Recently my parents went through a tough issue at home and consequently had to retire from their jobs. I spent my first year as an undergraduate at an expensive, top tier private university, but now cannot pay for school. I was wondering if anyone had tips on how to even begin paying if I want to stay at my current school. I’ve considered loans, and scholarships, but both have their difficulties and drawbacks. Thanks.
I’m very sorry to hear about your recent troubles.
It’s hard to know how to find money beyond loans and scholarships. You could maybe ask other relatives if they can help. You could try a gofundme campaign, but I truly think this would not work.
You may want to take some time off from school and see if you can declare yourself independent. That would require you researching the rules. You’d need to work with your school too. But I think the scenario is something like you’d need to move out of your house, not take money from parents, get a job and be self-supporting for a minimum period of time. They could not claim you on their income tax. If you do this, then you may find that you qualify for more aid on your own. Again, check with your school to see how viable this is. Some schools simply won’t consider this option.
You may need to transfer to a state school to finish. There is no shame in doing this. None at all.
Under no circumstances would I take out a loan for more than $30K total over your four years. No more than that. If you cannot find a solution that costs less than $30K then transfer to state institution hopefully for a cost that’s less than $30K total.
Use the site collegenavigator to help you ESTIMATE your cost at vairous other schools that may take you as a transfer. Transfer students aren’t guaranteed the same aid as students coming in as freshmen. Start with schools that guarantee meeting 100% of need. You can research this with collegedata website.
If you’re a male, look at Vassar to see if they may take you as a transfer. They are pretty good about need-based aid. If you’re a girl, check out Union college and see what they offer you. They don’t guaranteed 100% meeting need, but since they need girls, they may offer you something as a transfer. Other posters may have better ideas than this
I wish you all comfort and peace.
It occurred to me that there are also a variety of programs that take non-traditional students. If you’re a woman, you may consider taking time off from college and working. Many of the women’s colleges have special scholarships available for nontrads, like Smith, Mt. Holyoke, Agnes Scott, Bryn Mawr. You need to be older, however. Like age 23.
Have you talked to the financial aid office at your school and explained the situation? That is your first step.
Can your parents pay anything?
Did you ask your school for financial aid professional judgment?
this will not make Op independent.
Many schools have policies in place (especially expensive private schools) that if you start as a dependent student, you finish as a dependent student, even if you have a life event that makes you independent.
Right now, the best that you can do is appeal your financial aid package. Make sure that you have all of the supporting documentation to support the appeal.
Does your school meet 100% demonstrated need? If it does not, you may still not get the aid that you need to make it affordable.
“Many schools have policies in place (especially expensive private schools) that if you start as a dependent student, you finish as a dependent student, even if you have a life event that makes you independent.”
Not to mention that moving out and taking no money from your parents ONLY makes you independent for tax purposes – NOT for financial aid purposes.
Thanks for all the help. After looking into some options it looks like my college is pretty good about providing financial aid to needy students so hopefully by providing the necessary documentation, this could be a viable option. Also yes, I do not plan to take out loans for more than 30K, loans would be a last resort. My parents can probably pay a maximum of 20K a year, but to give an estimate, the school I currently attend costs upwards of 50K a year.
Have you been active in residence hall activities? Maybe if you go back this year you can apply to be a resident assistant for years 3 and 4, if your school provides good funding for this.
You can’t count on getting an RA position, but it is definitely something to pursue. Call you FA office tomorrow and start a conversation with them. You need to get going on this, as the first tuition bills are likely arriving in the next couple of weeks, and they think they are pretty much done giving out FA for this year. You have no time to waste.
Keep in mind that not all schools offer free room for RAs. My D’s school offered a small stipend; no free room , board or anything else. It was still one of the most competitive jobs on campus.
Even though your parents retired, it does not necessary make them needy. Remember the school is still going to look at their income /assets. While you feel that your parent can or are willing to pay 20K, you need to immediately sit with your parents and talk to the financial aid office to see how much the school will determine that they have to pay.
How much would you have to borrow per year to attend this school? You can only borrow ~$6500/year.
A lot depends on why your parents retired. If they were laid off or became disabled it’s different than if they chose to retire. Since the reason had something to do with what was going on at home, it doesn’t sound like forced retirement. Unless the retirement involved extenuating circumstances, I wouldn’t expect the college to make up the difference for you. If colleges did that, everyone would retire early and let the colleges pick up the cost.
If your parents can pay $20k/year, you’re not in a terrible position. With the $6500/year federal student loan and $3k summer work earnings you can afford a ~$30k/year school. That gives you lots of options if the private college doesn’t work out.
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Recently my parents went through a tough issue at home and consequently had to retire from their jobs.
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This sounds so unusual. Can’t imagine a circumstance where a “tough issue at home” would cause two people to have to retire from their jobs.
^Stroke requiring 24 hour care would be one.
We don’t know what the family issue is. The best OP can do is communicate with his college’s financial aid office and see if they’ll offer any help. If they say no or it’s not enough, I’d suggest he take a gap year and apply to more affordable schools.