I have a girlfriend trying to finance her sons school tuition which is due in 6 weeks. She has very little money, a soon to be ex-husband who has been no help. They have poor credit and may or not be qualified for the Parent Plus loan. They make too much for any aid from the school, but live pay check to pay check. If they are denied the Parent Plus loans, do you have any suggestions? Thanks.
Gap year and reapply to affordable schools after running net price calculators.
Or commute to community college for two years while saving and then transfer to an instate 4-year institution to finish up.
ETA: I assumed he is an incoming freshman.
It’s June. I would say…it’s getting a bit late to look for alternative financing for the fall.
I agree…if this is a first time college student…perhaps a gap year with applications to more affordable colleges…or where he can get some merit aid…would be in order.
Or can he commute someplace and save money by doing that.
Hoping she made provisions for college costs in her divorce settlement.
Thank you so much @Madison85 and @thumper1, this is what I have advised her, but the reality is so hard for her. Her ex has not been realistic and has not wanted to talk about college funding until now. It is a huge mess. He is an incoming freshman.
He should NOT start college now. That would be a huge mistake if he has the stats to get better merit or aid elsewhere.
If he starts, and then has to leave because parents can’t pay, then he’ll face two problems…an unpaid bill that will haunt them if he tries to transfer (can’t transfer w/o the bill being paid)…and as a transfer, he’s ruined his chances for getting the best aid or merit.
There aren’t options for those with bad credit. There just aren’t. All he’ll get is $4k more per year in loans ($2k per semester)…and it doesn’t sound like that would be enough.
Please have her come on this forum and we’ll help her. What are the boy’s stats?
(Also…the truth is…once the divorce is final and all the attys have been paid, they’re going to have less money than they have now…which is little.
Frankly, people with highish incomes who live paycheck to paycheck are usually ones who have an unrealistic outlook on spending. They will forge ahead, thinking something is affordable, but it’s not…and now a further problem.)
for the parent plus loan you can get another cosigner such as a grandparent
obviously the student and the parent need to take ultimate responsibility for loan.
there are some companies that will refinance parent plus loans back into the students name upon graduation with a steady income and qualifying salary and get grandparent off of loan
good luck
I agree with previous posters^. Your friend cannot afford any schools at this time with less than 6 weeks payment due. He needs to take a gap year and reapply. If he starts at any CC school, then he has to transfer in and assume little to no financial aid as a transfer.
Right…don’t take ANY classes at a CC. The student should spend this year working/saving since they don’t qualify for need aid anyway.
Seriously…people who live paycheck to paycheck AND who are going thru a divorce, should NOT be looking at taking on MORE debt. And the repayment of that debt would become another problem…it would be in ONE parent’s name, yet both parents (divorced) seem now interested. I wouldn’t go with a plan where one parent borrows one year, and the other borrows the next…because that could (likely) mean that one spouse will either say “no” or not qualify a later year.
Great advice everyone. I will pass it along! Thank you!
I hope your friend listens to the advice. As parents, we tend to want to do whatever we can to help our kids achieve their goals. But a rush into borrowing for college can have long-term negative consequences … not what college should bring to a family. As hard as it can be to wait and to regroup … to perhaps make decisions that are not what we’d consider our first choice … it will be worth it in the long run. Best to your friend and her S.