Student Loan Options... PLEASE PLEASE HELP

[NotUrsula]

BTW. in re Federal work-study ... ask for it, sure, but honestly, once you get to school, try to find a campus job that is NOT work-study funded. Here is why: work-study hours are capped. Even if the office has extra hours to offer you, they cannot give them to you if you are work-study. If you are just an ordinary student employee, you can usually work as many hours as the school can find money to pay you for.

I always had two jobs at the start of the semester, normally one that was officially work-study and one that was not, and I *always* made more money at the one that was not.

Best campus gig: serving banquets at the faculty club. The hours were long as hell (sometimes I worked 30 hours between 7 pm Friday and 2 pm Sunday), but the work was pretty much purely physical (no orders to remember), and the money was phenomenal because the groups paid a 20% gratuity on the entire party, which the waitstaff split. If I worked a party that cost $50K, I also walked out of there with a 5% share of $10K, on top of my measly official pay. Banquet work on campus is still a really good gig if you can get it and don't mind working nights and weekends. IME, no tipped positions are ever work-study; my roommate who had a food-service work study job ended up on the prep line at one of the cafeterias.

PS: As to widespread negative bias against state schools, I've found that except among old-money families, that is really almost purely a Northeast thing. I've worked with and for universities for 30 years now, and except for those with old money and legacy issues, I've never encountered anyone from any other part of the US who felt that public schools were somehow less-than or should be collectively classed as a last resort at the undergraduate level. In most parts of the country, bright middle-class kids who are not VERY religious will primarily aim at their state flagship, and are thrilled to be going there. (In some parts of the US that has a lot to do with sports loyalty, but not everywhere.)

 

[leebee]

Work-study is a double edged sword because it's counted as money by the financial aid folks but NOT by the bursar's office. If it's part of your financial aid package, it's NOT counted at the beginning of the semester towards paying your bill, i.e., if your aid package is $5000 for the semester and $1000 is in work-study, the bursar's office is only going to credit $4000 in aid. You have to EARN the $1000 in work-study- it's not counted as credit against why you owe at the beginning of the semester, like loans, grants, and scholarships are. I'm not arguing that it should be any other way, but when the bill is due on August 15 it can be hard to find the cash to cover the amount of the work-study award that is considered part of your aid but that you haven't yet had the opportunity to earn. THEN there's the reality of actually earning the money. Back when I was in school, and then when I worked in financial aid, unmet need was basically covered by a work-study award. If your aid package was $2500 short, you got $2500 in work-study. That's about 10 hours a week at today's minimum wage. But what if they give you $4000 in work study, or more? I don't know what the numbers are now, but if you had $2500 in work study when minimum wage was $5 an hour, you were working a LOT while in school. Most kids I knew weren't able to earn all of their work-study allotment, but all of it was included as their financial aid. I always dreaded seeing how much work-study I was awarded.

Work-study is a good deal because it makes you more hirable. The hiring department only pays a small percentage of your hourly wage; the work-study program covers the rest of the wage. Back in the mid-70s when I was in college, hiring departments only had to have 5% of your wage; work-study covered the remaining 95%, and there was a LOT of work-study money available. I don't' know how the program has fared over the years; as there are fewer and fewer federal dollars put into higher education, I would suspect financial work-study award dollars are fewer than they used to be.

 

[PlutoPony]

PS: As to widespread negative bias against state schools, I've found that except among old-money families, that is really almost purely a Northeast thing.

I was wondering about that, thanks for clarifying.

In our general area University of Virginia, UNC - Chapel Hill, and Georgia Tech come to mind.... state schools that are typically ranked as one of the top 10 schools in the country. And of course these schools are very difficult to get into, a 4.0+ and great test scores is no guarantee of admittance.

 

[Christine]

That is a perk that many companies have been doing away with. It is expensive and not really worth it for the company.

This is true. I know a few people, working for large corporations (defense) that have had those benefits cut. One that is currently halfway through her master's program has had it cut. So at least she got the first half paid.

Another person I know is contemplating a grad program that will run him $45,000, and most of it will be paid by the company. However, they have told him that they can decide to do away with that benefit at any time. If they do, he's on the hook for pay whatever remains and he's not sure he can manage that on his own.

 

[Patience]

PS: As to widespread negative bias against state schools, I've found that except among old-money families, that is really almost purely a Northeast thing. I've worked with and for universities for 30 years now, and except for those with old money and legacy issues, I've never encountered anyone from any other part of the US who felt that public schools were somehow less-than or should be collectively classed as a last resort at the undergraduate level. In most parts of the country, bright middle-class kids who are not VERY religious will primarily aim at their state flagship, and are thrilled to be going there. (In some parts of the US that has a lot to do with sports loyalty, but not everywhere.)

I agree with this. We do not live in the northeast US and this is my perception as well. Our oldest daughter is at a state university (the same one her dad graduated from) and loves it. It has a well respected program in her major and the best thing is that it is affordable. We are paying for it and do not need student loans. That's a huge plus in our book.

 

[NewRVLady]

Best campus gig: serving banquets at the faculty club. The hours were long as hell (sometimes I worked 30 hours between 7 pm Friday and 2 pm Sunday), but the work was pretty much purely physical (no orders to remember), and the money was phenomenal because the groups paid a 20% gratuity on the entire party, which the waitstaff split. If I worked a party that cost $50K, I also walked out of there with a 5% share of $10K, on top of my measly official pay. Banquet work on campus is still a really good gig if you can get it and don't mind working nights and weekends.
.)

Fascinating-no Faculty Club at my Alma mater
My on Campus Job was working for a Music Professor who taught "Music Appreciation"
I watered his plants, fed the fish, made copies and graded ALL of his tests.
I should have taken the course-an easy A , for sure

 

[TinkerBelled]

I was wondering about that, thanks for clarifying.

In our general area University of Virginia, UNC - Chapel Hill, and Georgia Tech come to mind.... state schools that are typically ranked as one of the top 10 schools in the country. And of course these schools are very difficult to get into, a 4.0+ and great test scores is no guarantee of admittance.

There are plenty of state schools that northeasters think of as great, for what it's worth. UVA, U Michigan, UC Berkeley, UNC-Chapel Hill, UT Austin--those are top-tier institutions with great cache. And there are plenty of other well-respected ones: Wisconsin, the other UC schools, etc.

As for snobbery, sure it's there. But it's also that the northeast has a much larger concentration of 150+ year old private schools. Michigan is the state's oldest university--it got the best scholars, the money, the reputation long before anything else. Same goes for many of the other great public schools--they were founded when there were few if any colleges/universities in the state. In the northeast, private colleges were generally set up first.

In other words, if you're looking for the oldest, most prestigious school in Michigan, you go to the University of Michigan (founded 1817, and which happens to be public). If you're looking for the oldest, most prestigious school in Massachusetts, you go to Harvard (founded 1636).

ETA: I don't think it's anything to be snobby about--I think that state schools across the Northeast are fantastic. I'm just trying to explain the regional difference.

 

[mom2rtk]

Fascinating-no Faculty Club at my Alma mater
My on Campus Job was working for a Music Professor who taught "Music Appreciation"
I watered his plants, fed the fish, made copies and graded ALL of his tests.
I should have taken the course-an easy A , for sure

 

[PlutoPony]

As for snobbery, sure it's there. But it's also that the northeast has a much larger concentration of 150+ year old private schools. Michigan is the state's oldest university--it got the best scholars, the money, the reputation long before anything else. Same goes for many of the other great public schools--they were founded when there were few if any colleges/universities in the state. In the northeast, private colleges were generally set up first.

Thanks for the explanation, makes sense.

It seems that most of the privates in the NE are liberal arts? My son was looking for STEM and his take on the "prestigious" LAS schools was that often their science wasn't as strong as he was finding at the larger good science/tech/ag schools. And very few small schools had engineering degree programs, whether they be private or public. Obviously a YMMV situation.

In our experience, the existence of merit aid isn't nearly as plentiful as I was led to believe in various on-line college discussions . Financial Aid staff agreed with our assessment for the most part too, merit aid availability and the competition for the few $$ is unbelievably fierce compared to even a few years ago.

 

[nerderella]

PS: As to widespread negative bias against state schools, I've found that except among old-money families, that is really almost purely a Northeast thing. I've worked with and for universities for 30 years now, and except for those with old money and legacy issues, I've never encountered anyone from any other part of the US who felt that public schools were somehow less-than or should be collectively classed as a last resort at the undergraduate level. In most parts of the country, bright middle-class kids who are not VERY religious will primarily aim at their state flagship, and are thrilled to be going there. (In some parts of the US that has a lot to do with sports loyalty, but not everywhere.)

It was highly pushed at my high school, which was a small boarding school with a big price tag in the suburbs of Boston. But that may have something to do with location, old-money families, and legacies like you said.

In our general area University of Virginia, UNC - Chapel Hill, and Georgia Tech come to mind.... state schools that are typically ranked as one of the top 10 schools in the country. And of course these schools are very difficult to get into, a 4.0+ and great test scores is no guarantee of admittance.

I'm currently a grad student at UNC-Chapel Hill (School of Social Work) but know a bit about the campus-- if you are looking at it and want some pointers, let me know.

 

[TinkerBelled]

Thanks for the explanation, makes sense.

It seems that most of the privates in the NE are liberal arts? My son was looking for STEM and his take on the "prestigious" LAS schools was that often their science wasn't as strong as he was finding at the larger good science/tech/ag schools. And very few small schools had engineering degree programs, whether they be private or public. Obviously a YMMV situation.

Yeah, that's absolutely true. When most of these schools were founded, say pre-1800, the curriculum was mostly classics and theology. The humanities and mathematics got added next. Natural sciences weren't as big until much later.

Sciences are also a lot more expensive than the humanities, and they often (though not always) tend to take more personnel.

 

[CF'er]

Yeah, that's absolutely true. When most of these schools were founded, say pre-1800, the curriculum was mostly classics and theology. The humanities and mathematics got added next. Natural sciences weren't as big until much later.

Sciences are also a lot more expensive than the humanities, and they often (though not always) tend to take more personnel.

And the title of oldest public university goes to....

The University of Georgia!!!

 

[A_Princess'_Daddy]

And the title of oldest public university goes to.... The University of Georgia!!!

It depends on your interpretation of "oldest." The College of William and Mary was founded under the crown in the 1690s and was private after the colonies seceded from England, but is now public (it became public in the early 1900, as I recall) and UNC Chapel Hill was chartered after University of Georgia but opened before it (five or six years before Georgia opened its doors, so it had already graduated a class before Georgia enrolled its first students). Fun trivia for everyone!

 

[PlutoPony]

I'm currently a grad student at UNC-Chapel Hill (School of Social Work) but know a bit about the campus-- if you are looking at it and want some pointers, let me know.

Thanks so much for the offer . We actually lived in the Triangle for a number of years before moving to NoVa, would love to move back. UNC doesn't have my son's major so it didn't make the short list last year when we were looking. Plus he's very much a Duke fan so ABC (anybody but Carolina) is his motto

Hope you are enjoying your time in Chapel Hill!