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I cannot afford to go back to engineering school

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Re: I cannot afford to go back to engineering school

#11

Post by Blahah »

epistasis wrote: post #4

This is broken, and it shouldn't be this way. There are far too many broken bureaucracies in modern society, both governmental and corporate. And most of these impede those with the fewest resources or capabilities to work around them. Just because we've been trained to think that government or corporate policy is supposed to be complex and broken, doesn't mean that we shouldn't try to improve. Without a ridiculously…

I worked a full time job during my undergrad for the same reason: my parents' income was above the threshold for government support, even though my parents didn't support me. It was frustrating that other people whose parents earned a tiny bit less but did pay for them to live and study, would also get a huge lump of free money from the government each year. But ultimately, not getting free money made me independent and forced me to learn to manage my time and make money from my skills. That lesson is going to pay dividends for a long time to come.

Re: I cannot afford to go back to engineering school

#13

Post by BlackDeath3 »

I wonder if this applies to me at all. I'm working a paid internship in the summer, and all of a sudden, no Stafford loans offered.

Does a late FAFSA impact Stafford loans at all? I'm fairly certain I still made the deadline, but by no means was I an early submission.

Re: I cannot afford to go back to engineering school

#14

Post by rayiner »

I agree with the ultimate sentiment, which is that it's generally inadvisable to try and pay your way through school these days. The federal government will let you and your parents borrow as much as you need to pay for school, and you'll make more money after you finish your degree, so your efforts are better spent trying to finish in as few semesters as possible to minimize the amount of money you need to borrow instead of trying to pay for things as you go.

This is an area, unfortunately, where kids from wealthier families have a huge advantage. Even if your parents aren't willing to pay for college for you, they are much less likely to be hesitant to take PLUS loans on your behalf that they expect you to pay back. And as a general matter, people who came from wealthier backgrounds are much less afraid of debt and leverage.

I'm not saying that it's the most desirable state of affairs. My total cost of attendance in the early 2000's at Georgia Tech (in-state) was only $10-12k (including housing and food, tuition was just a few thousand) which I could make during the summer. But that's increasingly something that's not possible, even at state schools. And under the new paradigm, debt is the way to go. Especially with the new PAY-E repayment terms.

Re: I cannot afford to go back to engineering school

#15

Post by mchannon »

Across this country, this very month, legions of rubes will be getting low-interest student loans to enroll in psychology, general studies, and undecided major degree programs, paying $40k per year, only to drop out shortly thereafter with a huge financial hangover and little ability to pay for it.

In contrast, an electrical engineering degree will easily pay for itself, particularly if you've managed to bootstrap yourself to a third year.

Why haven't you addressed student loans as a vector for finishing a highly lucrative degree program? Seems like you are (forgive the term) a poster child for student loans.

Re: I cannot afford to go back to engineering school

#16

Post by anologwintermut »

It's unclear if her financial aid was grants or loans. If they denied her grants I'd say this (while unfair by current standards) is reasonable. Given her internships, it's reasonable to say she could probably pay for a chunk of her degree and certainly afford loan payments when employed later.

Now, of course, one wonder's why we are offering loans and aid to people who can't get such a return on investment ( regardless of whether they need to pay or not).

Re: I cannot afford to go back to engineering school

#17

Post by hga »

fnordfnordfnord wrote: post #12

"Students should be warned that doing a paid internship can negatively impact your ability to finish up paying for school." Or a job of any kind. Same thing happened to me.

Don't know about you, but there was no way she could win. Her financial aid package wasn't covering her costs, and making money to close the gap just reduced the aid.

Re: I cannot afford to go back to engineering school

#18

Post by ececconi »

That was one of the reasons keeping me from doing a paid internship. My scholarship included full tuition and even paid for a lot of room and board. Furthermore, the university paid me an extra $15,000 scholarship just for doing a dual degree in philosophy and engineering. Sorry to hear about your story. It really does sound like a terrible situation.

Re: I cannot afford to go back to engineering school

#19

Post by Glyptodon »

It's lame when a distant internship won't provide rent, but also possibly this person is going a too expensive school?

It sounds like between the two internships combined they'd have made around $30k total, no?

If so, that seems like just barely enough to cover living expenses and a year at a public university with $4 to $7k in tuition and fees a semester.

Though it would be lame to have to spend 9 months off school to spend a year in school.

Re: I cannot afford to go back to engineering school

#20

Post by chatmasta »

I'm in a similar situation from paid internships and my own business. My advice: talk to your school's financial aid office and explain your situation. They should be able to help you. At the very least, it's worth TALKING to them.

(Disclaimer: I go to a need-blind school with very good financial aid. I don't know how engineering/state schools will treat this. But it's worth TALKING to them.)

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