<p>I am a Mother of 5, my oldest has not applied to College yet, we are considered low income for a family our size, but we are debt free and do well on what my husband makes, about $50,000. I heard a friend say the other day they she is paying X amount of dollors for her 2 daughters to attend College, but that SHE & Husband HAD to CO-sign for THEIR loans-what they are paying for themselves. Is this how this works, parents pay so much, then parents ALSO must CO-sign for their children. I am leary of doing this for 5 kids, if they default, I could loose my house, I could be co-signing for $100,000 or more when this is all over. WHy do parents have to co-sign, can I refuse? I thought a student could not be turned down for financial aid, after all, they have thier whole life to pay it off? Confused, and worried… Can someone explain …Thanks !</p>
<p>Yes, you can always refuse to co-sign for a loan. </p>
<p>I think the best thing as a parent you can do is to sit down with your children and let them know up front how much you are willing to spend out of pocket/ borrow for their education. </p>
<p>Expain to your kids that they must have a financial safety in their list of schools. A finanical safety is a school if admitted they will be happy to attend and the school is a financially feasible option for your family.</p>
<p>Let your kids know upfront your expectations for them as far as being active participiants in the financing of their education summer work, signing for their own loans, work study, seeking merit scholarship opportunties, etc.</p>
<p>It is not so much that a student cannot be turned down for financial aid as the fact that all financial aid is not created equally. Very few schools meet 100% of demonstrated need with that need coming in the form of grant/scholarship aid (free money).</p>
<p>Using your family’s income for example, if accepted your son would have reduced no loans at Harvard, yale, Princeton, Penn and stanford to name a few schools. However, these schools are some of the most competitive schools in the country as far as admissions.</p>
<p>A school can offer you a parents loan and still have met your finanical need.</p>
<p>I have already told each one of my kids that we are only helping each one with $10,000 each total. Neither one of us went to college, well, my Husband did but it was just a certificate (cost $3,000 total) and did absolutely nothing to get him a decent job. BUt when I told them this, I DID NOT KNOW they they may not be able to get loans if we did not co-sign them. None of my children is smart enough for the schools you mention. They are A-B-occasionally C students. Oldest wants to be an Accountant. What are the CHEAPEST schools to go with --the state schools, the community colleges. Those would be good enough I think. Or even some trade school possibly for my younger boys, do not know what they want to do yet. Why does everyone think they need those Popular schools, does it REALLY make a differnece in the real world…isnt it more on WHO you know, or HOW you do at the interview, your personality–your grades at whatever school ?</p>
<p>I do not understand scholarships at all. I never applied to any when I was in school , neither did husband. Aren’t these mostly for people who can “write” -do essays, or have Sports related activities? My son is in Track & feild & Cross country running, but don’t you have to BE THE BEST to get anything, he is not the best in his grade. How do I even FIND where all these scolarships are at? Can they be used in community colleges & state colleges as well? Obvioulsy your money goes further in those schools.</p>
<p>There are a number of parents on the parent’s forum who are parents of student athletes. I would definitely ask momofwildchild, because her son went throught he recruitment process for track.</p>
<p>There was a recent discussion about recruiting for track. Here you go</p>
<p><a href=“http://talk.collegeconfidential.com/showthread.php?t=193555[/url]”>http://talk.collegeconfidential.com/showthread.php?t=193555</a></p>