Paying for college

[mark the shoeshine boy]

My son is heading for college this fall and we are still wondering how he is going to pay for it. While he received a little bit of a scholarship, saved some money, recieved some stafford loans and a small grant....the state of Missouri tinks the parents should kick in $8,000 for this year.

The only problem with that is when we applied for those Stafford loans, grants, my income was good, but going down dramactically. I am in the auto sales business, in case you did;t know.

My wife and I can;t write a check for the eight grand.

What options do you guys know about, or some sound advice on loans and etc...

You input is greatly appreciated...

Thank you,

Mark Easter the shoeshine boy...

being a moderator has its privleges, but the pay is lousy....grumble grumble.........lol

 

[dpm802]

Instead of parents paying for college, let Uncle Sam foot the bill ...

look into ROTC programs, joining the Reserves, even going on Active Duty for four years instead of going to college right away.

 

[castlecraver]

Your school's Financial Aid office should have some procedure by which they can take "late-breaking" hardships that aren't reflected on that year's FAFSA into account toward your grant/loan eligibility. I went through this once and was approved for additional amounts in excess of the EFC difference.

 

[Mr. Clean]

Is community college an option? Most (all?) core class credits transfer to 4 year universities. The per credit hour rate, at least here for in county residents is much more palatable.

 

[5t8t2u]

Your school's Financial Aid office should have some procedure by which they can take "late-breaking" hardships that aren't reflected on that year's FAFSA into account toward your grant/loan eligibility. I went through this once and was approved for additional amounts in excess of the EFC difference.

I second this advice. Make sure to make them aware of the changed circumstances. Use the method that works best for you. Being an auto salesman, maybe you are smoother when you're talking rather than writing. Give the financial aid office a call and ask to speak to the officer assigned to your son's file. You will probably be asked to put your information on paper. Here is a link to some information I just googled up this minute looking under "Financial Aid Letters" for some tips on making your case. Your financial aid office is who you want to convince, and so be sure to pay attention to what they are looking for that will be persuasive to them and tailor your request accordingly.

They're probably short on money this year too, but go ahead and expect a miracle. You deserve the money as much as anyone.


http://www.ehow.com/how_4618406_financial-aid-appeals.html

 

[Ulysses]

Did your son get both the Subsidized and the Unsubsidized Stafford Loans? I think last year I got $3,500 and $2,000, respectively.

I agree with talking into the Financial Aid Office, but if that doesn't help much, see if the school has a payment program, where you can pay the $8,000 within the year or semester. It's not a loan, so you wouldn't be charged interest.


Hope this helps.

 

[ClubmanRob]

Would he qualify for the PELL Grant? I hear they are much easier to receive now than they were when I barely qualified for it. As far as I know you can still get one on top of the Stafford loan.

Here are some more possible options: http://studentaid.ed.gov/students/attachments/siteresources/Grant_Programs_Fact_Sheet_04_2009.pdf

 

[Toody]

Depending on what your sons major is, there may be special aid programs. Thinks like mathematics and engineering have loads of aid programs to try and get people into those programs. A double major in the field that he really wants to enter and mathematics could help him through college and really help his career. There are very few fields where he would not benefit from another major.

If he does not want to double major there are many careers where a major in mathematics and a minor in the primary field is considered just as good or better than a major in the primary field. Wherever there is data to be accumulated and analyzed a mathematician will have a foot in the door.

Also there are some companies that have very good programs for employees who are going to school. I don't know if they still do this but when I was younger UPS had a program for employees with tuition reimbursement and loans that they would forgive depending on how long they ended up working there. I wanted to do it but school was too far away from their distribution center for me to it to work out.

 

[Jethro1984]

Your school's Financial Aid office should have some procedure by which they can take "late-breaking" hardships that aren't reflected on that year's FAFSA into account toward your grant/loan eligibility. I went through this once and was approved for additional amounts in excess of the EFC difference.

+1. Most schools will do anything they can to help. They already approved your son as a student, they won't want to lose him over something that can be easily solved.

 

[mark the shoeshine boy]

I called the school today...they want us to fill out a Special Circumstances form and send it to them. With my income going down like it did, perhaps some other aid could into the picture.

I am checking into a student loan for him.

After he graduates, he should be making very good money as an engineer.

The financial aid director, told me that she has heard alot of this for this year. The school understands and gave me a few other small options, too.

thanks guys.

 

[RichGem]

I called the school today...they want us to fill out a Special Circumstances form and send it to them. With my income going down like it did, perhaps some other aid could into the picture.

I am checking into a student loan for him.

After he graduates, he should be making very good money as an engineer.

The financial aid director, told me that she has heard alot of this for this year. The school understands and gave me a few other small options, too.

thanks guys.

No advice, Mark, but good luck! I'm sure things will work out.

 

[citizensoldierny]

Instead of parents paying for college, let Uncle Sam foot the bill ...

look into ROTC programs, joining the Reserves, even going on Active Duty for four years instead of going to college right away.

+1, I am currently sitting on three seperate and unique sources of funding for school from my membership in the Guard and being a combat vet. The career Army is definitely not for everyone but if you give the reserves some time you can get a lot in return. You can also get training that is applicable to the real world, i.e. computers, vehicle maintenance, killing people, etc.

 

[cricky101]

... I am checking into a student loan for him.

That would be my advice. The financial aid office should be able to let you know about any kinds of low-interest and/or deferred-interest loans. Obviously not as good as a grant, but still helpful.

When I went to college - I graduated about 5 years ago - I took out quite a few loans (and worked nearly full-time) to pay for it as I went. As long as I was a full-time student I didn't need to pay back the loans until after I graduated, which I'm doing now.

 

[richmondesi]

Would he qualify for the PELL Grant? I hear they are much easier to receive now than they were when I barely qualified for it. As far as I know you can still get one on top of the Stafford loan.

Here are some more possible options: http://studentaid.ed.gov/students/attachments/siteresources/Grant_Programs_Fact_Sheet_04_2009.pdf

This is what I was going to recommend as well. The downside is that you can't claim him as a dependent anymore, but the upside is that he on his income will most likely qualify for the PELL Grant as well as other loans. When I was in school, my parents made pretty good money, but I got married and utilized several of these programs between my wife and me. Best of luck

 

[strat1117]

I am checking into a student loan for him.

I believe this is the best way to go for a number of reasons: It is a low interest loan, it will allow him to contribute to his own education, while not precluding you from contributing to the best of your ability, and it will help him to establish a credit rating. This is exactly what we have decided to do with respect to my elder son's law school tuition.

Do you have an equity in your home which you could tap in an emergency? You might consider opening a HELOC, even if you don't need it right now, so that the money will be there when you do.

Good luck.