Please Chance My Son

mom2collegekids
Mon, 24 Nov 2014 15:02:07 +0000

should have been clearer in regards to his financial help needs. He is the oldest of our children so this is the first time we have ever done this. We can help him with some money up front, but I am asking more in the lines of student loans. My husband has already started to look to see what we/he can qualify for. Alabama, USC & UNC Chapel Hill are his top choices (Bama being #1 of course- Roll Tide!),





Your son can borrow the following amounts on his own:

frosh $5500
soph $6500
jr 7500
sr 7500

Parents can take out Plus Loans. Those are federal loans. Parents can borrow the entire amount if they wish. However, that will mean a LOT of debt for the parents. You mention having “children” so you have more kids to put thru college. If you have to borrow a good bit for Child #1, and then have to borrow again for the other children, consider how much debt that will be.

If your son is able to take out his student loan, work/save as much as he can over summers and also part-time during the school year, and you’re able to pay a portion and borrow an affordable amount, then maybe Alabama would be doable. His summer earnings can go towards books and meal plan. A part-time job during the school year can provide his pocket-money.

There are some ways to reduce the cost of attendance. If he chooses the Standard Doubles dorm and chooses a less expensive meal plan for sophomore year on, buys used books or rents them, then he can cut some of the cost of the total COA.

Since your son is a first generation college student, I think he qualifies for the Coca Cola scholarship which is (I think) $1000. It isn’t much, but every little bit helps.