Freaking out over getting student loans!

[lucigo]

It sounds like you are looking at the award letter sent by the financial aid office. You don't have to accept the loans if you don't need them. If the pell grant will cover his tuition and books then you need to decline the loans. We just did this with my son who will be a freshmen. Between his pell grant and scholarships he will have plenty and won't need the loans so we checked the box to decline them and sent the paper back to the college.

If you are in charge of the finances then you need to go with DH down to the financial aid office and educate yourself, this is important stuff.

Good luck!

 

[mrsboz]

A friend of mine, an adult, went back to school part time a year ago. She applied for financial aid but wasn't awarded any "free" money. She is having a hard time paying for school and was hoping to receive some scholarship money. Does anyone know where she should be looking?

 

[delmar411]

A friend of mine, an adult, went back to school part time a year ago. She applied for financial aid but wasn't awarded any "free" money. She is having a hard time paying for school and was hoping to receive some scholarship money. Does anyone know where she should be looking?

http://www.fastweb.com/

This site lists tons of scholarships she could apply for.

 

[horseshowmom]

Without additional information from you (type of degree he wants; type of school he's attending; etc.), I'm kind of shooting in the dark, but here goes.

If he has no (or little) college education, he can take many, many of his courses online (saves on transportation and eating out costs plus transportation time) - probably most of his first two years. If he is still in the first couple of years, he can take those online courses from a community college (doesn't necessarily have to be one near you either) and save significantly over university tuition costs. Even some of his third/fourth year courses can be taken this way (from a 4 yr. college/university).

Make sure you check for his books on ebay, ecampus, half.com, amazon, etc. before purchasing through the school. You can save lots of money that way (and you can resell them when he's done).

While I completed my degree right out of high school, my DH was 34 before he started college. He also worked while in school. It can be done.

Good luck!

 

[tinkermom23]

Kuddos to you both for putting in the effort! I say you both because when one parent goes back to college, it's a sacrifice for both parents, just ask DH!
I started college full-time 4 yrs ago. 3 mo. later I was pregnant with our twins. Change of plans! I ended up doing 1 yr. FT on campus and now have done 3 yrs. part-time online. (sometimes very part-time!) For us the online classes have been wonderful because they are mostly the "generals" that I needed and I can do my work at home without getting childcare and on my own schedule. The campus classes were mostly offered during the day when DH is at work. I'd say to check into the online classes, although they cost slightly more (here anyway) but I bet most colleges offer something online.

The other thing to think about is that you said he would do college full time and continue to work full time. Be prepared for no sleep! It might be better to take classes for an extra year than to have too large of a classload. I found that I cannot get decent grades if I am taking more than 6-9 credits at a time, it's just too time consuming. But if you guys can do it, Great!!

Good luck!!

 

[FluffyPumpkin78]

Can I ask some questions re: financial aid...Where do I find scholarships? I am 30, and going back to school (in summer school right now, and will be going FT in the fall). I have tried to look for some scholarship info online, but I don't know which are scams, and which is legit.

I am attending a local community college to finish general ed, and I know that the school offers scholarships, but I missed application deadline, so I have to wait until next semseter.

So far all of my fees and tuition have been covered by pell grants, and I use Chegg.com for textbook rentals when I can.

Any insight would be great!

 

[Calliaz]

I teach college classes online and one of the biggest mistakes I think people make when deciding to go back is getting a degree in a program where they aren't going to come out making more money. I generally think school debt is good, but only if the career you want is one you are sure you'll like and has a good income potential.

I also see lots of students getting criminal justice degrees to be a CSI because they think the job is actually like the TV show.

 

[horseshowmom]

I teach college classes online and one of the biggest mistakes I think people make when deciding to go back is getting a degree in a program where they aren't going to come out making more money. I generally think school debt is good, but only if the career you want is one you are sure you'll like and has a good income potential.

I also see lots of students getting criminal justice degrees to be a CSI because they think the job is actually like the TV show.

I sooo agree! It amazes me at what people go to school to do and then can't get out and find a job. While I would never discourage anybody from "following their dreams", they do need to have a practical plan on how they are going to use that degree to obtain a job (and should research that field to see how plentiful those jobs are).

 

[dvcgirl]

I teach college classes online and one of the biggest mistakes I think people make when deciding to go back is getting a degree in a program where they aren't going to come out making more money. I generally think school debt is good, but only if the career you want is one you are sure you'll like and has a good income potential.

I also see lots of students getting criminal justice degrees to be a CSI because they think the job is actually like the TV show.

Well, I agree and think that most 17-18 year olds have no idea what they'd like to do when they grow up. I was a very good student and really had no idea. And I've had three careers since graduating with my bachelors degree 20 years ago.

I see a lot of kids end up majoring in psychology or sociology, end up taking out tons in student loans....and then find that their degree is essentially worthless in the real world without at least a masters. And even then, the starting salaries are meager.

There are a lot of people right now going back to school or to school for the first time simply because they don't know what else to do. You really need a plan and need to take a good look at the return on the investment you are making....especially if you're taking out student loans.

 

[lucigo]

I sooo agree! It amazes me at what people go to school to do and then can't get out and find a job. While I would never discourage anybody from "following their dreams", they do need to have a practical plan on how they are going to use that degree to obtain a job (and should research that field to see how plentiful those jobs are).

When DH started school 5 years ago they were "begging for" male middle school math and science teachers. Now...well, he is in grad school because of our sucky economy. There is no guarantee...

 

[wdwnomad]

If he is going to get his bachelor's degree and does not have any college courses under his belt then a community college to start is an excellent idea. He can get his general course credits out of the way there at a fraction of the cost. The Pell Grant probably would cover all if not most of the tuition I bet. After two years he can graduate with the community college with an associate's degree and use those credits to transfer into the four year school. The one thing you need to look at is make sure the community college credits transfer to the four year school he wants to go to. It might be a good idea to have a meeting with an advisor at the four year school to discuss this.

 

[tinkerbell313]

Your dh will be asked to attend some kind of loan seminary when he starts classes in the Fall.
My older 2 have loans/ and their interest rates were 2 and 3 %.
My youngest 2 are in college and I just saw the rates at 8.4% for the gov. loans.
Hopefully in 4 years, the rates will drop again.

Governmental loans are fixed rate loans now. They are no longer variable. Subsidized loans are at 5.6% for undergraduate work. Unsubsidized loans are at 6.8%. Parent loans are higher but OP would not qualify as they are independent students. Gone are the days of lower interest rate loans.

Pell grants are for the lower income bracket/asset. If you are offered a pell grant in the $5000 range (5350 being the highest), it sounds like income/assets are not very high which in turn means he is looking to further his education to further his job which would mean higher income ater graduation

Also, the loan amounts being offered are at the first year (freshman) level...is he transferring any credits in (if he is, he could potentially be eligible for higher subsidized amounts...not that I am pushing for loan borrowing...but higher sub amounts if better than borrowing from the unsub). If he transferred in some credits to bring him to sophomore level, he could be eligible for $4500 in sub loans.

 

[Calliaz]

Well, I agree and think that most 17-18 year olds have no idea what they'd like to do when they grow up. I was a very good student and really had no idea. And I've had three careers since graduating with my bachelors degree 20 years ago.

I have a high percentage of older students in my population who still have this problem.

 

[Ephany]

9K would have covered about 4 months of my undergrad, not even a full semester; rather scary huh? Thankfully my DH is completely supportive and my graduate school is at a public institution with in-state tuition, not private like my undergrad was. My earning potential will be 5-10 times greater than what I'm making now when I'm done in 4 years, that's the only reason we'll be taking any kind of loans. We have a plan in place for paying back my loans now, we don't want to be blindsided when I graduate.

Many of my friends are working on their Master's or working in jobs completely unrelated to their degree b/c they didn't choose their degree plan by what job fields were in demand, just what they were interested in 4-5 years ago. Of course the economy has shifted many fields from 'in-demand' to 'over-supplied' but there are some sectors that have remained fairly stable. If you and your DH feel that his degree will increase his marketability and earning potential when he graduates, 9K really isn't that much. I know many, many people who owe 150K+.

 

[Jennabeth]

I used to think student loans were a fact of life and good debt. I no longer feel that way. I am 12 years out of school and still paying on mine. I really wish I hadn't taken out as much as I did. My payments are very low, but I still hate sending it in every month. You need to make sure his earning potential will increase a lot. My BIL went to school for his MBA and took out huge student loans. He graduated in Dec and is still trying to find a new job. The problem now is his salary requirements are much higher (so he can pay the loan). His payment is starting and he and my sister are freaking out over that monthly payment. Apparently the MBA didn't make him as marketable as he thought.

Another thing, student loans cannot be discharged in a bankruptcy and there are a limited number of deferrals. Also, if you get behind, the government can garnish your wages very easily (they do not have to go to court). You will have these student loans until they are repaid, so make sure you can make those payments in your worst case scenario.

 

[tasha99]

9K would have covered about 4 months of my undergrad, not even a full semester; rather scary huh? Thankfully my DH is completely supportive and my graduate school is at a public institution with in-state tuition, not private like my undergrad was. My earning potential will be 5-10 times greater than what I'm making now when I'm done in 4 years, that's the only reason we'll be taking any kind of loans. We have a plan in place for paying back my loans now, we don't want to be blindsided when I graduate.

Many of my friends are working on their Master's or working in jobs completely unrelated to their degree b/c they didn't choose their degree plan by what job fields were in demand, just what they were interested in 4-5 years ago. Of course the economy has shifted many fields from 'in-demand' to 'over-supplied' but there are some sectors that have remained fairly stable. If you and your DH feel that his degree will increase his marketability and earning potential when he graduates, 9K really isn't that much. I know many, many people who owe 150K+.

Lol, this was so me. I don't know what I was thinking, but apparently there isn't nearly the demand for people passionate about medieval and early modern literature as I thought. I do actually think my English degree helped me get into grad school since admission was heavily weighted towards writing ability and the verbal part of the GRE, but still. . . . It was quite the shock to discover that not very many employers care about Chaucer.

 

[3boymthr]

Lol, this was so me. I don't know what I was thinking, but apparently there isn't nearly the demand for people passionate about medieval and early modern literature as I thought. I do actually think my English degree helped me get into grad school since admission was heavily weighted towards writing ability and the verbal part of the GRE, but still. . . . It was quite the shock to discover that not very many employers care about Chaucer.

Me Too! Sort of! I graduated 19 years ago with a degree in English Lit! Surprise Surprise no careers were in the offing unless I wanted to work for free for one year; either as a student teacher or as an unpaid intern (read FT slave laborer) in a publishing house and neither job was readily available. I ended up working as an administrative assistant in an insurance agency. Although it wasn't my dream job it has taken me in an interesting and well paid direction (I'm a Health & Welfare Plans Underwriter) which is only related to my degree in that I polished my analytical skills with earning my degree.

So definitely, go in with a plan and research your career before you start your degree.