@Sophmore1 my DD had similar bad news on her final two apps, both high reaches, one WL and one R. Last night she had a meltdown, saying she’s worried she’ll never get a job she really likes. I’m so sure that’s not the case, but she doesn’t really want to hear it from me. I helped her figure out some steps to try to get off one wait list and revisit one the top two schools she was accepted to whose admitted student days won’t work for her (she visited the other one last week). I thought the hard part would be over once all the results came in. I was wrong.
lol @Cheeringsection - as tempting as the massage room sounds- who could pass up some sunshine & a cool beverage from time to time?
Hugs to your DD too @AnxietyAttack77 - this whole process can be hard!
@dyiu13 Yes we will be taking out the maximum loans allowed. It will not be to cover tuition though but to cover her living expenses while on campus. We can make up the difference between what her grant is and the left over amount. Dorm fees and required meal plan is what is going to be a stretch for us. We have already placed an appeal for this year so I am hoping she may get more.
Ugh, spouse and I still disagree about how much to pay for DD college. I want to extend a little, he wants to hold hard line. Neither plan involves loans, but we probably would contribute less to retirement for a few years under my plan. Not surprisingly, these are lifetime differences in financial outlooks.
@readingclaygirl, we are a small town and there weren’t many kids interested in becoming a teacher, one girl won like $10k in local scholarships last year that were specifically for education majors.
@Booajo It can be difficult deciding how much to help. We can swing it but have to put off doing other things. The cost keeps me up at night. There is really no right or wrong answer when it comes to college costs.
@anxietyAttack77 I am sorry your daughter received bad news! It is really tough on these kids after working so hard. I know things will work out - its just getting there.
Lots of students attending expensive schools are taking the route of trying to get their loans paid off by taking the volunteer for teachforamerica route. I don’t see why those who really want to teach shouldn’t be making use of the grants right from the beginning.
We will help as much as we can until next one starts college. D might take out the subsidized loans because interest rates are much lower than for graduate loans and interest won’t accrue until after graduation. This year she had some local scholarships so she did not take out loans yet.
DS has only been offered unsubsidized loans. We considered the interest as one more cost for the schools that would require loans. He chose a school that will not require any but it is nice to know they are available if our calculations prove to be inaccurate.
I think we will be maxing out loans and taking parent plus loans.
Thanks @bookmom7 and @Sophmore1. She is better this morning. I’m sure there will be ups and downs for the foreseeable future.
@“Queen’s Mom” we will be trying to avoid the parent plus loans but may need to take out a private loan and borrow against a 401k.
D16 will only have unsubsidized loans as an option.
Her top 3 choices range from 5k (total–awesome package, but she has this one third), 13k (full tuition grant, easily affordable for us, no loans for her), 36k (her top choice, would require loans for her and stretching for us).
I just wish she liked options #1&2 as much as #3. She is revisiting #2 this week so there is hope.
Is this per annum? The numbers vary widely when you calculate for 4 years.
My husband gave each of our boys a portion of the Post 911 GI bill. So all of my son’s expenses will be covered for the first 3 semesters. Once he has used those benefits, he will need to max out federal loans for the remaining semesters. We will also help him out with the remaining balance. In addition, he will work and save money during the summer. We will not be taking out additional loans or borrowing against our 401k. I think it is important that he has some skin in the game. We will help him as much as we can without jeopardizing our future.
Unsubsidized loan interest rate should still be lower than the 7 something % graduate and graduate plus loans have. Her scholarship is good for 4 years and covers first two years of pharmacy school tuition. Then she is considered a graduate student for year 5 and 6. She will have to take out graduate loans for those years unless she gets scholarships which is a possibility but not guaranteed.
@allboyz You are so fortunate that your husband is able to use his GI bill for your children. My husband served in the Air Force, but retired in 1999, so he is ineligible .
Regarding loans I’ve mentioned on here before that we didn’t save any money for college due to our finances when S was younger, I also had no idea he would be going to a university and when S was born college was still affordable, especially Cal States. A few years ago W & I downsized our house and lowered our mortgage payments by $1,000/month, so I figure I can throw that at S tuition. With the Regents at UCLA that means S doesn’t have to take out loans and can graduate debt free. If he goes to Cal, the cost is $8,000 more per year, wife will be 59 1/2 in a year so if we need to withdraw money from her 401k we will be able to without a penalty. It does increase our income and decreases our future aid, but even if we pull out $8,000 since wife is retired our income will still be less than it was when she was working and what our current FA is based on. Either way should allow S to graduate debt free. He will have to pay back the $8,000/year to us though, once he graduates. This is theoretical so who knows what will really happen. If an Ivy comes through then all this changes.
Many parents believe in skin in the game. While it may not be a good idea to borrow 100k for an education, stafford loan limit for which the parent does not need to cosign is good idea to get the kids to borrow, especially if they will be obtaining a degree that ensures a comfortable income.