Have questions re: college tuition/loans for DD

[MrsPete]

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.

I understand what you're saying. Everyone doesn't have good choices, but I'm still very against college debt. There are other options.

I also didn't have a rosy childhood or supportive parents, and I worked very, very hard to get through college. I didn't do it in four years, and I certainly didn't live comfortably -- but I did it without debt. I often worked two jobs and took extra work anytime I could. I often split the cost of textbooks with friends. I was literally hungry at times, and at one particularly low point I remember that my only tennis shoes had a hole in the sole. But while I was walking around with holes in my shoes, I was working and saving for the next semester. Growing up with little security, I never had the idea that tomorrow would be better than today, and I wasn't willing to go into debt that I might not be able to pay. I figured it was better to suffer today rather than to find myself in a position that I couldn't pay the debt. Returning home to live with my parents was never an option. I had no safety net.

Knowing what I know now, if I had it to do again, I'd join the military for four years. I'd live as cheaply as possible, save every penny, and use that plus the GI bill for college. Being female and having been a top student, I didn't even consider that as an option when I was 18 -- but in retrospect, it would've been a good choice for me.

 

[MrsPete]

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!)

This is a difficult situation, and I don't know how the financial aid folks could ever make it right.

On the one hand, you have students whose parents will not (or cannot) support them after age 18 (or after whatever timeframe they see as correct), yet those students aren't yet 24. So many students cannot get aid that they really deserve, and there's nothing they can do about it.

On the other hand, you have parents who would gladly claim, "Nope, we're not going to pay a penny for our adult child to go to school -- you give him some money." And will give him plenty of money "under the table".

FAFSA folks cannot know the difference, and many students fall between the cracks.

 

[allison443]

I hope people are reading this thread if they have kids younger than college seniors.

In the last couple of weeks I have read a few threads from parents shocked at their EFC/financial aid packages and scrambling to figure things out. IMO, in the spring of senior year, no one should be shocked at their EFC as determined by the FAFSA. There are online FAFSA calculators, and so much information out there that parents and students can know all of this at the time they are doing their applications. This can really help in determining what schools to apply to.
Of course it's great if everything works out and the kids can go to their first choice school, but it's so important to have a "financial safety"- a school the kid can get into, will be happy at, and the family can definitely afford it.

When the EFC is calculated, basically they expect families to contribute from past earnings (savings), current earnings, and future earnings (by taking loans). If someone hasn't saved, they will be at a deficit.

 

[Teacher03]

This is a difficult situation, and I don't know how the financial aid folks could ever make it right.

On the one hand, you have students whose parents will not (or cannot) support them after age 18 (or after whatever timeframe they see as correct), yet those students aren't yet 24. So many students cannot get aid that they really deserve, and there's nothing they can do about it.

On the other hand, you have parents who would gladly claim, "Nope, we're not going to pay a penny for our adult child to go to school -- you give him some money." And will give him plenty of money "under the table".

FAFSA folks cannot know the difference, and many students fall between the cracks.

I think the age of 21 or 22 would be reasonable. It's not free money, it's still a loan that would have to be paid back. I went back and looked at the Stafford site and he still wouldn't be eligible next year! At the age of 24! But, as I said, he did it on his own, which means less money he has to pay back. So maybe it was a blessing in disguise.

 

[allison443]

Yes it would. I am just saying it can be gotten away with.

I believe cheating on the FAFSA is a federal offense. How do you know it can be gotten away with-do you know people who have done that?

 

[Art 1]

I hope people are reading this thread if they have kids younger than college seniors.

In the last couple of weeks I have read a few threads from parents shocked at their EFC/financial aid packages and scrambling to figure things out. IMO, in the spring of senior year, no one should be shocked at their EFC as determined by the FAFSA. There are online FAFSA calculators, and so much information out there that parents and students can know all of this at the time they are doing their applications. This can really help in determining what schools to apply to.
Of course it's great if everything works out and the kids can go to their first choice school, but it's so important to have a "financial safety"- a school the kid can get into, will be happy at, and the family can definitely afford it.

When the EFC is calculated, basically they expect families to contribute from past earnings (savings), current earnings, and future earnings (by taking loans). If someone hasn't saved, they will be at a deficit.

I thought the same. It's surprising how many here are taken by surprise that their child is now a senior and they are going to have to pay for college. You know when the child is born that it's coming in 18 years. It's also shocking how many expect free tuition from the government.

 

[The Mystery Machine]

I understand what you're saying. Everyone doesn't have good choices, but I'm still very against college debt. There are other options.

I also didn't have a rosy childhood or supportive parents, and I worked very, very hard to get through college. I didn't do it in four years, and I certainly didn't live comfortably -- but I did it without debt. I often worked two jobs and took extra work anytime I could. I often split the cost of textbooks with friends. I was literally hungry at times, and at one particularly low point I remember that my only tennis shoes had a hole in the sole. But while I was walking around with holes in my shoes, I was working and saving for the next semester. Growing up with little security, I never had the idea that tomorrow would be better than today, and I wasn't willing to go into debt that I might not be able to pay. I figured it was better to suffer today rather than to find myself in a position that I couldn't pay the debt. Returning home to live with my parents was never an option. I had no safety net.

Knowing what I know now, if I had it to do again, I'd join the military for four years. I'd live as cheaply as possible, save every penny, and use that plus the GI bill for college. Being female and having been a top student, I didn't even consider that as an option when I was 18 -- but in retrospect, it would've been a good choice for me.

Ok, dh was a HS dropout and you have to understand that not everyone can do what you did. He had 7 HS credits and dropped out in 10th grade.

Anyway my dh is paying school loans and makes a good living. Yes, he has debt however it is what it is.

I don't know how you "knew" all of this stuff but back then we were clueless.

 

[foohpah]

Isn't FAFSA just for qualifying for a Pell grant? I think the number of people who get Pell is really pretty small. My parents were certainly not making a lot when I was going to college (Dad was enlisted Army and Mom was a SAHM) and even we did not qualify for Pell. I guess I should have been raging about how a good military family was being screwed out of money for college.

I have to say that while I agree that FAFSA's numbers make it seem like most people should be able to spend far more than is realistic with numbers like the OP's there must be someone making pretty good money - I would say at least $150K. Even the worst formula is surely not going to say that someone must spend 50% of their income on the college tuition for one student. My guess is that there is much more to the OP's story. Maybe a lot of debt, assets or something.

There may be more money at the State level and the OP's kid should have been in contact with the school's financial aid office long before now. They are likely to be much more helpful with ideas for loans (parent and student), scholarships and (horror!) work-study. If a school really wants a student they will help them find a way.

 

[bballmom56]

Isn't FAFSA just for qualifying for a Pell grant? .

No. Many colleges require it to be filed to receive merit aid even if they won't qualify for need based aid.

 

[The Mystery Machine]

Isn't FAFSA just for qualifying for a Pell grant? I think the number of people who get Pell is really pretty small. My parents were certainly not making a lot when I was going to college (Dad was enlisted Army and Mom was a SAHM) and even we did not qualify for Pell. I guess I should have been raging about how a good military family was being screwed out of money for college.

I have to say that while I agree that FAFSA's numbers make it seem like most people should be able to spend far more than is realistic with numbers like the OP's there must be someone making pretty good money - I would say at least $150K. Even the worst formula is surely not going to say that someone must spend 50% of their income on the college tuition for one student. My guess is that there is much more to the OP's story. Maybe a lot of debt, assets or something.

There may be more money at the State level and the OP's kid should have been in contact with the school's financial aid office long before now. They are likely to be much more helpful with ideas for loans (parent and student), scholarships and (horror!) work-study. If a school really wants a student they will help them find a way.

FAFSA is required if you want loans, grants, work study, & some scholarships.

 

[foohpah]

No. Many colleges require it to be filed to receive merit aid even if they won't qualify for need based aid.

I understand most schools require it before they will consider other aid but the only "free" money you can qualify for with the FAFSA only is Pell. That is what I was trying to say.

 

[allison443]

I understand most schools require it before they will consider other aid but the only "free" money you can qualify for with the FAFSA only is Pell. That is what I was trying to say.

The Pell Grant is the only free government money awarded through the FAFSA. However, I believe that schools use the fafsa figures in determining financial aid packages awarded by the school, i.e. institutional grants, work study, etc.

 

[foohpah]

The Pell Grant is the only free government money awarded through the FAFSA. However, I believe that schools use the fafsa figures in determining financial aid packages awarded by the school, i.e. institutional grants, work study, etc.

Maybe my English skills are bad but that is what I was saying. Schools do look at the FAFSA numbers but they are not gospel where all schools will require the parents to pay that amount. I am just saying for the OP that there are likely many other options they need to look at. This OP seems mad that they did not qualify for "free" money based on their FAFSA numbers.

 

[christineann]

A coworker of mine asked me about financial aid, and I told her she had to fill out the FAFSA, etc. She was indignant that her daughter didn't get any "free money" and said that the EFC was totally unrealistic.

Three weeks later, she traded in her car for a fancy sportscar with a very high car payment. I guess the folks at FAFSA somehow knew what her priorities were.

 

[hentob]

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

At what point will you tell her that she can’t afford a 150K education? It seems strange that at her age she has no idea what her parents can and cannot afford. Did you not sit down with her? You simply can’t afford a 150K education. Tell her to change her school choices. Today. Simple as that.

We have a financial planner and are on top of all that.

Well, I can say with confidence that I would FIRE that financial planner. They have not been doing a good job at guiding you.

You have said yourself on another thread that you have been on so many trips to WDW (OKW specifically) that you could own DVC now.

http://www.disboards.com/showpost.php?p=35039172&postcount=11

I am thinking about doing this as well.We are not DVC but just OKW fans for years-should have been DVC by now.

My DD will be 18 and we want to give this to her for graduation.Does she need to have a credit card to check in? Oh this is not a good idea with this kid- money burns a hole in her pocket- it could be trouble.Going to college a credit card could be a disaster at this point.

TIA,
Linda

You had the choice to invest that money or think about your daughter’s education. You chose to travel. Now you are angry that you can’t pay for college. I can’t blame you for being mad Your financial planner did an awful job at directing you towards the right choice.

Teach your daughter to respect money. Seems like she has issues with it per the above post. That is may be why she thinks she deserves a $150K education

It is not too late to start educating her on what she can and can’t afford. She needs to start learning basic financial rules. Can’t afford it? Don’t buy it!

Good luck

 

[hentob]

A coworker of mine asked me about financial aid, and I told her she had to fill out the FAFSA, etc. She was indignant that her daughter didn't get any "free money" and said that the EFC was totally unrealistic.

Three weeks later, she traded in her car for a fancy sportscar with a very high car payment. I guess the folks at FAFSA somehow knew what her priorities were.

Now this bothers me People that can afford luxuries, but don't want to be responsible for educating their children.

 

[Longsx3]

We talk often about College in our house, what it costs, what it takes to get there. The expectations are that DD (13) will have plenty of options when picking a College to attend. However we have already shown her that between, Bright Futures (a Florida Program), her father's GI Bill (which can now be transferred to her) and her prepaid Money (She has 4 yrs state University and fees paid for plus 1 yr of Dorms) that if she attends a State School and spends her money wisely that she will almost have enough Money for law School after undergrad. Like wise we have shown her that if she choses an out of state school, not counting any additional financial assistance, that she could easily come out of school in debt...so far she is all for going to school in state.
DD is welcome to apply to any school of her chosing when the time comes...the acceptance letter to Harvard will make a great memento however we will only be providing a minimal amount of financial support after her prepaid funds and the Gi Bill.

As for the FASFA my expectation is that even if we did not have the Florida prepaid program for my DD that we would have a very high EFC. Also it is true that it is almost impossible for a single student to be classified as independent prior to turning 24.

 

[LisaR]

You had the choice to invest that money or think about your daughter’s education. You chose to travel. Now you are angry that you can’t pay for college. I can’t blame you for being mad Your financial planner did an awful job at directing you towards the right choice.

Teach your daughter to respect money. Seems like she has issues with it per the above post. That is may be why she thinks she deserves a $150K education

It is not too late to start educating her on what she can and can’t afford. She needs to start learning basic financial rules. Can’t afford it? Don’t buy it!

Good luck

But isn't it easier to blame it on someone else and complain about the white, middle class always getting screwed?

 

[PixieTopaz]

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!


Another way the working people pay, pay and pay!!!!!!!!!! Who gets the AMERICAN DREAM????????? Not the hard working AMERICAN!
Makes us very angry, in case no one could tell.


Linda

Linda
__________________
2000- OKW First trip with the kids,
2001 OKW First time for my parents,
2002 Marriott Grande Vista/OKW,
2003 MGV,
2004 OKW,
2005 March Disney cruise/SSR, July-MGV,
2007 CSR, 2008 Clearwater-day trip, Marathon
2009 OKW,Nov.
2009 CSR then the Magic,Marathon
2010 OKW.

Your siggy implies that you are living the American dream-to me

 

[Liberty Belle]

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! Another way the working people pay, pay and pay!!!!!!!!!! Who gets the AMERICAN DREAM????????? Not the hard working AMERICAN!

Makes us very angry, in case no one could tell.

DD did get the Stafford for $5500- big deal though.

Linda

A lot of hard working Americans can't afford Disney trips. We can only afford one every few years. Our son will be going to college in a couple of years. I'm hoping for a scholarship and hope that, along with what we've saved for his education, will cover it.