Have questions re: college tuition/loans for DD

[disney1990]

Sorry minky, kids cannot take out enough money freshman year. The max is 5500.

What you suggest is not possible.

Next yr is 7500, I think. Which is why we are shopping for schools that are 12,000 instead of 21,000. DH and I do not want to take out any more loans than we have to.

College is really expensive these days. I saw on the news that a lot of kids are now going to 2 years of community college and then switching schools for the balance of their education. It certainly saves a lot of money.

As somebody else posted, I don't understand going to an expensive college for a degree that you can get at a less expensive college -- unless you are going to be a lawyer or a doctor -- it won't matter down the road.

My daughter is getting her RN at our local community college. When all is said and done, she will still be a nurse.

 

[a1tinkfans]

This is a SCARY thread to me....I went on one of those scholarship sites just recently and almost fell on the floor when they told me how much I/we should be spending out of pocket.

 

[RitaE]

It is a scary topic and frankly one I wish more parents would think about when their kids are in 2nd grade .... rather than High School.

To the OP, I'm sorry for the shock but I have to think a $45k a year school with what appears to be no savings and no retirement plan for the parents is a disaster of epic proportions in the making. My guess is that with a EFC of $57,000 a year somebody in the family has a pretty decent income. I think it is time to visit a Financial Planning expert and get this situation headed in the right direction because if you think College tuition bills look scary, just wait until your trying to make the Social Security checks stretch.

As for the College, wait and see what Aid packages are offered but I can tell you that I'd never in a bazillion years want a child I loved to be starting their working lives with $100k+ in loans just from an Undergrad degree - certainly not when there are State Schools and Community Colleges available for a fraction of that cost.

An education should be a blessing and a benefit, not an anchor.

 

[agnes!]

It is a scary topic and frankly one I wish more parents would think about when their kids are in 2nd grade .... rather than High School.

To the OP, I'm sorry for the shock but I have to think a $45k a year school with what appears to be no savings and no retirement plan for the parents is a disaster of epic proportions in the making. My guess is that with a EFC of $57,000 a year somebody in the family has a pretty decent income. I think it is time to visit a Financial Planning expert and get this situation headed in the right direction because if you think College tuition bills look scary, just wait until your trying to make the Social Security checks stretch.

As for the College, wait and see what Aid packages are offered but I can tell you that I'd never in a bazillion years want a child I loved to be starting their working lives with $100k+ in loans just from an Undergrad degree - certainly not when there are State Schools and Community Colleges available for a fraction of that cost.

An education should be a blessing and a benefit, not an anchor.

That's a good thought, but I think I would change it to say:
An education should be a blessing and a benefit, not a dead-weight.

agnes!

 

[M5ward]

All five of our children are college educated; granted it's been a while since they were in school. Fortunately, one daughter went on an athletic scholarship which helped given the fact that for fourteen years we had a kid or two in college. Our kids were very realistic about what they wanted to do with their lives and what future income would be. We have a mental health counselor (Masters degree), a teacher, two state troopers, and a county police officer. They all recognized the fact that we couldn't afford big-time expensive schools and the fact that their chosen professions didn't require the bigger name schools. We didn't want them to come out saddled with loans either. In this day and age, you have to determine if the cost of education at some of these schools is justified given the fact that there are no jobs and most companies and professions have scaled back pay. My nephew, who is a lawyer, was out of work for eight months; just went back but is making significantly less than before
Kids have to be aware of the family financial situation and have to be realistic in their expectations.

 

[The Mystery Machine]

My dh said that if you do not claim the child as a dependent then they can apply for loans & they can get 9,500 for freshman. 10,500 for sophmores, 12,500 jrs and on.

There is no way that we could do above 20,000 and we are looking at shaving that down. It is nuts. However we are willingly to stick our neck out and help our dd on the right path.

Thankfully our 13yodd is going to get scholarhships. She is already laying out her path after watching older sis struggle. Plus she tests well, good student, etc...highly motivated but that is just her personality.

I don't see loans as a huge anchor if it gets you somewhere. It is just another bill. I should know, dh is still paying for his student loans. However that does not mean you pay too much for a degree either. Keeping it in perspective is certainly what is being discussed in my house this semester.

My dh had no choice. He had a schizophrenic mother and no family to help, except mine. So sometimes debt is a necessary evil.

 

[Darcy03231]

I have two foster children graduating from high school this year and its true they do qualify for a lot of state and federal aid. Its also true that many of these children have nothing upon high school graduation. I love my twins dearly and they will always have a home with us, but not all of these children are that lucky. Many of them get put out of their homes once the money stops coming in for their support and are then left to fend for themselves. Without an eductation they cannot support themselves and become a drain on the system. Be very glad your children are not in their situation. It's heartbreaking what some of them go through. There's no way I would want my children in their situation, even for a free (or almost free) education.

 

[momof2minnies]

It is a scary topic and frankly one I wish more parents would think about when their kids are in 2nd grade .... rather than High School.

To the OP, I'm sorry for the shock but I have to think a $45k a year school with what appears to be no savings and no retirement plan for the parents is a disaster of epic proportions in the making. My guess is that with a EFC of $57,000 a year somebody in the family has a pretty decent income. I think it is time to visit a Financial Planning expert and get this situation headed in the right direction because if you think College tuition bills look scary, just wait until your trying to make the Social Security checks stretch.

As for the College, wait and see what Aid packages are offered but I can tell you that I'd never in a bazillion years want a child I loved to be starting their working lives with $100k+ in loans just from an Undergrad degree - certainly not when there are State Schools and Community Colleges available for a fraction of that cost.

An education should be a blessing and a benefit, not an anchor.

OK this is way more than needed.By the way WE have a great amount of money in the bank for savings and some IRAS that have tanked like the rest of the country.My DD on the other hand does have some.We have a financial planner and are on top of all that.My question was about college- basically how do people do it?

Again the ones that get screwed are the people like us who have contributed to society year after year after year to get screwed over and over again- the white, middle class American family continues to pay through their noses.I work with an anesthesiologist from another country who told me that the rich people in his country come here and their kids go to school for nothing!!!!! WTH!!!!!!!!

By the way my DD had scholarship offers from 4 schools that is why I was asking the question.She had to sign her National Letter of Intent today and wanted to make sure going this route was the best since the money was the best but not her first school choice.

She wants to be a chiropractor so going to any old school was not an option but thanks for the info about the state schools- we did go with the cheaper option, again not her first choice.

Thanks to all who gave valuable information.

Linda

 

[MrsPete]

We were told we should be able to pay $57,000 per year- ah what? Where is that coming from will someone tell me?

With the schools she is interested in for 4 years the totals look like somewhere around $150,000 not including interest.

Your numbers don't add up. If this particular school is going to run $150,000 for FOUR YEARS, why would you be expected to pay $57,000 PER YEAR? That'd mean you'd be paying $228,000 for a $150,000 education. I don't understand.

Wouldn't that be cheating?

Yes, and if you're caught the penalties would be severe -- for you AND for your student. I would never risk it.

The people who hold this country together get screwed every time.I am a RN and to get my license renewed next year I have heard it has gone up to $125, that is ridiculous! QUOTE]This is really off-topic, but I'm interested because my daughter intends to go into nursing. Do you have to pay to renew your license yourself? I'm asking because I'm a teacher, and as long as I'm continually employed my school system pays for my license renewal every five years. I have to put together the proof that I'm eligible for renewal, but they pay.

Totally agree. I don't understand going deep into debt for a college degree that will never provide the kind of income you need to have to pay off that debt. I know people whose kids went to expensive schools to major in--elementary education? Really, you needed to go to Vanderbilt for that?

I agree completely, but we as a society seem to have accepted that every student should be able to go to any school he chooses . . . and money shouldn't stand in the way. An 18-year old has probably been told, "You can do anything you want, be anything you want to be" . . . but he probably doesn't have a firm grasp on the idea that the jobs for Dance majors are few and far between . . . nor does he really have much idea of how those student loans will affect his future. Oh, sure, he knows he has to pay them back, but that's a far cry from realizing just how small an entry level salary can be. That's why it's up to parents to guide their students in making these choices.

I'm thinking about a student of mine who was dead-set on going to a very expensive private school on the other side of the country. Her parents had both gone there, and she'd heard stories about it all her life. She went to visit and fell in love with it. She got some scholarship money, but not nearly enough to pay the cost of that education; her parents weren't really in a position to pay anything much. I was close to this girl, and I talked and talked to her about why she didn't really want to borrow as much as she was considering, but she was dead set on going. It was clear that she just "didn't get" that this would make a big impact on her future. I think she had the idea that these loans would mean she'd need to drive a used car instead of a new one -- you know, just a minor sacrafice.

She LOVED her college years, but now here she is with 100K+ of debt, and she's a teacher. In fact, she's back home teaching in my school system. She's living at home, working a second job, and is struggling. I think she had the idea in the back of her mind that she'd meet a great guy during college and at this point in her life would be married -- so he'd be taking care of her debt. She's screwed. She will remain screwed for quite a few years.

 

[MrsPete]

I'll tell you what we did -- we pulled back and went the state school route. Our son had the option of going to Duke or the like and coming out with $100,000 or so in loans or going to NC State or UNC-Chapel Hill and having it totally paid for by us. When it came time for our second son to go to college we looked only at the state universities. That is our intention for our third son also. Two of the three have the kind of academic records that qualify them for the very top universities, but this still feels like the best choice for our family.

This is exactly what I anticipate us doing -- very soon, in fact. We have saved since before the kids were born and can afford to send our kids to a state school. Some scholarship money would be nice, but we can swing it without. I'd MUCH RATHER my daughters graduate debt-free from NC State or Chapel Hill than to have $100,000 debt and a degree from Duke. (Not that any of those three are on my daughter's radar; rather, I mean it in a general sense.)

I don't see loans as a huge anchor if it gets you somewhere. It is just another bill. I should know, dh is still paying for his student loans. However that does not mean you pay too much for a degree either. Keeping it in perspective is certainly what is being discussed in my house this semester.

I disagree. Usually there's a choice to attend a less expensive school, which would mean avoiding that debt (or lessening it significantly). Just another bill still adds up.

She wants to be a chiropractor so going to any old school was not an option but thanks for the info about the state schools- we did go with the cheaper option, again not her first choice

I don't know anything about being a chiropractor, but I assume that like most other majors, it doesn't matter so much where you START as where you FINISH. Though it isn't most people's first choice, she could start somewhere less expensive (even community college) and then transfer to THE SCHOOL for the last years of her education. With large debt a likelihood, it's worth a consideration.

 

[kangareaux]

I can SOOOOO relate to what you are going through! SIL and I both went back to school this spring. They make 2-3000 less then us. SHE got her tuition FULLY PAID andhas some left over! I got NOTHING....ZERO! Seriously? WTH!

So, yeah, i'm living in student loanville

 

[The Mystery Machine]

I disagree. Usually there's a choice to attend a less expensive school, which would mean avoiding that debt (or lessening it significantly). Just another bill still adds up..

You can disagree all you want but that was not going make my dh's mother not a schizophrenic in psychosis at the time he moved out.

He had to move out and while he went into huge debt, it saved his life.

Not everyone has a rosy childhood with supportive parents.

 

[Teacher03]

My dh said that if you do not claim the child as a dependent then they can apply for loans & they can get 9,500 for freshman. 10,500 for sophmores, 12,500 jrs and on.

There is no way that we could do above 20,000 and we are looking at shaving that down. It is nuts. However we are willingly to stick our neck out and help our dd on the right path.

Thankfully our 13yodd is going to get scholarhships. She is already laying out her path after watching older sis struggle. Plus she tests well, good student, etc...highly motivated but that is just her personality.

I don't see loans as a huge anchor if it gets you somewhere. It is just another bill. I should know, dh is still paying for his student loans. However that does not mean you pay too much for a degree either. Keeping it in perspective is certainly what is being discussed in my house this semester.

My dh had no choice. He had a schizophrenic mother and no family to help, except mine. So sometimes debt is a necessary evil.

This is a misconception we also had. My son couldn't claim to be independent this year, and he is 23! FAFSA didn't allow it; I called and explained that we (as his parents) paid for four years and he was on his own and without any help from us this fifth year. No change, he didn't meet the criteria which was date of birth. The FAFSA is the deciding factor as to how much loan money he could get. He thankfully graduates this year, but he could qualify for more next year because he will meet the criteria. He could also get more if he is a grad student. (Just a note, he did it on his own this year, it was a struggle, but I am very proud of him!)

 

[LisaR]

OK this is way more than needed.By the way WE have a great amount of money in the bank for savings and some IRAS that have tanked like the rest of the country.My DD on the other hand does have some.We have a financial planner and are on top of all that.My question was about college- basically how do people do it?

Again the ones that get screwed are the people like us who have contributed to society year after year after year to get screwed over and over again- the white, middle class American family continues to pay through their noses. I work with an anesthesiologist from another country who told me that the rich people in his country come here and their kids go to school for nothing!!!!! WTH!!!!!!!!

By the way my DD had scholarship offers from 4 schools that is why I was asking the question.She had to sign her National Letter of Intent today and wanted to make sure going this route was the best since the money was the best but not her first school choice.

She wants to be a chiropractor so going to any old school was not an option but thanks for the info about the state schools- we did go with the cheaper option, again not her first choice.

Thanks to all who gave valuable information.

Linda

My DH goes to a chiropractor. I asked him what school he went to. Not a clue so we looked him up online. He went to a state school. The horrors!

Nobody NEEDS to go to a $45,000 a year school for their bachelor.

 

[The Mystery Machine]

This is a misconception we also had. My son couldn't claim to be independent this year, and he is 23! FAFSA didn't allow it; I called and explained that we (as his parents) paid for four years and he was on his own and without any help from us this fifth year. No change, he didn't meet the criteria which was date of birth. The FAFSA is the deciding factor as to how much loan money he could get. He thankfully graduates this year, but he could qualify for more next year because he will meet the criteria. He could also get more if he is a grad student. (Just a note, he did it on his own this year, it was a struggle, but I am very proud of him!)

That is pretty much verbatim from the Stafford site. So you are saying that FAFSA would not allow it. Blah...crazy.

 

[bballmom56]

One of the keys we found was to look at colleges where the student's stats (gpa, SAT/ACT, class rank) are in the top 25% of the college's accepted students. These were the students that were offered the most merit money. When my DD did this, she received merit offers that made private schools less expensive than our state schools as the state schools are not nearly as generous with merit awards.

OP ~ you said your DD just signed a National Letter of Intent? So she is an athlete? Did she receive any type of scholarship for her sport?

 

[Teacher03]

That is pretty much verbatim from the Stafford site. So you are saying that FAFSA would not allow it. Blah...crazy.

Are you saying that what you thought was verbatim? Just interested, because we have one more going through, and it is going to take her about 6 years (she will have her masters when finished.) If there is a way, we would love to know. We tried everything possible for our son; but fafsa said there was no way around it. (She's a sophomore in college this year.)


ADDED: Okay, I just went to the stafford website and at the bottom is the criteria whether a student can claim independent or not. Check it out to see when your child can qualify. Right now it says the birthdate eligible is before Jan. 1985, or you can be married, have children , both parents deceased and some others. My son wouldn't be eligible this coming year if he needed; how crazy is that! He will be 24 in May!

 

[RitaE]

OK this is way more than needed.By the way WE have a great amount of money in the bank for savings and some IRAS that have tanked like the rest of the country.My DD on the other hand does have some.We have a financial planner and are on top of all that.My question was about college- basically how do people do it?

Again the ones that get screwed are the people like us who have contributed to society year after year after year to get screwed over and over again- the white, middle class American family continues to pay through their noses.I work with an anesthesiologist from another country who told me that the rich people in his country come here and their kids go to school for nothing!!!!! WTH!!!!!!!!

By the way my DD had scholarship offers from 4 schools that is why I was asking the question.She had to sign her National Letter of Intent today and wanted to make sure going this route was the best since the money was the best but not her first school choice.

She wants to be a chiropractor so going to any old school was not an option but thanks for the info about the state schools- we did go with the cheaper option, again not her first choice.

Thanks to all who gave valuable information.

Linda

Ok, I guess I misunderstood your first post then when you said

How do people do this and what type of loans do they take out? We have no retirement fund and would like to be able to eat when we retire never mind anything else we may need.

The story seems to have changed a bit.

If you have all that money saved then the way people do it is they take the money they have saved and they pay the bill to the school of their choice. I'm simply not going to comment on the bringing of race and ethnicity into the topic because I find it offensive.

Best of luck to your daughter.

 

[Sparx]

OK this is way more than needed.By the way WE have a great amount of money in the bank for savings and some IRAS that have tanked like the rest of the country.My DD on the other hand does have some.We have a financial planner and are on top of all that.My question was about college- basically how do people do it?

Again the ones that get screwed are the people like us who have contributed to society year after year after year to get screwed over and over again- the white, middle class American family continues to pay through their noses.I work with an anesthesiologist from another country who told me that the rich people in his country come here and their kids go to school for nothing!!!!! WTH!!!!!!!!

By the way my DD had scholarship offers from 4 schools that is why I was asking the question.She had to sign her National Letter of Intent today and wanted to make sure going this route was the best since the money was the best but not her first school choice.

She wants to be a chiropractor so going to any old school was not an option but thanks for the info about the state schools- we did go with the cheaper option, again not her first choice.

Thanks to all who gave valuable information.

Linda

 

[The Mystery Machine]

Are you saying that what you thought was verbatim? Just interested, because we have one more going through, and it is going to take her about 6 years (she will have her masters when finished.) If there is a way, we would love to know. We tried everything possible for our son; but fafsa said there was no way around it. (She's a sophomore in college this year.)


ADDED: Okay, I just went to the stafford website and at the bottom is the criteria whether a student can claim independent or not. Check it out to see when your child can qualify. Right now it says the birthdate eligible is before Jan. 1985, or you can be married, have children , both parents deceased and some others. My son wouldn't be eligible this coming year if he needed; how crazy is that! He will be 24 in May!

Crazy. My dh was reading it and did not read all the fine print I guess.

Figures. It makes no sense.