After scholarships, we still had about $15,000 a year in costs for attending UCSD. We managed to afford this through grants, loans, and a bit of our own savings.
One aid program that I would advise you to check out is the Cal Grant; you probably know of it. Three different programs exist (Cal Grants A, B, and C): Cal Grant A covers a student’s full tuition, B pays about $1,500 for books and living expenses, and C helps pay for tuition and occupational costs at career or occupational colleges. To be eligible for any of these scholarships, you must fall under a certain income ceiling. We were able to win the Cal Grant A the first year, but after that my income went above the ceiling and we were no longer eligible. Oh yeah, and this is only available for residents of California, sorry. I’m guessing other states have similar grant programs though; if you don’t live in Cali, check out what’s available for your state!
So anyways, for our first year, we had about $12,000 in total aid going into UCSD. As a gift to Kelly, we paid the remainder of the costs that year, but after that (without Cal Grant) we returned to $15,000 per year in costs. For the remaining three years, we agreed with Kelly that we would split the $15,000. We would pay $7,500 per year, if she could manage the other $7,500 herself.
To pay that $7,500, she got a part time job on campus and also applied for a student loan.
She was eligible for the subsidized Stafford Loan; it’s a great program that I would advise looking into. This is a long-term loan with 6% interest, designed especially for students in need of financial aid for college. Until repayment begins after you graduate (you have a nice 6-month grace period after graduation), you are not responsible for the costs nor the interest. She took out a full loan of $4,000 per year and earned the rest of the $7,500 through her job. With a repayment time of at least ten years, she definitely will not have trouble paying off the money that she received through loans. Here is a great website for more info on the Stafford loan: http://www.staffordloan.com/stafford-loan-info/undergraduate-stafford-loan.php
So, that is how we were able to afford Kelly’s education at UCSD. Between scholarships of about $5,000 per year average, federal grant and loan programs, having her work part time, and contributing just a bit of our own savings, we were able to send her to a great school without any major financial consequences.
In upcoming postings, I will discuss various loan and grant programs, and then go into how we have managed USC…so far, that is!
Dec 28, 2008
