 for the whole academic year, or per semester/quarter?

[xgac12x]

I'm sorry its $7,790 for fall 2014 and $7,790 for spring 2015

[Stralem]

Ok, so assuming your academic year is split into two semesters, you're only being charged ~$5K per. So you should actually be coming away with a surplus.

Or am I misunderstanding something?

[xgac12x]

It's about 10k per semester. I apologize my original post was misleading. 

[Stralem]

Ohhh...

Well, I was in a similar situation a couple years back. I landed an internship that stipulated that I attend university full-time, but not wanting to take any loans, I had planned on attending class only part-time. My financial aid package only included grants which just barely covered in full an 8 credit hour course load. But I wanted that internship so badly...

At the end of each quarter that year, I was $1800 in the hole. A few lucky scholarships and working a second job allowed me to scrounge up just enough cash to remain in school. That was one looooooong year that I'd like to forget.

But anyway, the point is that you may have to go part-time if you aren't already. It's the easiest and least painful way to slash your tuition. Other things you could do including going without a meal plan or renting text books instead of buying them outright. Have you thought about asking for more hours at work or taking on a second job?

[xgac12x]

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@Stralem wrote:

Ohhh...

Well, I was in a similar situation a couple years back. I landed an internship that stipulated that I attend university full-time, but not wanting to take any loans, I had planned on attending class only part-time. My financial aid package only included grants which just barely covered in full an 8 credit hour course load. But I wanted that internship so badly...

At the end of each quarter that year, I was $1800 in the hole. A few lucky scholarships and working a second job allowed me to scrounge up just enough cash to remain in school. That was one looooooong year that I'd like to forget.

But anyway, the point is that you may have to go part-time if you aren't already. It's the easiest and least painful way to slash your tuition. Other things you could do including going without a meal plan or renting text books instead of buying them outright. Have you thought about asking for more hours at work or taking on a second job?

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I applied for about 7-8 scholarships so we'll see what happens with that. Problem is I am leaving for UCF from my current job and I won't know what my job situation will be come fall when I move. 

[Rikku]

First off, relax. While it's good to have a backup plan, you are borrowing trouble by worrying about this before you hear back on the scholarships. Hopefully you will get a couple of them and at least reduce your deficit. Either way - you are not alone. Unfortunately, this is a very common situation.

Secondly, you understand that the subsidized and unsubsidized financial aid that you've been offered are loans, right?

So you're basically coming up 3K short per semester, or 6K short for each academic year? If that is true, you are talking about 24K for four years, assuming you finish school in four years.

I would not suggest borrowing it - or, at least, not all of it. Since your financial aid package already includes federal SLs, your option for additional loans will be private SLs - which generally come with higher interest rates, fewer borrower protections, and a cosigner requirement. I don't believe that private SLs are the end of the world - I have them and have never had an issue - but in retrospect, if I had it to do again, I would make pretty much any sacrifice to avoid them. My suggestion to you is not to borrow, but to make up the difference by working. You should be able to make at least 3K each summer, which leaves you with the rest of the year to earn the rest part-time. Or consider attending a community college for your first two years and then transferring to the school of your choice. That's the best educational value out there - you get the same degree from the same university for a lower price. If I was trying to fund an undergraduate degree, I would definitely do it that way.

[xgac12x]

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@Rikku wrote:

First off, relax. While it's good to have a backup plan, you are borrowing trouble by worrying about this before you hear back on the scholarships. Hopefully you will get a couple of them and at least reduce your deficit. Either way - you are not alone. Unfortunately, this is a very common situation.

Secondly, you understand that the subsidized and unsubsidized financial aid that you've been offered are loans, right?

So you're basically coming up 3K short per semester, or 6K short for each academic year? If that is true, you are talking about 24K for four years, assuming you finish school in four years.

I would not suggest borrowing it - or, at least, not all of it. Since your financial aid package already includes federal SLs, your option for additional loans will be private SLs - which generally come with higher interest rates, fewer borrower protections, and a cosigner requirement. I don't believe that private SLs are the end of the world - I have them and have never had an issue - but in retrospect, if I had it to do again, I would make pretty much any sacrifice to avoid them. My suggestion to you is not to borrow, but to make up the difference by working. You should be able to make at least 3K each summer, which leaves you with the rest of the year to earn the rest part-time. Or consider attending a community college for your first two years and then transferring to the school of your choice. That's the best educational value out there - you get the same degree from the same university for a lower price. If I was trying to fund an undergraduate degree, I would definitely do it that way.

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I know that the unsub and sub are loans. I am actually transferring in as a junior, I currently have no student loan debt. So hopefully in the end of May I will see if I received any scholarships, and then go form there. I went (currently going) to a state college that is very cheap that allows me to pay for tuition and everything and leave with no debt. I am very glad that I made the move to stay and in the end, I will leave with half of the debt.