I just want to point out, just like kids can survive and be a success going to any school (perhaps the most affordable one is it), likewise, kids who are told to expect to support themselves once they get their final diploma, can do that. They may not make all their money as an actor, but it is possible to support oneself through all sorts of work. My kids knew that mom and dad were not going to be supporting them as adults and so with that expectation, they work hard and find work, enough to get by. There is nothing wrong with financial help to your kids after they graduate if you can afford to do so or if you believe in it (either way). I canāt afford to do so and I donāt believe in it. Now, if my kid were on the streets and could not get by, Iām not going to let them starve. But each found a way to support herself every summer while in college away from home and starting on graduation day after the final degree. It is possible to do if one is expected to make it on their own. It may not mean a job in your field, or it may require survival jobs, but it is certainly doable. My kids have been fortunate so far that ALL of their post graduate work is in their respective fields. They arenāt rich, but they are on their own. Again, I donāt say this is the right way but I am just pointing out this āwayā just as others are pointing out the choice to not take any parent loans for their kidsā educations, which also is just fine as a choice, though we we willing to fund it any way we could. Again, different choices. No right ones.
In a way, weāve been lead to believe in our culture that a college education is somehow a right. We are offered loans in amounts we might not otherwise qualify for, guaranteed by the government, so that every child will be afforded the same opportunity as another. Its just that not everyone has the same ability (or desire) to repay that loan. So its not necessarily a hand up that you want to grab. Might be better off to slap it instead!
I agree with earlier posts that booking a job is about what happens in the audition room. But as vocal and others point out- alumni connections and/or school reputation can help get you in the room.
We are in the lucky position of having the money on hand to pay for Dās education no matter where she decides to go, but I am having a really hard time justifying why we would want to spend close to $300K when other wonderful, respected, and established programs have offered enough scholarship money so that the entire four years costs less than one year at these top tier universities. Considering the travel back and forth, the semester abroad, the general ābang for our buckāā¦I struggle with how much the actual choice of school matters.
You beat me to it, @soozievt (And you know Iām a big fan of your MT D.) I was going to say that you ARE helping support your girls by paying their loan payments. And as we well know, some parents cannot even do that much. The best remedy for all this ā and Iām saying this for lurking class of 2020 parents out there, is to TALK. I think many families avoid the topic of college funding altogether ā and you were right in an earlier post to state that these conversations need to happen EARLY in the process. And itās especially emotional in this audition-based admission process ā āBUT MOM, I GOT IN! THEY WANT MEā Nonetheless, when the applicant-student knows what the ābudgetā is for school from the outset, the entire family is on the same page. I realize that the complete picture is not always available ā but there are still many online calculators out there that will estimate merit aid or FAFSA/need-based aid to give you some sort of a picture.
@MTTwinsinCA youāve peaked my curiosity: why do students run out of $ in year #3? Are loans diminished in this year of school, or parents hit a ceiling or are unable to pay? What happens in that year specifically?
Iām going to be purposefully vague, but I believe there may have been a series of financial issues the prior year(s) that lead to a foreclosure ā which disqualified the parents. (And this happened to more than one family in that particular timeframe.) Heartbreaking because these are good people who only want to give their kid his or her dream but are cutting things too close to make it happen.
@MTTwinsinCAā¦thanks, and you know Iām a big fan of your two talented kids!
In my view, we are providing the education (though you are calling it support). We just are not into kids paying for their schooling, but have nothing at all against those who feel kids should pay some of it. It is likely a cultural thing in my case as my parents provided for my undergrad and grad schooling and we are passing that on, and grandparents also helped my kids because education is hugely valued in my family. (truth be told, I was there when my dad spoke his final words in his life and he brought up my older Dās college admissions which she was in the middle of at the time) So, our financial support is purely for their education. We donāt really consider the loans the kidsā loans. We just see it that we gave them the financial support to become educated and then they have to take it from there to support themselves. So far, they have been able to do that. But yes, it is a financial challenge for me to pay for those educations even though both received financial aid and scholarships for college and graduate schools.
Again, I think it is very important that if a family has a financial restriction on the cost of college, this should be an upfront discussion with their kids before they apply. They can discourage applying to unaffordable schools so that the disappointing situation of an acceptance they canāt take wonāt arise, OR wait and see what financial package is offered, but know full ahead that if it is not enough, they canāt attend. You can always let your kids decide which route is most comfortable. We did not have this discussion, since we were willing to let them choose any school that was the best fit and figure out a way to fund it on our end. Also, over time, once they were in college or in graduate school, additional scholarships were obtained and so things got a bit better. It still costs a lot after those though! And some people have more than two kids and so thereās that.
Ahh, that happens, esp. in areas of the country that are still upsidedown from the whole real estate crash. So what happens then is that after a foreclosure, the parents no longer qualify for loans? I was informed that if you file a reorganization BK it does not tarnish credit for student loan purposes, but that a foreclosure or a discharge in BK results in a denial of future loans. Is that correct? (If you happen to know?)
@tramsmom, I canāt answer what you posted in #3348, but one thing people should know is that if they go bankrupt, their student or parent loans are not discharged.
I donāt know all the ramifications of PLUS rulings, but my initial understanding was that foreclosure was one of the only ways you would not qualify for a PLUS. (However, I know from a friend here in CA that not qualifying for PLUS did allow her daughter to get a slightly larger student loan in her own name.) Anyway, for parents who need a PLUS to complete the financial aid puzzle, these are all good questions to research on your own. And please know that Iām not being critical of parents who start the process with the best of intentions ā I get it. No one wants to be the crusher of dreams and we all want to do right by our kids. No one ever expects a job loss or an illness or some other devastating financial issue and that can affect kids at any school. I long for a time when education is affordable and accessible to all and when student loans wonāt be strangling an entire generation of young people, not just young artists. Just think long and hard about the amount of debt your family is comfortable with, as well as if/how mom and dad (or others) might help with repayment (or not.) All good conversations to be having. With peace and love. (Wasnāt I going to slink away a while ago?) 
@Soozievt it is true, the General Rule is that student loans are not dischargable in Bankruptcy. But there are exceptions. Everyone should consult an attorney regarding their own unique situations with regard to the dischargability issue, and not rely on blanket statements.
People should definitely check with an attorney. Iām just saying that at least the Parent Plus Loans are not dischargeable in bankruptcy. I know of people in this situation. I donāt think anyone should rely on information on a discussion forum. But I think passing this widely understood concept along is important. You likewise posted information about what you read about reorganized BK and student loan credit. What I posted was not only what I have read, but what I have seen openly in certain peopleās circumstances. I donāt want people to rely on my statement, but it is based on first hand knowledge (not my own situation, however). Besides first hand knowledge, I have read a bit on this subject. There are rare instances where such loans can be discharged. So, it is not impossible, but it is also fairly unlikely and should not be counted upon.
In a forum such as this, we all pass along information we have read or experienced first hand. Sometimes people pass along speculation too. So, nobody can know for sure the veracity of what they are reading, as it is a anonymous message board. It helps when people state where they obtained information or how they know or if it is first hand. One reason, as well, that CC keeps a post count is that sometimes members can get a sense of the validity of posts by members over time and whose information they find of value or not, compared to brand new posters who havenāt yet established any sort of reputation upon which to interpret the information they share. This is just generally speaking.
Nothing from Hartt yet 
Sorry, Greyrosā¦fingers crossed for you.
Hang in everyoneā¦just one week to go and then your kids will be in the driverās seat. The angst of waiting for decisions will become a distant memory!
And I totally agree with you @transmom.
I canāt speak for other schools, but as far as I know none of Dās peers had to leave their program due a change in the parentās financial situation, as the school will make mid-term adjustments to Financial Aid packages if circumstances change. We saw this in practice, when a close friendās dad lost his job mid-quarter one year, and in our own case when our younger S started college.
@MomCaresā¦I saw that happen with someone I know too at Penn State. The FA was adjusted when the parent lost his job. (this is not my immediate family)
With all due respect, there are exceptions, even for Parent Plus Loans. If you are in this situation, donāt take someoneās word for it. Each situation is unique. Consult an attorney. Donāt listen to others who are not licensed to practice bankruptcy law. Here is an excerpt from a US GOVT web page:
From studentloans.ed.gov:
Iām a parent that took a PLUS loan to help pay for my childās education. Can my loan ever be forgiven, canceled, or discharged?
You must repay your parent PLUS loan even if the student doesnāt complete his or her education or canāt find a job related to the program of study, or if you or the student is unhappy with the education. However, the loan may be discharged if the child for whom you borrowed dies, or if you die or become totally and permanently disabled.
We may discharge some or all of your loan in any of these circumstances:
The school closed before the student completed the program.
The school forged the signature on your promissory note or falsely certified that you were eligible for aid.
The loan was falsely certified through identity theft.
The student withdrew from school but the school didnāt pay a refund that it owed. Check with the school to see how refund policies apply to federal aid at the school.
The loan was discharged in bankruptcy claim. This is not an automatic processāyou must prove to the bankruptcy court that repaying the loan would cause undue hardship.
Contact your loan servicer for more information. If you donāt know who your loan servicer is, visit My Federal Student Aid.