student loans

iVillage Member
Registered: 01-13-2010
student loans
29
Fri, 04-13-2012 - 8:02am

Hi all.

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iVillage Member
Registered: 10-25-2006
Fri, 04-13-2012 - 9:21am

Sorry to hear that all the changes in your life over the past five years have made it difficult to help your third child through college, in the way you have helped the first two.

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Avatar for elc11
Community Leader
Registered: 06-16-1998
Fri, 04-13-2012 - 11:12am

First, about the loans. The FAFSA website has some good basic info about the various loans available and how they work.http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp

Avatar for suzyk2118
iVillage Member
Registered: 07-30-1997
Fri, 04-13-2012 - 11:13am

Trying to rewrite what I'd written before my laptop lost wireless...

No, don't take out any retirement to pay for college. It's way easier for a student with their life ahead to eventually pay off loans (did she put in for the FAFSA to get federal money?) than you repaying into retirement.

As far as what she wants to do - first off, does she know what U she wants to go to next? If so, I'm sure they have a counseling dept to help hone in on what she's good at, what her strengths/weaknesses are, etc. My ds went in as 'still deciding' mostly because he didn't know what career he wanted but knew what he wanted to major in, and they just had him take core classes to get started. And they had him take all kinds of surveys to narrow down what he should major in (and thankfully it pointed to what he wanted!) Does she know if the prospective U will accept the CC classes? I'd get all that in hand, including the career surveys, etc. at the prospective U before you put any more money in... JMHO.

Sue

iVillage Member
Registered: 11-28-1999
Fri, 04-13-2012 - 11:16am

I bet you're getting sick of seeing me on so many boards by now.

iVillage Member
Registered: 01-13-2010
Fri, 04-13-2012 - 2:09pm

I admit, Music,

Avatar for suzyk2118
iVillage Member
Registered: 07-30-1997
Fri, 04-13-2012 - 8:09pm
(FWIW dh is 3rd of 8; his parents paid for 1 and 2 to go, and then MIL paid for 8 to go because FIL passed while 8 was in HS. DH helped pay for 2 of his younger sisters so they could go, and they eventually paid him back - he paid all his own way through private school while working full time and in school full time - it can be done - and he was in a very technical field (applied math for grad school))
Avatar for sabrtooth
iVillage Member
Registered: 12-03-1999
Fri, 04-13-2012 - 10:51pm

We discussed ways for kids to pay for their college educations in THIS thread...

iVillage Member
Registered: 01-13-2010
Sat, 04-14-2012 - 6:51pm

Excellent advice.

iVillage Member
Registered: 10-16-1999
Sun, 04-15-2012 - 11:14am
I'm not sure why the big push to have students leave college debt free. Maybe part of the academic problem lies in the kids having no skin in the game - if they have to take financial responsibility sometimes they take things more seriously. Here, it's the norm for students to have some debt when they graduate, the only question is how much. If you're still determined for did to have college paid for without loans... the GI Bill will do that for here.
iVillage Member
Registered: 11-18-2008
Mon, 04-16-2012 - 3:22pm
I agree bunnierose. It would be nice if we all had the money to support our kids through college, but it's a fact of life that most of them will incur debt because of it. But that's the trade off for getting an education that will allow you to get a better job.

My parents never mentioned college in our house, never asked me if I was going or if they would help. I went to a state college that was affordable and worked 40 hours a week while taking a full course load. I paid cash each semester and had no bills when I graduated. While I don't wish that for my kids (it was HARD work!) I don't see anything wrong with them having some student loans to pay back once it's all over.
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