Hello everyone!
As the title says I got into Amherst College and I'm extremely excited and happy. I'm pretty sure it's the college I'm going to go to. My financial aid was sent with the decision. I talked to my college advisor about it but all she said was that it was a really good amount. Awesome - but I'm still confused with a few things. I was hoping y'all could help out.
So the cost of going to Amherst for the 2016-2017 school year, tuition/room&board/books/travel fees included is $70,000. Yeah, I broke out into a sweat when I read the price at first. I still applied though an put it as a reach. Last week they released the decisions and finaid info. They gave me about $60,000 as a scholarship from the school, no repayment needed. In the finaid package they also estimated I'll earn about $2,200 from federal work-study and $1,300 from pell grants. That together is about $64,000 of finaid I won't have to pay back.
For my student contribution they said I have to pay $1,000 and my parents have to contribute $5,000-$6,000. My parents already said they won't pay for my college since they don't have the money and already paid for my high school (fair enough). To cover the $6,000-$8,000 of remaining costs I'll have to take loans out right? Can I talk out loans for both my contribution and my parent's contribution? Is this a good deal? Thank you.
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