I think the PLUS loans are horrible and the fact that schools calculate your child's financial need based on them is a crock of crap. I don't mind them determining need based on your income and savings, but I do mind them also figuring out home much you (as the parent) can borrow to send your child to school. The PLUS loans put both students and parents into indentured servitude to financial industry.
Exactly - We took a very small amount each year that DS was in school - he is now making that payment as agreed however, he knew he wanted to be a Physical Therapist and has the income to do so. DD is clueless and seems unconcerned about the bottom line.
Does your daughter know what your bottom line is?
My daughter's top choice is about $67k. She knows what she has to get in merit scholarships to make that happen and it's within the realm of possibility.
We don't qualify for need based aid aside from loans. We aren't taking any loans out for her. She'll likely need to take a loan to cover a portion.
Dd knows that she won't go otherwise. It's a conversation we've been having for quite a while. Fortunately she has 2 acceptances that she's happy with and we can do if necessary. I plan to go back and ask for more once we know about all schools.
Yes, it stinks that college is so expensive and that many kids can't go wherever they get in.
I have told her repeatedly I will not/cannot take out a Plus loan - she seems to think the funds are out there to just gobble up and borrow and despite what I say I get that dubious look of "I'll figure it out" reality is getting closer. She has only applied to one in-state school as she is determined to leave the state and the one she did apply to she did so late that she missed out on the Dec 1 deadline for scholarships and merit $$.
I am willing to borrow for an education. However, there are limits. I simply cannot pay $65k for 4 years. There are other options.
The question is, what are the options? If you mean less expensive schools, I agree if you mean other funding options, I am curious what those might be (that are bankable, not a shot in the dark obscure scholarship somewhere)
I'm to the point that as much as I want her to get an education, her unwillingness to see the logic of the big picture is putting me into a place where I will throw my hands up and say - you're on your own, you figure it out, you pay for it and I'm done. That sounds really harsh and I don't mean I'm "done" but I am done with the constant discussions and her silver lined cloud thinking along with her unwillingness to think about the financial ramifications.
I flat out told her that just because she gets in doesn't mean she can secure the funding, she says "I know" but I really do not believe she does, she seems to think it will just happen.
Mind you, this all stems from acceptance at only one school and it happens to be the most expensive. It is kind of ironic that she has stated that even if she actually got into Berkeley, she knows she can't afford it. I don't understand why she doesn't have this same attitude towards these other schools she has applied too.
My vent over the loans - it is my understanding that if a parent is turned down for a plus loan, then the student can get more stafford loan funding - however, this puts the parent into the "must" apply for the loan scenario and pray they don't get approved. That is just so wrong.
I would have a hard time too! My DD will be only an hour away- it would be hard sending her out on a plane on her own. But he will do fine!
.
