DeeVeeEight I agree. She has a bunch of friends whose parents have plenty of money. I feel I gave her what she needed but my ex mother in law gave her everything. Now I get to deal with it. I told her she better get her finances figured out cause I'm cashed out
My position exactly. Our son went through one of those commercial welding schools and although I had to kick in a little bit to cover what his grants didnt pick up he pretty much did it on his own and is now making better than average money (by my standards, not his) for a kid his age. Our daughter is 6 yrs younger. Graduated with honors from the local community college on grants / scholarships last spring. I've been sort of directing her to the military. Commit 4 years of your life. learn a trade and go to school for free while your there. get benefits for the rest of your life when your done. I think she might be getting close to going in that direction.
I too encourage people to look at community colleges. I'm fortunate to have lived where one of the more renowned CC's in the country was, and while going I was put on a payment plan. Each semester was paid off by the time it ended. Yeah, I worked full time while going, but never took out a loan. It doesn't sound too prestigious compared to big name schools, but it got me where I wanted to be. Spent 7 years as an engineer for P&G before leaving on my own accord. Nothing wrong with going to a big school, but a CC has it's place as well and you can be successful if you navigate correctly. I was an average student and lower middle class upbringing, so I wasn't getting a bunch of grants or scholarships. And affordable school was my only way to not get into a bunch of debt. Just my perspective. But if her mind is made up and that's what she absolutely demands to do, I'd say fine, but it's on your dime. Adult choices mean adult responsibility. That's just me though.
I really tried to persuade her to do the community college for two years. Could have saved 35000. She has no clue how such heavy debt will affect her lifestyle
You cosign the loan, you own it. If she does not pay they will come after you for the $. Happening to alot of retired people who cosigned their grand kids loans.
Man, where to start...Yes, she doesn't have a clue. She could work/study, go to CC, get scholarships/grants, etc. She could work over the summer. Did you do a FAFSA? That's the first thing you need to do. Most colleges will give you a discount based on your income IF you do the FAFSA. The feds will give you loans that you don't pay on until you graduate. If you don't know about the FAFSA, google it. 100K for a teaching degree is NOT a fancy school. Some schools are 240K for 4 years PLUS books etc. Yeah, CC is cheaper. I hope she's in state at least. She can go to a local that has higher paying teaching positions. Around here they start at $60K. I'm sure Il is low on teacher salaries unless you are in a big city. The average Public School Teacher salary in Illinois is $54,476 as of September 01, 2018, but the range typically falls between $47,561 and $62,892. according to google. The pensions are great and the health care/benefits are too. You will save on your taxes if you don't make too much. And you don't have to borrow all 100K at once. Each semester is, what, about 12K? Borrow as you need it. Its a good thing she wants to be a teacher. Some places will pay you to go to school if you come back to teach. BUT remember you can borrow for college but you can't borrow to retire. Give her the cold hard facts. Figure out how much can you afford and tell her thats it.
My sister-in-law's four kids all paid their own way through college - five Bachelor's degrees and an MD. I paid my own way through Boston University as well. If the kid wants it badly enough, she will find a way. I don't know the financial situation of the OP, but any decent financial planner will tell you that if you have the choice between adequately funding your retirement or paying for your kid's college - fund your retirement.
She did fasfa and doesn't remember if she was offered any other loans. She didn't apply for scholarships no matter what I told her. They went off her mother and stepfather income. Her lazy mother hasn't worked in 3 years cause she is in too much pain. I've rode my kids ass for the last nine months and have been ignored. Now she's realizing she really screwed up. She must have thought everything would work out but she was wrong. Now she needs to jump through her a$$ and get it done. She's been told. I'm not wasting my breath anymore
She can still apply for scholarships! Many kids think its only a freshman thing(HS senior). Depends on the scholarship.
If she didn’t apply for scholarships then I don’t blame you for the way you feel. Between FAFSA, grants, and scholarships, I graduated from a private college that cost $60K a year with right around $26,000 in loans total over the 4 years I was there.
Good for you for standing your ground. I too live in an affluent community yet I am not affluent, just middle class. My Son's sense of entitlement was way off base when it came to college and he told me that I owed him an education. I gave him one but not what he wanted at the time. No money, I put my foot down. He is now in business with me after graduating from a local CC. He figured out how to do it on his own. If your daughter is serious about it and wants it bad enough, she too will figure it out for herself. IMHO that is the best lesson you can give them.
Don't know what your past financial contributions have been child support ? Etc.. Have her momma sign on for 50k and see how the encouragement goes..
I think its the wrong position for parents to "feel" obligated to pay for college for their kids. I ALWAYS felt its dumb for the kids to expect the parents to pay for a wedding too. Young couple wants to commit to a contract...….fine Young couple wants a party afterwards...….. fine THE COUPLE PAYS for there own celebration Parents pay out 20 grand or more for a wedding, 5 years later the couple is divorcing
Back in the day people used to work while in school to help pay for it. Nothing wrong with a 2 year school either.
Veterans benefits, employer tuition assistance, and some of my $ got me my 4 year degree. Two years at a CC, and 2 at a private university.
Her mother has no money cause she hasn't worked for 3 years. Her and her new husband don't want to take on the responsibility of the loan. It's ok for me to do it though
I believe Id just tell baby girl, life is at the door and you can either answer it or get it kicked in on you
