Parents of the Class of 2019

[wishesuponastar]

I most likely wouldn't be cosigning.

Is this major only available at 3 schools because it's super niche and not very marketable? If that's the case, then a large amount of debt is a very bad idea. At her age, she likely doesn't realize just how bad an idea.

Yes not a lot of demand.

How do I not let daughter go to college, no matter where she goes she will rack up debt. With her first choice college she has a chance at being successful because of the program they have. I don’t want her to be in too much debt but what can I do? She is good at her skills.

 

[MerissaAndMomLoveDis]

@wishesuponastar I think you are in a tough spot. From the outset I told my daughter what I could pay, and that if she wanted a school that costs above that amount, she could take the federal student loan in her name ($5000). If it costs more than that and required me to co-sign loans, we would have to take a hard look at cost/benefit. Your student cannot borrow more than the $5000 for freshman year unless you agree to it. We are waiting until all admissions decisions and all financial aid/scholarships packages are in before she makes her final decision. I think that would be a fair compromise from her--to at least wait until all the options are known.
Some considerations: How much do you think the total debt would be? Also, in the event she decides to change her major, do these schools have good programs in her other interests and is it easy to get in or is it challenging to change majors at these schools?

 

[sk!mom]

Yes not a lot of demand.

How do I not let daughter go to college, no matter where she goes she will rack up debt. With her first choice college she has a chance at being successful because of the program they have. I don’t want her to be in too much debt but what can I do? She is good at her skills.

That is a very tough decision for all of us, how do we balance the hopes and dreams of our young adult child with the economic realities of their chosen field and our ability to pay for their dream school. This will sound harsh but if you don't have a college fund set aside then you do her no favors to let her think that her options are wide open.

What is the major?

 

[sk!mom]

@wishesuponastar I think you are in a tough spot. From the outset I told my daughter what I could pay, and that if she wanted a school that costs above that amount, she could take the federal student loan in her name ($5000). If it costs more than that and required me to co-sign loans, we would have to take a hard look at cost/benefit. Your student cannot borrow more than the $5000 for freshman year unless you agree to it. We are waiting until all admissions decisions and all financial aid/scholarships packages are in before she makes her final decision. I think that would be a fair compromise from her--to at least wait until all the options are known.
Some considerations: How much do you think the total debt would be? Also, in the event she decides to change her major, do these schools have good programs in her other interests and is it easy to get in or is it challenging to change majors at these schools?

We had similar discussions with our DD22. The student loan industry gets a lot of negative press- much of it earned. However the government has actually set a pretty low amount that a student can borrow on their own. The system then requires us as adults with lots of experience to step in and make the wise decisions. If we won't cosign, they can't have more.

 

[mjkacmom]

Dd will probably have no choice but debt. The only local college with her program gave her the max scholarship they give, $28,000 a year. Tuition is $50,000 and she really doesn’t want to go there. We did not save up over $500,000 to give the kids free rides. She has been given the highest scholarship from ever school she’s heard back from, her only hope is a Presidential scholarship which go out in the winter/spring. She took the toughest classes, has almost perfect grades, studied like crazy for the SAT/ACT, did tons of volunteering, has a bunch of EC’s, sports, music, dance, religion, clubs (officer in 4), created events at school, tutors... She’s wanted to be a physical therapist since middle school.

Fortunately, if it works out, she will find a great job she loves and that pays well.

 

[wishesuponastar]

Like mjkacmom we were not able to save up college funds. I think my daughter will be looking at $80,000 in debt. Hopefully she gets a good paying job after graduation. Or she may have to work two jobs to make the payments.

 

[bigbabyblues]

Is anyone else finding that state schools are not less expensive than some private schools? Granted, DS isn't looking at ivy League or other top-rated schools, but it looks like our cost is going to be about the same before scholarships. I doubt he will receive any financial aid. I hear people talking about going to state schools because they are cheaper, but we just aren't finding it. Some of it could be where we live. It is not feasible for him to live at home and commute.

We also were not able to save much over the years. We are in a better position to help him now, and we will, but not to the point that we jeopardize ourselves.

 

[shelly3girls]

Is anyone else finding that state schools are not less expensive than some private schools? Granted, DS isn't looking at ivy League or other top-rated schools, but it looks like our cost is going to be about the same before scholarships. I doubt he will receive any financial aid. I hear people talking about going to state schools because they are cheaper, but we just aren't finding it. Some of it could be where we live. It is not feasible for him to live at home and commute.

We also were not able to save much over the years. We are in a better position to help him now, and we will, but not to the point that we jeopardize ourselves.

We found that many of the private schools our DDs and their friends considered ended up costing about the same as our public schools. My oldest attends an expensive private school but for the same cost we would have paid at many public schools. She had options that were even less expensive.

 

[mjkacmom]

Is anyone else finding that state schools are not less expensive than some private schools? Granted, DS isn't looking at ivy League or other top-rated schools, but it looks like our cost is going to be about the same before scholarships. I doubt he will receive any financial aid. I hear people talking about going to state schools because they are cheaper, but we just aren't finding it. Some of it could be where we live. It is not feasible for him to live at home and commute.

We also were not able to save much over the years. We are in a better position to help him now, and we will, but not to the point that we jeopardize ourselves.

I’ve found that with all of my kids. Public in state college here is about $15,000, public out of state is about $40,000, private $50,000, dd has been offered $28,000 at 3 private, and expects $17,000 for a public out of state. This is all without room and board.

 

[bjscheel]

Public is generally still cheaper here. The publics she's looked at range $9,000-$17,000 after auto merit. The private schools $22,000-$27,000 after auto merit. These are total COAs- tuition plus room & board. But yes, the private schools are kind of like Kohls- don't let the sticker price scare you because no one pays it. Still we've found the private colleges are too much so we're going with a small public at about $15,800. And praying she gets a Presidential Scholarship in the spring.

@wishesuponastar I hope you get your financial package soon with good news. We were pretty strict with our budget and that was somewhat disappointing to DD who is a big dreamer. We talked about how not taking student debt to have what she thinks is a neater experience for what amounts to 32 months of her life, will allow her much more freedom for many years after. It turns out that though she really likes the Christian private colleges, around here her major is only offered at small publics so that made her decision. In your case where the major is at the expensive college, I don't know what I would do. And what if she changes her mind on major? Do you think she can get a salary of $80,000 right out of school? (Rule of thumb to only borrow up to an amount equal to your first year's annual wages). You will have to co-sign anything above the federal loans. Are you willing to be on the hook for this? $80,000 will be pretty crippling, unless it is a high paying degree.

 

[wishesuponastar]

@bjscheel i estimate her paycheck out of college will be about $45,000 if she is fortunate to be hired quickly. If she can live at home she should be able to pay her loan. Yes, we will be on the hook for her and her sister’s loans but we want to help them get a career they desire.

 

[sk!mom]

Yes not a lot of demand.

How do I not let daughter go to college, no matter where she goes she will rack up debt. With her first choice college she has a chance at being successful because of the program they have. I don’t want her to be in too much debt but what can I do? She is good at her skills.

What are her skills? And are they/will they be marketable?

I’ve found that with all of my kids. Public in state college here is about $15,000, public out of state is about $40,000, private $50,000, dd has been offered $28,000 at 3 private, and expects $17,000 for a public out of state. This is all without room and board.

We found that state Universities were cheaper. Even in your example, 50K - 28k still leaves a tuition of 22K at the private. That 7000 more than the state school adds up to another 28k if you're taking out loans.

To us that was significant and made privates a no go.

 

[mjkacmom]

What are her skills? And are they/will they be marketable?



We found that state Universities were cheaper. Even in your example, 50K - 28k still leaves a tuition of 22K at the private. That 7000 more than the state school adds up to another 28k if you're taking out loans.

To us that was significant and made privates a no go.

But dd is also deciding on what type of program works better. At one of the private schools, is a 3/3 program, majors in PT and is automatically enrolled into the doctorate program (if the grades are there). At the public, it’s s 4/2, and she has to apply to the doctorate program (one of the top programs in he country).

 

[bigbabyblues]

DS has applied to/been accepted to 2 schools, one public and one private. The cost of the public school (including room/board) is less but private school offered a lot more on merit scholarship, and the end result is within $1000 of each other.

So many things to think about.

 

[ColoradoDisneyFreaks]

Is anyone else finding that state schools are not less expensive than some private schools? Granted, DS isn't looking at ivy League or other top-rated schools, but it looks like our cost is going to be about the same before scholarships. I doubt he will receive any financial aid. I hear people talking about going to state schools because they are cheaper, but we just aren't finding it. Some of it could be where we live. It is not feasible for him to live at home and commute.

We also were not able to save much over the years. We are in a better position to help him now, and we will, but not to the point that we jeopardize ourselves.

We found that privates offer a lot more merit aid, and every private we've talked to has said they offer 100% of need based aid. What we've also seen is that here in CO, in state schools offer good students less financial aid than out of state schools. For example, my DD's safety school is CSU, they accepted her after having her application for a week, so she obviously meets all of the criteria to attend the school, however, they've offered her $2,000 a year in aid. She also applied to Alabama, who accepted her after having her application for 3 days, and they offered her $106,000 for 4 years, which brings them down about $10K less PER YEAR than the in state school. They also invited her to apply to the honors college, which would grant her additional aid that would bring the cost even further down, to almost a full ride. Don't discount public out of state schools as well, it seems like they pay attention to out of state students more than the in state schools do.

 

[bjscheel]

Parents of the Class of 2019, it's 2019!

 

[mom2rtk]

Parents of the Class of 2019, it's 2019!

Ugh, it sure is. Hang on to your hats..... here we go!

 

[design_mom]

Parents of the Class of 2019, it's 2019!

That's the first thing my dad said to me at the stroke of midnight: "Do you realize that means he will be going to college *this* year? Not *next* year?" Yes, Dad, it has not escaped my attention! Here's hoping for a great 2019 for everyone though.

 

[bigbabyblues]

DS filled out the scholarship application for the endowment scholarships for his chosen school over the weekend. 143 days until graduation day for us. It just doesn't seem real!

 

[StephMK]

Parents of the Class of 2019, it's 2019!

I'm so excited but that made me teary at the same time! DS is the last and it's been so fun having all 3 kids home this week.