Loans and paying for college ?'s

[lost*in*cyberspace]

You should have been in contact with the school's financial aid office a few months ago. Call them now; they can answer your questions.

Please note that if your daughter should be awarded any outside grants or scholarships, her financial aid offer from her school will be reduced by that amount. Sometimes it's not worth the effort to pursue these.

Also note that if your daughter takes out any private loans and she should die or become disabled, her estate or whoever co-signed the loans will be liable for paying off the loan. They will not be forgiven like federally subsidized loans are. You need to take out a life insurance policy to cover this cost, just in case.

 

[basicprincess24]

I work in college admission, so I can offer a little bit of advice from this side.

Step 1 would definitely be to contact the financial aid offices at the schools your daughter is most interested in attending. Using the info on your FAFSA, they should be able to work with you to get a mix of scholarships, need-based grants, federal grants, state grants, work study, and loans to cover 100% of costs of attendance. They will also be able to explain what types of loan options you have and how they work. Keep in mind that this is the busiest time of year for FA offices, so be patient if it takes a day or two to hear back.

Every school is required to post publicly the number that they use as cost of attendance, and break down what is included in that number. Tuition, housing, meals, an average for books, health fees, are usually included.

Most private schools are going to give larger scholarships than public, but that is because the tuition starts at a higher price point. You'll really have to crunch the numbers to see which school will be less for you out of pocket/loans, because simply the amount of scholarship provided cannot be accurately compared public vs private.

Books are a wild card, even with the amount the school reports. It can really vary between majors even at the same school. If she is going to study a STEM field, books are much more than in the humanities or arts. I highly recommend renting, either from the school bookstore or Amazon.

 

[runwad]

^ I second Amazon prime and here's a link for your student, she can get 6 mos free. Wait till summer to start so she can use it to rent her books if it comes out cheaper https://www.amazon.com/gp/student/signup/info/ref=prime_pdp_prime_assist_student

Both of my kids rent from Amazon and it is cheaper. Their prime membership after the 6 mos is 1/2 price so 49.99. We have one account that we all share.

 

[pjlla]

Not taking the time to read all replies, so this may be repeated, but here goes. ASK for money! Once she has been accepted and has narrowed it down to a few choices, email the Financial Aid committee and ask for more money. Have her tell them (the email/letter should be FROM HER) that while she would LOVE to attend their college, financially it would be a stretch (if there is a good legit reason such as a single parent household, or such, mention it) and if there was any more money ANYWHERE to be had (specify that she is looking for grants and scholarships, not more loans), she would love to be considered for it. Even if she has already been awarded money, there could be more.

DS had narrowed his decision down to two schools and when he emailed the FA committe LITERALLY at the last minute (48 hours before the decision deadline) he was awarded another $8k!

DD also got in touch with the FA office at her school where she was starting SENIOR year and told that that with her brother starting college that year, finances at home tight. With one email she was awarded another $2K in her LAST YEAR.... so obviously it is never too late to ask!...........Best of luck..............P

 

[tiggerluver12]

You mentioned tuition, housing, and meals as major costs for school. Depending on her major, books can be an astronomical cost each semester too, so don't forget to build that into the budget. If she knows her major, see if there is a way to look into the average book costs each semester to budget that as well.

As a science major, it was not often that I could purchase an older edition of a textbook for a class, and for core science classes there is generally a new textbook edition released every year (and since they updated so frequently I could rarely sell them back for more than $20 at the end of a course). Each of those books was easily $200-$300, and with 4 or more classes, I was dumping $800+ on textbooks every quarter (I was on the quarter system, not semester) if I bought all the books.

This is not necessarily true. I have had 3 kids in college and their books were not astronomical because we rented most of them. Don't let anyone scare you with ridiculous book costs. Yes, some will be expensive - but most, if not all can be rented for a fraction of that cost.

 

[Mrs. Ciz]

This is not necessarily true. I have had 3 kids in college and their books were not astronomical because we rented most of them. Don't let anyone scare you with ridiculous book costs. Yes, some will be expensive - but most, if not all can be rented for a fraction of that cost.

Except sometimes they can't be rented. At DS's school some of the books are specific to his university and can only be purchased in the bookstore (no rentals). Or many professors require an online code that only comes with new books (not rentals or used books). We have never been able to rent any of DS's books in the last 2 years.

 

[LadyD]

This is not necessarily true. I have had 3 kids in college and their books were not astronomical because we rented most of them. Don't let anyone scare you with ridiculous book costs. Yes, some will be expensive - but most, if not all can be rented for a fraction of that cost.

Except sometimes they can't be rented. At DS's school some of the books are specific to his university and can only be purchased in the bookstore (no rentals). Or ,many professors require an online code that only comes with new books (not rentals or used books). We have never been able to rent any of DS's books in the last 2 years.

This exactly. Book rentals are great when they're available, but they are not always. Like I said, a lot is going to depend on the major. Science classes tend to be really heavy on books that require codes or are university specific and cannot be rented (I'm looking at you physics, biology, and statistics!!) This is why I recommended seeing if there is a way to find out the current approximate book cost from the university per semester for her major.

It is better to be prepared and know the full cost ballpark figure for the average semester costs for books going in than be slapped by sticker shock right before school starts. There are a lot of ways to reduce your out of pocket expenses for textbooks, so it is good to be familiar with them, but it is better to prepare for no alternatives than the pricey current brand spankin new edition.

 

[melanielll]

Not that I am recommending doing anything illegal - but pdfs of a lot books are online. Not all - but a lot.

I also strongly recommend her working during school. Both of my kids did. It helped them financially, looked good on their resumes, and taught them a lot about scheduling and responsibility.

And I back up whoever says to borrow as little as possible. The private school may be offering more up front - but the cheaper public school (if it has a decent program in her major) is where I would put my kid.

Also - greater distance from home generally equals more money being spent. That is not normally talked about by schools, but it is a real cost.

And - finally - the best way to save money on school is to FINISH IN 4 YEARS! Go to class, don't drop classes, complete assignments, pass everything the first time and stay on track with the degree plan. I was quite clear with both of my kids - the first 4 years are on us. Any additional years getting that bachelors degree were on them.

Good luck.

 

[DVCcurious]

books are a scam. I figured that out after my first semester and I never bought another book the next 3.5 years.

Of course I have a photographic memory and had total recall of all lectures while I was taking a test so that helped a lot.

If you're the type of person who needs to study then buying books is probably a good idea.

BTW having a photographic memory sucks. It's incredibly frustrating when people say one thing, then 15 years later they say the opposite and you remind them of what they said before and they say "I never said that!".

 

[edk35]

I have one out of college, one a sr. in college and another starting in Aug. of this year. As far as the books go.....WAIT until they meet with their classes. They don't always need every book on their list. Some professors will tell them after the first class. Also, our kids rented some, got digital ones too that were cheaper.

 

[melanielll]

Also on books - make friends with someone in the same major who is a year ahead. Buy used directly from them. That cuts out the middleman. Another way to score good book prices is that most majors at most schools have facebook groups where a lot of used books are sold.

And edk35 is correct - a lot of professors will tell you on the first day that you don't even need the book - or that an older, cheaper edition will work just fine.

 

[runwad]

I disagree with waiting until class starts to get the books and here's why. I've noticed the closer you get to the start of class, the higher the demand for books the lower the supply and the higher the prices become.

Both my DD's on campus bookstores are Barnes & Nobles so I can only speak for them. If we rent from Amazon we have 30 days that we can send it back for a refund. If we have to buy from the bookstore we have 7 days after the start of class to return for a refund.

If you wait till the first day of class either the book is sold out on amazon and the book store (and you have to wait on a backorder) or it's at a higher price then it was a month ago. Believe me I track this stuff. Buy them ahead and take back if the prof says you don't need it. It will be cheaper!!

 

[JFox]

Pell grants, state grants, institutional grants, work study and loans are all financial aid. When most people say the do not qualify for financial aid what they mean is they weren't offered any free money. In most cases what you may be offered is drastically different from what you want. I worked in financial aid for 17 years and the best advice I can offer is to complete the FAFSA early every year and corresponding scholarship application. You always have the option to decline any or all of the financial aid package. Also it is the student/parent responsibility to READ READ READ. There is a lot of fine print when accepting financial aid and maintaining eligibility. In our education seminars we tried to stress to parents that school expenses should be covered with a mix of financial aid, savings or family assistance and work earnings. And that earning a degree isn't a right but a privilege and expecting 100% to be covered with free money was very unlikely.

 

[JFox]

Also, the best place on campus to work is the FINANCIAL AID OFFICE. Anytime we had extra funds to spend we always looked to our students first. Additionally, if your student works at a state school s/he can earn longevity with the state. This could come in handy later in life.

 

[adisneyaunt]

OP... you said she does not qualify for financial aid... was that the FAFSA result? Indicated your wages/salary should cover it?
Private loans are costly, terms are not good so avoid them is my suggestion.
If she has already applied and been accepted... seek the assistance directly from the school she is interested in. If not, have her get into the Guidance dept and seek their help!!

Ur daughter should be claiming First Generation College student..there's usually money for that...

Getting that undergraduate degree under her belt is the first step... get the best bang for your buck by attending the best ranked school at the smallest out of pocket cost/loan cost.
( assuming she is not top tier school driven/accepted).
The added expenses can add up... health coverage fees, parking fees, transport fees.. holiday travel home for those that dorm ...typical life expenses ( hygiene etc), laundry... it's an endless list but does get easier as time passes
Wishing ur family the best of luck and Congrats to your daughter on her Upcoming Graduation!

 

[dreamin_disney]

OP... you said she does not qualify for financial aid... was that the FAFSA result? Indicated your wages/salary should cover it?
Private loans are costly, terms are not good so avoid them is my suggestion.
If she has already applied and been accepted... seek the assistance directly from the school she is interested in. If not, have her get into the Guidance dept and seek their help!!

Ur daughter should be claiming First Generation College student..there's usually money for that...

Getting that undergraduate degree under her belt is the first step... get the best bang for your buck by attending the best ranked school at the smallest out of pocket cost/loan cost.
( assuming she is not top tier school driven/accepted).
The added expenses can add up... health coverage fees, parking fees, transport fees.. holiday travel home for those that dorm ...typical life expenses ( hygiene etc), laundry... it's an endless list but does get easier as time passes
Wishing ur family the best of luck and Congrats to your daughter on her Upcoming Graduation!

Thank you
Fasfa she doesn't qualify for Cal Grants. Hubby said we can try for middle class scholarship or grant whatever it is. She did claim 1st Generation College Student. We have our last campus tour tomorrow. Last night I tossed and turned dreaming of different colleges-lol! I've been working on budget plans for at least two schools I think she will pick. Hopefully by next weekend she will know. We have an event at the college we will be touring tomorrow

 

[McKelly]

You mentioned tuition, housing, and meals as major costs for school. Depending on her major, books can be an astronomical cost each semester too, so don't forget to build that into the budget. If she knows her major, see if there is a way to look into the average book costs each semester to budget that as well.

As a science major, it was not often that I could purchase an older edition of a textbook for a class, and for core science classes there is generally a new textbook edition released every year (and since they updated so frequently I could rarely sell them back for more than $20 at the end of a course). Each of those books was easily $200-$300, and with 4 or more classes, I was dumping $800+ on textbooks every quarter (I was on the quarter system, not semester) if I bought all the books.

As a recentish grad, I strongly advocate for attending the school that is going to result in the least amount of loans. Even a moderate amount of college tuition debt really eats away at those entry level salaries you face coming out of college. Unless your daughter is enrolling in a major with a high job placement and high initial average salary, those student loans that don't seem like that much while in school certainly eat up a huge portion of your salary once you leave college for the real world. It hurts.

This is what I am hearing from recent grads too - consider a two year local school first because the new grads are all crushed with student loan debt. They are advising my DD to NOT take out that many student loans. She must be listening because her front runner is now a private college 15 minutes away, and living at home. She won't get her "college" experience, but she can do it in four years without any debt. And she was accepted at ALL colleges she applied to, with merit awards at each.

 

[runwad]

She'll get her college experience even if she lives at home, don't worry about that. You get out what you put in.

My oldest lives at home but stays on campus a lot with friends, she really has the best of both worlds.

Middle dd lives on campus(different school) and has made friends with commuters who crash with her.

A college experience will be had either way

 

[rockawaybeachgirl]

"middle class scholarships" from the government do not exist. It might be best to lay out the types of financial aid that one can receive:

- The FAFSA is merely a form that tells you if your EFC (estimated family contribution) is low enough for federal assistance, such as Pell Grants. Sounds like you are not eligible.
Filling out the FAFSA also makes the dependent student eligible to take a Stafford loan of up to $5500 freshman year. Part of that may be subsidized by the government, again if the EFC is low enough.

The $5500 is the sum total the STUDENT can take out in their name.

Beyond the federal government, each individual school has discretion as to what money (if any) to give. Many of the most generous also require the CSS Profile, which is much more detailed. The school can then give need-based or merit money, and it may be in the form of grants or loans.

Not all school 'meet need', and those that do generally calculate that need themselves- most people are shocked to see what schools expect them to pay.

Any gap between cost and aid can be filled in with work earnings, parent contribution, savings, and private loans - but again, keep in mind that any loans over the $5500 mentioned above need to be co-signed or taken out in full by the Parent, and will be the Parent's legal (partial or full) responsibility to pay back no matter what the parent and child agree.

I'm sure I've missed a few nuances, but that should cover the main points.

 

[rockawaybeachgirl]

Also, I'll add that you can google "ABC College net price calculator' and it will take you to the college's specific calculator. It'll ask for academic stats and scores as well as financial info, and give you an estimate of what you can expect at that specific school.