What Do People Usually Do?

Just so you know FAFSA is FREE. The application is FREE - there are some companies out there trying to charge for helping fill out that application. Do not be fooled. Her counselor at her college will be able to help her fill it out if she is confused. http://www.fafsa.ed.gov/ is the real website. The one with .com is the one trying to charge you.

Good luck and congratulations on having such a motivated daughter.

Hi Y.,

I think it is very smart for you daughter to have started off at a junior college, that saves tons of money. Hopefully, she is continuing on at a state university, as that drastically reduces the cost as compared to a private university.

The best thing you can do is to apply for for financial aid, even if you think that she will get absolutely nothing. The best type of loan that you can get is a Federal Stafford loan that is subsidized (meaning the government pays the interest for her as long as she is in school), and you can only get this loan if you apply for financial aid via the FAFSA- http://www.fafsa.ed.gov/ A lot of colleges require students to fill out the FAFSA to receive any kinds of scholarships or assistance, and you never know what you will qualify for until you apply. All students qualify for an unsubsidized loan, and most qualify for the subsidized. The unsubsidized has benefits as the government puts a cap on the interest rate. I hope this helps.

Hi Y.,

Please email me at ____@____.com and I can help you through the whole process of financial aid. I went through school this way and have tutored and counseled many young people about how to do this and do it the right way!

S. duncan

Okay this is my area of expertise so I am very excited to answer this question. I am a full time college student. I attended junior college up until this year and I freaked out when I transfered because I didn't know how we would afford to pay for this. One thing you need to keep in mind it your income is going to depend on weather you daughter will qualify for financial aid. The government believes that anyone who is younger then 25 id supported by there parents which I think is ridiculous because that wasn't my case when I first started going to school and had to go to junior college because there was no way I could afford and university.

With that being said APPLY for financial aide. Even now you need to apply. There are state grants that she can get. Now its not for much but it is something. A lot of people don't apply because they think they make to much and if you get denied go talk to the financial aide department they always have money hidden somewhere that can help you out. I had to do this my second semester of school. Right now my state grants are paying half of my tuition at school while my federal grants are paying the other half. As for my books we took out some small student loans for those and I buy my books online through half.com and amazon.com used books. It is much cheaper to buy them that way. I paid $20 on ebay for a $400 book this semester. By the way if you can get government subsidized loans do this because she will not have to pay for interest until she graduates. The biggest thing I can tell you is talk to the financial aide department at he school she plans to go to and make sure you do it ahead of time. Last when you apply for financial aide make sure you apply no later then the end of February. Most schools do financial aide on a first come first serve bases so once they are out of funds they are out. That is the most important thing apply as soon as you get your W-2 so you can get the money and have the time to talk to the financial aide department. I wish your daughter the best of luck and I am so glad I can pass this information down to you because I had to learn all of this the hard way over the last 7 years of school that I have been in.

I find it hard to believe that your daughter doesn't qualify for SOME type of scholarship - there are SO MANY out there.

That said, you might look at in state schools that are close to you... living at home and going to a 4 year public college shouldn't cost more than twice as much as you're paying for junior college.

I'm assuming your daughter has already done a FAFSA - if she hasn't, that is where to start. This form is what qualifies you for all federal and state need based aid, including the Stafford and / or Perkins loans (the ONLY KIND YOU SHOULD TAKE OUT). The other loans being offered are no better than credit cards.

If she hasn't done that already - here's their site http://www.fafsa.ed.gov/ then I would do a scholarship search on http://www.finaid.org/. $100 here and $50 there take chunks out of the cost of college.

Good luck - drop me a line if I can be of more assistance.

I work in the financial aid department at my local community college. In Oregon, the "early applicant" deadline is Feb. 15th. That does NOT mean all money is gone if you don't apply by then, but it DOES mean that there are smaller funds that are given to only the earliest applicants. If you haven't done your taxes yet, that is ok! Go to www.fafsa.ed.gov, and use estimates for income questions. This is expected! Then, when you complete your taxes be sure you also go back to www.fafsa.ed.gov and make a correction to any questions involving money.

The FAFSA is your application for ALL need based money--even if it is a private scholarship--because they will go off the Expected Family Contribution (EFC) that is ultimately calculated by your financial aid office. When you complete your FAFSA online, you immediately get a preliminary calculation of your EFC, but there may be changes later when the real numbers are calculated. You will ALSO want to be sure and apply for any scholarships available that match your daughter's profile. If you are in Oregon, go to www.getcollegefunds.org for the Oregon Student Assistance Commission application. One application is used to qualify for up to five scholarships, and many scholarship providers in Oregon use OSAC to screen their applications. March 1 is their absolute deadline. But don't stop there. Sign up on www.fastweb.com for free email notifications whenever a scholarship comes up that might fit your daughter's profile. She will be asked for demographic information, and also be able to put up to three educational goals/degree possibilities.

Ultimately, even if she doesn't qualify for enough "free money"--grants/scholarships, the student loans and parent loans are a very good deal as far as borrowing goes. There are no payments required during school, she can get the full amount even if she only goes half time, and once she is out of school, there will be a grace period before payments begin and she will be able to choose from a variety of repayment plans. The interest rates are very low compared to most other types of loans a typical student could get, even with parents co-signing, and if they are "subsidized" as someone mentioned, interest doesn't even begin until after the grace period.

Finally, make sure your daughter checks in with her school's financial aid office AND counseling office. BOTH will have helpful resources.

Good luck! Education is worth all this--I promise!

The first step is usually to prepare and submit the FAFSA which you can find online www.fafsa.ed.gov/
This is best done in January or February. This will put your daughter in the line-up for federally backed loans (the best kind if you can get them) and also the colleges use the FAFSA to determine what if any need-based aid they will give. The federally subsidized loans have better terms- longer before you begin repaying them, usually 6 months after leaving school, lower interest rates, etc. Take all the federally subsidized loans you can get before going to private loans. You'll need to begin repaying the private loans almost immediately. For us, if we'd had the money to be repaying the loans, we could have just been paying as we went along.
With 2 kids in college and a third at home still, scholarships, loans, grants were still not enough and we needed to refinance our home and take out our equity to get the second one through. Both our kids also work- during school breaks, or work study.
By the way, work study is better than another job in many ways. For instance it doesn't count against you on the FAFSA when your Estimated Family Contribution (EFC) is being determined. So, accepting work study offers can be a good idea.
It's a complicated area which took me a lot of work to figure out and still is not easy or truly affordable even with need and merit based fin aid which my two have received. They both will end up with lots of loans to repay- fortunately they are the federally subsidized kind.

http://www.house.gov/roybal-allard/2007_Student_resource_...

http://www.collegeboard.com/student/pay/index.html

The Community College anf the Transferring School with have Financial Aid Offices that can help.

The College OPTIONS Center in Redding provides free, confidential assistance with college planning including academic advising, financial aid application assistance and access to up-to-date college planning materials and resources. Our center services include:

- Academic Advising by appointment for middle school, high school, transfer, re-entry
- College Application Support
- College Planning Library
- Financial Aid Advising and FAFSA Completion Assistance by appointment
- Online College Planning and Test Preparation Resources

Please visit or call us if you would like to schedule a free appointment with an advisor, attend an event, or like more information:

Address: College Access Center
1890 Park Marina Drive, Suite 202
Redding, California 96001
Phone: ###-###-#### or toll free (866) 338-4255
Fax: ###-###-####
Contact: College OPTIONS staff
Email: ____@____.com
Hours: Monday–Thursday, 8 a.m. to 5:30 p.m., Fridays 8 a.m. to 5 p.m.

I was able to get college loans from the Federal Student Loan Program, and had to fill out a FAFSA form in order to apply. I took out what I needed, and before graduation, I picked a repayment plan that worked for me. I remember there being 5, 10, and 15 year plans. I chose the 10 year plan to repay the loans, and had to start paying the money 6 months after graduation. I have 3 years to go. You may find this page helpful. http://www.ed.gov/offices/OSFAP/DirectLoan/student.html

Are you absolutely sure that she is not eligible for any scholarships? I started out at a junior college and transferred to a university about 3 years ago. I was able to get a scholarship for having good grades at the jc. I made my own way through college on scholarships, grants, loans, and working part-time, without any financial help from my family. So, I know she can do it.

I would double-check with the university/college that she wants to transfer to to see if there is are any scholarships that you might have missed. Also, check with the department of the major that she will be in. Sometimes they know of special programs that the admissions office may not be aware of. I don't know what her ethnic background is, but there are all kinds of minority scholarships out there as well. In some professions, women are considered minorities, and some institutions have special scholarship programs for especially for recruiting women into their fields. What I'm trying to say is that there are endless possibilities, you just have to be willing to look. You may have already checked into all of this, but I just wanted to throw it out there.

As far as loans go, government subsidized (interest does not accrue until 6 mo after graduation or 6 mo after she stops going to school) or unsubsidized (interest accrues while she is in school) Stafford loans are the best deals out there. Neither go into repayment until 6 mo after graduation or 6 mo after she stops going to school, and interest is government set and regulated. You qualify by filling out the FAFSA (www.fafsa.ed.gov) (which I'm sure you're familliar with since she is already in college). If she is not offered the Pell grant or Texas grant, she should be eligible for at least the unsubsidized Stafford loan. It all depends on both of your incomes and how much they determine that you will be able to contribute to paying for her education. As a last resort, she can apply for a private student loan (like the ones advertised on TV). They typically require that someone with an established credit history and decent income co-sign on the loan. Some do allow for deferred repayment, but they all accrue interest while she is in school. Interest rates are higher than rates on the Stafford loans.

Anyway, I hope I've helped. Good luck!

-B.

Work Study Program through the financial aid office. I did this along with receiving Pell Grants. You may have not qualify for Pell Grants...my parents were going through a bankruptcy at a time. Work study program allowed me to choose my hours. I believe I worked up to 20 hours a week at a set wage (varied by department). All of the jobs offered are on the campus, so it was VERY nice and helped out tremendously.
Good Luck. There are also several websites that could allow for scholarships. Check out the web. I used to teach high school and there are BILLIONS of dollars every year slated for scholarships that go un-awarded. I am sure there are ones out there for kids of parents who own their own business, race related ones, ones specific to her field of study, etc...hundreds out there and you DON'T have to pay those back!!! I would try to steer clear of loans if at all possible.

You have gotten a lot of good info regarding the loan process. A few other possibilities, have your daughter check out work study programs at school. Even junior/community colleges have them. They are paying jobs, at or associated with the school or her area of study. She can earn a wage, at a job that could contribute to job/field experience or at the school which will gladly allow her to study while she works (as in the school library) and adjust her schedule as needed around exam time.
Another idea is, if she knows what her major or area of study will be, meet with the department head. Some majors award a scholarship just for declaring that major.
My son attends West Virginia University as an engineering major. One area, Mine Engineering, awards a $1000 a semster scholarship once the major is declared.
My daughter is attending Hillsborough Community College in Brandon and will be transferring (probably to Florida State) after earning her associate's.

I applaud your daughter for her choice and dedication, and of course you for yours.

A few other ideas. I'm sure if she lives at home with you, she helps out with things that could be considered as helping with your business. We know we still give them money, but if anything she is doing, cleaning up after or during child care hours, helping prep for a future event or day care project, she could be considered an "employee". You could pay her as an employee, which would make it a business expense, and as long as her income remains below a certain figure, it will not affect her eligibility for grants and loans. Check with you accountant or whoever does your taxes, but if I recall correctly, it is somewhere around 10,000 a year. But definitely check with you tax people, because it can also affect your ability to claim her on your taxes.

Hope this helps. Just write if you have any questions about any of this.

B.

Scholarships come in all shapes and sizes. I volunteer for the Miss Plano Frisco Organization and our titleholders earn scholarships for college from winning their title and competing in the pageant system. (Miss America Organization is the largest source of scholarships for women in the country) Not sure if she would be interested in competing but it's an option most girls don't even know about. Our Miss Frisco 2006 won Miss Texas and was 1st Runner Up to Miss America winning over $40,000 in scholarships for college and she is currently attending UNT using that money!

For more information you can go to www.mpfo.com (our local pageant) or www.misstexas.org or www.missamerica.org These pageants are non-profit and sole purpose is to help women earn scholarship money for college and build inner strength and skills to help them in life. You can also send me a message for more information if you like.

You need to go online and fill out a FAFSA, which is for federal student loans. She will get some loans that are subsidized and some are unsubsidized. The subsidized are a lower interest rate. As long as she is still in school she can defer payment until she graduates, then you can consolidate the loans and pay them out. Also, if she is not claimed on your taxes then she can apply as an independent student. She will then qualify for more grants that you don't have to pay back. Believe me, this his how my husband and I got through undergraduate, veterinary school and medical school. This would always pay for my tuition and fees and my books and some living expenses. She will need help with that, or live at home. My parents did take out a few parent loans while I was in undergrad to help pay for my living expenses, but that puts the parents in debt as well. But go to the website www.fafsa.ed.gov. Their should be a lot of information there.

I spoke to counselors at both UNT and UTA just to see what my options are and they both said the same thing: go to TCC for the core curriculum, which is the manditory undergrad courses no matter what she decides to major in. You can go online or call and request by mail a list of EXACTLY which classes to take at TCC that will transfer directly to the school of her choice. That will save a ton right there. Another thing to do after that is to register early so you can get your book list early: buying your books used, online at places like halfprice.com will save tons. Another place I've bought a couple books from at a fraction of the cost have been through students. When I was going to the school bookstore, on the bulletin board nearby students make fliers with what books they're selling and their email address to contact them. That saves a couple hundred here and there. If she does those 2 things, AND really applies herself to her classes at TCC she could qualify for scholarships afterwards to a university. My dad went to the University of WA a few years back just by excelling that way. He also took the SAT even though he didn't need to as an "old" student and scored high enough to get all his school, books, and even transportation on the bus paid for. It's all still possible! I totally agree with a previous post though: when/if you go the student loan route, DO NOT take out more than you need because that's more debt than you'll need, with interest, to pay back later...when you're just starting out. There is another way, though you didn't seem to receptive to it. My husband works fulltime at Fidelity (hiring) and they pay 90% of the tuition for his college! This is not the only company that does this: shop around if interested. He just pays for his books and 10%! Working fulltime, he's only a part time student so it takes a little longer, but I think that's pretty awesome. He works full time, goes to 1 class on campus and does 2 classes online at TCC. I'm going to TCC and following him (a semester behind) and using his books so we only buy the books once. Sounds incredibly cheap, but it's how you have to be sometimes. In the meantime, we have a 529 for our son: a pre-tax savings account similar to an IRA but with one awesome exception-if it's used for education, you NEVER pay taxes on it! We want him to have a headstart that we didn't have, and this is the way to do it. Good luck!

Everyone here is giving great advice. If she knows she will attend a public university in TX for her last two years, she should definitely make sure she is taking the transferable core curriculum. Her advisor at the junior college should know what that is and guide her in choosing the right courses. She can also contact an advisor at the university she plans to attend to double-check if needed. I worked in Academic Advising at UNT and taking core classes at the junior college is definitely a smart decision most of the time. My only precaution would be if she plans to major in nursing or a medical science, she might consider taking her science courses at the 4-year college. It is silly, but some programs give those higher regard than junior college courses (even though they are often taught by the same people). Anyway, take it one year at a time. UNT (and other universities) has a lot of merit-based scholarships and a lot of students don't apply for them. What she doesn't get this year might be awarded to her next year. As others said, take out only what you need.
As a former adviser, I have to say that you must be careful not to let the financial aspect become a burden. I saw many students trying to work full-time and go to school full-time and their grades were horrible. It would have saved money in the long run for them to work full-time one semester to pay for the next semester of school. Again, most universities have merit based scholarships that have nothing to do with financial status. UNT has one application for all of the general academic scholarships and they apply the one application to all the student is eligible for, rather than the student applying individually to each one. Also, academic departments often offer scholarships just to students in that major. Your daughter will need to apply every year for some of them. I was able to pay for all of my tuition and books with scholarships from UNT and my community. It takes time and effort, but cost should not deter her from making things work.

You'd want a standard subsudized student loan. And by ten thousand a year I hope you mean tuition books and room and board. I'm sure you can find a university here in texas that is under 10000 a year for tuition. Like Texas A&M University Kingsville(my Alma-Mater)www.tamuk.edu. I know there is other Universities that are as good and inexpensive as that. But if you don't find them. You want 1st a subsidized loan, then an un-subsidized loans. STAY AWAY from private student loans.

Try googling fafsa. We think its fafsa.org or com. Its an application for loans. We filled it out. We went with Nelnet, Inc. We have a son at Tx A&M at College Station since 2001), and a daughter at U.N.T. at Denton(since 2002). Both to gradute in May 08. Hope this helps.
B.

Hi, I have 3 sons and the last one will graduate from college this May. We are middle income so my sons did not qualify for the pell grant until they turned 23 (considered to be on their own). Yes, we did not count them on our taxes but the way the pell grant is written now (changed from age 21 to 23) they have to put down how much their parents are making.

BUT all 3 sons did qualified for student loans via FASA. DO NOT let them use charge cards. I have seen to many sad situations because of the charge cards. Also the interest is MUCH higher on student charge cards.

Yes, there are LOTS of different scholarships out there (state, schools, military, etc). My sons qualified for some of them and the scholarships were not based on grades or income.

Last, all 3 sons had part time jobs but not with the schools. The schools only pay minimum wage. Try getting a job with one of the federal depts (Social Security, agriculture, interior, military, etc), they pay more. They have student hire jobs that will work around your childs schedule. What is your child majoring in? Some colleges will advertise for different companies about student hire jobs (interns). Then there is private tutoring.

Most important your current college and the one she will be attending, their financial office should be handling the pell grant, student loans, scholarships, and work programs.

My experience was much like Christine's. If you can swing it, pay for the junior college out of pocket (that's what me and my husband both did - we were married at 18 and 20 and put ourselves through college). When she transfers, take out the student loans and TAKE ONLY WHAT SHE NEEDS FOR SCHOOL AND NECESSARY SUPPLIES. They will loan you more than you need and it can be tempting to take the extra but then you are left with more debt. Also, choose a school close to home to save money on separate housing for her. UNT and TWU are both right in your back yard if you are in the metroplex. We took 10 years to repay our loans, his was $103/month and mine was $104/month. When your daughter graduates, if she can't find a job that allows her to pay back such a small amount, then she chose the wrong major! LOL Best wishes, student loans are really a blessing, the interest rate is lower plus you deduct any interest paid yearly on your taxes. :-)

I'm curious as to why you say she won't be able to qualify for scholarships. There are so many different scholarships available and few are based on financial need, or something like that.

Check out: fastweb.com

There are all kinds of loans and grant options out there. You do have to look for them and do your research. When I was in college OH SO long agao, I had a grant and scholarships that helped me. As another poster mentioned....my mom took me off as a dependant and I got more benefit that way.

That said........I swore I would never have my child in that situation because college is not an option in our family.

Before she was born, almost 13 yrs ago, we knew she would go to college and we had a fund established for college. We now have the 529 and if for some reason she does not use the monies that are available, her children and grandchildren can use it. It is transferable within the family.

I hope I do not come across rudely but when I got pregnant, we knew there would be some major expenses along the way (car, college, wedding) and we started preparing for them when she was a tiny baby.

It is scary enough to get ready to send that baby off to the real world. We sacrificed early to help us do it as easily as possible.

Best Wishes to you and your daughter....

Susan

UPDATE: In my opinion, unlike some others.........if I bring a child into the world it IS my OBLIGATION to give that child the best possible start in life by providing any and everything she needs through college graduation and then some if I choose. It is also my obligation to make sure I am set up for retirement so that I am not a burden on my child. If I do not provide and give her opportunities to better herself then what kind of parent am I? GEES....I cannot imagine my daughter graduating high school and then sending her out the door to provide for herself. After high school, there are college years that she needs us for emotional and financial support. I must think of parenting in a whole different realm than some people.

Sorry for that rant....I just couldn't believe a few responses.

Go to the financial counselor if she doesnt know which college she wants to go to go to the junior college she goes to now and the financial office should be able to help stir you in the right direction. I don't know your financial status but I'm a single mom so my daughter to started at the junior college. The fafsa paid for her classes and books. She has another year till we start looking at universities. Even though I filled out the fafsa it seems to be under her name and income I'm not sure. www.fafsa.ed.gov on the application it gives you a list of codes to put in for what school or schools you are applying for. good luck, it will work out youll see.

First apply for FAFSA on the Web at http://www.fafsa.ed.gov.
Even if you do not qualify many of the school loans require that you apply for FAFSA first. Second go to the financial aid office of the school that she wants to go to. Lots of scholarships out there that all you have to do is apply for ( not tied to grades or income). Also since you have a home daycare you may qualify financially. I am a single mom going to college full time , my 19 year old is in college full time and lives on campus and I have a 14 and 15 year old at home. I stop by my financial aid office during the semester also and have gotten new scholarships that have just come in. Lots of money out there before going for loans just takes alot of leg work to find it. Make the financial aid office your friend. Also check with the junior college that she goes to now and some times they will offer scholarships for four year university's for students that went to that junior college. Good luck

Every college has a financial aid office - they are the experts on where money can be found, borrowed and used. Call and make an appt. I waited until I was in my 30's to start back to college and I would have been lost without my financial aid advisor. That's their job - let them do it! Good luck :)

My husband got loans, he did not have to start to pay for them till after school. We are still paying on them, but it is our decision to pay them off last because the interest rate is only 4.25 when we have other things with higher interest rates.

Lots of options. Monies available. Need to decide how much you want to borrow. Many of the student loans are @cheap interest and you do not have to start paying until you graduate...works like a delayed payment. Once you decide on your school of choice...check with financial office and there is a web site you complete all the information on-line, entering amount, school to attend, etc.

In our case...we opted to borrow enough for tuition and rent. We picked up the incidentals and paid as we went. You can pay it back as fast as you want or the minimum. You may also look at other places for loans...there is a lot of money out there for education. You can Google and probably have more choices than you want, but do the research. You can also go to the library and these books are also available that give you where available funds might be applied for and they all don't require a high GPA. Weigh what you want to participate in or not. We stuck to the federally funded programs.

Good luck!
J.

If i had all my graduate education to do over again - I would have secured a scholarship and NOT have gotten financial aid through the government. I have had a very different experience with student loans.

Because what I found out is that it is the worst debt to have in the US. I took loans out for two years to do my masters degree which ended up being around $40,000 for the private university I attended. I didn't understand the (un)subsidized part of the loan - so like most was so excited that I was given money for education, I took the money, didn't read anything real carefully, and just diverted payments until after graduation.

When I finished my masters, I was awarded a full doctoral scholarship by the university, so I stayed and graduated four years later with the doctorate. When I went to "check out" with student loans - I was shocked. My $40k had turned into around $80k during the 4 years I was doing my doctorate. And although the loan payments were deferred because I was still a student - interest was not and accumulated daily.

I graduated in 1999 - when the interest rate was 9%. I was told to consolidate all the loans, which I did and it put me at 8.9% for the $80,000 I owed. A few years later, when interest rates fell significantly - everyone else got these great 2 or 3 percent loans - and I was told that after you consolidate ONCE - you can never do it again. I was so angry - but what can you do when the federal government tells you - "so sad, too bad." My payback for a 30-year was $750 per month. Trying to buy a home, vehicle - everything was difficult because creditors saw that I had to pay $750 per month for THIRTY YEARS.

Luckily, we bought a house, rennovated and made a killing and refinanced and pulled out $100,000 to pay all the loans off in full.

My suggestion is to READ EVERYTHING very carefully. For parents - make sure your child understands how these loans work, especially the INTEREST. Had I to do it over - I would have looked harder for scholarship money, I would have made sure I had a locked in low interest rate, and I would have paid the interest monthly so it didn't accrue.

For me, student loans were one of the worst experiences of my life. They killed my credit score, they were relentless when you were even a day late in a payment, and they frequently reported me as a late payer when I never was - and it took me FOUR YEARS to get my credit score straightened out - fixing their errors, not mine.

Hope this is helpful.

I know how you feel. I was in that borderline situation too. My parents made too much money to qualify me for need-based scholarships, but not enough to pay for school. Don't even get me started on how unfair the scholarship system is! As someone else mentioned, there are plenty of loans out there. Check with her college of choice's Financial Aid department. They can get you the FAFSA forms and get you on your way. While I don't recommend working full-time, she could probably get a work-study type job as part of her financial aid package. Those are awesome. They are usually part-time jobs on-campus and are flexible with hours to allow for studying as well as getting most Holiday's off - which most other type jobs don't easily allow. She will have to apply for work-study as part of her financial aid application. Basically they'll approve her for a job that will make X amount of dollars and provide loans for the remaining amount. Depending on your income, you will probably still have a small uncovered "family obligation" amount. But that should be minimal. She won't have to start paying off her loans until after she graduates (or drops below so many credit hours a semester), and even then she will get a grace period. I believe that grace period is 6 months, but can always be extended if she doesn't get a job or has financial hardships. I did defer mine, which helped in the short term, but I don't recommend it because interest will start adding up. I am still paying off mine at the same time as trying to save for my two kids college funds! I want to commend you and your daughter though. I hear all the time that people choose not to go to college because they don't want to have loans. As you obviously know, college is so important. I am so glad the loans didn't turn me off. Congratulations and good luck.

Look into government student loans through Fannie May. You do not pay interest or charges while in school. After you start working you begin paying them off. They worked for me. The school's financial aid office will have all the literature & applications.
Good luck, its worth it.

Student loans will really help, if she qualifies. It all depends on how much you and your husband make for a living, though. I had big dreams to go to UNT, until I only qualified for about half of what the tution costs, so I ended up going to TWU, which is a lot less per semester. I highly reccommend TWU, if money is tight. An amazing college for a young woman and it is small and not scary like some of those bigger campuses.

I'm 22 and in college myself...my best advice for you is to stop claiming her on your income tax so she can fill out her FAFSA as an unemployed independent. I was getting over $4050/year from the Pell, $900/semester in a supplemental grant, work study, and subsidized loans (they accrue no interest until I graduate) to pay for school. That was when I was at Texas State. Now I attend community college to get my associates at a lesser cost...it's easier to transfer into a bachelor's program when you have an associates b/c you know you've covered all the basics and also, I can get a better paying job while I'm working on my bachelor's. I still get the $4050 Pell and $300/semester supplemental grant. Out of all that, whatever is not spent on tuition is mailed to me to do with as I please (I buy books usually and then have some leftover to pay bills). Of course, I have a child so that helps me, but your daughter would probably get a good amount and any amount of free money helps.

Well, as parents we are not obligated to pay for college if or borrow money for them. She can get loans out, get part time job, or get full time job and go to school part time. There must be a less expensive college near by in the same city. We have both a jr college and a university nearby and we're considered a mid-size city. I don't see why parents should get into debt for their children especially if they aren't able to afford it or don't have enough rainy day savings for themselves or a retirement fund. If you can afford it that's great as well to be able to help out your children. Usually, there is a 70 max of credits that can be transferred, if she hasn't maxed those out, she should. And perhaps delay a university till at least a year. Scholarships are not only financially based but there are also merit based scholarships. Hope this helps. Also don't pay huge amounts to find out about scholarships services. That info is free online or at your local library. Pell grant is based on parents income, the only time it is not if she does not live with you.

I personally went to college on Pell Grants, which are granted from the government and do not have to be repaid. However, we were extremely poor at the time, so I don't know if I would have gotten the same gift if I were to apply today. I have had friends that have gotten student loans with deferred payment plans, which means that the student is not to begin making payments until she is no longer enrolled in college. This also means that if she takes a break, she will have to start paying. All of this information needs to be obtained from the schools that she plans to attend, because it all varies from place to place. The work study programs are also for low income students, and it always made more sense to me to just go ahead and get a part time job to pay for expenses, because you are only granted so much money for your work, which goes to the college, whereas a real job off campus will give her more money so that she can devote some to college expenses and some for her personal needs. That's just my opinion anyway. I always worked while I was in school, but I'm not going to lie and say that it was the easy route either. Just give the colleges a call and see what they have available. If she is really good in a certain department such as math or English, she might also qualify for a departmental award. Those awards are small but still nice for help in paying for books and such. My first semester of college, I was given a departmental award for music, and I used that money to pay for my books and school supplies.

If she/y'all decide to get a loan, get it through the college financial aid office. There is a form you fill out and turn in. They will find grants and such and tell you if you qualify for a loan. (She will qualify for more if she is independant from you) Ok, basically what I am trying to say is that if you get a loan, get a Stafford Loan. This will hold the interest until she is out of school. Once she graduates or stops going to school payment will start. They have several options for repayment. My advice is in repayment pay the original amount they give you instead of gradutated payments as you will pay significantly more interest with gradutated payments.
Now, another option is scholarships and grants. This is "Free" money. There are several scholaships that the school offers as well as the private sector. Google "scholarships" and you should get a wealth of opportunities. Some have restrictions, some have qualifiations, all will require application and usually an essay of some sort.
I would try to find scholarship and grant money first then if you have to borrow money only get the difference that the others don't cover. Remember to calculate all costs in determining how much you need. Will she be living on campus or at home? Food costs, gas, books, tuition, class fees etc.
That will give you a good starting point.
ok, I hope this helps and hasn't scared you. PLEASE contact me if you need any help, I love the maze of college financing.
Good Luck and God Bless

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Talk to the financial aid counsellors at the college she wants to attend. Is it really $10000?? I swear it was just $6000/yr at UNT when I went, and that included housing. Of course, that was a decade ago :-)

The federal loans will have the best interest and pay-back choices. Again, the financial aid counsellors at the school can help you look at your options.

My daughter got a job work in the athletic department. She got $1000.00 that year. Kina was in charge of washing uniforms and helping the coach. This gave her time to do her clothes for free. Just an idea.

My daughter is about to graduate from college and bless her heart, she's had to do it pretty much on her own. She had a couple of scholarships but used student loans for the most part. My best recommendation is that she visit with the financial aid counselor at the school. There are all kinds of grants available and scholarships that are never used that if your daughter has the initiative could probably be hers very easily. She also worked part time jobs the whole time - sometimes two at a time. Lots of employers are really good about working with the schedule of college students.

There should be a student loan office at whatever college you're looking at. Someone there should be able to advise you all on what your options are. I know people who have paid as they went and took longer to graduate, took out loans and had to repay when they graduated, etc. I would contact the school and talk to someone there who should be able to make sense of this all for you.

Absolutely talk to the financial aid office, but your first step is going to be to fill out a FAFSA for her - you can find that on the web. This will let you know if she qualifies for any grants or anything. Then the fin. aid office will tell you about your options as far as loans. Sallie Mae seems to be the most prevalent loan. If you get one (or more) through them, open all the "junk" mail they send you - often they have ways to lower your interest rate and consolidate loans. I also have a College Access Loan I got through Hinson Hazelwood. Your fin. aid office will also let you know about work opportunities - it's a part time job at the college that pays just a little bit, but maybe enough over the course of the year to pay for books. Good luck!!

While there are a lot of loan options out there, please don't assume she won't qualify for any scholarships or aid. I know at the university I went the scholarship coordinator would ask people to apply she had more many than applications. We had scholarships and some student loans. We are still paying on them, while the interest rate is good and they are great to work with, I'd rather have not had to take them out.

My daughter goes to a state university here in So. California. It is about $2000- per semester for tuition and books can run about $500-. She lives on campus, which is an additional fee. There are many ways to go about it. You can apply for scholarships. There are many that don't require you to be below a certain socioeconomic bracket to qualify. There is also financial aid. If it's affordable, certainly the easiest way is to just pay as you go. Good luck to you.

We had property on which we took second mortgages. After he graduated and moved on with his life, we had the mortgages consolidated. Now we're left with paying those mortgages off, but it's not too bad with two incomes. We also took out a loan and we are finally beginning to see the light at the end of the tunnel....ahhh, the things we do for our children, but they ARE our future!

Savings, jobs, scholarships, grants and loans are your daughter's options. It is possible to get a part-time job and off-set some of the cost of school. But, make sure that you fill out the federal financial aid packet. This will help schools evaluate if she is eligible for grants or federally guaranteed student loans. Student loans are not immediately paid back -- she will be able to make payments after she graduates from college.

And don't be afraid to apply for scholarships. There are ALOT of scholarships out there. The school counselor in her high school can help with identifying this. Some scholarships require a certain GPA, but, others are based upon what major she wants to pursue in college, some are only for women, others are for certain ethnicities. (Example, there is an organization called the DAR -- Daughters of the American Revolution -- who give a scholarship each year from the local chapters to a descendant proven to be descended from the Mayflower pilgrims.) So, take your time, if she is motivated to go to school -- there are ways to pay for it.

Hey Y.,
You got some good advice indeed. I just wanted to add for general information to Moms with young children. Really consider the prepaid College programs if there is one in your State. It gives you great freedom from worrying about how to pay for college. I am a strong advocate of this program over stocks, etc. Just too risky and God forbid you need money for an emergency, you might be tempted to use up the funds. While the Prepaid restrict you to schools in the State, the money is there and no matter what happens to you financially or otherwise, your kids will have the opportunity to attend college and monies to pay for it. Plus I liked having it because I could tell my kids to concentrate on learning and not working to get good grades for an academic scholarship or killing themselves in sports to get a sports scholarship. They are tops in both areas in one of the toughest high schools anyway. But they know, it is about learning and enjoying what they are doing vice making the grade to get scholarship funds. BTW, you get a lump sum if you don't go to school in the State of your program. And for the financial planners who may not like this program because they feel you can get greater return in other programs, I don't disagree but again I recommend it for the security of the program and the probability that you won't touch the money for some other emergency. Just wanted to provide this point of view because I saw references to it but wanted to give it a stronger advertisement to our Moms out there. I have 3 children, all in a prepaid program. My first is 16 and we are now gearing up for college. We are banking on her getting great SAT scores to qualify for some of the top schools. We won't qualify for anything based on income. If she does not do well, her Prepaid will take care of it. By the way, you can prepay tuition, local fees and dorms. Took it out when we lived in Florida in the mid 90's. D.

My suggestion is to seek the advice of a Certified College Planning Specialist, such as CollegePros - http://www.collegepros.org

We worked with Jay - he has a wealth of knowledge that we found useful.

Also, the FAFSA is incorrectly filled out by approximately 90% of those applying - be careful.