RE: Do I need financial aid? Forum

[umichman]

I am trying to decide whether I should take loans or not. Basically, I received a 75k scholly from the school I will be attending and will get 100k from my parents. Both sets of money will be given to me evenly each semester.

So the math works out that I will end up getting 29,160 per semester. This leaves very little for me to actually live on (about 4k per semester). Should I try to squeak by my first year and live super frugally and hope to find a paying job my first summer which will give me living money for my next two years?

From previous posts, it is easy to tell that I am going to Michigan. So I'll just say that I think it is probably possible, but not easy, to survive on that amount of money.

Basically, would it be stupid for me to take 5k in loans just for basic living expenses my first year when I have the possibility of graduating with no debt at all?

[mx23250]

I am trying to decide whether I should take loans or not. Basically, I received a 75k scholly from the school I will be attending and will get 100k from my parents. Both sets money will be given to me evenly each semester.

So the math works out that I will end up getting 29,160 per semester. This leaves very little for me to actually live on (about 4k per semester). Should I try to squeak by my first year and live super frugally and hope to find a paying job my first summer which will give me living money for my next two years?

From previous posts, it is easy to tell that I am going to Michigan. So I'll just say that I think it is probably possible, but not easy, to survive on that amount of money.

Basically, would it be stupid for me to take 5k in loans just for basic living expenses my first year when I have the possibility of graduating with no debt at all?

In my opinion, I'd much rather avoid the stress of living super frugally and just take out $5k in loans. If you get a really nice paying job the first and/or second summer, you could probably pay off the loan right away with minimal interest. In the grand scheme of things, $5k in loans is absolutely nothing, but living comfortably and not having to resort to ramen for every meal and miss out on opportunities that cost $$ but would bring about networking and/or valuable experiences would be well worth it. My two cents.

[dibreezy]

you make me want to puke

[A. Nony Mouse]

you make me want to puke

This is so not helpful. Don't do this.

[Dingo Starr]

Find out how the other side lives.

[Lwoods]

I was going to recommend taking out only subsidized stafford loans, but I just realized they're no longer available to professional students.

I don't think it's a huge risk to take out $10-15k over 3 years, particularly since you'll probably earn some money at some point as well, but think about how/when you'll be able to pay that off. It looks like you're headed to a T14, so you'll probably be good, but if you're really interested in going into a public interest career, you might prefer to go without loans. You're probably fine, though. Work with your school's financial aid counselor to figure out a proper amount (if any).