I give a +1 for community college. That and checking out the information Brian1 listed.
Something else to consider; When your daughter has a semester or year in she can apply to be an RA*. That way she can get free room and board which is a huge cost in college.
*going off experiences from 10+ years ago when friends were RAs, YMMV
Kyle: Dude! I almost thought those Afghani kids talked you into not liking America. Stan: No, dude. America may have some problems, but it's our home. Our team. And if you don't wanna root for your team, then you should get the hell out of the stadium. Kyle: Yeah. Stan: <salutes the American flag> Go America. Kyle: <salutes> Go America... Stan: Go Broncos Kyle: Yeah go Broncos. Cartman: Yeah...
This is true. However, depending on the requirements of the school, an RA position would certainly make it more difficult to have any kind of job on the side, even if it's very part-time.
Oh no doubt. In fact I think it would be impossible to have a job and be an RA at the same time (both of my friends who were RAs did not have jobs). You will just have to weigh the cost of room and board vs. what you could make at a normal job. I think back in my day, a room in one of the on campus apartments, and a full meal plan would be around $5K per semester. That is a pretty nice chunk of change, and you dont have to drive to work or anything.
First time to go through this for our daughter to go to college this upcoming Fall. She was accepted into 2 schools and got the FinAid award letter yesterday from one school the only thing listed was a $2750 Federal Unsubsidized loan on the award letter. I assume this basically means we would need to find our own way on how to pay the remaining.
So confused on how this works, we did the FAFSA in January and not sure exactly how in the world that thing works, but says our family contribution is higher than what it costs for 1 year at the school, thus it says we do not need any need based aid for the schools she was accepted. We do not make a ton of money and have the same types of bills others have - mortgage, cars etc. There is no way we can pay the kind of money the Fed Government says we can based on the FAFSA family contribution, more than 25% of our gross income.
So what are my options here? Personal loans in her name with us cosigning?
Any help is appreciated.
You've already been given some good financial advice in here (and some unrelated advice that may be worth thinking about). My only other suggestion would be to go to each school's financial aid office. They should have a department or counselors that can help your child (and you) understand how much school will cost and what your payment options are. Let the professionals educate you, and then see if the advice in here is worth pursuing.
Ultimately then, you'll need to decide how much debt you and/or your child wants to take on, and how much risk you personally are willing to take. Good luck!
Of course you do, because you don't like to be wrong.
Thank YOU for playing.
Ummm actually it is important to be cynical and question where data is coming from and why it is being provided. I assume that you don't simply just take information as fact do you?
Here is obviously an underlying problem with the data: "The data have limits: They don't account for students who transfer, for example. And they should not be used as a sole measure of quality, the report says, because "schools should not be unfairly penalized for maintaining high standards."
Thanks, very specific major in only 1 small college in San Antonio so far.
Mistake number one.
Keep going down this course and I guarantee you will look back on this and realize how foolish you were. Kids are like leaves in the wind when it comes to majors or what they want to be when they grow up. I know tons of idiots who got degrees, only to work in the field for 6 months and hate the job.
1) Community college to start - take a large variety of classes. More exposure to more things, means it is easier to find something you really like.
2) Find a job, volunteer, or internship in areas of interest. Nothing you learn in school prepares you for what the job really entails.
3) Apply for all scholarships and grants possible.
4) Taking out masses of loans to go to a private liberals arts school for a specialized degree means pissing away money, and then pissing away interest on that money.
5) Living frugally and only taking out the bare minimum in loans means living debt free all the sooner and moving on to building wealth.
Keep going down this course and I guarantee you will look back on this and realize how foolish you were.
My quote above was not related to my daughter going for one specific major in the one school, the information posted about the $10,000 degree was for a specific major in one school, not related to what my daughter wants to go to school for.
All, thank you very much for your suggestions and advice. I now need to make our decisions on what we will do.
So, we are definitely going to be taking out some loans to help pay for school. Daughter is not getting a free ride and understands she will be helping to pay back the loans.
My question now is which is the better route to go, Federal loans at 7.9% or private loans(many at variables rates). I have been reading up on both and they each have their merits of which way to go.
Thoughts or suggestions on the best way to go for the loans? Daughter will still be taking out the Stafford Loans.
Federal only - period. No private loans ever. They are dangerous. They are one step above loan sharks. They are poison for your wallet. I would not even consider the possibility of private loans. If the college couldn't be paid for using all other means, then I'd find a cheaper college or try to amp up the other means of paying for it such as the student working more. But, never would I consider taking out private loans.
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