Is it realistic for your kid to pay for college on their own?

[mom2rtk]

But wouldn't your child get loans to pay the tuition?

Student aren't eligible for enough loans to pay the full cost of tuition, room and board at most schools. Anything in excess of what they are offered requires parents to sign.

 

[taylor1293]

So with FAFSA, parents are required to contribute? Is that true if I am understanding a pp?

No. Parents are not required to pay anything.

 

[ronandannette]

It's very realistic for our son - I'd have to say that's due to the program he's chosen. (Disclosure - he did not get accepted the first time he applied and will re-apply in October for the fall of 2016).

He wants to do a very specialized 2 year program at a well-respected local Tech school. The annual tuition including books and practicum is $4,200.00. He will not receive any scholarship or bursaries but is eligible for up to $7,500.00 per semester in federal/provincial loans (no means test or parental contribution required). $15,00/year is vastly more than he'd need even if he needed to cover living expenses, which he doesn't.

Presumably he'll graduate with under $20,000.00 in accumulated debt; maybe less because we've agreed to help out substantially with the 2nd year if he applies himself to our satisfaction. That amount of debt, with low interest and government-protected repayment deferral, is what we consider to be very reasonable and attainable. (It's less than a car loan and hopefully a much better investment.)

 

[ronandannette]

It is here in Canada as well.. Very little to pay. Books, registration fees.

What on earth are you talking about? This statement is most patently incorrect.
http://www.statcan.gc.ca/daily-quotidien/140911/dq140911b-eng.htm

Why would you even say something like that?

 

[mjkacmom]

But wouldn't your child get loans to pay the tuition?

We are not eligible for FAFSA loans, due to DH's income (although we could really use them).

 

[sk!mom]

So with FAFSA, parents are required to contribute? Is that true if I am understanding a pp?

FAFSA assumes a parent contribution.

 

[NewRVLady]

I am just glad my kids got the State Full tuition-offered in our state based on grades and SAT scores
They graduated debt free
My son who moved to CT to do his dream job did not make much $$ at first-not having to pay debt or a car loan was a blesing

 

[taylor1293]

We are not eligible for FAFSA loans, due to DH's income (although we could really use them).

Check into unsubsidized student loans. These are not need based .

 

[SirDuff]

What on earth are you talking about? This statement is most patently incorrect.
http://www.statcan.gc.ca/daily-quotidien/140911/dq140911b-eng.htm

Why would you even say something like that?

Very incorrect! Tends to be considerably less than in the US, but definitely not free. At all.

 

[leebee]

To get federal grants, loans, etc., students are required to file a FAFSA. Unless the student falls into one of the very narrow categories that would qualify them as independent (married, ward of the state, and a couple others), parents are required to submit THEIR financial information, as well as the student's. Aid awards are calculated with an expected parent contribution. No, parents aren't REQUIRED to pay, but that won't change what the student is awarded (i.e., if the parents don't contribute, don't expect the student to be eligible for more aid to make up the shortfall). If parents won't submit their financial data, there won't be any kind of federal aid awarded to dependent students.

It's very hard to pay for school all on your own. While it's nice to think that everyone will be eligible for substantial scholarships, grants, free tuition, etc., in reality, very few are. My DD graduated #3 in her HS class, with all the bells and whistles on her resume (leadership, volunteering, scores, etc) that you'd hope to see, and had AP credit for three college courses. Unfortunately, she only received about 50% of what she'd need in grant/scholarship money, wherever she applied. She didn't get the merit money she was qualified for at our state university because her guidance counselor didn't get her transcript in by the deadline- even though she and he got all the rest in. Somehow she slipped through the cracks (and yes, she was following up with the guidance counselor... sometimes, poop happens). We buckled down, she got some small scholarship money every year (either from her HS, my college class alumni group, her college or major, etc), took only subsidized loans. DH took on a second job as an adjunct at her school for most semesters, so in addition to the extra income, there was a 25% tuition waiver. He and I paid about $5K a year OOP for her schooling. DD worked hard at school, had an internship for the summer before senior year where she earned enough to pay her rent, gas, and "fun money" for senior year, and graduated summa cum laude. She owes about $26K in loans, which means we/she covered about two-thirds of her college costs, in one way or another, while she was in school. It was hard, financially, but we made it happen. We'll help her with the loan payments, too; it was something we decided to do when it became obvious that we weren't going to have any big-time college account for her.

And regarding unsubsidized loans... yes, they are available, but be prepared to start paying the interest on these loans the day that you sign them. Options are to start making payments the next month, defer payments and roll the interest due into the principle, or just pay the monthly interest and postpone paying the principle until after graduation. None are particularly attractive options, IMO.

 

[Kalliope]

So with FAFSA, parents are required to contribute? Is that true if I am understanding a pp?

According to the federal gov, students are dependents of their parents until age 24, and parental income must be considered and supplied for FAFSA, unless they are married, have a child, or are military. It doesn't matter if they are completely financially independent, if they are single and under age 24, parents info must be supplied for FAFSA.

 

[SC Minnie]

Thankfully we prepaid for DD's tuition. She had scholarship to cover room and board. We had planned to cover all of her additional expenses until DH lost his job. DD had a job with a company in her field and wanted to stay for the summer. She had to take loans. The only loans she'll have to pay back are to cover summer school which technically is optional. She isn't going to a Tier 1 Flag ship school but is getting a good education and experience than can't be measured.

 

[LisaR]

It can absolutely be done for FL residents. FL has one of the best dual enrollment programs in the country. All of the AA classes will transfer to any of our four year universities. In theory, a student could dual enroll and get their AA (or most of it) for free. They would easily qualify for the Bright Future Scholarship offered by the state which currently pays $103 per credit hour. Tuition in FL is pretty similar so I'll use UCF as an example which is $212.28 per credit hour. If you take away the $103 scholarship, you are left with a tuition of $109.28 per credit hour. Since this scenario factors in that the student already has their AA, they would only need about 60 more credit hours bringing the total tuition for a four year degree to only $6556.80! Of course, the student would have to commute if cost was really the biggest factor. This is a very viable option for many in this state. Skipping dual enrollment and going straight to a community college followed by a university is also very affordable here, and Bright Future applies to community college tuition, as well. Unfortunately, I have found that the ones who need that option the most are the ones who don't take advantage of it.

 

[mom2rtk]

It can absolutely be done for FL residents. FL has one of the best dual enrollment programs in the country. All of the AA classes will transfer to any of our four year universities. In theory, a student could dual enroll and get their AA (or most of it) for free. They would easily qualify for the Bright Future Scholarship offered by the state which currently pays $103 per credit hour. Tuition in FL is pretty similar so I'll use UCF as an example which is $212.28 per credit hour. If you take away the $103 scholarship, you are left with a tuition of $109.28 per credit hour. Since this scenario factors in that the student already has their AA, they would only need about 60 more credit hours bringing the total tuition for a four year degree to only $6556.80! Of course, the student would have to commute if cost was really the biggest factor. This is a very viable option for many in this state. Skipping dual enrollment and going straight to a community college followed by a university is also very affordable here, and Bright Future applies to community college tuition, as well. Unfortunately, I have found that the ones who need that option the most are the ones who don't take advantage of it.

Missouri offers free tuition for Community College through their A+ program through many school districts, including our own. Yet I was shocked at how few actually took advantage of it. Some will pass on it knowing they are only considering 4 year schools. But if cost is the issue, there's no reason not to take advantage of this. It only requires a minimal GPA, a certain threshold of attendance and number of volunteer hours.

Lots of kids in our area would have also qualified for substantial need based financial aid and never even bothered to apply. They hear stories about how expensive college is, and never bother to do their homework and find out what's out there for them.

 

[tvguy]

Since thousands and thousands of students ARE paying their own way, then by definition it IS realistic.
But it certainly isn't ideal.
Paying for college was something DW and I discussed BEFORE deciding to have children. As far as we were concerned, our kids college tuition was just as much our responsibility as buying their diapers was.
Now, are their circumstances where a child should pay? Yes. DW and I told both our kids we would pay all their expenses if they were full time students and did everything in their power to finish their degree in 4 years. DS felt pressured to get a part time job, and spent too much time at work and on his social life his Junior year. The end result, he had to go to school a 5th year. So he is now paying us back the $40,000 tuition for the extra year at the rate of $100 a month. BTW, he made all of $7,000 working. DW says if he had asked, we would have given him that money for him to have not taken that job.

 

[Northstar]

What on earth are you talking about? This statement is most patently incorrect.
http://www.statcan.gc.ca/daily-quotidien/140911/dq140911b-eng.htm

Why would you even say something like that?

Mommasita's in Quebec. College (CEGEP) is most definitely not the same as university there, right? We've all been using "college" and "university" interchangeably in this thread, American-style, but those terms have distinctly different meanings at least in Quebec. College is like public high school.... no tuition fees.

 

[sayheyrenee]

children normally are not qualified without a co-signer

 

[mommasita]

What on earth are you talking about? This statement is most patently incorrect.
http://www.statcan.gc.ca/daily-quotidien/140911/dq140911b-eng.htm

Why would you even say something like that?

I should have stated Cegep/college here in Our Province.. Once again the Differences.. .That is what on earth I am talking about...

What on earth are you talking about? This statement is most patently incorrect.
http://www.statcan.gc.ca/daily-quotidien/140911/dq140911b-eng.htm

Why would you even say something like that?

 

[wishesuponastar]

So, parents must provide financial info for FAFSA which means they are to contribute money for tuition? Is that correct?
What if parents don't have enough money to contribute?

 

[ronandannette]

I should have stated Cegep/college here in Our Province.. Once again the Differences.. .That is what on earth I am talking about...

You clearly said Canada, not Quebec. Quebec is not the entire country and your form of "college" does not exist anywhere but Quebec. Very misleading information to have presented so bluntly as fact.