Task 1: FASFA
This is the FASFA worksheet/checkoff list I was able to use as a resource.
fafsaworksheet-2.pdf | |
File Size: | 85 kb |
File Type: |
Task 2: Given Financial Aid
No substantial aid for me, unfortunately.
Task 3: Loans
For each loan, there is maximum you can pay per year. Because I’d be an undergrad, I could take out a maximum of $5500 in Perkins Loans and a maximum of $5500-$12500 per year in subsidized and unsubsidized depending on different things.
I think both the subsidized and unsubsidized will be fine for me. I do not expect myself to spend too much on school, unless I find something I really absolutely want to do. I think anything more than $5000 per year would just be too much. I know in my financial situation that I’ll have help from my parents, but I’ll also have other expenses around that time, like perhaps moving out and paying for a car. I do not want to be put into a pickle right out of college in search of a job that can pay for my student loans. If I do, great, if I don’t, maybe my college job will cover it. I never want to find myself in too much debt. W&M would be around $350 a month, which I think is pretty expensive. Cal State is about half that, which I honestly think would be better for me. I think that’d be much easier to repay.
I think both the subsidized and unsubsidized will be fine for me. I do not expect myself to spend too much on school, unless I find something I really absolutely want to do. I think anything more than $5000 per year would just be too much. I know in my financial situation that I’ll have help from my parents, but I’ll also have other expenses around that time, like perhaps moving out and paying for a car. I do not want to be put into a pickle right out of college in search of a job that can pay for my student loans. If I do, great, if I don’t, maybe my college job will cover it. I never want to find myself in too much debt. W&M would be around $350 a month, which I think is pretty expensive. Cal State is about half that, which I honestly think would be better for me. I think that’d be much easier to repay.
Task 4: Merit-Based Aid
Among these, the ones that stuck out to me were scholarships for not-so-popular majors, such as Geology and geophysics or environment studies. One offered up to $14000 as a private scholarship.
The Cal Grant A scholarship offers up to $13000 for California residents who have above a 3.0 GPA (which I do), however I probably wouldn’t qualify for much because of the financial need.
The Do Something Awards offer $10000 to finalists and $100,000 to grand prize winners, however only $5000 of that can be used as educational scholarships. However, that would offer a lot of flexibility and help with college payments.
The Cal Grant A scholarship offers up to $13000 for California residents who have above a 3.0 GPA (which I do), however I probably wouldn’t qualify for much because of the financial need.
The Do Something Awards offer $10000 to finalists and $100,000 to grand prize winners, however only $5000 of that can be used as educational scholarships. However, that would offer a lot of flexibility and help with college payments.
Task 5: No-Loan Policy
Many of these options are closed to me because of my family’s income, however Cornell University does offer caps on loans. I’m not really sure how this will help me, but I think it would be beneficial. Grinnell College has an option that would only have us pay 10% of our income. I’m also not too sure about this, but depending on my loans, I think this could be helpful.
Task 6: ROI
WM ROI: 6.2% annual rate, $419,000 net 20 year ROI
Cal State ROI: (Couldn’t find on resource website) Starting salary: $38,000
Palomar ROI: Depends on what I would switch out into (most likely Cal State)
I think this was to be expected. W&M was high on the chart for good ROI’s, but I couldn’t find CSUSM or Palomar. I know that W&M has great statistics in graduation and starting salaries. While Cal State doesn’t look that fantastic at first glance, I think this is normal. It’s not a high-end university.
Cal State ROI: (Couldn’t find on resource website) Starting salary: $38,000
Palomar ROI: Depends on what I would switch out into (most likely Cal State)
I think this was to be expected. W&M was high on the chart for good ROI’s, but I couldn’t find CSUSM or Palomar. I know that W&M has great statistics in graduation and starting salaries. While Cal State doesn’t look that fantastic at first glance, I think this is normal. It’s not a high-end university.