College, student loans, etc. WTH??

[Spidey2112]

... can live at home and go two years to a community college at a fraction of the cost.

More great advice! These days, most CCs work with the 'higher' learning institutions, and will transfer most, if not all, credits... definitely pays to check, as the savings are huge.

Funny story... I went to a CC (and loved it!). There was a good amount of students on some type of academic probation attending there... this was an option for those failing out of their class, at the 'higher' learning institution, to bring their grades up...

... maybe the students thought it would be an easy ride at the CC?

Imagine their surprise, when the calc prof enters the class, noting he recognizes a few faces, adding he also teaches at the 'higher' learning institution... more importantly, he tells the entire class he doesn't teach the class any differently, between the two schools...

... it was a beautiful moment. At the time, I was paying about $50/credit hour at the CC, at the time.

Currently, $136/credit (CC) as opposed to $300/credit at the higher learning institution, for in state students... it really adds up. If you can get half their degree, at less than 50% of the cost, I'd do it... Good luck!

 

[bass81800]

It's a combo of all....

Actually you and your daughter should have been applying for scholarships etc LAST summer...or before.

As I read through this thread, I was wondering why your daughter is only now applying for scholarships. Also, what is your daughter majoring in? Does she have a clear goal and know where she is heading career wise? Is her major, if known, going to lead to a position that pays well? If not, or even if she does, I give my full support to community colleges to at least get those prerequisites done and possibly guarantee acceptance into a state university. Here in CA, at least, they are quite good schools. I managed to earn several degrees, and stayed out of debt for the most part with the above guidelines. It is beyond sad to talk to a recent college graduate who is starting their career with $50 - $100 K debt or, really, any debt.

Another thing to consider is this: As far as I know, under FAFSA rules, she will be considered your financial responsibility until she is age 26, meaning she cannot be considered an independent student, based solely on her finances, until she is at least age 26.

 

[Chris Doherty]

Just thought i'd chime in with my 2c. Has your daughter considered studying outside the US?

I went to university in N-Ireland, my own backyard, but there was looaaads of Americans on my course. It's a bit more expensive for foreign students, but my fees were around $5000 a year. Tiny compared to the debt you guys in the US get saddled with!

 

[two fingers]

So my daughter graduates form high school this coming Wednesday. She has committed to James Madison University in VA. College acceptance could be a thread on its own, shoulda done that a while ago, but whatever.

Parents out there that have been through this, students, anybody..........

Who understands this stuff???

What exactly is financial "aid"?? Is it just loans??? How easy is it to get them?? We are looking at $22K/year, with an "expected family contribution" of about $6,500.

So where does the rest come from? Is it all loans? Grants? It all seems to be in another language.

My fear is that We will be expected to pay $6,500, she'll be offered loans in whatever amount, and there will be a gap remaining.

Does that happen? Or can we expect that she can and will somehow qualify for loans to cover whatever?

It all seems like some sort of shell game.

OK, so.... a couple of "tough love" questions.

1) Does she HAVE to attend THAT school her firs two years? Why can't she do English 101 and other liberal arts classes at a local community college?

2) Is she majoring in something that PAYS? Please tell me she's not going to major in 14th Century English Literature at that price... and then wither pay off a hundred grand herself or expect you guys to do it.

This information was not included in the first post. I am not making assumptions. I am asking (hopefully thought-provoking) questions.

I have daughters too. I want them to follow their dreams as well. But, if one of them weighs 280 pounds and is clumsy, we won't be paying $100K a year to send them to the finest ballet school. Knowhatuhmean? I also won't help pay for a degree in "underwater basket weaving" or something similar.

I know nothing about school loans. I got scholarships the first time and bankrolled it myself the second time. I sincerely hope it all works out for you guys.

 

[dan1952]

Two years at a community college, while living at home, would save a ton of money. And it's always possible that a job could present itself that would lead to a good career that doesn't require a 4 year degree.

 

[twinjet]

So my daughter graduates form high school this coming Wednesday. She has committed to James Madison University in VA. College acceptance could be a thread on its own, shoulda done that a while ago, but whatever.

Parents out there that have been through this, students, anybody..........

Who understands this stuff???

What exactly is financial "aid"?? Is it just loans??? How easy is it to get them?? We are looking at $22K/year, with an "expected family contribution" of about $6,500.

So where does the rest come from? Is it all loans? Grants? It all seems to be in another language.

My fear is that We will be expected to pay $6,500, she'll be offered loans in whatever amount, and there will be a gap remaining.

Does that happen? Or can we expect that she can and will somehow qualify for loans to cover whatever?

It all seems like some sort of shell game.

Federal aid is given to students seeking to pay for college. A large portion of it are subsidized and unsubsidized loans. Your daughter can expect to pay interest.

There is one grant, the PELL Grant that she may qualify for, based on family income, but not all folks get it.

She's way better off going for all scholarships and other grants available. Student loans are a lady dog.

 

[fhm555]

Lots of things are going wonky these days. I heard on NPR the other day the fed is converting certain grants to loans. Yep, people who had been given money are now being told they must pay it back. You might want to double check on any federal grant programs before jumping in.