Son weighing 4 Schools

cptofthehouse
Tue, 16 Apr 2019 19:59:24 +0000

How to finance the most expensive option, or any option for that matter depends upon your family financial situation. The schools have told you how much they will kick in towards the costs. That will probably be the MOST you will be getting from them in future years, and you should make sure that the awards are going to be annual, and what stipulation there are for him to keep the awards if there are any. Usually the costs go up, as costs do, and it is generally expected for students to pay more as they become upper classmen.

College expenses are expected to be paid from past, present and future $s. The past involves what you and your son have saved. We don’t know this–how much do you have that you can put towards college costs, about 1/4 of this stash a year towards the expenses. The present involves what you can take out of your current pay or income. You tighten the belt if you have to do so; you do have some savings when the kid leaves home. When you got a kid in college, it can mean an austerity regiment. The kid should also work, summer, and maybe a few hours during the school year to put towards his school costs. Every bit helps. He can start this summer, maybe even right away if things are going to be tight.

Future costs usually involve the loans. How much are you able to safely borrow? Your son will be offered Direct Loans in his name only, in the amount of $5500 for freshman year, increasing to $7500 in senior year. Any more will involve your signature and credit and responsibility to repay.

Add all of this up and it’s up to you as to whether SCU is affordable for you and how much financial risk you are taking, how much discomfort. Is it worth the extra cost between Gonzaga and SCU? Only you can answer that question.