College Scholarships ? Debt Dumping? 5 year plan, oh my!

[crisi]

Minot State offers resident tuition to everyone. Tuition. room and board, is $16k a year. It IS Minot, North Dakota. Oklahoma Panhandle also charges their low in state tuition to everyone - tuition room and board is $11,726. Again - Goodwell, Oklahoma. It certainly isn't NYU in terms of location or name recognition. There are several other schools - Chadron in Nebraska - tuition room and board about $10,500 - resident tuition is $50 less a semester than non resident tuition. So while "affordable" is really variable (for someone making $30k a year, $10,500 might not be affordable), there are "affordable" choices.

 

[barkley]

Minot State offers resident tuition to everyone. Tuition. room and board, is $16k a year. It IS Minot, North Dakota. Oklahoma Panhandle also charges their low in state tuition to everyone - tuition room and board is $11,726. Again - Goodwell, Oklahoma. It certainly isn't NYU in terms of location or name recognition. There are several other schools - Chadron in Nebraska - tuition room and board about $10,500 - resident tuition is $50 less a semester than non resident tuition. So while "affordable" is really variable (for someone making $30k a year, $10,500 might not be affordable), there are "affordable" choices.

people who live in a state that participates in the western undergraduate exchange program also have the option of attending outside their home state at more costly out of state institutions who also participate in the program with their tuition capped at no more than 150% of their home state's in state resident tuition.

 

[crisi]

people who live in a state that participates in the western undergraduate exchange program also have the option of attending outside their home state at more costly out of state institutions who also participate in the program with their tuition capped at no more than 150% of their home state's in state resident tuition.

And there are other reciprocity programs between states. For Minnesota its North and South Dakota and Wisconsin But the three I mentioned are good for anyone regardless of where you live.

 

[mjkacmom]

Minot State offers resident tuition to everyone. Tuition. room and board, is $16k a year. It IS Minot, North Dakota. Oklahoma Panhandle also charges their low in state tuition to everyone - tuition room and board is $11,726. Again - Goodwell, Oklahoma. It certainly isn't NYU in terms of location or name recognition. There are several other schools - Chadron in Nebraska - tuition room and board about $10,500 - resident tuition is $50 less a semester than non resident tuition. So while "affordable" is really variable (for someone making $30k a year, $10,500 might not be affordable), there are "affordable" choices.

But some kids don’t want to travel across the country for college, just like some want to commute. My kids could commute to NYU (DH did for his MBA). Almost all of their friends went away, the ones still home aren’t having a great time. A lot depends on where you go to high school. DD’s winter break is super long, she is so happy to be going back to college tomorrow, all of her friends went back weeks ago.

 

[crisi]

Of course not, but if you are saying "there aren't any affordable options" and you are only considering where they WANT to go - that doesn't mean there aren't affordable options, just that you have taken the affordable ones off the table because your kid doesn't want to be in the middle of nowhere Nebraska - and who can blame you (and my sisters both live in North Dakota close to one of those bargain colleges for anyone. Its a great town.....my daughter is in Boston going to college). And that's a different thing.

 

[maxaroni]

But some kids don’t want to travel across the country for college, just like some want to commute. My kids could commute to NYU (DH did for his MBA). Almost all of their friends went away, the ones still home aren’t having a great time. A lot depends on where you go to high school. DD’s winter break is super long, she is so happy to be going back to college tomorrow, all of her friends went back weeks ago.

Is your DD at UDel? My youngest sister in law went there, her freshman year she hated the winter break as it was too long and everyone went back so much earlier. She then took winter session classes.

I remember when DS27 was a freshman in HS, parents had seminar type things at school to learn about the college searching and how the 4 years of HS should play out. One thing that was said was to look everywhere for a college. There is a college for everyone. Look into that school in Idaho (or wherever) that may be much more affordable. It’s great in theory but if your child has no interest in traveling that far, or to an area that they don’t want to go, it may not fly.

We are also in NJ, outside of Philly (originally from Bergen County, so know that part of the state, too), and found schools in PA were basically the same amount for tuition & room/board, as NJ state schools are. I think NJ state schools are expensive for instate students.

Fortunately, we were able to pay for DS27’s college tuition. We did have him take out the Stafford loan to get him some credit. He feels blessed to have had college paid for and has friends still paying off student loans.

 

[mjkacmom]

Is your DD at UDel? My youngest sister in law went there, her freshman year she hated the winter break as it was too long and everyone went back so much earlier. She then took winter session classes.

I remember when DS27 was a freshman in HS, parents had seminar type things at school to learn about the college searching and how the 4 years of HS should play out. One thing that was said was to look everywhere for a college. There is a college for everyone. Look into that school in Idaho (or wherever) that may be much more affordable. It’s great in theory but if your child has no interest in traveling that far, or to an area that they don’t want to go, it may not fly.

We are also in NJ, outside of Philly (originally from Bergen County, so know that part of the state, too), and found schools in PA were basically the same amount for tuition & room/board, as NJ state schools are. I think NJ state schools are expensive for instate students.

Fortunately, we were able to pay for DS27’s college tuition. We did have him take out the Stafford loan to get him some credit. He feels blessed to have had college paid for and has friends still paying off student loans.

Yes, she’s at UD and loves it, in the honors program. I think NJ state schools are some of the most expensive in the country, and don’t give a lot of merit to in state residents. She’d love to do winter session, but her scholarship doesn’t cover it, and it’s so expensive.

 

[inkedupmomma]

Its showing now that my DD can only get $5500 for a stafford loan- unless we co-sign. Am I missing something about how she can get this herself?

Thank you again to everyone. Youve all been so helpful, I really appreciate it.

 

[kymom99]

Its showing now that my DD can only get $5500 for a stafford loan- unless we co-sign. Am I missing something about how she can get this herself?

Thank you again to everyone. Youve all been so helpful, I really appreciate it.

As far as I know $5500 is the limit a student can get on their own freshman year. It increases each year.
Maybe this article can help you.
https://www.thebalance.com/max-stafford-loan-795128

 

[mjkacmom]

Its showing now that my DD can only get $5500 for a stafford loan- unless we co-sign. Am I missing something about how she can get this herself?

Thank you again to everyone. Youve all been so helpful, I really appreciate it.

That’s the problem, that’s why parents co-sign. If you do, as morbid as it is, you need to find out what happens in the case of death or disability. I think some of the bigger companies will waive repayment in some circumstances, others you might want to think about insurance.

 

[MrsPete]

That’s the problem, that’s why parents co-sign. If you do, as morbid as it is, you need to find out what happens in the case of death or disability. I think some of the bigger companies will waive repayment in some circumstances, others you might want to think about insurance.

While we're being morbid ... the chances of your college student dying are pretty slim, but IF you've co-signed for a loan, it'd be smart to have a small life insurance policy on your student (and such a policy wouldn't cost much). It'd be horrible to lose your young adult ... it'd be really, really horrible to lose your young adult AND be forced to pay off the education that student cannot use.

 

[rockawaybeachgirl]

Yes, the limits for what amounts can be borrowed in the STUDENT NAME ONLY for undergraduate are $5500/$6500/$7500/$7500 for Freshman-Senior year. Anyone who fills out the FAFSA, no matter any financial 'need', can get these amounts.

Anything above these amounts would have to be taken in the Parent name only (e.g. Parent Plus), or co-signed (private loans).

Depending on your financial position, the fed loan amounts above may be partially subsidized or completely unsubsidized.

 

[inkedupmomma]

Yes, the limits for what amounts can be borrowed in the STUDENT NAME ONLY for undergraduate are $5500/$6500/$7500/$7500 for Freshman-Senior year. Anyone who fills out the FAFSA, no matter any financial 'need', can get these amounts.

Anything above these amounts would have to be taken in the Parent name only (e.g. Parent Plus), or co-signed (private loans).

Depending on your financial position, the fed loan amounts above may be partially subsidized or completely unsubsidized.

So this is the issue I first brought up. We do not want to and we can not co-sign for DD- thats why we have been helping out of pocket. No clue how to get her loan without us though. SO frustrating!

 

[rockawaybeachgirl]

So this is the issue I first brought up. We do not want to and we can not co-sign for DD- thats why we have been helping out of pocket. No clue how to get her loan without us though. SO frustrating!

So, are you saying you can' figure out how to get the Federal loans I listed? If so, it should be automatically triggered after filing the FAFSA and doing a few other things (signing an online promissory note and a few other things thatthe FAFSA prompts you to do).

If you are talking about loans above this amount, the short answer is that she will likely not qualify for any additional loans on her own. No financial institution will give an uncollateralized loan to a 19 or 20 year old who most likely has limited job history, credit, and income.

 

[rockawaybeachgirl]

Also, in terms of scholarships, if she has already started school, the best source of money would be fellowships or research opportunities at her current school. There are almost no outside scholarships for recurring students, unless there is something at a local civic or business organization.

College Confidential is a good website with e Financial Aid board, you might get some additional answers there. However, I doubt anyone will be able to point you to a resource to get additional loans in your student's name only. They just don't exist.

 

[barkley]

However, I doubt anyone will be able to point you to a resource to get additional loans in your student's name only. They just don't exist.

there are some out there but the fees and interest rates are far from ideal. one has only to google search for 'non cosigned student loans' and a ton of ads pop up. yes, most if not all will do a credit search but they are willing to lend to students who don't have much if any credit but at least have no negative credit rating.

an option is to call the college the dd attends and see if they have any institutional loan programs. some colleges offer them and while the interest rate is higher than what the fafsa driven charge the colleges know that students are in the situation the op's daughter is in and may have more options that exclude a co-signer.

 

[starry_solo]

The only thing I can think of is for the OP and her husband to get second (or third) jobs, if you don't want to take out any loans.

$16,000/year is a lot to cover, without having other sources of income, if your daughter cannot get any other financial aid. Just find out whether any extra income that you do make counts "against" your daughter for the purposes of financial aid.

 

[tvguy]

So this is the issue I first brought up. We do not want to and we can not co-sign for DD- thats why we have been helping out of pocket. No clue how to get her loan without us though. SO frustrating!

I understand not wanting to co-sign.
I understand paying out of pocket month to month is a financial hardship.
I don't understand "can not" co-sign. Sounds like your DD's financial aid package, based on your FAFSA information and credit, was approved. So you are financial qualified to co-sign. Co-signing would take the current financial pressure off you. The risk being, YEARS from now, if your daughter defaults, you might have to start making minimum payments. And of course with student loans, there are provisions to defer payment to avoid a default.

 

[Southernmiss]

Unfortunately, every parent with kids in college today run into the same dilemma.

Unless they have means to outright pay or mega scholarships.

My kids have had scholarships for years 1 - 4. But son #2 has loans for his years 5 -7. Dh and I have had to co sign. We like op are paying some each month to help him.

So many things wrong with the cost of college these days. But whatcha going to do?

 

[tvguy]

Unfortunately, every parent with kids in college today run into the same dilemma.

Unless they have means to outright pay or mega scholarships.

My kids have had scholarships for years 1 - 4. But son #2 has loans for his years 5 -7. Dh and I have had to co sign. We like op are paying some each month to help him.

So many things wrong with the cost of college these days. But whatcha going to do?

It's not going to change until they can't fill slots. They are filling all available slots, so students and parents are finding ways to pay.