thanks - i will check into that
he accepted a place. We have till june 30th to decide how to pay for it.
Maybe I’m clueless but i just can’t believe there are families out there that are applying to some of the most expensive top colleges in the US and have no idea how to pay for them if/when there kids get accepted.
Sounds like parents are setting their kids up for extreme disappointment. Something that probably could have been averted (or at least lessened) had they done a little bit of college savings planning early on. Smh.
As OP does not respond to any of the very pertinent questions being asked by folks trying to provide support, there can not be an effective outcome from this thread, as all pieces of important information are currently missing. @britboyny I am confident you and your family will figure this one out, you said your son has accepted the Princeton admission offer, you and he are eager for him to attend and you therefore will find a way to pay for his studies, based on your family income and assets with some debt mixed into the picture. Best of luck!
Correct: Princeton has a loan program ; it also allows for the student to defer for a year (to work, for instance) and find their place the following Fall.
I’ll stop here since no question of mine has been answered.
What does THIS mean? Does it mean you have until June 30th to figure out which and how much loans to take?
I will also stop…since none of my questions have been answered either.
@austinmshauri How would an employer know how much student debt a candidate has?
I think @britboy is not coming back because he feels attacked.
- Ask Princeton if you can apply for FA now. It's probably past the deadline, but ask anyway. I'm assuming you did not apply the first time.
- Notwithstanding anything else, you/your son can still take the Stafford loan for $5,500.
- Tell your son he is responsible for all personal expenses.
- Look for ways you can sharply cut your expenses. Cheaper cars. Less eating out. No Broadway shows. Look at your recurring subscriptions--Netflix, Amazon, things like that can add up. Stop the lawn service and do it yourself or just have one of your kids mow the lawn. Do not join pool/tennis/golf club. Quit country club if you belong to one. If other kids go to camp, stop it or cut back to one month instead of two. NO family vacations. I grew up on LI, so I know the typical spending patterns there.
- Step up your business. Can you make $40k more per year?
- Take a home equity line of credit for which you can pay interest only. Repay it when you sell the house. (I am assuming your home is worth a lot if you live on Long Island.) Sell house as soon as kid #3 goes off to college. This might help for some future financial aid applications because you will have less equity in your home.
- Sell an asset if you can. Second home. Stocks not dedicated for retirement.
@brantly some employers run credit checks and $$$ loans would show up
A lot of employers run credit and background checks. Debt, traffic violations…all of those show up.
In NYC it’s illegal to run a credit check for purposes of employment. Not allowed to ask about student loans. Exceptions for positions that require bonding or those that have signatory authority for amounts over $10,000 or require security clearance, among others.
https://www.natlawreview.com/article/nyc-mayor-signs-law-banning-credit-checks
http://www1.nyc.gov/assets/cchr/downloads/pdf/publications/CreditHistory_FAQ.pdf
Thank you, Mayor DiBlasio.
And those jobs that require bonding, etc…are the ones that just might be th kind someone with a $3000 plus loan payment will need because of the higher salaries.
Government jobs often have credit checks as well.
^^^ if I recall, when my brother got a civil service job that required high level security clearance, they ran a background and credit check on him and they also checked out immediate family members. I know my boss was contacted about it.
The link says, “when making employment decisions.” You can get screwed when checked for a corporate credit card or other privileges.
Does this kid want a career that needs finance or high corporate internships?
Btw, OP posted this am. But this is still half a story.
I could be mistaken but I thought the resean OP was so set on Princeton was because son wanted to go into finance in which case this law won’t matter for many possitions. Here’s the full list of exemptions to this law:
Looks like anyone working in high tech (trade secrets), government, finanace or law enforcement, as well as many other are not effected by this ban.
Good point. However, the only loans in his name will the $27k in Federal student loans. Right? The rest would have to be taken by his parents.
Parent Plus loans are taken by the parents, but other private loans can be taken by the student and co-signed by the parents, so those would be the student’s loans.
There are also credit checks for apartments and cars and credit cards that new grads need.
Perhap’s Op son is one of the 13 transfer students recently admitted to Princeton.
he should still contact financial aid office, especially if they did not apply for aid
That is correct. If he goes to Princeton, it has to be paid for. I’ll tell you this, co-signing $250,000 worth of loans over to him would be far too much debt. Basically it’s financial suicide. If he has trouble making his payments (and, trust me, he will 
) The bank will seize YOUR assets, which could include your house. If I were you, I would look at something more affordable.
Have you confirmed that Princeton won’t accept income/tax information from your country? They accept FAFSA, but also their own PFAA. They may determine you have high need and award institutional aid according to the chart on this page. You may need to make an international call …
https://admission.princeton.edu/cost-aid/how-princetons-aid-program-works
The part “from” England and is where the poster went to college. BUT…he now lives on Long Island…not abroad.
The parent current income is from here! Not abroad.
This OP has not responded to questions about assets, or whether they applied for aid…or whatever.
Garbage in, garbage out. Folks have been tying to help. But with incomplete information, it’s very hard to give even remotely helpful suggestions.
But one thing they don’t need to worry about is income earned abroad. They live here…in NY…on LI.