Most schools will ask families to take out loans. This is a normal and expected part of making an investment in your education. But there is a difference between taking out loans, particularly subsidized loans, and borrowing upwards of $20,000 or $30,000 per year in order to make ends meet.
Every family is different, but my general rule of thumb is that borrowing $5,000 or even $10,000 a year is reasonable if you know that you are fiscally responsible and that you will have a plan for how you will pay back the money. But, borrowing more than that, especially if you already know that being thrifty is difficult for you, is not a good idea.
I stress to every family that they should have at least one viable affordable option (normally a CUNY or SUNY). If students can be open minded, they may realize that the affordable school may also allow them to be happy academically, socially, and emotionally.
If your financial aid package is good, but not great, consider filing immediately for a financial aid appeal. Some schools have a little flexibility and will grant some additional aid for students that ask. The worst they can say is no. But the appeal process normally takes weeks, so file any paperwork as soon as possible. Call the Financial Aid office of the school for more details.
Weigh your options. Be informed. Don't write off schools that are not your first choice until you investigate the cost. And don't forget, loans will be included on the financial aid package, so be sure to count them separately from grants and scholarships. Only looking at the 'total aid award' number at the bottom can be misleading.
Still overwhelmed with the finances? Come by the Guidance office and one of the guidance interns can help you break it down.
Lastly, remember if you plan to enroll at a college located in the state of New York, you may be eligible for a TAP grant. You will need to go to www.hesc.com and indicate your final enrollment decision so your TAP grant can be calculated.
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