No, and no
My thoughts exactly! If the appeal doesn’t work, her plan is to take gap years until she turns 25 and transfer to another school (where she would be considered a financial independent).
No, our 2021 income is actually a little higher. Our rental is not new.
i’d take a strong look at your potential schools if transferring as a senior.
I know there are schools that have rules like “last 60 hours for graduation must be taken at our school.” I am sorry about this stressful situation.
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Would she be considered independent for financial aid purposes at her current school after she turns 24 or 25? If so, then she may be able to return then to finish instead of needing to transfer to another school.
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Unfortunately, no. Once a student enters DD’s school as a dependent, they leave as a dependent even if they are older than the 25 limit.
Yikes. Sounds really stressful. Can you do a line by line itemization on your FA forms for this school and then compare?
It sounds to me as though your school has a school costs nothing if you are under X$ type set up. But you have now exceeded that threshold and are expected to pay. I’d set up time with someone in the FA office to talk and ask them ( after you have compared both years).
Agree. No one wants to take out loans but many students have to in order to graduate. If it was my kid, I’d definitely persuade her to stay and take out the loans. She can work a second job after graduation to pay them off faster. Or live at home for the Summer. I definitely would not want my kid switch schools as a Senior.
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If she must transfer, look into local state universities that could cost less than $35,000 to complete the degree without having to wait until becoming independent for financial aid purposes.
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She isn’t thinking logically. Unless she is in a super high demand field where she can be gainfully employed without her degree, the lost income of waiting 2-3 years to graduate and get on with her plan is going to be greater than the loan.
She has to do what @ucbalumnus mentioned or she is going to be in a bigger hole. Even then, her lifetime earning potential may be lower if she changes colleges.
As my mom would say, don’t cut off your nose to spite your face. I get that she is upset at her school, but they won’t suffer if she makes a rash decision. She will.
This is a financial decision and it sounds like one of the rare times where taking on debt now is the better decision.
Let’s hope it was a mistake, though!
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Good luck with the appeal.
Maybe run the NPC for some other T10 schools as backup?
If push comes to shove would trying to transfer to another T10 school work? Assuming new school meets need. Maybe one of their rivals or peer?
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Hardly a measly amount, especially if she is the one expected to pay it back. I think she is being sensible in the event the appeal doesn’t work. Frankly, if you are very devastated, it seems that finding a way to pay for her last year of college is the right thing to do.
If there is literally no way to afford that without financially damaging yourselves, then I guess she might need to apply to the last expensive school she can afford. She can also take a gap year, work, and save up a tidy sum to help offset the full cost of her final year. However, tuition usually goes up, so that might end up being more expensive.
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Dropping out and not finishing her degree is really dumb and she should reconsider how that decision may cost more than 50k in the long run.
If it were my kid, I would have her take the Federal loan and then I would take a loan for the difference.
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That seems unlikely to work:
- Senior level transfers are less desired by most colleges. Colleges often require the last two years (or 3 of the last 4 semesters) at their own college, so transferring to such a college could require up to an extra year of costs.
- Transfer application deadlines for more selective colleges for this coming fall are probably already passed.
- The most selective (“T10”) colleges would likely need a 4.0 or very close to 4.0 college GPA for transfers.
- Even then, they would be reaches for transfer admission.
The most likely transfer schools would be local state universities that are not that selective, since they are more likely to consider senior level transfers, cost less (especially if commuting) to allow for the possibility of affording more than one more year, and have later application deadlines.
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Exactly. Keep telling her this but she insists on leaving her school if the appeal falls through.
Let’s hope that the financial aid office works with us!
@janemommy49 is her major and current intended career path one that would lead to high pay after graduation (so that $50k debt is likely payable in reasonable time) or not (so that $50k debt would be a large burden)? Is she planning on graduate or professional school where the extra $50k debt would be a significant added burden (on top of any loans for professional school)? Is her current intended career path one where college prestige is significant in outcomes (pay and otherwise), or not?
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Yes, it most definitely is. 100% dependent on prestige (management consulting, social science major). She needs to stay at her T5 school if she wants any hope of being employed after graduation.
She can easily pay off that amount as a management consultant. Also, the bigger picture IMO is, sometimes things happen and you have to change course and make the best of it. We do our best, but there are instances when we have to do things we don’t like in order to get where we want to go. Have someone who is fiscally responsible and who paid off their student loans ( maybe a family member) talk to her. If the payment is $300/month, talk about doing $600/month instead and put bonuses and raises to it until it’s paid. IF she can forgo a car that’s nearly half right there ( or nearly all with gas).
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Exactly! I keep telling her this. A good family friend who graduated college last year and works at BCG urged her to take the debt and stay at her school. But she refuses to!
I would remind her of the investment you have already made in her education and that you expect her to graduate. Is she working this summer? She can put some of her earnings towards covering the gap.
I have been telling her this all morning! DH and I have put in over $100k to her Bachelor’s but she says she “still doesn’t want to take out loans to finish her senior year.” Her ingratitude is disgusting, and quite frankly, immensely disappointing.
She will be making $15k after-tax this summer but refuses to spend it on school! Ugh!