Student Loan with Less Than Stellar Credit?

[somethingblue]

My boyfriend's parents were put in a similar situation when he started school; he was set to attend Beloit when they sat down, crunched the numbers, and realized they couldn't afford it. Instead he went to UTSA and is in his senior year there (though he'll probably have to take an extra semester since he switched majors). Was he disappointed? Yes. Do I think his parents are idiots for thinking you could pay for a college education with $2000? Yes. But in the end, they had to do what they handle financially.

Matt took out loans for the first three years but his parents realized they can pay for this year of school OOP (and they probably could have been the entire time. They seem to think they make a lot less money than they actually do. He can never get anything from the FAFSA)

Thankfully I am in a situation where my grandpa left money for me and my sister to go to college. My grandpa was the most stingy, frugal man I have ever known but I am very grateful that he sat on a 50 year old couch and chose to send my mother, my aunt, and now me and my sister to college. My mom could have NEVER afforded it on her own.

But I'm still going to community college to save money. I work about 30 hours a week, live on my own, and my mom pays for school. Next year I hope to move to Austin and live in a co-op to save money. We'll see how that goes.

 

[AZMermaid]

I gotta agree- you really can not afford this and you should not risk your home for it. Why isn't your daughter taking on some responsibility for her own education? When I went to college (10 years ago) I worked 25 hours a week for my room/ board/car money and took out student loans myself. I worked full time in the summers. My parents never took out a loan for me and I would never expect them to go into debt for my education. My education benefits me, not them.

Now, I will admit, it was tough working and going to school at the same time, but it was what I had to do and I truly believe it taught me a lot of good budgeting skills. DH and I plan to save what we can for our kids and the difference is up to them.

 

[Mary•Poppins]

I just finished reading the book, "The Cheapskate Nextdoor" and the author has a whole chapter on raising children to be financially smart. One story talks about a young man who paid his own way through college. He went to community college then transferred to a state university that was local. He stayed at home the whole time while he worked hard and finished his degree.

The young man stated that he stayed at home those four years so that he could live independently when he got a job after graduating. He mentions that a lot of his friends did the opposite. They went away, racked up a lot of debt and now have to move back in with their parents because his friends have too much debt to live independently. (I really had to chuckle at this.)

It seems that the OP is struggling financially and my advice would be to help your child not to follow in your footsteps (I am really not flaming here and I feel very bad for your husband's situation.) Now that our two sons are a bit older, we have made a real point to have them sit in on our financial discussions. This is to teach them what we do with our money and how we pay for everything we need and want. My parents and my husband's parents never did this and I wish they did. We tell our boys that we have made really stupid mistakes over the years at times and we don't want them to do the same. We read financial books all the time in order to help ourselves ... and hopefully help them too.

We have told our sons that we plan to give them a certain amount for college and they were on their own for the rest ... however ... we will NOT let them go into a huge amount of debt. We have also told them that this situation could change if ANYTHING in our financial future changes.

OP I can tell how you are hurting by not being able to give your daughter everything she wants, but this may not be a bad situation and perhaps she and you can grow together with it. I wish you both the best of luck.

 

[Darcy03231]

We have told our sons that we plan to give them a certain amount for college and they were on their own for the rest ... however ... we will NOT let them go into a huge amount of debt. We have also told them that this situation could change if ANYTHING in our financial future changes.

I'm not trying to be snarky-but how can you prevent it if that's what they decide to do? Once they're 18 they can borrow as much as the banks will let them without any parental consent. I know this because DS#1 has over $80k in student loan debt (this is on top of what we've given him). There is no way we could have prevented it as he borrowed it all on his own.

 

[arminnie]

Now, you'd have to be a little nuts to do six classes a semester. You shouldn't work, or have a social life. And you might not want to do it if you need a high GPA for grad school. Personally, I'd rather go to CC for two years and take my time.

I took 6 courses a lot, even took 7 once during my undergrad days. I went to a very good private school. I had a 4 point, worked about 25 minutes, was an officer in my sorority and had a boyfriend.

When I started Grad school at Stanford we took 5 hourses a quarter. I got so bored the first quarter that I took 7 the next quarter. And believe me I had LOTS of fun. Being organized and a hard worker can get you far.

I had a scholarship and loans, but not one penny from anyone else. I just did what needed to be done.

 

[patsal]

I took 6 courses a lot, even took 7 once during my undergrad days. I went to a very good private school. I had a 4 point, worked about 25 minutes, was an officer in my sorority and had a boyfriend.

When I started Grad school at Stanford we took 5 hourses a quarter. I got so bored the first quarter that I took 7 the next quarter. And believe me I had LOTS of fun. Being organized and a hard worker can get you far.

I had a scholarship and loans, but not one penny from anyone else. I just did what needed to be done.

Me too, I figured, I was paying the same for four courses as 7 so why not take 7 and get what I paid for. But I am the odd one who complains when they cancel class and offer to let us out early--one of the most expensive things I will ever pay for and you should be teaching me for the whole time. I always find it funny the people who will complain about being overcharged in other smaller situations are always ok with being let out of class early or not maxing what they are paying for in college tuition. Education, the only thing people pay a premium for and do not insist on gettting all they are entitled to with it! I too had a great amount of fun, met my DH while in college, and look back on it as a wonderful time.

 

[libraryfreak]

I took 6 courses a lot, even took 7 once during my undergrad days. I went to a very good private school. I had a 4 point, worked about 25 minutes, was an officer in my sorority and had a boyfriend.

A day? A week?