Comments | pdxpinano: financial aid

pdxpinano

financial aid

Mar 27, 2008 17:16

So, I got my financial aid offer from MSM today. They offered $1500 in work-study, and the remainder in loans. One of the loans is subsidized, which means the government covers the interest until the deferment period is over. The other two aren't subsidized. The interest on one of the loans would be $2,312 in the first year alone. So it looks ( Read more... )

Comments 2

luzclarita March 28 2008, 22:46:53 UTC

Manhattan School of Music?

Dustin had similar problems when applying to grad school . . .

Damn schools. Why do they charge so much money?

pdxpinano March 29 2008, 09:05:31 UTC

I agree, and I'm sorry that Dustin had to go through the same disappointment. It is quite impossible. Looking at it from another perspective: if I take out in loans what they offered me (20,500 in 6.8% stafford loans, and 27,200 in 8.5% Graduate PLUS loans) twice, once for each year of the program, the interest alone would be 7,412 annually, or 618 monthly. Of course, the unsubsidized loans would compound before the deferment ends, and I'd have to pay *some* of the principal back. There's NO WAY I'd earn that much extra cash as a jazz musician, and it's unlikely that I'd get a teaching position that would leave me $900-1200/month extra for payment on a student loan. I would have to take the loans intending to default on them immediately. I can't do that. They'll garnish my entire life.

So, back to the drawring board. ;)