<p>My S has applied to three colleges of his choice,Wisconsin, Indiana, and Ohio State. We live in Illinois but he has decided even though he has never been there that he has no desire to attend U of Illinois. All three are great schools especially in what he wants to major in (business). The problem is that money wise we are not to well off which is why I want him to go to Illinois. My wife was in the hospital this year with colon cancer and my younger son was diagnosed with Crohn’s disease which has set me back financially due to large deductibles in health insurance. I was wondering what is the most that they will loan to a student for four or more years of college ?</p>
<p>I am sorry about the health problems facing your wife and son. Colon cancer is curable; I hope her prognosis is good.
I don’t have the answer on the financial issues, but I would strongly encourage your son to apply to Illinois as well as the other 3. UIUC is such a great school! He can make up his mind later when he is admitted and can compare financial aid packages.<br>
Make sure he has a realistic understanding of the burden a large debt imposes. If he has to work hard during college to pay off some of the loans, he will miss out on many aspects of the college experience; later on, his choice of careers will be dictated to a large extent by the need to repay those loans.</p>
<p>brucesprings,</p>
<p>I am sending you a PM, but would recommend you check out <a href=“http://www.finaid.org%5B/url%5D”>www.finaid.org</a> for information about unsubsidized Stafford loans. I do have to agree with Marite, though, that students who burden themselves with a lot of debt have more limited options later, including graduate school and career choices. I hope your son will reconsider and apply to Illinois, even if he might be able to transfer later.</p>
<p>Under the BEST of conditions, unless there is money to burn, I can’t imagine any substantive reasons for choosing to pay out-of-state costs at Wisconsin, Ohio State, or Indiana (unless you are a musician) over what it cost at Illinois. Most certainly not for a business major. </p>
<p>For the added cost of the out-of-state school, he could put a large downpayment on a house, and likely have money to spare.</p>
<p>A subject that comes up often on these boards in April is the “Agony of Defeat” in the form of acceptances to beloved schools which simply are not affordable. The time to review finances clearly and specifically with your S is now. Your question is perfectly timed - from sources you read of here, from the school’s financial aid websites or from speaking directly with his chosen schools’ financial aid officers, you can determine the most your S will be offered in loans. It may well be that this amount is totally insufficient for him to attend, even if he is willing to take on the debt. He needs to know that now.</p>
<p>If he is willing, or thinks he is willing, to take on the debt - that is a scary thing, so best - as others have said - for him to apply to UI now. So many of our kids change their perspectives on all sorts of things between October and April: he can re-evaluate at that time when acceptances come in.</p>
<p>Finally, if your circumstances are such that you might receive substantial financial aid from private schools which pledge to meet 100% of need, your S might be well advised to apply to such schools. Or, if he might qualify for merit aid, you can research schools which are strong in his field of interest which also offer good merit packages.</p>
<p>Good luck and keep us posted.</p>
<p>Bruce -
Here is what I have told my daughter. I will promise her, no matter what, that I will finance her through 4 years in our state’s university system, at whatever the cost will be according to whatever financial aid package they will give us. That is, if the cost of attendance (including room and board) at a state u. campus ends up being $15K, my daughter knows I will pay that $15K anywhere.</p>
<p>I will not and cannot promise to pay more - this doesn’t mean I won’t (things can change) - but the bottom line is that I can’t promise to pay more as she enters the admission season. There is a good chance - but no guarantee - that with need based aid there may be many other colleges that will be affordable, so I am encouraging her to apply wherever she wants to go. But she HAS to apply in state, whether she wants to attend there or not, because the financial aid package we get from the state university will establish that “baseline” of what my financial obligation is. </p>
<p>I would suggest that you take the same approach with your son: he is free to apply wherever he wants, but you can only promise to pay the amount that the U. of Illinois will cost, factoring in any financial aid that he may be able to get there. Don’t let this become a subject of debate: its based on your financial situation and the serious medical needs of his mother and his brother. Life ain’t fair. </p>
<p>If he knows that is the situation now, then if he is smart he will protect himself by applying to Illinois (even if he hopes to go elsewhere), as well as the other schools he is interested in. In the spring, he will know that the important document to look for from each college is not the letter of admissions, but the financial aid package – and he can also spend the next 6 months applying for academic scholarships or working and saving money to help bridge any gap between what you will pay and what his college of choice costs. If your son has very high grades and test scores, you may be pleasantly surprised by offers he receives from out of state colleges. </p>
<p>Since your son wants to major in business, you will be doing him a great favor by providing this early lesson in finances and shifting the burden to him of worrying how to pay for an out-of-state college. Though the same rule should apply even to a kid who wants to major in art - its just that the business major gives you a little bit of edge if your son wants to argue the point. </p>
<p>You are not being unfair to your son in any way by taking this approach. I feel that as a parent who values education, I do have an obligation to fund my children’s higher education – but the university system in my state is well regarded and can fully meet their needs.</p>
<p>Adding to the chorus of people who are telling you that you aren’t being unfair if you set limits on the amount you’re willing to pay for his education.</p>
<p>An important lesson that h.s. seniors need to learn is that they can’t always get what they want. I’m sure that many parents would like to have mansions, BMWs, and fly first class for month-long vacations in resorts in Hawaii. However, most of us know that it’s fine to dream, but when it comes down to it, we are able to buy what we can afford.</p>
<p>I agree with the people who suggest that you give your S a dollar amount that you’re willing to pay per year for his education. I also think that you should force him to apply to an in-state public school where he knows that he will get in and that you’re willing to pay for. If you don’t insist on this, he may secretly think that if he gets into Wisconsin or the others and has no affordable alternatives, you’ll somehow pull money out of a hat to pay his costs.</p>
<p>I also agree that you should point out to him that he will need to make up the difference between what you’re willing to pay and what the college costs. If he’s serious about going out of state, he’ll do things now like work jobs, apply for scholarships to reach that goal. If not, he’s not serious about his dreams, and there’s no reason for you to feel guilty that he won’t be able to afford them.</p>
<p>BTW, most parents put financial limits on how much they are willing and able to pay for their kids’ colleges. Probably in most families, what parents are willing and able to pay is part of the cost of attending an in-state public university. Most students are not able to go to any college that accepts them because they have financial restrictions. After all, most people in this country don’t have limitless wealthy.</p>
<p>I have a slightly different suggestion. In addition to applying to Illinois, I would have him throw a few private colleges known for giving good financial aid and merit money into the mix. </p>
<p>Often, the financial aid and merit available as an out of state student at a public university is less than that at a private school. Public schools tend to give the best financial aid and merit money to in-state students whereas private schools tend to give the best financial aid and merit money to the best qualified students, regardless of where they live. Private schools are also more likely to be willing to negotiate if you don’t like the initial financial aid package. Additionally, sometimes the cost of attending a private school can actually work out to be BETTER than the cost of attending an in-state public after all factors are considered. </p>
<p>So, my usual advice applies: if you need substantial money, cast a very wide net. Applying to only three schools does not constitute casting a wide net.</p>
<p>Additionally, as others have said, it would also be foolish to throw away the chance of attending an excellent school like the University of Illinois by not at least putting in his application.</p>
<p>Just wanted to give some suggestions of private schools he might send applications to in order to have the most financial options: DePaul (IL),
DePauw (Indiana), Dominican University(IL), Augustana College (IL), St. Ambrose (Iowa), University of Evansville (IN), Lake Forest (IL), Marquette (WI), Creighton (WI), University of Dayton (Ohio).</p>
<p>These schools all have business programs and all are decent about financial aid and merit money. Depending on his stats, there are probably other schools worth considering, but these are the ones that popped into my head first as good bets for solid financial aid and merit scholarships. Perhaps others will have some additional suggestions.</p>