@austinmshauri if I did qualify for a parent plus loan would that 10k be able to be given each year to her? Like would they allow us to take out 10k each year if I qualified for the parent plus loan? I defaulted on a loan not my husband so I’m just curious how that works?
@flowersinurhair No. You only get that extra if the parents cannot take a Parent Plus loan.
First of all, it’s a terrible idea to take on huge debt because you’re trying to hide from your daughter that you don’t have a college fund for her. Just to be clear…most parents do not have college funds for their kids.
How much can you contribute each year without using funds from loans? How much can you contribute each year from your household income??
It sounds like your gap is ~$40k/year. That’s more than the entire amount students can borrow all 4 years. Did she get accepted to any affordable schools?
If your gap is $40,000 a year…you need to know…that amount is also in excess of what most instate public university costs are.
She needs an option you can afford.
You have already defaulted on ONE loan. Do not put yourselves in the position if this happening again…and please…do not put your kid in the same potential position. You know how easy it is for “life to happen” and your ability to pay reduced.
@flowersinurhair. You are an adult. Start acting like it. Your husband and you cannot afford to send your daughter to a private design college in NYC over a 4 year span. Tell your daughter and move forward.