Gage ily to go to college, get his degree from the University of California at San Diego, and eventually become a cardiologist.
But then he and his parents took a look at the financial aid award. He was given a grant for a little less than $3,000. And the school, which determines how much a student can take out in federal loans, will let him borrow just $6,800.
Now, not only does Gage face borrowing more than $27,000 over four years, but his parents will need to take out about $72,000 in higher interest loans.
Paying $18,000 out of pocket per year is more than his parents Stacy and Alfred Marquez can afford. On an income of less than $100 payday loans in Arizona,000, there’s not much left after paying the mortgage, two car payments, health care premiums, braces for their eighth-grader, and food for three boys.
The family also has high medical costs, since one of Gage’s brothers has a learning disability and the other has a heart condition — which inspired Gage’s interest in cardiology. His mother, Stacy, has stayed home to raise her boys.
The ily once had some savings put away for college. But they had to live off that money when Gage’s father, Alfred, lost his job during the recession. (more…)