<p>My friend's dgt wants to go to an in- State school but according to the EFC they will still would owe $17000 per year. Due to some financial problems they had in the past the parents will not qualify for a loan. The student is limited to 5500 in loans her freshman year. They simply can not come up with the balance. The student received a small scholarship but that is not going to cover it. Any suggestions on what she can do? She is probably going to end up at a community college but seems so unfair. GPA was around a 3.4, ACT's 28. She has a lot of extra-curriculars including marching band all 4 years and has worked at a part-time job for a couple of years.</p>
<p>If her parents are turned down by PLUS, the student can get an additional $4K in Stafford loans. If the parents can come up with SOME money out of pocket,and the student can work and if the Staffords are not being included in that $17K figure, it might be doable. I suggest that this student start looking for work right now and work 2-3 jobs this summer and start a fund for college. If she can’t swing it this fall, she should still take out the Stafford if possible and stash it in the account along with every other penny her parents and family can spare. Maybe next year or the year after, she will be able to transfer there with that stash of savings. Make sure the account is primarily in the parent’s name and she can pay parent for living expenses as she contributes to it so that it does not get hit as a student asset by FAFSA when she reapplies. </p>
<p>Does she have any savings from that part time job, by the way to bring down that cost? All of these contribution figures assume that both kid and parent has saved something for college, will pay something out of current income and will pay some out of future moneis (loan). Too many of us these days have a big fat goose egg for the savings part of it which can make college unaffordable.</p>
<p>Is there a state school that she could commute to?</p>
<p>Her stats aren’t really high enough for the merit needed to make many schools affordable.</p>
<p>* Any suggestions on what she can do? She is probably going to end up at a community college but seems so unfair. *</p>
<p>I think it was unfair of her parents not to consider their financial situation when she was applying to schools. It doesn’t look like they had her apply to any financial safety schools. At this point, there’s no magic source for money.</p>
<p>Did her parents apply for a Plus and were denied? Or did they just not even try?</p>
<p>There is nothing unfair about telling a student that 2 years of community college will make the ‘dream’ of college affordable. And if that student decides to focus on getting good grades so that s/he can be admitted into Phi Beta Kappa, then scholarships will make the next 2 years of college even more affordable.</p>
<p>And if that student decides to focus on getting good grades so that s/he can be admitted into Phi Beta Kappa</p>
<p>I think you mean Phi Theta Kappa. </p>
<p>Going to a CC for 2 years would give her parents some time to improve their financial situation as well.</p>
<p>She also should check for any scholarships that are available at her CC. That GPA and ACT score would qualify her for some of the scholarship money at Happykid’s CC.</p>
<p>Please encourage her NOT to think of going to CC as “unfair.” It is an excellent option. As others have pointed out, it can open doors & lead to a final two years that are very affordable.</p>
<p>If the parents have had financial problems in the past, I’d hate to see any Stafford money sitting in an account in their name that a past creditor might be able to claim.</p>
<p>I agree that a community college is an excellent option. She can save approximately $30,000 over the first two years while working and putting money in the bank to fund the last two years. Then attend the $17,000/year school for two years. She will receive the exact same degree as the students who attended the state school all four years at about 1/2 the cost. That not only isn’t “unfair,” it is a smart choice financially.</p>