nawi226 wrote:Hi all,
I will be attending Cornell this Fall with a $120,000 scholarship, and I've been looking into how to finance the rest of the school's cost. The student budget at Cornell is an estimated ~$80,000 per year ($60,000 tuition), and I will be receiving $40,000 per year in scholarship funds. That means that my tuition will cost me ~$20,000 per year and my room & board will cost me ~$10,000, making my most basic expenses total $30,000 per year.
This is where my questions start. From what I can gather, I can access $20,500 per year in Federal Direct loans. In addition to this (please correct me if I'm wrong), I can access $19,500 in Graduate PLUS loans. That is, 80,000 - 40,000 - 20,500 = 19,500. This would mean that after tuition and room & board, I would have $9,500 per year to live on. However, I would also need to factor in food, books & supplies, travel home in the winter and part of the summer, and (presumably) the cost of summer living expenses. I am a bit worried about this, so I have a few questions:
1. Is my math correct? (lol)
2. Is this a typical arrangement, or is there another source of money (besides parents, savings, etc) that students typically draw money from? i.e. private bank loans
3. The reason living on $10,000 for everything else in a year worries me is the cost of moving out of the dorm in the summer, after which I would hope to do a summer internship somewhere. How do students typically finance living expenses for internships? Are they paid well enough to survive? Is it possible for housing to be provided to interns? I know very little about this process
Thanks in advance for any responses to my wall of text!
Not sure if anyone answered you, but I'm pretty sure there is not a cap on grad plus loans, you can take out as much as you need to cover the cost of attendance as dictated by the school, so in your case you're looking at around 20k in grad plus loans (trying to live off of 10k all year would be real rough especially given ithacas inexplicably high housing costs). One of the main objectives of the education financing reform is precisely to avoid the issue you think you have i.e. coming up short in regards to funds for education. And for those that get certain qualified unpaid injternships, you get a work-study for 2.4k and a PIF grant for 1.6k, coming up to 4k to subsist off for the summer.