Financial Aid & Additional Asset - Please help!

Innovational
Mon, 28 Apr 2008 20:27:44 +0000

Thank you for the answers. I now understand there is nothing we can do to increase FA for 4 years in college.

We’ve sort of decided on taking out a second mortgage in order to pay for college tuition. My dad plans on having it be a long term mortgage - 10 - 20 years - in order to minimize the monthly payment (1k or less a month). We currently pay 4k for our current home mortgage every month.

I really do like Northeastern and I plan on giving it my all there (good grades, socializing, doing what I enjoy)…is this all worth it? is interest huge? From what I hear, mortgage rates are at an all time low because of the economic slump. An adviser suggested that it wouldn’t be a great idea…(especially if I wanted to go to graduate school - I currently have no idea if I will be attending graduate school…in what circumstances would one go to graduate school?) I feel sad about putting such a heavy burden on my parents because of college. It is unfortunate that we are in such a situation…

Tuition is 48k a year…if I wanted to borrow 8k every year (32k total. My parents would end up paying 40k a year), how would I go about doing this? Is coming out of college 32k in debt an unwise decision? Will I need to be paying that back immediately after graduation?

Again, thank you for all the support. It’s comforting to know that I have all of you by my side.