| Although I'm specifically responding to kimfred, my comments might apply to some other "disappointed" aid recipients...
>>Is it worth it for my son to go into debt of $15,000 per year for this type of opportunity?
$60K is a hefty debt load. First, since it's a private college, they may have some negotiating room. I suggest you contact the financial aid office and request a review. It may not help, but you can point out that your family has only recently reached this income level and may not have the savings that families who have enjoyed similar income for a longer period. Point out the lack of luxury items and how much of your income goes to necessities (if you can make this case). Most importantly, explain that your son (who seems to be a desirable candidate) won't be able to attend without more aid. They may not care, but I wouldn't give up without trying.
Normally, for families that have recently hit a higher income plateau I'd suggest some parent loans (only if the educational opportunity justified it, of course) since future earnings would allow quick and comparatively painless payback. You say you are currently living paycheck-to-paycheck (despite your increased earnings in the last few years), and that future raises are unlikely. In that scenario, I can't recommend parent loans.
I definitely do not recommend cashing in retirement plan funds to pay for college (unless you are lucky enough to have already salted away more than adequate funds to guarantee a comfortable retirement).
I can understand your son's excitement about this program. Will his field of study qualify him for a high enough starting salary that he could justify carrying a fairly high debt load? Could he plan his schedule aggressively enough to graduate a semester or year early? Is there a grandparent or relative who might help out?
One other thought would be to try to find local scholarship funds. Work as many angles as possible, as it sounds like he's academically strong and might pick up some extra $$ that way. Employers are often good sources - not just the parents, but his too (if he works). Both my kids got funds from their high-school jobs, and in one case the scholarship exceeded the hourly earnings.
If no money materializes, then you and your son should know that the big majority of students who didn't attend their first-choice school end up happy at the school they attend and would choose NOT to transfer even if they had the opportunity.
Good luck, kimfred (& everyone with lower than expected aid)! |