Paying for college- It breaks my heart....

[whitestavern]

15 hours ago, Lori D. said:

This was our experience as well -- too male, too white, too middle class -- and for one DS, also too average of stats -- to fit the eligibility of most scholarships. And I spent weeks combing through scholarship websites, and the websites of the most likely schools that DSs would attend.

With one DS, we had the best success with scholarships from the community college! (DS started there and then transferred)  And that CC scholarship helped with landing a good (half tuition) renewable transfer scholarship at the smaller 4-year LAC -- which also allowed stacking of scholarships. (Alas, we couldn't find any to try for in order to stack.) BUT -- a good transfer scholarship tends to be the exception rather than the rule...

The other DS did a 9-month AmeriCorps commitment, which earned him a college tuition credit of about $4500.

Just expressing concern about "taking out loans for him"... Even if he is successful at college, unexpected life circumstances can happen that may prevent a student from completing a degree -- meaning the student now has debt AND no high salary for paying it off, locking the student into virtual servitude to the gov't. I'm sure you're already aware of that though 😉 , so just throwing out the following, more for anyone else who is reading and considering loans:

- first try and find options that allow you to reduce costs -- like, 2 years at the lower-cost local community college and transfer, or attend the university in your city and live at home (room and board on average will ADD $10,000+ per YEAR in college costs, because virtually all scholarships only cover tuition & fees, with a few smaller "book awards")
- possibly consider a tuition reimbursement program -- your future labor in exchange for tuition help now (some companies will provide $$ towards tuition in exchange for you agreeing to work XX years for them upon graduation; SMART scholarships are similar, just agreeing to work as a civilian for the US military for a period of time after college graduation in exchange for their tuition scholarship for you)
- try and limit total amount of college debt to no more than $25,000-$30,000, even if expecting to start with a salary that is double that amount
- possibly work out a loan with legal agreement with a grandparent -- they loan XX amount for college, to be paid back after college at XX rate, with a total of XX amount of interest
- limit loans to just subsidized student loans (interest does not start until 6 months after student leaves school -- but, it's whether dropped out or graduated)
- if only offered unsubsidized student loans, try and use the smallest amount needed and use the remainder of the award to start paying down that loan
- also for unsubsidized loans -- if the parent is going to financially help, make monthly payments and pay off that year's loan during that school year
- for parents: avoid if at all possible taking out any parent loans -- Parent Plus loans, but esp. any private lender loans -- yikes, the interest rate, and yikes! risking your own retirement!
- once there are loans -- try and reduce length of loan and esp. the total interest amount, by paying extra each month on the PRINCIPLE of the loan -- AND be sure to make it very clear EACH month where that extra amount is to be applied -- AND be sure to follow up EACH month to make sure that the extra payment WAS applied to the principle, and not to the interest

 

Yes, absolutely, 100%. Our max would be the amount of subsidized/unsubsidized loans that we would qualify for. DD has not had to borrow anything yet, but we are open to the option.

[Lori D.]

1 hour ago, HeighHo said:

Remember to read eligiblity requirements for SMART scholarship first.   Here in NY one starts Kindy at 4 if one has a fall birthday, so one will not be 18 by August 1 of the college freshman year which is req'd by the scholarship. A Gap year plan might be optimal.

I also recall that someone on these boards several years back mentioned that some of the SMART jobs are more clerical than actually doing post-college work in your field. I did look up some of the SMART scholarship details awhile ago, and it looks like you also have to move to the location where they have a position open.