Quiver0f10 Posted June 1, 2008 Share Posted June 1, 2008 My upcoming senior will be 17 when he heads off to college and I never thought of student loans and age requirements before. Will be be able to get a student loan if he isn't 18? Quote Link to comment Share on other sites More sharing options...
Scarlett Posted June 1, 2008 Share Posted June 1, 2008 My upcoming senior will be 17 when he heads off to college and I never thought of student loans and age requirements before. Will be be able to get a student loan if he isn't 18? Ohmmmmm.......tsk tsk. I might have to report you to the LLNOE crew. :D Seriously, does he NEED loans? Can't he qualify for grants? Work some? I am sooooo against student loans after reading and listening to DR for so long. Quote Link to comment Share on other sites More sharing options...
Zoraida Posted June 1, 2008 Share Posted June 1, 2008 Ohmmmmm.......tsk tsk. I might have to report you to the LLNOE crew. :D Seriously, does he NEED loans? Can't he qualify for grants? Work some? I am sooooo against student loans after reading and listening to DR for so long. I agree. My husband and I both went to college using pell grants and working on the college work study program. The only thing my parents had to pay for was the books. The pell grants and work study program paid for everything else. As a side note the work study program is how I met my husband. We were both assigned to work in the college library the first semester of our freshman year. This is how we met. We both spent four years working for the college library. After college we got married and have been happily married for 23 years. So thank goodness for work study programs. Blessings Zoraida Quote Link to comment Share on other sites More sharing options...
JenneinCA Posted June 1, 2008 Share Posted June 1, 2008 To answer the question: Yes. Or at least I did many years ago. I was 17 almost 18 when I started college and it wasn't a problem them. Quote Link to comment Share on other sites More sharing options...
In The Great White North Posted June 1, 2008 Share Posted June 1, 2008 Did your parents have to co-sign them? Quote Link to comment Share on other sites More sharing options...
Plaid Dad Posted June 1, 2008 Share Posted June 1, 2008 I also had loans at that age, and I believe my parents did co-sign. Quote Link to comment Share on other sites More sharing options...
JenneinCA Posted June 1, 2008 Share Posted June 1, 2008 I don't remember if my parents co-signed the loans. It was a long time ago. I know the school had no issues with giving me the loans. Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted June 1, 2008 Author Share Posted June 1, 2008 My kids are paying their own way through school as we aren't in a position to help them and are not able to co-sign either. My oldest son got enough grants and scholarships that he wont have to any loans. The son I was asking about in the OP is going to go to the community college and get his AS then transfer to the University for his BS. He should get some grants, but I don't know if it will cover all his tution thus the need for a loan. He turns 17 this August and wants to graduate early and start full time at the CC in January. Quote Link to comment Share on other sites More sharing options...
Jane in NC Posted June 1, 2008 Share Posted June 1, 2008 My financial aid/scholarship package in undergraduate school required a small student loan portion. What I cannot remember is whether my parents cosigned--I was 17 at the time. But I did a little googling. Jean, you might find this site to be useful. Good luck to your son. Jane Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted June 1, 2008 Author Share Posted June 1, 2008 Jane, thanks for the link! Scarlett, I knew you were joking @ the DR stuff. I don't like debt, but I am thankful the loans are available and thrilled he will be going on to college! Thanks for the help everyone! Quote Link to comment Share on other sites More sharing options...
Hillary in KS Posted June 2, 2008 Share Posted June 2, 2008 I did. :) I'm sure it's still possible. I just filled out the FAFs like everyone else. My age was never an issue. Quote Link to comment Share on other sites More sharing options...
SheWhoWaits Posted June 2, 2008 Share Posted June 2, 2008 I agree. My husband and I both went to college using pell grants and working on the college work study program. The only thing my parents had to pay for was the books. The pell grants and work study program paid for everything else. This is great if the parent's income is low enough, but not for most people. I had loans which I wasn't able to finish paying off until I was 35 (that did include graduate school). Quote Link to comment Share on other sites More sharing options...
plansrme Posted June 2, 2008 Share Posted June 2, 2008 A college education is an appreciating asset, like a house, so within reason (just as with a house), I don't see any difference between borrowing to buy a house and borrowing to pay for an education. The problem comes when one "overbuys" by, for example, borrowing every cent to go to, say, Vanderbilt, to get a degree that will pay $30,000/year. A recent college graduate will have a hard time paying for a $70,000 education on a teacher's salary, but if the student had chosen a reasonably-priced state school, borrowed some, worked for some, and graduated owing just $20,000, that's certainly doable without extreme hardship. I know that wasn't the original question, but I know everyone is richer for havng my 2 cents on the topic. ;) Terri Quote Link to comment Share on other sites More sharing options...
Osmosis Mom Posted June 3, 2008 Share Posted June 3, 2008 Jean, I can tell you a bit about what we were offered and did in order to do that. We did the FAFSA and the colleges where dd got accepted all sent us a financial package based in part on that form. She was offered different things incl. free grants (mostly due to her ACT-score and some because they wanted her), study work (which differes a bit from place to place, but basically means the student is guaranteed that much work to pay off college), and different student loans plus the parents were offered a loan at a formidable rate. As for the student loans then they also differed. Some places she got offered the federal subsudized loan which meant no interest till 6 months after graduation (or was it unsubsidized which meant with interest?), anyways she got offered without interest due to our FAFSA. She also was offered different loans at different colleges which did carry interest. The kid is 16. I am not sure at all if they wanted co-signment but I believe you can read about that on the different websites of the colleges. I sort of think they would not require the parents' signature because she just mailed it a rejection of such a loan and only her signature was required (we decided to carry the loan on our credit card and hopefully pay it off before there are interests). Was this any help? Always apply for FAFSA as early in the fiscal year as possible. Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted June 3, 2008 Author Share Posted June 3, 2008 Thanks, Nadia! He is thinking of going in Januaury so I think I need to do the FASFA soon because I wouldn't have 2009 taxes yet. We are going to meet with his advisor ( he is taking a few classes this fall, as a senior) and plan out which route is best for him. Quote Link to comment Share on other sites More sharing options...
Osmosis Mom Posted June 3, 2008 Share Posted June 3, 2008 Yeah, do the FAFSA and then apply for the college, assuming it's rolling admission or something and see what they offer. Has he taken any standardized tests? Dd did ok on SAT, but really well on ACT which was the reason for several of her offers. ANyways, if he is going cc first, then he might very well be able to pay off his loans as they occur with private jobs (higer paying, I think). It sounds as if he is off to a really great start and has a very high work-ethic. It'll work out. Nadia Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted June 3, 2008 Author Share Posted June 3, 2008 He did OK on the ACT. Not great, but ok. He has a job interview tomorrow and if he gets hired he will probably be able to pay for his CC classes cash (after grants etc) with no loans, but I need to check out all his options. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted June 3, 2008 Share Posted June 3, 2008 This is great if the parent's income is low enough, but not for most people. I had loans which I wasn't able to finish paying off until I was 35 (that did include graduate school). If your parents don't or can't help you with your college expenses you can fill out some forms that show you are not being supported by them...even for the first year, when you might have been on their taxes for the last year...I cannot think of the right terms here, but some sort of 'exception'. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted June 3, 2008 Share Posted June 3, 2008 A college education is an appreciating asset, like a house, so within reason (just as with a house), I don't see any difference between borrowing to buy a house and borrowing to pay for an education. The problem comes when one "overbuys" by, for example, borrowing every cent to go to, say, Vanderbilt, to get a degree that will pay $30,000/year. A recent college graduate will have a hard time paying for a $70,000 education on a teacher's salary, but if the student had chosen a reasonably-priced state school, borrowed some, worked for some, and graduated owing just $20,000, that's certainly doable without extreme hardship. I know that wasn't the original question, but I know everyone is richer for havng my 2 cents on the topic. ;) Terri I've already gotten one neg rep for veering off topic on this thread, but hey, I asked Jean directly and she said she didn't mind... so here is more of my 2 cents...:) I do agree that overbuying school is a huge problem. However, I also believe with all my heart that people, especially kids with no responsibilites like a house and family CAN come out of college with no loans. I think as with all credit in our society, it is just too easily available and too favorably looked upon. And as far as comparing it to a house...well, DR doesn't advise buying a house until you have enough of a down payment to finance only 15 yr and keep your payment under 25% of your net pay. Jean I am sure he will find a job and it is so great your kids are taking such an active role in getting themselves through college. Good for him! Quote Link to comment Share on other sites More sharing options...
Reya Posted June 5, 2008 Share Posted June 5, 2008 My kids are paying their own way through school as we aren't in a position to help them and are not able to co-sign either. My oldest son got enough grants and scholarships that he wont have to any loans. The son I was asking about in the OP is going to go to the community college and get his AS then transfer to the University for his BS. He should get some grants, but I don't know if it will cover all his tution thus the need for a loan. He turns 17 this August and wants to graduate early and start full time at the CC in January. If you can't pay for college, he could qualify for merit aid. If he's doing an associates' degree first, it will be easy for him to work part-time and cover that tuition, at least, if he's still living at home and you're feeding him. CCs rarely cost more than $6k a year, fulltime. Clearing $6/hr, that'd be half-time year round. He could always work fulltime over the summers and less during the school year, or he could earn a few thousand toward his bachelor's by working FT during the summer and HT during the year. Quote Link to comment Share on other sites More sharing options...
Reya Posted June 5, 2008 Share Posted June 5, 2008 This is great if the parent's income is low enough, but not for most people. I had loans which I wasn't able to finish paying off until I was 35 (that did include graduate school). Just and an FYI... If you're careful with your grad school, you can make sure you'll have an assistantship, even if you're not qualified for a fellowship, in most majors. (Not business school, law, or med school, of course.) Grad school doesn't have to cost anything--even at a very good school. Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted June 5, 2008 Author Share Posted June 5, 2008 If he's doing an associates' degree first, it will be easy for him to work part-time and cover that tuition, at least, if he's still living at home and you're feeding him. CCs rarely cost more than $6k a year, fulltime. Clearing $6/hr, that'd be half-time year round. He could always work fulltime over the summers and less during the school year, or he could earn a few thousand toward his bachelor's by working FT during the summer and HT during the year. He just got hired yesterday for a PT job! He is thrilled and he is thinking of doing something like you said. Work PT during the school year and FT summers to pay his AS degree in cash. He can transfer to the U his junior and senior years and have very little, if any loans. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted June 5, 2008 Share Posted June 5, 2008 He just got hired yesterday for a PT job! He is thrilled and he is thinking of doing something like you said. Work PT during the school year and FT summers to pay his AS degree in cash. He can transfer to the U his junior and senior years and have very little, if any loans. Very cool! Quote Link to comment Share on other sites More sharing options...
Reya Posted June 5, 2008 Share Posted June 5, 2008 He just got hired yesterday for a PT job! He is thrilled and he is thinking of doing something like you said. Work PT during the school year and FT summers to pay his AS degree in cash. He can transfer to the U his junior and senior years and have very little, if any loans. Cool! If it's an average state school ($-wise) and he's going to live at home even his last two years, he'll likely have no more than $14k to pay off altogether for the last years. Without aid and with what he can save from the job during the first two years, that would leave about $10k left, which is manageable, again, in two years with jobs. With whatever need-based scholarship he can get, he should be fine! Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted June 5, 2008 Author Share Posted June 5, 2008 Thanks for the encouragement! We are very happy things are working out for him. :) Quote Link to comment Share on other sites More sharing options...
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