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04-23-2012, 03:46 PM #16
Two things -
First, go back and ask Financial Aid for more money. I did this when I got accepted and was trying to decide between 2 colleges, I went back and asked both for more money. One came though, one didn't. Doesn't hurt to ask.
Second, go for Stafford loans before private loans. If you don't qualify for much you'll probably get unsubsidized Stafford loans, which means you have to start paying interest when you take them out, instead of when you graduate. But overall should still be a better deal.
Also - just doing the math - 40K - 2K work study - 10K Scholarship - 15K that you're giving her - means 13K per year of student loans. That's 52K for 4 years. Not sure how much her field of study pays, but that's a long ways from "I took 200K worth of student loans for a degree in basket weaving." I'd find an online calculator and figure out what the monthly payment is on that and let her figure out if that's worth it.
- 04-23-2012, 03:49 PM #17
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Telephus - the field is medicine.
04-23-2012, 05:25 PM #18
I agree with Telephus.
When I was reviewing undergraduate options, I too pushed for more money from one of the more expensive private schools and they responded with an improved offer. Also, Stafford loans are definitely worth a look.
04-23-2012, 05:30 PM #19
04-23-2012, 06:52 PM #20
As a parent of 3 kids, one just graduated from college in Dec. (teacher), the second graduates in May (sports Administration and Business) and the 3rd is in community college (undecided), First 2 kids did community college and transferred, we cashed flowed, kids worked like dogs, and still they owe $37,000 each and DH and I owe $37,000 total, these are all Stafford loans, we got ZIPPO from anything else because of being married and middle class, DH and I are paying $484.00 a month for 10 years, we will be approx. 59 yrs old when these are paid, plus we still have one more to go but he still isn't sure cuz he doesn't like school however he will finish his Assoc. Degree. BOth of my college grads went to public schools.....$25,000 a year for each. We live in OH. Those whom have never had kids in recent years go to college and have similar situation to my self and DH are in for a surprise, college costs have skyrocketed and there are not nearly as many scholarships and grants (federal or colleges) since the collapse of Wall Street. YOur daughter needs to grow up and realize that playtime is over...welcome to adulthood!!! She can go to cheaper colleges....that is a fact. Stafford loans give $5500 per year for Freshman and Sophomores, and $7500 per year for Juniors and Seniors...that is it....those amounts do not even cover tuition at colleges in OH....plus, they suck you in to live on campus until you have reached junior status(64 credit hours) and you have to buy the meal packages with the housing>>books are another outrageous expense...$700 per semester and it seems they are never needed for class... it is a rip off, also, they make you take courses like self-defense to show you are a well rounded individual, most bachelors degrees require 125 credit hours and above for completion with higher GPA's, "C's used to get degrees" not anymore folks in OH, no matter what the major is, plus the lab fees, parking fees, bussing, school fees, total rip offs and very costly but musts for your children to obtain the degree....these are facts in OH.....if you worked your way thru college and never took out a loan, you would be appprox. 40 years old before getting the degree. Your daughter and you need to realize those loans have to be paid back with interest, so she needs to find a cheaper alternative to reach her educational goals............sorry but this is a reality....by the way, college grads are struggling finding jobs with a decent payscale but still have to pay the loans..taking one day at a time, trying to get rid of debt!!
04-24-2012, 08:51 AM #21
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I talked my daughter's ear off last night. This morning I have resorted to bribing. I told her if she goes to the community college for two years, I will buy her that darn green Camaro that she's been wanting. I figure if I pay $30K for the car, I still come out ahead. And, if she drops out or transfers to big bucks college, I will take the car and sell it.
She is thinking things over today. In the meantime, she is applying for every scholarship she can find, and has been for awhile.
When I went to college, people handed me scholarship money left and right. I even had to turn down money when I got to max tuition. Nowadays, it just isn't there. sigh. And if you are middle class, you are screwed!
A physician's assistant makes an average salary of $89k. So, starting out, she can expect to make probably $70K or less. It's not a huge salary if you are drowning in debt.
04-24-2012, 08:59 AM #22
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04-24-2012, 09:06 AM #23
I have to go with Greebo on this one. I'd simply say this is what I can pay. If you insist on being unwise that is on your head. She won't be the first kid to graduate in debt if she doesnt heed your advice. As a parent of a 19 year old and a 16 year old there is no way ever I would bribe my children with a car or ever buy them a 30K car. Not even if I won the lottery tomorrow.
04-24-2012, 09:59 AM #24
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She gets $15k a year for college from me.
She goes to community college and only spends $5k a year on tuition and lives in one of my rentals for free and even has a roommate or two.
I save $10K a year for 2 years. The car costs me $30K (or maybe $22k used). She has no debt and the car has value after 2 years. I'd call that a wash.
04-24-2012, 10:05 AM #25
It very well may be a wash but it is still bribery at least to me. We all parent differently so I'm not saying your logic is wrong just that I wouldn't do it. I'd be more likely to give her the $ saved at a later date for a home etc after school if she graduated debt free.
04-24-2012, 10:18 AM #26
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It's definitely a bribe!! And I hope like hell it works. It's not like I'm telling her what to do as a career, I'm persuading her to go to a cheap school for just the first couple of years and use the extra money to buy her dream car. It's stacking the deck a little. There is no glamour in a community college. I'm adding benefits to the community college so it stands a chance to compete with the big, private college. And I'm also saying, transfer to the big school in a couple of years. Get some cheap credits on your transcript and save a few bucks, then make the decision. She still gets to graduate from a big school.
She's 17 years old. Saying that I'll give you money for a home when you're 25, will not be a good incentive for her right now.
04-24-2012, 10:26 AM #27
I do understand what you are saying. We just don't agree. No biggie. We all need to do what is right for our own kids.
I know a 25 year old young lady that owns 3 homes. Daddy gave her the $ for a good chunk of the first one before freshman year started and she had 4 roommates. It was paid off in no time flat. She bought another and did the same. BY the end of college she owned 3 debt free rentals near the university. She recently married and is in the process of selling 2 rentals to buy their dream home.This has nothing to do with anything besides I thought this was really super for one so young to have her mind work that way. I wish mine had
04-24-2012, 10:32 AM #28
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People bribe their kids. Eat your dinner and you get dessert. (probably the worst choice in the history of parenting, IMO) Do your homework and you get to watch television. Even teachers do it. Be good and you get to go in the prize box. Help out and you get a sticker.
Whatever it takes to push them towards good decisions.
04-24-2012, 10:42 AM #29
Yes you are right people do use small bribes with their kids and people in general.
04-24-2012, 10:45 AM #30
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