Financial Situation

Parents Forum
1

<p>This is (obviously, from the age) from the student's point of view, but I would like the parental advice on this situation.</p>

<p>I come from a single-parent home without anyone nearby (in-family) that has gone to college, so the process is completely new to me and everyone who has been helping me. I applied (and got accepted to) five schools. I have eliminated one since it was both a low choice and the aid was extremely bad. I am down to four schools. Here is (essentially), the break down of three of the schools.</p>

<p>Stonehill (COA (40482) - Gift Aid (22700) - Student Loans (6125) = Total Cost (11657) (Requirements: Maintaing a 2.9 GPA for 5k in Gift) (Work Study: 2000)</p>

<p>Marlboro (COA (37840) - Gift Aid (24400) - Student Loans (2625) = Total Cost (10815) (Requirements: Maintaining a 3.0 GPA for 10k in Gift) (Work-Study: 2050)</p>

<p>Southern New Hampshire (COA (32444) - Gift Aid (18200) - Student Loans (4325) = Total Cost (9919). (Work Study: 1700) (Requirements: Maintaining a 2.0 GPA)</p>

<p>Now, if my 4th school (St. Anselm) provides a similar or better aid package than any of these three schools, I guess the point is moot since I'll go there. </p>

<p>Now, for the financial situation, my mother would be taking on the brunt (meaning almost all of in this case) of the payments. She has an adjusted gross income of about 36-38 thousand per year (after taxes). So, if I took any of these schools on, it would be a good third of her annual income, while only gaining a severe drop in food money among some other smaller things. It would be about a 4-5k jump in tuition from my HS now to college, and it would be tough on her. She won't let me send home my work-study money since she says I'll need it at college.</p>

<p>I am going to, for the sake of advice, say that the last college doesn't come through for me and leave those three offers there. Now, I would be sending my money right to Marlboro or Stonehill right now...if not for the requirements. Now, if those scholarships didn't require a 3.0, I would be fine, but they do, and that could spell disaster. I have a 3.0-3.5 in HS (UW-W) and I have been in the 3.5-4 (UW-W) lately, but I am not convinced that I could maintain that level of work in college, and risking that much money is huge. For instance, if I pull off a 2.5 at Marlboro first semester, I literally cannot afford to go there second semester without selling the house (where we have another dependant who we do not want to move), or raising rent (and we can't do that to my grandmother who lives upstairs), or doing something drastic. The likely course would be additional loans.</p>

<p>What hurts more is that my mother, God bless her, put on a front of "not worrying about the cost" throughout the whole process. I didn't apply to a state school (which I would not do well in, too big, too much of a party atmophere) simply because I wasn't told I needed a financial safety. And only now, that the FinAid stuff is in, is she saying that this is a big issue with a huge mortgage and such.</p>

<p>As for me, I have a good idea of what I like. Basically, if I got full-ride everywhere, then the Southern New Hampshire offer would be out, since I liked Stonehill, Saint Anselm's, and Marlboro a LOT better. But now my mother is putting pressure on me, asking me why I don't like SNHU as much, what's wrong with it, etc. She's kind of making me feel horrible and guilty about wanting to choose the more expensive school and not considering her side (FWIW, completely not true). However, she says she'll do whatever she needs to to get the necessary money for me to go to my choice.</p>

<p>Basically, I'm asking, should I make a notable sacrifice in quality and preference to save my parents and myself (at this point) a few thousand dollars and later either notable loans or the threat of losing a scholarship to a tough class.</p>

<p>I would appreciate some advice.</p>

2

<p>Just wanted to bring this up before I leave for a bit. Thanks.</p>

3

<p>Looking at cost before loans, Marlboro is 13,440, Stonehill is 17,800, SNH is 14,244. </p>

<p>That says Marlboro is cheapest. Since you like it why not go for that? You should agree to take 4325 in student loans there (talk to FinAid dept) then for your mother it would be even a little cheaper that SNH. </p>

<p>Although of the 3 stonehill is probably highest quality, but that would be an extra 20K over 4 years, that's a lot of money. But I don't know Marlboro so I should qualify that opiniion.</p>

4

<p>Yeah, the only reasons I said the SNHU offer was better was</p>

<p>A) She said she would highly prefer to pay more loans later to pay less now
B) I am not convinced I can keep up a 3.0 at Marlboro, at least in the beginning, I don't usually adjust to new surroundings well, and Marlboro is a full 180 for me (alternative type of education, different atmophere, etc.)</p>

5

<p>All I can say is you're doing a good job of weighing the alternatives. I don't see anything obvious missing from your evalutation criteria. You're going through the same cost vs quality analysis may of us are going through.</p>

<p>You seem worried about keeping the minimum GPA. Could be a valid worry or maybe you're selling yourself short. How do your stats (SAT GPA) stack up against the averages for admitted students at these schools? If you're in the bottom 25% then it's worth considering. If you're over the 50% level you should be OK. You can build up your GPA in Fresh & Sophmore year before you hit your core major classes which will be more difficuilt Jr yr. </p>

<p>You should also be considering if one school stands out from the others in your intended major. How well the graduates get jobs in their related major, etc.</p>

6

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<p>Where is your dad in all of this? In your post you say your mom is single but in the last para you mention parents. Is your dad still in your life? If not, why didn't you qualify for more aid since your mom doesn't make a lot of money. </p>

<p>Have you talked to any of the college FA dept to tell them that their pkgs aren't enough???? Maybe you can get a bit more. Tell them of your mom's concern. If your dad is not in your life, do the FA people know that?</p>

<p>I agree that you should try to get some (not too much) student loans to relieve the burden on your mom. If you think that your career will afford it.</p>

7

<p>I typically just go with parents, it's an instinct. My grandmother would be a second parent I guess, but I have one real parent doing anything. My biological father is in parts unknown, divorce when I was 1 or 2. My step-father died a month before freshman year. As for not making more money, the only real asset she has in her name is the house we live in. I am almost 100% sure she has no other notable savings, she uses a company car, and so on.</p>

<p>If the last offer isn't good, I may just have to call.</p>

<p>I was planning to look at loans, and although my intended profession isn't a cash cow, the odds of me having to support anyone who isn't myself are pretty low, so I would have the money to help pay it off.</p>

8

<p>Financial aid appeals are made for this situation. Do it in a business-like manner and present your case to your favorite two schools (or three schools). Also, check with each college about the percentage of merit aid scholars retaining their scholarship. They should have these numbers readily available and I would certainly want them before making my choice.</p>

9

<p>Glad to see that Curmy has joined this post. If ANYONE knows how to figure out the best choice for you (financially) he is the one!!!</p>

<p>I have an image of Curmy bent over an old-style adding machine -- the type with the crank that you pull to input the numbers. ;)</p>

10

<p>j, think "abacus".</p>

<p>And OP, I looked into St. Anselm a little and liked what I saw for a kid like my D. Now, Marlboro would have been a great place for me but I fear I would have never left. ;)</p>

11

<p>How would I go about a financial appeal? I know some schools have deadlines for things like that, but does each school have a specific process, or do you call and set-up something.</p>

<p>I never thought of asking for the percentage that lose merit aid though, fantastic idea.</p>

12

<p>I'll bump this a few more times, or until St. A's gives me something so I don't have to (mailed on Thursday, should be Monday as I lived 3 miles away)</p>

13

<p>Maybe Curmy knows how to appeal get more money for FA???</p>

<p>Or someone else???</p>

14

<p>That would be nice. However, I'm not usually picky about money, I can get by on a little or a lot, but this is for my mother more than me.</p>

15

<p>Step 1: Call up the financial aid people at your college and ask how you can appeal. </p>

<p>My daughter went today all by herself to meet with financial aid folks at NYU without even the word "appeal" in her vocabulary of financial-aid-words ... and they were very nice and listened to her and told her that they would submit an appeal and she would have an answer in 2 days. (and also not to expect much) But the point is that it not some elusive process that you need a law degree to figure out -- you just call and say that you really want to attend that school and that you need more money. </p>

<p>Also, if your mom has good credit she can take a PLUS loan for some of the money. She won't have your private school tuition to worry about, and there may be some other savings: I never realized how much a teenage boy eats until my kid went off to college and my weekly grocery bill plunged. If she borrowed about $6K per year from the PLUS program, the monthly payments wouldn't be too much on her income -- and when you finish college you could start to help her out. Basically you need to figure what combination of upfront payments and loan has her paying out about the same as she was with the private school tuition, and she should be able to manage.</p>

16

<p>Since you're the first in your family to go to college, keep in mind that eventually, you probably will be able to earn much more than your mom is earning. For that reason, you may decide to pay back some or even all of the money that your mom will be paying for your college education. </p>

<p>Paying 1/3 of her after tax income is a lot of money, particularly since she probably doesn't have a lot of $ saved for retirement and probably won't be able to get a job paying lots of money. If, however, you decide to pay back what she spent for your college, that could be a big help to her.</p>

<p>I also definitely agree that you should take out student loans and also should work during the school year and summers.</p>

17

<p><<<< I never realized how much a teenage boy eats >>></p>

<p>LOL</p>

<p>My mom used to complain how much she had to spend to feed my four brothers - one brother used to drink 1 gallon of milk each DAY. </p>

<p>Mom used to lament, "I can tell my three daughters that I can't buy them any more clothes, but I can't tell my sons that I can't buy them any more food." </p>

<p>So.... my brothers ate, and my sisters and I ran around naked (just kidding - but our wardrobes were pathetic!)</p>