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High Income but High Debt, Too: Can We Get Financial Aid?

CCEdit_TorreyCCEdit_Torrey Editor Posts: 136 Editor
Your parents' income is too high to qualify for financial aid, but their debt is too high for them to afford tuition. The Dean talks about your options: https://www.collegeconfidential.com/articles/high-income-but-high-debt-too-can-we-get-financial-aid/

Replies to: High Income but High Debt, Too: Can We Get Financial Aid?

  • UndercrackersUndercrackers Registered User Posts: 723 Member
    The key is not only figuring out college choices that end the college-debt cycle, but then having the intestinal fortitude to stick to that plan and being very frank with your kids about the kinds of schools that are options for them. A "dream school" can turn into a financial nightmare when you see a substantial amount of your income going to pay down college loan debt every month. We as a society are very used to borrowing money for everything - at our peril.
  • my2greatkidsmy2greatkids Registered User Posts: 21 Junior Member
    Will a college recind acceptance offer if writing to financial aid explaining the need for additional aid based on high debt, assuming you are unable to afford tuition anyway?
  • twoinanddonetwoinanddone Registered User Posts: 19,909 Senior Member
    The school won't rescind the acceptance, but if you can't pay for it will it really matter? You'll have to turn the school down.
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