Unemployed with temporary support?

Paying for College
1

<p>I am the custodial parent and I have what looks like a decent income, but it is all spousal and child support which will decrease rapidly to zero over the next few years on a step-down schedule. Then I will be in trouble as I am 55 and unemployed with poor job prospects.</p>

<p>Will private colleges really just look at my 2010 income and say I can pay? My debt/income ratio is too high to borrow more money, and with no job I have no idea if I would ever be able to pay a loan back.</p>

<p>Noncustodial parent has stated he will pay $0 of college costs and this is California, so he will get away with that.</p>

<p>Also, as far as the noncustodial parent goes, I know the private colleges will expect a contribution, but how much? Is it the same proportion as the custodial parent?</p>

2

<p>Not all private colleges expect an NCP contribution. However, many of the ones that give the best aid do.</p>

<p>For the ones that do consider NCP info, they will expect a contribution from the NCP based on his income/assets…not based on the CP’s income/assets. So, if your ex makes a good income, then he would be expected to contribute a good amount. </p>

<p>Since your ex won’t contribute anything, you need to avoid those schools since you cannot afford to cover HIS contribution. Plus, he may refuse to fill out the paperwork anyway during one year or another.</p>

<p>I don’t think schools are going to take into acct that your spousal support is going to go down in the future. They may just assume that you’re going to have to get a job to support yourself as the money goes away…which is likely right? you can’t live on air.</p>

<p>Do you have assets?</p>

<p>You need a strategy that will work with your situation.</p>

<p>What are your son’s stats? test scores and GPA</p>

<p>Is he a junior in high school?</p>

<p>your son may need to heavily apply to the following types of schools:</p>

<p>1) schools that meet need and don’t use NCP info…like Chapman, USC, Vandy…needs high stats for Vandy and USC.</p>

<p>2) schools that will give him a lot of merit for his stats…will depend on his stats</p>

<p>3) schools that he can commute to as a way to reduce costs. These can be safeties.</p>

<p>Do you know what your likely EFC will be? It may be quite low.</p>

3

<p>If you can get by with less cash, can you suggest to X that he switch CS to 529 money ASAP. I know that means that you have to go without cash earlier, but if you are saving any money at all, I think this can work better. Others here prob know more.</p>

<p>My prayers are with you. I can understand how at your age, your likely prospects are mostly downsizing and reducing expenses.</p>

4

<p>Thanks for the input.</p>

<p>NCP has a pretty high income, so I think things look grim for financial aid. My son is a senior mom2collegekids, and he has already applied. Wish I had know that USC does not look at NCP. He has great stats . . . In fact, on the bright side, in the mail today he got Regents at UCSB – not a high choice for him, but looking affordable at least!</p>

5

<p>NCP has a pretty high income, so I think things look grim for financial aid.</p>

<p>Yes, it will be grim for all schools that consider NCP income. </p>

<p>What is your FAFSA EFC?</p>

<p>How much is the Regents for? </p>

<p>What are all the schools that he applied to?</p>

<p>Is your son a NMF?</p>

6

<p>Hi mom2 –</p>

<p>The FAFSA EFC was something like 43,000 – horrible. All of my income was support and it included back support that I was owed for previous years as well as temporarily high current support that I will only be receiving for the next 2 years. So to base what we can afford on that would be a joke. I also have a 13 year old to think about.</p>

<p>The Regents at UCSB is $6,000 per year, plus I think they will add money for financial need if our FAFSA shows we need it after the first two years.</p>

<p>He is not very excited about UCSB because he has his heart set on Brown or possibly Pomona. He also applied to Yale, Wesleyan, Reed, Vassar, Amherst, Swarthmore and Pitzer, as well as to some other UC’s.</p>

<p>I let him apply to a large number of schools because I thought maybe there would be big differences in aid offered. Also, I encouraged smaller schools because he is not very mature, in spite of his brilliance : ).</p>

<p>He is not NMF, but he has a 2280 SAT I, two 800’s on the SAT II, and at least a 4.5 weighted GPA (4.0 UW).</p>

7

<p>Since all/most of those elite schools use NCP info, I don’t see how you would get any aid from them since your ex makes a high income and you are receiving substantial support from him. Did your ex fill out the NCP info?</p>

<p>Prepare your son now for the likelihood that those top schools will not be affordable. </p>

<p>*The Regents at UCSB is $6,000 per year, *</p>

<p>that will pay for about half of his tuition/fees. how will he pay the rest?</p>

<p>*plus I think they will add money for financial need if our FAFSA shows we need it after the first two years.</p>

<p>*</p>

<p>Do you mean that he will get more aid when he’s a junior and senior? Yes, if your income drops to nothing and you don’t find employment, he will qualify for some aid.</p>

<p>*He is not NMF, but he has a 2280 SAT I, two 800’s on the SAT II, and at least a 4.5 weighted GPA (4.0 UW). *</p>

<p>I was hoping that he might be a NMF because there would be some possible big scholarships for him. His stats are very good, but I don’t think he applied to any schools that would give him big merit scholarships. </p>

<p>I hope that somehow things work out. It doesn’t sound like he was advised well by his GC in light of his financial situation. He’s going to have a high expected “family contribution” and no means to pay for it.</p>

<p>Hopefully, someone who reads this thread can suggest a school that he could quickly apply to that would give him a big merit scholarship.</p>

8

<p>“I hope that somehow things work out. It doesn’t sound like he was advised well by his GC in light of his financial situation. He’s going to have a high expected “family contribution” and no means to pay for it.”</p>

<p>This is almost funny to me. He was not advised AT ALL by his GC. Big public school and she was actually out on maternity leave so her kids were shuffled off to a sub.</p>

<p>Ex did fill out the NCP info. Also I sent in explanatory letters to the private schools about how I am unemployed and therefore can’t count on being able to contribute, blah, blah, blah. I don’t have much hope for sympathy there and I have let my son in on the sad news that if he gets into his dream school he will have to borrow about $150,000. I can probably scrounge up about $50,000. If I can find work I will help more of course, but after 17 years of stay at home mom-hood, it isn’t like I can count on or promise this. </p>

<p>Son wants to kill his NCP. Can’t say I blame him. I don’t think its a morally defensible position for a dad to take, but unfortunately it is a legally defensible one.</p>

9

<p>I am very sorry for you. I know how bad all this hurts. A few thoughts that you and your son may not want to consider, and the caveat that many here know much more than I do.</p>

<ol>
<li><p>Most finaid is geared toward Freshman. Transfers do not do so well. If he starts off at a CC, while your income will go down before he transfers, imho, he will likely be limited to transfering to instate public college (which may not be so bad).</p></li>
<li><p>I know you and he do not want to hear this, but he may want to take a “GAP” year, and try again next year. That way he will preserve his Freshman status and may participate in an activity that may improve his admission chances (e.g. EMT volunteer). He may want to look into Americorp for a year, if they have openings (never know with budget). You may want to look into that now. Your income will go down. You may want to run an EFC calculator with your estimated next year income. </p></li>
</ol>

<p>I understand the pain you are going through, and trying to figure out how to deal with major lifestyle changes.</p>

10

<p>* I have let my son in on the sad news that if he gets into his dream school he will have to borrow about $150,000.*</p>

<p>Your son will NOT be able to borrow very much without YOU as a cosigner - which means that you would be “on the hook” if he couldn’t afford to pay. You would also have to QUALIFY to borrow that much…and you’d have to qualify every year…not just the first year.</p>

<p>Are you aware of how much the payments would be on a $150k student loan? it would be waaaayyy too high for a young person with a college degree to pay back. The payments would be over $1600 per month!!! Student loan payments are not supposed to be higher than about 10% of a person’s income…because they will have so much else to pay for …rent, car, food, etc. Also, considering your situation, your children may end up having to support you, so certainly they should NOT be burdened with this kind of life-choking debt.</p>

<p>Your son can only borrow the following amounts without you co-signing…</p>

<p>frosh 5500
soph 6500
jr 7500
sr 7500</p>

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<p>1. Most finaid is geared toward Freshman. Transfers do not do so well. If he starts off at a CC, while your income will go down before he transfers, imho, he will likely be limited to transfering to instate public college (which may not be so bad).</p>

<p>Very true! Transfer students don’t usually get very good aid or merit scholarships.</p>

<p>*2. I know you and he do not want to hear this, but he may want to take a “GAP” year, and try again next year. That way he will preserve his Freshman status and may participate in an activity that may improve his admission chances (e.g. EMT volunteer). He may want to look into Americorp for a year, if they have openings (never know with budget). You may want to look into that now. Your income will go down. You may want to run an EFC calculator with your estimated next year income. *</p>

<p>Taking a gap year might be the answer, BUT ONLY if he applies to schools to school that give great aid (and do NOT ask for NCP info) and/or schools that will give him huge merit scholarships for his stats.</p>

<p>If he can commute to UCSB (or to another UC that gives him a decent sized Regents), then he might be able to afford the costs with a federal student loan, a summer job earnings, and a part time job during the year.</p>

<p>*“I hope that somehow things work out. It doesn’t sound like he was advised well by his GC in light of his financial situation. He’s going to have a high expected “family contribution” and no means to pay for it.”</p>

<p>This is almost funny to me. He was not advised AT ALL by his GC. Big public school and she was actually out on maternity leave so her kids were shuffled off to a sub.</p>

<p>*</p>

<p>Oh, that’s too bad. :frowning: Too bad you didn’t find CC before now. There are some parents here that could have suggested some schools that would have been financial safety schools for your son.</p>

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<p>I do know that the $150,000 debt is not really a solution. I don’t think I can cosign anything without a job, can I? I have heard from some people that school loans are very easy to get. That of course doesn’t mean that it would be wise for me to borrow, but would it be possible?</p>

<p>He would actually be willing to take a gap year and work to raise some $. But how many jobs are there for kids out there that would pay him more than minimum wage? Could he even get a minimum wage job? I know you guys can’t really answer those questions. The prospect is depressing though. We are in California. The whole job picture is just miserable.</p>

<p>I feel so bad for him. He has really worked hard.</p>

13

<p>Down,</p>

<p>Try this [url=&lt;a href=“http://www.americorps.gov/]AmeriCorps[/url”&gt;http://www.americorps.gov/]AmeriCorps[/url</a>]</p>

<p>If the budget deadlock is resolved and there is money for next year, he should be able to get a volunteer position that pays a small stipend and 5K college money if he finishes a year. </p>

<p>No YOU can not borrow. Forget that, tell him you are sorry and move on. </p>

<p>What I am trying to say is that not so much that he can raise money if he works and takes gap year, but that he can select colleges better inligned with finaid situation and you can get your EFC down. I gather your X is POS, but whatever you can give to son for college, you must get X to shift to 529 account, with you as custodian, instead of CS or spousal support. </p>

<p>I know this is tough. I suspect you and he have gone from uppermiddle class to very low middle class in a short time period.</p>

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<p>Dont the UC schools have a program (blue and gold?)? If parents income goes down after freshman year, could kid qualify? Does it look at NCP?</p>

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<p>Yes, I think the Blue & Gold would kick in once we are low enough. I doubt if they look at NCP since the UC’s only asked for the FAFSA. </p>

<p>I think we will be okay if we stick with the UC’s. The worst thing probably is that
he has gotten his hopes up for these elite private schools and will be really disappointed now if he gets in but can’t go. I just did not realize what the story was when he applied – didn’t realize ex’s income would count and also didn’t realize what a POS ex was going to be about not contributing.</p>

<p>Sigh . . . I know he is not the only kid whose hopes will be dashed in this way. I can only hope it will be character building instead of crushing.</p>

16

<p>I’m sorry to read this. One of my closest friends went through this some years ago and it was a heart break. In their case, the NCP promised support right up until the day, the deposit for the school was due. He then cancelled out on the celebratory letter and brusquely told his daughter that she had to go the local state school because he absolutely could not afford to pay anything. After a month’s worth of wrangling, it still came down to that proclamation and there was nothing anyone could do. The college that accepted the daughter refused to come up with any financial aid. She was able to get some subsidized loans based on FAFSA and that was it. Didn’t make a dent in the top dollar private cost of the chosen school. </p>

<p>So my friend’s daughter commuted to college for the next 4 years. Her father did sporadically help out, sometimes generously but nowhere enough for her to have gone to her first choice. She kept her loans down to a manageable amount during that time which was a huge help when she went on to law school. She then had to borrow huge amounts mitigated a bit my Papa’s occasional offerings. If she had ditched the creep, she would not have gotten anything, so by swallowing her pride and keeping him in her life (though he was too busy to be in it much anyways) she did get the most she could out of him. </p>

<p>She made Law Review and is now working on a partnership track for a major law firm, making 6 figures. It did hurt her terribly in terms of expectations, and campus life having to commute to college,but she made the most of what she had and has done very well.</p>

<p>I agree that you should not take out loans unless you have a sure way to repay them. You have yourself you have to support and you are not getting any younger. You don’t want to stick your children with your care. It is very important that you get your own financials under control for the rest of your life. Your kids are bright and young. They will come up with some solutions though not ideal to them.</p>

17

<p>I have heard from some people that school loans are very easy to get.</p>

<p>Student loans USED to be very easy to get. But, then with so many kids borrowing unaffordable amounts, the rules were changed about 18 months ago. Now, parents have to co-sign and they have to qualify to co-sign.</p>

<p>*That of course doesn’t mean that it would be wise for me to borrow, but would it be possible?</p>

<p>I don’t think I can cosign anything without a job, can I? </p>

<p>*</p>

<p>Probably not.</p>

<p>Another problem is that even if you were somehow able to qualify the first year, you likely would not qualify for later years, since the earlier loans would be on your record. Moreover, your income would be dropping, so that would lessen your ability to qualify.</p>

<p>That said, you really would not be doing your child any favors by co-signing such loans because they would be an awful burden for him to payback. And, since those loans would still be outstanding, that would hurt your ability to help your younger child. </p>

<p>*He would actually be willing to take a gap year and work to raise some $. But how many jobs are there for kids out there that would pay him more than minimum wage? Could he even get a minimum wage job? I know you guys can’t really answer those questions. The prospect is depressing though. We are in California. The whole job picture is just miserable.</p>

<p>I feel so bad for him. He has really worked hard. *</p>

<p>It’s not likely that he could earn enough to really “pay his way” since he’d only be able to earn enough to help with one year… But, he could take a gap year and carefully target schools that will give him huge merit scholarships for his stats.</p>

<p>It’s unfortunate that his father won’t help pay, but his dad probably feels that he’s already having to pay child and spousal support, so perhaps he feels that he can’t afford to pay out any more money.</p>

<p>*Dont the UC schools have a program (blue and gold?)? If parents income goes down after freshman year, could kid qualify? Does it look at NCP? *</p>

<p>Blue and Gold doesn’t look at NCP info. The mom’s income may go down enough, but with Calif’s woes, who knows how long Calif can keep Blue and Gold…it is a very expensive program.</p>

<p>The family needs to look into what the req’ts are for Blue and Gold. Does child support count? If not, then the student may qualify for this next year.</p>

18

<p>Mom2, </p>

<p>I do not see a need on this board to address WHY dad wont pay, but given that CS is over at 18 and spousal support is decreasing, that he may “feel” he can’t afford more is lame.</p>

19

<p>Has your son considered at all the idea of ROTC for one of the services? It’s something you have to WANT very much to do, but it could be a way for him to afford school, and by the time he would graduate, maybe all the crazy stuff in the world will have simmered down for a bit. We have a relative who was Navy, and she said she always felt very safe, because she was doing her job out at sea on a ship, far from land chaos. She ran the store on ship. It can lead to an incredible career. This relative didn’t do ROTC, she just enlisted, and then renewed for another 4 years. She “retired”, had great benefits, and is now in college as one of those benefits. It is a thought…</p>

20

<p>Thanks teachandmom, I appreciate all suggestions, but he is very much not the ROTC type. As you say, that is something a kid really has to want, and he would probably pass on college altogether if that were his only option . . .</p>