Understanding Loan Offer (kind of shocked)

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pdrez
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Understanding Loan Offer (kind of shocked)

Postby pdrez » Tue Jul 05, 2011 5:47 pm

The T14 school I have been accepted to has this listed as their Cost of Attendance for 2011-2012 (resident):

Tuition & Fees: $32,010
Books/Supplies: $1,130

Room and Board: $10,422
Travel: $1,200
Misc: $2,950

Total: $47,712

*I did not earn a scholarship

The loan offer is in full, $23,856 per semester or $47,712 for full year. So does that mean my budget over the 9 months of school is just the Room/Board, Travel and Misc? Just $14,572?? Or $1,619 per month??

This seems low to me, seeing as how a friend of mine is going to a Tier 3 school and she says she is getting $2,000 a month?

Is $1600 a month a normal amount? Any help is much appreciated.

sidhesadie
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Re: Understanding Loan Offer (kind of shocked)

Postby sidhesadie » Tue Jul 05, 2011 5:52 pm

If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.

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Kilpatrick
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Re: Understanding Loan Offer (kind of shocked)

Postby Kilpatrick » Tue Jul 05, 2011 5:56 pm

That does seem really low. Are you living in a place with a really low COL? I get more for room and board than that and I live in the middle of nowhere. Are you sure that book estimate isn't per semester? That jumps out as the most strangely low.

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rinkrat19
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Re: Understanding Loan Offer (kind of shocked)

Postby rinkrat19 » Tue Jul 05, 2011 5:58 pm

Northwestern's budget works out to $2026/mo, not counting tuition, books/supplies, loan fees, health insurance and a new computer.

If your school's city has a lower COL than downtown Chicago (where rent is going to run you $900-1400 for a studio), $1600 seems reasonable.

pdrez
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Re: Understanding Loan Offer (kind of shocked)

Postby pdrez » Tue Jul 05, 2011 6:04 pm

It is the University of Texas. Austin is probably not as expensive as Chicago, but studios rarely go cheaper than $700, especially if you want to live near campus.

I just don't get it...maybe I am reading or misinterpreting this thing. I have tried to leave messages for Financial Aid department, but no return yet.

sidhesadie wrote:If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.


Can I ask which city? Austin is roughly 1 million people.

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Bildungsroman
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Re: Understanding Loan Offer (kind of shocked)

Postby Bildungsroman » Tue Jul 05, 2011 6:06 pm

I remember a couple UTexas students saying that their loan budget is really low for the area, so the amount you're seeing might be correct and UT is just screwing you by lowballing their estimates.

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JaLeCa
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Re: Understanding Loan Offer (kind of shocked)

Postby JaLeCa » Tue Jul 05, 2011 6:49 pm

My school quoted 11k to live in DC....still wondering how.....

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thesealocust
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Re: Understanding Loan Offer (kind of shocked)

Postby thesealocust » Tue Jul 05, 2011 7:02 pm

JaLeCa wrote:My school quoted 11k to live in DC....still wondering how.....


Housing is for closers?

clearfire
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Re: Understanding Loan Offer (kind of shocked)

Postby clearfire » Tue Jul 05, 2011 7:53 pm

UT's estimated COL is around 15k, when I was considering Texas I found several one bedrooms within a mile (just north of campus) for around $800. Austin is actually a pretty cheap city to live in, but even so I think that Texas should estimate at least 19k.

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TheFutureLawyer
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Re: Understanding Loan Offer (kind of shocked)

Postby TheFutureLawyer » Tue Jul 05, 2011 8:03 pm

pdrez wrote:Room and Board: $10,422

Is $1600 a month a normal amount? Any help is much appreciated.


You're obviously not in a big city with room and board costs that low. I'd bet that $1600 is pretty reasonable, though you should just go ahead and ask others that have gone to the school (if it's a t14, you can find them pretty easy).

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JaLeCa
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Re: Understanding Loan Offer (kind of shocked)

Postby JaLeCa » Tue Jul 05, 2011 10:12 pm

thesealocust wrote:
JaLeCa wrote:My school quoted 11k to live in DC....still wondering how.....


Housing is for closers?


They want us to die in the ghetto

fingersxd
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Re: Understanding Loan Offer (kind of shocked)

Postby fingersxd » Thu Jul 07, 2011 12:23 pm

$1,600/mo doesn't seem all that terrible for room and board in TX. Just how much do you intend to spend on food/rent/utilities?
Also some schools do estimates based on sharing a 2bdrm apt. and other such stupid measures, which skews their numbers.

P.S. - UT is a great school, but despite USNWR, I still don't think anyone considers it T14.

sidhesadie
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Re: Understanding Loan Offer (kind of shocked)

Postby sidhesadie » Thu Jul 07, 2011 12:27 pm

pdrez wrote:It is the University of Texas. Austin is probably not as expensive as Chicago, but studios rarely go cheaper than $700, especially if you want to live near campus.

I just don't get it...maybe I am reading or misinterpreting this thing. I have tried to leave messages for Financial Aid department, but no return yet.

sidhesadie wrote:If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.


Can I ask which city? Austin is roughly 1 million people.



Portland, OR.

I was rounding my numbers, but my allowances in all categories are higher than yours.

I do have a minor dependent child as well, so I don't know if that impacts the allowances they calculate.

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rinkrat19
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Re: Understanding Loan Offer (kind of shocked)

Postby rinkrat19 » Thu Jul 07, 2011 3:24 pm

sidhesadie wrote:
pdrez wrote:It is the University of Texas. Austin is probably not as expensive as Chicago, but studios rarely go cheaper than $700, especially if you want to live near campus.

I just don't get it...maybe I am reading or misinterpreting this thing. I have tried to leave messages for Financial Aid department, but no return yet.

sidhesadie wrote:If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.


Can I ask which city? Austin is roughly 1 million people.



Portland, OR.

I was rounding my numbers, but my allowances in all categories are higher than yours.

I do have a minor dependent child as well, so I don't know if that impacts the allowances they calculate.
I'm surprised that L&C budgets more for COL than Northwestern, when Northwestern expects you to live in basically the most expensive area of downtown Chicago.
I think your numbers might be adjusted, because the estimated budget on the L&C site says $9900/semester, which is $2200/month. A little closer to what NU budgets.

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bk1
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Re: Understanding Loan Offer (kind of shocked)

Postby bk1 » Thu Jul 07, 2011 3:27 pm

At first I was all "Michigan, Virginia, and Berkeley aren't that cheap," and then I was like "oh."

sidhesadie
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Re: Understanding Loan Offer (kind of shocked)

Postby sidhesadie » Thu Jul 07, 2011 3:31 pm

rinkrat19 wrote:
sidhesadie wrote:
pdrez wrote:It is the University of Texas. Austin is probably not as expensive as Chicago, but studios rarely go cheaper than $700, especially if you want to live near campus.

I just don't get it...maybe I am reading or misinterpreting this thing. I have tried to leave messages for Financial Aid department, but no return yet.

sidhesadie wrote:If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.


Can I ask which city? Austin is roughly 1 million people.



Portland, OR.

I was rounding my numbers, but my allowances in all categories are higher than yours.

I do have a minor dependent child as well, so I don't know if that impacts the allowances they calculate.
I'm surprised that L&C budgets more for COL than Northwestern, when Northwestern expects you to live in basically the most expensive area of downtown Chicago.
I think your numbers might be adjusted, because the estimated budget on the L&C site says $9900/semester, which is $2200/month. A little closer to what NU budgets.


Yeah, maybe I got more for Living allowance due to the minor child?

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brose
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Re: Understanding Loan Offer (kind of shocked)

Postby brose » Fri Jul 08, 2011 1:51 pm

Housing around UT is insanely expensive. Go 2-5 miles out (there's UT buses that run) and you'll be able to live on that for sure.

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smithc2011
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Re: Understanding Loan Offer (kind of shocked)

Postby smithc2011 » Wed Jul 13, 2011 11:31 pm

fingersxd wrote:$1,600/mo doesn't seem all that terrible for room and board in TX. Just how much do you intend to spend on food/rent/utilities?
Also some schools do estimates based on sharing a 2bdrm apt. and other such stupid measures, which skews their numbers.

P.S. - UT is a great school, but despite USNWR, I still don't think anyone considers it T14.

That's what I got too. I think it's estimated based on a 9/10 month basis, instead of a 12 month basis. Which sucks, but you'll survive. Find a roommate somewhere, it's the only way you're going to be able to get by without having to worry about money. Facebook group is your friend, this website is your friend.

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emkay625
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Re: Understanding Loan Offer (kind of shocked)

Postby emkay625 » Tue Jul 26, 2011 4:46 am

pdrez wrote:It is the University of Texas. Austin is probably not as expensive as Chicago, but studios rarely go cheaper than $700, especially if you want to live near campus.

I just don't get it...maybe I am reading or misinterpreting this thing. I have tried to leave messages for Financial Aid department, but no return yet.

sidhesadie wrote:If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.


Can I ask which city? Austin is roughly 1 million people.


That's plenty to live on in Austin. I lived on $1000 a month in undergrad there. (Granted I had a roommate, which made things considerably cheaper). Here's how it broke down:

$400 rent (I lived about a 10 minute drive from campus and took the bus, which is free for UT students).
$40 electricity
$25 water
$90 cell phone
$25 gas (took the bus to campus, so didn't drive much)
$100 groceries
$70 car insurance

Which left me with about $240 as spending money. Having a roommate made it easier. Gernerally speaking, electricity and groceries are much cheaper in Austin than elsewhere. So is gas. I lived in Chicago for a while after undergrad and was SHOCKED at the price of gas when I first moved.

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descartesb4thehorse
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Re: Understanding Loan Offer (kind of shocked)

Postby descartesb4thehorse » Tue Jul 26, 2011 6:25 am

emkay625 wrote:
pdrez wrote:It is the University of Texas. Austin is probably not as expensive as Chicago, but studios rarely go cheaper than $700, especially if you want to live near campus.

I just don't get it...maybe I am reading or misinterpreting this thing. I have tried to leave messages for Financial Aid department, but no return yet.

sidhesadie wrote:If I took full COA, I'd come out with about $2400/mo after tuition.
T2, in a city.


Can I ask which city? Austin is roughly 1 million people.


That's plenty to live on in Austin. I lived on $1000 a month in undergrad there. (Granted I had a roommate, which made things considerably cheaper). Here's how it broke down:

$400 rent (I lived about a 10 minute drive from campus and took the bus, which is free for UT students).
$40 electricity
$25 water
$90 cell phone
$25 gas (took the bus to campus, so didn't drive much)
$100 groceries
$70 car insurance

Which left me with about $240 as spending money. Having a roommate made it easier. Gernerally speaking, electricity and groceries are much cheaper in Austin than elsewhere. So is gas. I lived in Chicago for a while after undergrad and was SHOCKED at the price of gas when I first moved.


Because no one drives in Chicago, or if they do they get their gas in Indiana. Or they live in Winnetka and can afford it.

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booboo
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Re: Understanding Loan Offer (kind of shocked)

Postby booboo » Tue Jul 26, 2011 7:36 am

bk1 wrote:At first I was all "Michigan, Virginia, and Berkeley aren't that cheap," and then I was like "oh."

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SilverE2
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Re: Understanding Loan Offer (kind of shocked)

Postby SilverE2 » Thu Jul 28, 2011 3:42 am

pdrez wrote:The T14 school I have been accepted to...


pdrez wrote:It is the University of Texas...


lol

fish52
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Re: Understanding Loan Offer (kind of shocked)

Postby fish52 » Tue Aug 02, 2011 1:58 am

SilverE2 wrote:
pdrez wrote:The T14 school I have been accepted to...


pdrez wrote:It is the University of Texas...


lol

This.

That being said, I have several friends who live in Austin and pay around $750/month for 1br. It isn't in the center of the city, but UT isn't CLS, you can drive to class.




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