College loan ?

[luvmyfam444]

Tell me how this works please, I only finished college a couple years ago, and had a family, so I'm sure it is different for an 18yo.

We are sifting through 7 schools, trying to really get an idea, assuming the worst, no scholarship $ (which is highly likely).

How much will it hurt dd with me still owing on my loans?

We ruled out the $49k a yr school, but may need to rule out a few more..or all of them & make her stay @ hm. Which I'd hate, if it's my fault she can't get loans.

 

[tvguy]

I really think credit score is what is important.

 

[Hrhpd]

I really think credit score is what is important.

Credit score only matters if you are applying for a private loan or a parent plus loan. And even with a Parent Plus loan, the score is not so important as to what kind of delinquencies there are.

Tell me how this works please, I only finished college a couple years ago, and had a family, so I'm sure it is different for an 18yo.

We are sifting through 7 schools, trying to really get an idea, assuming the worst, no scholarship $ (which is highly likely).

How much will it hurt dd with me still owing on my loans?

We ruled out the $49k a yr school, but may need to rule out a few more..or all of them & make her stay @ hm. Which I'd hate, if it's my fault she can't get loans.

OP, you and your daughter should sit down and do a FAFSA. Even though you will have to do a new one after your taxes in April, it will give you an idea of how much the government expects you to contribute. And at least for my son, some early decisions actually wanted the info from the early FAFSA.

Also, since you have posted this question several times recently, I would highly suggest you sit down with a financial advisor who specializes in colleges and have them advise you. Around here there are people who specialize in helping college bound students apply to colleges and scholarships.

 

[clh2]

Why did you rule out the 49k/year college? Many private colleges offer some great packages. My DD's college offered her a package that essentially made the cost the same as a private school.

Also-what type of loan are you considering? A student loan (Stafford) or a parent loan (PLUS)? In our family-DD needed to take out the max in Stafford loans, and between our contributions, as well as her internship money, did not need to take any parent loans. Credit scores are not a factor in students getting Stafford loans. Stafford loans have a maximum amount per year.

 

[luvmyfam444]

Why did you rule out the 49k/year college? Many private colleges offer some great packages. My DD's college offered her a package that essentially made the cost the same as a private school.

Also-what type of loan are you considering? A student loan (Stafford) or a parent loan (PLUS)? In our family-DD needed to take out the max in Stafford loans, and between our contributions, as well as her internship money, did not need to take any parent loans. Credit scores are not a factor in students getting Stafford loans. Stafford loans have a maximum amount per year.

My dd won't be offered a great scholarship package. She is an average student with a poor ACT score. So that $49k would not be obtainable I assume. I can't imagine them giving her that much in loans x 4yrs. Even if they did, to think of repayin that gives me the Heebie jeebies. Ha.

Yes, wondering about student loans.

 

[teller80]

may need to rule out a few more..or all of them & make her stay @ hm. Which I'd hate, if it's my fault she can't get loans.

Staying at home is not all that bad, what's worse is massive student debt. "The College Experience" has been sold to the public as a rite of passage, and while it is a great opportunity for those who can afford it, it's not essential.

 

[firecracker725]

My dd won't be offered a great scholarship package. She is an average student with a poor ACT score. So that $49k would not be obtainable I assume. I can't imagine them giving her that much in loans x 4yrs. Even if they did, to think of repayin that gives me the Heebie jeebies. Ha.

Yes, wondering about student loans.

If she has a low ACT score, it might be best both financially and academically for your daughter to attend a community college first. If she can keep her grades up, she might qualify for more aid when she's ready to transfer to a 4 year university.

 

[The Mystery Machine]

Tell me how this works please, I only finished college a couple years ago, and had a family, so I'm sure it is different for an 18yo.

We are sifting through 7 schools, trying to really get an idea, assuming the worst, no scholarship $ (which is highly likely).

How much will it hurt dd with me still owing on my loans?

We ruled out the $49k a yr school, but may need to rule out a few more..or all of them & make her stay @ hm. Which I'd hate, if it's my fault she can't get loans.

As far as getting loans, you will probably be fine. My dh is still paying on his, lol.

You can take out a PLUS loan and she can get the Stafford loan which is only 5,500/yr for Freshman.

The big question is how much debt do you and her want to be in? You really have to hammer that out.

Does she know what she wants to major in?

 

[littlejimmy]

just go crazy with loans, and hopefully, you get the right candidates in office where they will be forgiven. that was sarcasm

 

[mom2rtk]

Please don't paint living at home for college in a bad light to your daughter. It might end up being the best answer, at least for her first step.

You really need to keep all of her options open at this point and move forward on several fronts. You won't know what's doable until you get the financial package from each school.

If the best option is Community College while living at home, help her make the most of it and be excited for her.

 

[mnrose]

Don't know specifics about loans, but the conversations I have with my kids stress how they DON'T want to come out of undergraduate school with massive debt. It really would put a damper on their start in adult life. There are plenty of high quality educational options at modest cost. No need to go into big debt at a private school, which is gong to provide you a similar degree at a higher price point. Now, it is true (of course) that these private colleges sometimes provide aid to bring the cost to the same/similar level as a good public, but not universally so (exceptions: average students, or parents who have significant income/assets). For average students, or parents of means (but not enough to actually afford a private school's tuition), the only real options are (1) public 4 year colleges/universities OR (2) community college to get a start and "prove" yourself.

I have yet to fill out a cost estimator form for ANY college/university (some costing more than 60K per year per kid) where my expected contribution is anything less than FULL cost based on "need." And, I have twins! As if I have a spare 120-150K per year for 4 years just laying around waiting to be spent on college. LOL. Anyway, this reality has brought home to my kids in a major way that UNLESS they get significant merit aid (possible) private college just isn't in the picture for them. Fortunately, there are may excellent public universities in our area which offer a value priced education.

 

[mom2rtk]

OP, does your daughter have an idea what she would like to major in?

 

[HM]

Does your family have anything saved toward her college expenses?
If the answer is no, then I'd be looking at two years at Community College and saving for the next couple years as much as you can for her move to the Four Year School of her choice. It will also give her time to really explore what she wants to study.

 

[Pea-n-Me]

OP, you and your daughter should read this. I think it will help give you some direction. Your goal doesn't have to be completely debt free, but minimized, if possible, especially if her school and career goals are unclear, you still have student debt yourself, and you think she might not quailfy for much aid. The author talks about who is selling you a line of goods and why, and alternative ways to pay for college besides taking out loans. Someone here posted it not too long ago, and I've found it super helpful. (I'm in the same process with twins right now so I feel your pain, too.)

This time of year there are Open Houses at schools. You should, IMO, visit your local community colleges and state universities that offer the 2/2 programs, i.e. two years at CC followed by two years at state university. Sit down with one of the counselors who work with the program to discuss how it goes and to look at the possibilities for your DD. This is a very affordable way to get a good education today, without having to take out a lot of loans, hopefully. I know a lot of people here say that going to a private school can be around the same cost as public. I'm no expert, but the guy below is, and he says it's a bad idea. (Read the book to find out why.) He also says not to waste a lot of time looking for scholarships. (The book was written several years back and reportedly there is less scholarship money available today than there was back then.) I agree your DD might also have to live at home and get a job to help pay for school. It's not the end of the world. Once she has a plan in place you can both breathe a sigh of relief. And it will be great she's not living with that noose around her neck for the next couple of decades.

 

[Cadiewampus]

If she has a low ACT score, it might be best both financially and academically for your daughter to attend a community college first. If she can keep her grades up, she might qualify for more aid when she's ready to transfer to a 4 year university.

Good answer!!. This is what my oldest son has done. Through some trial and error he will end up graduating a year later than expected but will have very little to no student debt.

 

[Gracie09]

DH started at community college and transferred to a 5 year program at a university that had an articulation agreement with the community college. All of his major courses transferred (he's an engineer) and he was able to participate in the co-op program at the University (why it was 5 years) which allowed him to pay his remaining tuition and living expenses with minimal loans. I would look at what major she is interested in, see if any of the local community college have agreements with larger universities that encompass her intended major and start there.

 

[sunshinemelody]

OP, you and your daughter should sit down and do a FAFSA. Even though you will have to do a new one after your taxes in April, it will give you an idea of how much the government expects you to contribute.

Just pointing out that this is actually incorrect. When you submit your 2016-2017 FAFSA, that is considered new, so when you have filed your taxes and have finished that process for the 2015 tax year, you can then go back in and have the IRS pull up your tax information from both parents and re-submit; that's it.

This time of year there are Open Houses at schools. You should, IMO, visit your local community colleges and state universities that offer the 2/2 programs, i.e. two years at CC followed by two years at state university.

In the state of CT, UCONN has agreements with many local CC's and state colleges that offer two year programs, for students to transfer into the college with all credits being transferable. I'd definitely look into this option.

OP, let your daughter know that it's not the end of the world. I'm 24. I'm still in college. I still live with my parents. It sucks. But she'll get over it. In this day and age, as a millennial, she has limited options and she's truly got to make do with what is available to her and work hard to boost her grades.

Also, question, any reason why she hasn't taken her SATs?

 

[sonnyjane]

Also, question, any reason why she hasn't taken her SATs?

I asked that in OP's other thread. I didn't do well on the ACT but did much better on the SAT. I just submitted the SAT scores.

 

[elaine amj]

I agree with PPs - look at minimizing her loans in whatever ways possible. Massive student loan debt has to be one of the craziest things out there now. I hate how so many of our young people are starting off life laden down by this massive debt burden.

 

[sunshinemelody]

I asked that in OP's other thread. I didn't do well on the ACT but did much better on the SAT. I just submitted the SAT scores.

Agreed. The SATs are much more "well-rounded" and I believe (I haven't taken these evil tests in years, ofc) that the ACTs are really geared toward specific subjects, is it not? I think the SATs are a crock of you-know-what and should actually be based on what I have learned. It frustrated me to know that I was this smart kid, but couldn't understand how to "work the SAT system" -- hatreeeeed for theeeee.