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If it is determined that you make too much and cannot qualify for loans why not start paying for a few classes at a time. That way college is paid for up front with no loans to follow you or your child for the next 20 years.
Yes so those kids going to a $40k year college pay about $1600 per month for 10 years. Scary!!!
Depending on your salary, yes. But here is how I look at it:
In ten years, it will be paid off when these students are around 32 years of age. A ten year "sacrifice" to me seems like a decent trade. Then again I am the odd one around here as I see paying $1,600 a month + yearly property tax for 20 years on the same house as scary.
We all choose our debt. For many, when they graduate from college they "reward" themselves with a new car, house, three-month European vacation, or a combination thereof. Student loan debt is not that big of an issue for many on its own....it's when they start piling other "big item" debt on top of it when the shiv starts to hit the fan. And of course, the student loan becomes the scapegoat.
I know many students with $160ka debt. They were average students, so they didn't receive merit money and never applied for a scholarships. They have stafford loans and parents take out parent plus loans for the remainder of the
tuition. If lucky they make $30kthe the first year. Between t
hem and parents they paying $1600 per month in loans and are upset they cant purchase a new car or they have to live at home with parents.
I know many students with $160ka debt. They were average students, so they didn't receive merit money and never applied for a scholarships. They have stafford loans and parents take out parent plus loans for the remainder of the
tuition. If lucky they make $30kthe the first year. Between t
hem and parents they paying $1600 per month in loans and are upset they cant purchase a new car or they have to live at home with parents.
yikes. these students had no business being in college in the first place, especially not colleges that were both expensive and poorly performing. what did they think was gona happen???
The only reason that your step daughter would of not qualified for a stafford loan is because she has reached her aggregate limit. If you and/or your husband apply for a parent plus loan (as long as the student is still a dependent) and you are denied, she can be eligible for an additional unsub loan for up to $2,000.
Only the plus loans are based on your credit, the amount of the direct loans would be based on what has already been disbursed to you. An undergrad student can borrow up to $57,500
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