<p>My son will be starting college in the fall, and wants to go to a state school, but they require living on campus and with room and board is $14,000/year.</p>
<p>I make about $75,000 and am a single mom. I was laid off for two years and worked different jobs but was upside down in my house due to home values being depressed. When I was laid off I filed chapter 13 bankruptcy to consolidate bills and get rid of a second mortgage. With the consolidation payments, mortgage, and utilities, I have barely enough to make ends meet. I certainly don't have room in our budget to pay $1100/month for college but that's what the FAFSA says I can do. I can't sell my house because it needs work (it's 25 years old) and won't sell to cover the mortgage.<br>
My son's father is out of state and has no contact with my son. He refuses to pay for college and our child support agreement did not cover college and ended when my son turned 18 last month.<br>
My questions are:
Do I have to put his father on the FAFSA? He makes a ton of money but has two other kids and flatly refuses to pay. I can't take him back to court because our original agreement was final and binding.
Don't the FAFSA people take into consideration living expenses? I have a 15 year old car and nothing fancy. I work for an airline and have been laid off twice in the past ten years and am at wages from post-9/11 cuts.<br>
I'm in a panic that I will have to walk away from my home and let it go to foreclosure, in order to not have the payment and pay college instead. Does that make sense? Rent here where I live is high.<br>
I have no savings and no 401k or anything like that. My credit is bad so I don't know if i can get a loan. Help!! Surely these people are reasonable. I feel like it is a draconian system of black and white "facts" and no heart.
My son is an IB student but his grades aren't good enough for a merit scholarship and he doesn't do eagle scouts or anything like that for leadership scholarships. He also doesn't work because of the high workload for his classes.
As an addendum, I have a boyfriend who I don't live with. I could live with him if I could sell my house, which would cut my expenses, but then would I have to list him on the fafsa? he currently is unemployed and living off family inheritance, and has a child of his own who is in high school. He has no intention of funding anything for my son, nor me for funding his child. The FAFSA people don't seem to understand that.</p>
<p>You should not put down ex-husband or significant other (who is not married to you) on FAFSA. </p>
<p>However, all FAFSA is going to determine is if your son is eligible for Pell (and maybe State - depends on the state) grant. Given that you are making 75K, I would say that he is not. Because your son is applying to a state school, the school most likely does not have need-based institutional aid to meet your need.</p>
<p>Given your situation, I would suggest to either look at community college for the first two years and then find another state school to which he can commute, or try find a school at which your son is in a top percentile of incoming freshman class and can get significant merit aid. Because it is already January 15th, I think that the second option, if it exists, is probably not going to work out this year.</p>
<p>FAFSA requires the financials for the student, the custodial parent and current spouse, if married. The custodial parent is with whom the student lived the most during the past year. So, no your ex does not get included, nor does your boyfriend.</p>
<p>However, just because FAFSA comes up with an EFC figure, that doesn’t guarantee that your son or anyone will get that aid. It’s just a figure, and up to each college how much to give in aid. Most colleges do not meet 100% or even close to it of aid to most of their students. </p>
<p>All students looking at colleges should be looking at school that are affordable and certain to take him. So your son should be looking at local options as that would cut down on his living expenses. He would have commuting expenses, however. He might also want to check out some schools that have a chance of giving him some merit money. THat’ something his gc should be asked about. </p>
<p>Most people do not go away to college, nor do they get their way totally paid for. You should sit down with your son and let him know what you can afford and tell him to find some options that fit in that price range. You can also let him know that living at home is like geting a 10K award. You can’t give it to him in cash, but you can in a cot and 3 squares. </p>
<p>Find out if there are any state programs that may offer some money, and also if there are any state schools where he could get enough of an award to make it work.</p>
No, as a single parent you only report your income. It would be incorrect to include your ex-husband’s income/assets on FAFSA.</p>
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Unfortunately not.</p>
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You won’t list your boyfriend on your FAFSA now. If you live with him in the future, I believe you’d only need to report cash support you get from him, not support in-kind such as a place to live. I could be mistaken here, but it sounds like you need to find an affordable option for your son regardless of where you’re living.</p>
<p>I don’t think you should sell your home. You need that.</p>
<p>If you live close enough to your state school to commute, then you can appeal the “room and board” req’t. many schools do NOT require frosh to live on campus if they live within a commuting distance. Moreover, you can appeal based on affordability.</p>
<p>thanks for your replies…now I am really depressed. If i move to the town the schools are in, living expenses are much higher. if he commutes, driving cost will be unaffordable. the guidance counselors at his school have always said to pick the school and the school will make the finances work, don’t worry about it. what kind of credit score do you have to have to qualify for a student loan? After all expenses are paid, and we are not talking making car payments or buying Gucci bags here, I only have $700/month for food, gas, and expenses. How do they figure that’s enough for college? I feel like I’m drowning.</p>
<p>I don’t think you are in a position to take out student loans even if you qualify for them. </p>
<p>Do you have decent community colleges in your area? Can your son attend those for two years. He can borrow federal loans (5.5K and 6.5K for the first and second year), which in most cases should be more than enough to cover tuition and books with some left over money (to be saved for later years). He can work during those years and save for when he is ready to transfer to a 4 year school.</p>
<p>He can’t go to a community college because he did International Baccalaureate and he has to go to a school that accepts the year of credit toward a master’s program.</p>
<p>He can start in a community college and then transfer community college credits and IB credits towards bachelor’s degree (I don’t think IB credits transfer to master’s). </p>
<p>It probably will mean that he will spend less time in Community College.</p>
<p>Depending on his major the IB credits might be useless anyway. </p>
<p>In the worst case scenario, when the IB credits are not transferable and he spends 2 years in community college, but find affordable option for the next 2 years at the 4-year school, you and he might still be saving money over unaffordable 3-year option.</p>
<p>I might sound like I am preaching, but I recommend you to google occupy student debt and read some of the stories on that site. Neither you nor your son would want to be slaves to the massive student loans.</p>
<p>Alexia, make an appt with that guidance counselor and tell them your situation and that you want to know where these schools are that are going to make this all work out… You can refer them to this board too. </p>
<p>IB credits accrued during high school may help your son in gettting his bachelor’s degree which could shorten the time he is in school, which can be helpful.</p>
<p>For right now look at some community and local options, and do give it a try with the state U and see what they do come up with in terms of a financial aid package. Everyone in this process needs at least school that is affordable and will certainly take the student. </p>
<p>Also check out some of the smaller catholic schools and see if there are some possibilities there for aid and awards. </p>
<p>Also read the thread that Momfromtexas put together that is in the archives and see if you can come up with some full ride school possibilities for your son.</p>
<p>Alexia, I don’t understand about it applying to a master’s program but is there public transportation available to the school so he could live at home? Another option may be for him to get a job; he could probably even defer his entrance to college for a year to work and save up some money. Please fill out the net price calculator for the college in question. I suspect you won’t qualify for Pell Grants or much grant money directed to those in need. He should qualify for $5500 in loans his first year ($6500 his 2nd and $7500 3rd and 4th) but, besides from that, would need merit money or income to pay. Some colleges are pretty good about offering smaller scholarships to entice students to come.</p>
<p>IB isn’t AP…it doesn’t give you class credits, as AP does, which usually covers your basic freshman year classes. IB gives you a year toward a master’s…essentially a 5-year master’s degree, because the schools got wise to IB students using a year toward a 4-year degree and only paying for three years of school. So they require the commitment to the master’s.<br>
I don’t think $14,000 a year is a massive student loan. That doesn’t seem insurmountable to pay off. What do you do for the loan? Go to the bank? or are there special loans from the school?</p>
<p>Alexia, my kids have taken IB classes. Different colleges handle it different ways. In my state, you can absolutely get college class credit, just like AP, for each qualifying IB test. Have you asked to see if it’s possible for the student to go to a cc? I’ve never heard of a college that requires a commitment to a Master’s in order to give IB credit so I’m probably not understanding it well. </p>
<p>Anyway, any student who who fills out the FAFSA can take out a student loan. (Well, there are some specific exceptions: but I’m assuming you’re Americans, no drug arrests and son has signed up for the selective service.) Just be sure to list the college on the FAFSA. You should apply for financial aid by meeting all the deadlines for the college in question and filling out any additional forms they may need. A lot of colleges will give kids ‘smaller’ merit awards in the aid package without the kids having to do anything further. You don’t have to go to a bank for the federal loan money; the school handles it. The loan will be in your son’s name and he will be responsible for it. Payments start after he graduates. There is no credit check. Again, the limit is $5,500 for the first year, $6500 for the 2nd and $7500 for the 3rd and 4th. He cannot qualify for $14K a year without a cosigner (and applying for those additional funds would have to be done through a bank).</p>
<p>You are talking about borrowing $56k (possibly more as the cost will go up each year). THe max that your son would be able to borrow is $27k. You would have to borrow the other 29K (which may be difficult) or co-sign for him (which may be difficult). Neither one of you can afford to be saddled with this type of debt.</p>
<p>It is may be very difficult for you to borrow this money if you are not deemed credit worthy. Keep in mind that you will have to reapply for the loan every year.</p>
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<p>Where is the money to repay this loan is going to come from? Hello, you said that you only have $700 a month after paying your base expenses. You cannot afford to service this loan. How much are you expected to pay for tuition? How will you make the tuition payments?</p>
<p>Based on your making 75k a year, the only aid that your son may be eligible for is $5500 loan and depending on the state where you live, possibly some state aid (it may not necessarily happen). </p>
<p>Unless your son is a top student where he can get some major merit $, you are probably going to be paying for the entire cost of him attending college as public schools do not meet 100% demonstrated need and have no institutional aid to give.</p>
<p>[quote[I’m in a panic that I will have to walk away from my home and let it go to foreclosure, in order to not have the payment and pay college instead. Does that make sense? Rent here where I live is high.
[/quote[</p>
<p>You absolutely should not be doing this.</p>
<p>While your son may want to go away to college, it does not sound like “going away” is a financially feasible option for your family.</p>
<p>I’ve been doing this for over 15 years, and I can tell you that the best thing to do in your case is to encourage your son to go to a local school for the next year or so, while you stash away what your loan payment would be if you borrowed or as much as you can. Just open an account and start right now. Also encourage him to work part time and to add to that account and save every bit you can. If and when your son finishes two years or so at the local college, he will be a whole other person. Maybe with plans and direction. Maybe college is not for him. If he wants to go away to State U at that time, with half his college successfully done, it becomes a good investment, plus you’ll have some money stashed away, and he’ll have had some experience working part time and you and he can then “talk Turkey” about making the gamble of borrowing to get that degree. Right now, I’m telling you as an experienced old mom, that the investment is a risky one. It takes a while for the wine to age, and for the young man to know if this is for him. Yes, for those who have the money to blow they can take that gamble, and the stats show very clearly that they are not winning at the table. Take a good look at completion rates. The average colllege student in the US is going to a local school, working part time and is in his mid to late 20s, and might even be going to school part time as he works full time. You are spitting the diffierence with him and giving him a chance to see what he can do at the local colleges. That is the avice I have for you, and I truly thing it is the best way to go.</p>
<p>Since the IB results are problematic, shelling out about $100 each for a handful of the CLEP or AP exams might be worth it. Each community college and 4-year institution sets its own policies about credit by exam, and most CCs and public Us are very generous about CLEPs. They also have the huge advantage that they can be taken on any date in the year that a CLEP exam center is open. Happykid picked up 12 credits of Spanish on a Tuesday afternoon last December - not bad at all!</p>
<p>There’s very good advice here. Please have him look into the AP tests (which are only offered in May) or the CLEP tests (which are offered at dates throughout the year) while the course information is fresh in his mind. </p>
<p>One other idea if he attends cc: Pay in cash (he can probably pay the cc tuition, books and fees with a job over the summer and pt during the year) but apply for financial aid so he can take out the full govt loans and bank them. He can save that money (along with any income from work and any contribution you can provide) for the last two years. If he attends cc for two years, he’ll have $13,500 in govt loans for each of the last two years instead of $7500.</p>