OP: You don’t qualify for financial aid? That would imply that you are in the lucky category of either:
- You are a minor or dependent adult and your parents have enough wealth or income to disqualify you from the Cal Grant and Stafford Loans (subsidized)
- You are an independent adult and you have a very high financial status from your family wealth or job income
With regard to tuition, room, and board, the total cost is about $31,000, not $40,000 unless you are planning to wear $1,000 suits and take vacations out to the beach and maintain your own vehicles or stock up on your favorite foods or go to restaurants instead of eating for free at the cafeteria (those on financial aid cannot have cars on campus unless it is to help them with an off campus job since the campus is 15 minutes away from the nearest town). Thomas Aquinas College accepts students without view to finances and they have a policy of making it such that finances do not pose an insurmountable obstacle towards the students. I know. I talked to the financial aid director.
If you are in group 1, then you need to talk to your parents and figure out why they can’t support you in this. I know one student who was estranged to their wealthy parents and qualified for aid as an independent estranged adult. Also, irrespective of your parents’ bank account or job income, you personally can still at least get unsubsidized Stafford loans.
If you are in group 2, then you really have to understand that
A) you will be expected to personally pay as a student the nominal sum charged for summer’s work at minimum wage (or be employed on campus at minimum wage and get a few hundred for spending money while the rest goes to the college)
B) if that isn’t sufficient to pay the bill, you are asked to take out a stafford subsidized or unsubsidized loan (I think 4 or 5 k)
C) if that isn’t sufficient and you qualify, you are asked to get a Cal Grant
D) if that isn’t sufficient, they reward you will the balance due on the condition you do student work study of 10-13 hours a week at minimum wage which goes to your tuition
Bottom line: Each year you personally contribute minimum wage summer’s earnings + (work study or outside job if you can find one @ minimum wage for 13 hrs a week) + $3-4K in student loans with a total of $16K for all four years.
If you have been earning a serious income up until year of admission in group 2, you may be expected to contribute more personally for the first year, but then the following 3 years you won’t because you’ll no longer be working.
Hope that helps.
P.S. The most debt you should be saddled with according to TAC’s website is $16,000. That really is peanuts for a solid Catholic education. Seriously. Even on a minimum wage job after graduation, you should be able to pay it off in two years.
