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I've got 4 kids...one entering his 2nd year of college. We're helping as much as we can, but he's getting loans for the rest.
My question for others that may be in the same or similar circumstances, is how is the best way to help them with their piece. He can't get college loans on his own, so we may have to co-sign, which I'm not thrilled about. He'll be putting in for a federal (?) Stafford loan, but my wife has already warned me that "we make too much" for him to get the full amount he'll need.
Anyone else researched, or going through a similar process? My other kids are 15, 12, & 9...so as one is finishing, another will be following.
Buy a flux capacitor, go back 20 years, start saving your ass off.
Seriously, I can't preach to new parents enough the value of college financial planning because the next 18 years will pass by faster than anything and college will always cost more than you think
My wife and I lucked out; we saved, invested and then hit the lottery when my daughter got a half-ride athletic scholarship. But it's shocking how much college costs -- and what you don't see until the day comes is home much the little things (fees, books, dorm furniture, etc.) add up.
This post has been edited 2 times, most recently by fletchterpz 22 months ago
i have no idea what to tell you but college is so incredibly expensive it's mind boggling. it's only getting worse, too.
im sorry i was confusing...your "Superbowl" was the Redskins losing since you know that the Ravens cant win it all.
If I had four kids, I'd definitely consider/persuade each one of them going two years comm college- then transfer to a 4 year. That alone, may save them 50k each (100-125k each in 18 years from now if history repeats itself), and their job prospects won't go down by going that route.
While all of that may be true, freshman/sophomore years in the dorms are like the funnest years of your life - it would suck to be deprived of that.
My oldest is doing that now. It makes complete sense because all that matters is where you graduate from. We gave him the option after telling him how much we would be able to pay if he went out of state (which is what he wants to do). My goal is for none of my kids (3) to have loans when they come out of college. It's going to be tough, but I think we might be able to pull it off.
My parents refied their house to pay for 3 outta 4 years. God bless them.
If I would have done 2 years of a CC and then transferred I would have 0 student loans. I almost regret not doing it, but life in a freshmen dorm was too much fun to pass up.
This post was edited by lazy 22 months ago
There's no right or wrong answer here, but I think it's completely fair for you to contribute as much as you can, but to the extent loans are needed for the rest, for your children to assume the responsibility for those loans. Put differently, you can co-sign for them (to help them get the loans or get favorable terms on the loans), but they then have to repay the loans.
This post was edited by terps99 22 months ago
There has to be education reform in this country. Our higher education system is the foundation of our "democratic" society. Affordable education is paramount to creating the illuision of upward mobility and hope, without out society becomes stagnant and people are more content to become wards of the state as the cost of improvement and self betterment becomes too much.
Help them the best you can, steer them to major in subjects where they can have a career, and try to make them get an on-campus job, like working at the student rec center or dining hall to work on time management skills.
Obviously they have to be the type of kid who would be interested in it, but ROTC at many schools (including Maryland) will pay for your college if you give a commitment to the military and meet the conditions.
-athletic scholarship (unlikely)
If none of those work, then he'll be an electrician.
and considering the economy, the guaranteed employment after graduation isn't too shabby either.
Phatboy if you had any balls I'd meet you at the AFA Boxing gym and have Coach Weichers put some gloves on us.
I dont know what the general rule is for stafford loans but my brother and I were both turned down for them and my father is the only active income at a GS15/SES paygrade.
We were prepared in that we had pre-paid tuition investments from Florida but even then come my last year my Dad realized a gov. subsidized loan would make things a lot easier, but neither of us qualified financially.
I honestly wish I knew the extent of how expensive school would be for my parents because I thought we were well off but two kids through school back to back is pretty damn expensive if you are paying it with straight up cash. If I had realized the extent of the impact I would have applied for so many academic scholls. to at least alleviate some of the strain.
Do you mean you were turned down for SUBSIDIZED Stafford loans? I'm very surprised that you'd be turned down for unsubsidized Stafford loans given the dynamics mentioned above...
There's nothing wrong with unsubsidized Stafford loans to make up that shortfall...
they could also become RAs and get free housing
it's just absurd that i have my first 529 plan payment for my 21 month old coming next month. He isn't even 2, and we already have to pay for his college.
I was turned down for everything. Including an unsubsidized loan. I had to go through Sallie Mae.
My brother was awarded the option of an unsubsidized but not the subsidized and turned it down. We only were looking to avoid the interest because we COULD pay it off with cash but with our ages being so close giving some time between the huge cash payments was desirable.
I don't know if you remember, but I ended up selling my car to pay off my loan in cash so my Dad could focus on my Brother and Mom for now (they just moved back to Florida and lost money when selling the house they bought up here in MD).
I've posted this before, but also look into scholarships. Alot of local organizations and charities like the rotary club, lions club, etc. have scholarships that you can get if you write a BS essay about public service or something. They might not be very big but it's at least money that you don't have to pay back with interest later
If you live in DC and are lower middle class, you are generally going to be denied for unsubsidized Stafford loans. At best you will get like 1k a year.
My niece graduated in the top 10 of her class last year and schools were throwing money at her. My goal is develop good study habits early and keep applying them. I probably have two years at any school paid off by 529 plan for a 10 year old, 4 years in state.
This a thousand times. I got like 5 $500 scholarships, plus a couple $1000. I even got $250 scholarship from Harold Baines!
It adds up.
I don't have all of the facts about the Stafford loan 'attempt', though my wife did say that he would qualify for a couple of grand (which obviously helps...don't get me wrong). My concern is co-signing and being on the hook for a large chunk of college loans spread across 4 kids, which can/will affect our ability to refinance, secure car loans, etc...
My wife seems to have adopted an attitude of 'it is what it is' , which I guess makes me a crappy dad for worrying about our future retirement and the affect this type of 'co-sign' debt may have on it.
I am in the community college camp for the general electives...why pay a premium for classes liek history, sociology, lit etc when it isn't your major and more than likely an 18 y/o can care less about them.
Yeah, I once read a stat that there is so much unclaimed scholarship money each year. I believe it.
One great source of easy college cash is your county or local community foundation, an umbrella organization that runs all the little scholarships funds that gets started all the time. For example, if someone wants to establish a scholarship in memory of someone who recently passed away, they can work through their local community foundation because they already have the tax-deductible 501(c)93) status. Check out these organizations because even in small communities they control millions in scholarships and a lot of it is not need-based.
Send them to school abroad - that's what my parents did (McGill, Montreal), and I got a top tier education for $15,000 per year.
That said, the price of post-secondary education in the US might be the worst thing about this country and the worst form of capitalism. Students in Quebec are protesting and striking against a $1500 increase over a seven-year period - completely absurd and ridiculous when you consider that the price of Quebec students is going from $3000 to $4500. But when you look at their reaction and other countries' dedication to making sure that everyone has a chance to attend university, the American system just looks very sad and pathetic.
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