Dad was laid off in February 2018 and he is not working, only receiving unemployment insurance. Not sure, but his Unemployment Insurance might exceed my income now, I started working June 18th. Generally speaking, dad makes almost 4x what I make, possibly more depending on bonus’.
Going to hazard a guess that if student is econ/math and already has an internship offer for summer 2019 it’s on Wall Street and came via early application process. If that is the case, would you be willing and/or able to take out loans for the remaining 2 years’ worth of costs with the understanding that your student will pay you back? On the same assumption, how much will the student be making next summer?
Are you local to the Amherst area (if UMASS is your local school) and could your DC commute instead of living on campus?
Please understand some of my answers are intended to protect my student’s privacy. I would prefer to be completely transparent as I’m not naturally cryptic in answering questions when asking for other’s advice. But yes, you are on the right track in making the guesses above…
He has a good offer on the table and is on the pathway to make good money…enough to pay back loans, but as nothing is guaranteed I’m afraid to mortgage our souls on a best case scenario. It would be foolish however to throw away the opportunities he’s created for himself in a very competitive market indeed. I’m not sure I would be able to take out additional student loans as I am still paying off my own student loans having graduated with my own BA in 2012. (After I got divorced, I went back to school to get my degree to help my kids go to college).
I don’t live close enough for him to commute. I wish. That would save a chunk.
And seriously, beg your ex. I would have no figs to give about pride, particularly a kid’s adamant opinion. The school WILL expect you to exhaust avenues with your child’s father. Your hole is 52K/over 2 years, that is right? Your kid takes full direct loans? He contributes with internships? He has a job? Have you had a discussion with your ex about this yet?
@UVGOT2BKIDDINGME I’m going to PM you
If I ask my ex for anything, even on behalf of my kids, it doesn’t work. My kids have to ask him directly as my student certainly is. If I ask, he’s more likely to say no. For context, I had to go to court to get my ex to allow two of my kids to get braces. Yes, braces for their teeth. The fact that he’s paid anything towards my current student’s college expenses is something I’m very grateful for. It isn’t about my pride, it’s about “control” amongst other things.
Student has two years left, this year’s price tag is $46k. I would anticipate next year to be around the same. As I don’t know exactly what the ex makes, I have no way of really knowing what to expect year to year for Financial Aid since they look at non-custodial parent income.
My student works year round, on campus jobs (I think he has 4 lined up next semester) in addition to internships every summer. He contributes financially to his college expenses.
I really hope you can get something worked out so that your son can finish out his last two years at Amherst. I doubt that Amherst wants to see kids leave solely for financial reasons, so maybe keep after them about your son truly wanting to graduate from there. Are there grandparents that could potentially help? Good luck!
And has he taken direct loans?
The hole is the difference of 26K /yr, not the 46K. You were paying the other 20K already. Ask your son if he might talk borrowing the money from dad to pay back. You think he might have assets, right?
Unfortunately grandparents are not in a position to help financially.
Yes, you are partially correct, we were paying a bit over $20k a year, now $46K so the difference is approximately $26K. Dad would have to liquidate assets to make available for a loan to his student. It’s a possibility, I just don’t know if he’s willing. And yes, student will have to take out loans for sure in addition to possibly obtaining a loan from his dad. At this point I don’t know what he’s eligible for for FAFSA loans. Logged in to FAFSA but couldn’t ascertain. Assume the school has amounts available. Am hoping to connect with the school’s financial aid office tomorrow morning.
As a junior he would be eligible for $7500/yr in direct loans.
If you are already paying 20k , your son takes his 7.5k loan for junior year.
@twoinanddone, I know that classes are over, but if son has not taken his $6500 sophomore loan (even if unsub) would he be able to if he puts in for the loan before June 30?
If he could do this, then that would be 14k. If he can clear 10K from his summer job, that would leave a balance of 2k (that perhaps he can get from dad)
No, I believe you must apply for the loan during the term, and no later than June 30 of that school year.
Amherst may have its own loan program too.
It seems OP has a lot of good arguments for her appeal. I hope she’s successful.
Talk to Amherst. You will need documentation of your job loss…and your new lower income vs your old higher income.
You will also need documentation of the other parent’s layoff, what severance he did or didn’t receive, and his current unemployment compensation if any.
The school will want to have documentation that indeed your income is lower.
It sounds like your actual salary for your new job is the same as your old one…is that correct? The school is going to want to know your current earnings as well.
Contact Amherst ASAP to have a conversation about this. They will tell you what documentation they need to consider your request for a special circumstances consideration.
But do remember…these are not automatic and are considered on a case by case basis.
A bump from $20,000 to $46,000 doesn’t sound crazy when your oldest graduated ,and there is adjustment for inflation, increased tuition. Your son is in a real bind as I’m sure he has made friends, done very well with a 3.8 GPA, , and I’m guessing expected to stay and graduate. Different scenario than getting a package from a private as a high school senior and family deciding it won’t work. You are two years in and circumstances with employment of parents have changed , which he had no control over. Hopefully, Amherst can review things and help. I know there is no athletic or merit aid, but is there a coach or professor who wants to keep him that may be able to give some advice? If it comes to it, this may be a rare scenario that some increased loans by son and parents might be worth considering. With only two years left, I hope you can make this work. How upset is your son over this? Best of luck .
You can apply for a Parent Plus loan.
If denied, your kiddo would get an additional $4000 or maybe more in Direct Loan money…so $11,500 instead of $7500.
If you get the loan, you get the loan…really qualifying for a Plus Loan is not hard. But you have to decide if you want to take on that kind of debt.
If your kiddo already had a high paying internship for summer 2019, perhaps he can use that money to help pay for the 2019-2020 school year…thus reducing the need for as much loans.
@thumper1 Thanks for the tips. My salary is a bit lower than my last job, but not enough to likely make a difference. I have already provided the school with documentation of my unemployment insurance, but am unsure of my ex’s exact financial situation, ie if he had a severance package etc. I will be happy to provide any an all documentation I can and will make sure to ask tomorrow when I get in touch with someone what all they may need to see to review our FA package.
@sevmom Yes, my student is pretty well entrenched at Amherst so giving this up will be painful indeed. I will suggest that they reach out to any professors who may have advice moving forward in resolving/leaving/bridging the gap etc. I had anticipated a jump in tuition with my oldest out of college now, but I had no idea I could expect this to more than double our costs. We were not prepared. I don’t blame anyone but myself for not understanding what was coming. Just ignorance on my part.
You asked how upset my student was…very upset. I think it felt like a betrayal in ways. They have worked so hard to get to where they’re at. They have an interview Wednesday and didn’t have the mental space to address this and so went mute until the interview is past. I’m just trying to get some answers for when we circle the wagons mid week. We’re both a bit devastated and overwhelmed.
I honestly think Amherst will try to work with you. You might not get the full $26000 difference, but hopefully they will meet you somewhere in the middle at least. They don’t like to lose good students.
Good luck!!
So sorry. Don’t feel guilty, just continue to be proactive in dealing with Amherst, possibly ask your child to approach the dad, or a professor that might help. And continue to be the supportive, great parent you seem to be!