Holy cow it's really happening!

Parents Forum
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<p>We've had a relaxed few weeks since graduation, but all of a sudden college preparations are kicking into high gear. Today alone: </p>

<p>1) We finalized the loan application (got a primo rate :D);<br>
2) We made the decision about health insurance coverage and ordered D her very own insurance card; and
3) D received her roommate's name and address. The funny thing is, they've been talking to each other on the college's facebook page, so although they are half a world apart, they already "know" each other in that internet sort of way.</p>

<p>And tomorrow I'll be working on rounding up vaccination records and adding unlimited texting to my account.</p>

<p>For months (OK, years), my pre-college to-do list has been growing. Suddenly now it's shrinking, and quickly. It's here! -- all that work and prep and stress is getting down to the wire now. I can hardly catch my breath. It's like when the E-ticket ride pulls out, and you're super-excited and a little scared, but the one thing you know for sure is that the thing is no longer in your control. There's no getting off now, and you wouldn't even if you could. Here we goooooo!!!!!!!!!!</p>

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<p>I totally agree with you! It’s such a great feeling to realize that all stress about High school grades, SATs, college applications, APs is over. Now I’m more a friend to my D than a parent; no more “annoying” reminders, arguments. Everything is settled; and everyone is happy :slight_smile:
I hope this feeling will last for at least a few months…</p>

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<p>I feel like I’m experiencing the opposite emotion. My twins handled everything during this past senior year (apps, SATs, recs, timing, APs, EVERYTHING). I got to sit back and watch.</p>

<p>And now, it’s all ME! The packing, the dentist/doctor appointments, the flight arrangements, the calendar juggling (remember, I’ve got two starting), the insurance changes (health, car, dorm), the non-stop shopping.</p>

<p>I’d take the apps and SATs over this any day.</p>

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<p>We’ve been doing shopping and lists for awhile now, so almost done with that. Afaik, the FA forms are all done (just waiting on a few scholarship checks to arrive) and the schedule/dorm/roommate is too. D leaves tomorrow for 2 weeks with her “southern” family. She’s been having a great summer, lots more time for friends than usual, and thankfully things have been fairly relaxed. But I keep feeling like there’s something I’m forgetting. Anyone else have this feeling?</p>

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<p>My D left for Europe right after graduation. She’ll be back soon and then we can start the college-prep buying frenzy. Throw in 1 week of vacation (she has informed us that she will not be staying with us the full week- her friends are leaving for college don’t ya know!) and poof…she’s gone! My head is spinning. I think I will have had a total of 4 weeks with her this summer before she leaves for school. I try to remind myself that this is our success story too. Our job is to love, nurture and then launch…well, launch is in T minus 4 weeks and counting!!</p>

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<p>Congratulations to all of you who are getting ready to send a kiddo off to college as a freshman. It IS an exciting time. In a few years, I’ll be looking forward to reading your posts like mine…as follows:</p>

<p>Our kiddo is entering her senior year of college. We have done our last financial aid application (woohoo!!!). Now all we have to do is make our final plans for graduation!!</p>

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<p>Thumper1-and pray she finds a job (unless Grad school is in her future).</p>

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<p>Well…yes…a job would be perfect…or acceptance into the Peace Corp.</p>

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<p>thumper1, we doing the college graduation plans (and thanks for the reminder - time to book that hotel room for next May) AND the sending-one-off plans. Thank goodness the third one, a rising second grader, only needs new sneakers for his school year. :D</p>

<p>Absolutely agree with the OP: The sense that this is all real is definitely hitting now, and the pace of preparations is changing.</p>

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<p>I’m a firm believer in prayer, but making sure your child understands and becomes intimately involved in the university placement office is also critical. At many schools, the college seniors should be scheduling interviews by October. Don’t be a stranger to the placement office!!!</p>

<p>It’s so sad to read about these kids graduating and THEN starting to search for a job. That puts them SO behind the curve!</p>

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<p>LasMa - did you get that 4.25% interest rate? I’m really hoping we can land that one and avoid the high PLUS rate…</p>

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<p>Yep MomCat, we did. We ended up applying by phone (they were extremely patient and helpful), and we had an approval within 2 hours. It’s nice to have that settled.</p>

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<p>LasMa –
Do you apply for the amount you’ll need for the entire school year (and then they divide it in half for semester schools, or in thirds for trimester(quarters) schools?) Or do you apply just for the amount you need for the first term?
How frequently does the interest rate adjust?</p>

<p>Thanks again!</p>

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<p>We applied for the amount we’ll need for the entire year which I think is pretty standard, but check with your school to be sure. Interest adjusts quarterly.</p>

<p>I have a few tips & tricks for you, which I’ll post tonight.</p>

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<p>Thumper1 wrote:

Our D is starting the second year of her first job after college and other plans are in the offing. In a few years, I’ll be looking forward to reading your posts like mine… :)</p>

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<p>OK MomCat, The whole app process is ridiculously simple. They don’t ask for credit references, income, debt, or any other financial info. There were a few things that I didn’t know we’d need, so have these ready so that you won’t have to go scrambling around like I did.</p>

<p>Besides the obvious and the things listed on Discover’s info page, the student needs 2 personal references, with addresses and phone numbers. The co-signer will also need a personal reference with address/phone (different than the student’s references, and may not live at the same address). And you’ll need the co-signer’s SSN and drivers license number.</p>

<p>Like I said, I called back in 2 hours and they had the rate ready. From there, we just printed the student’s app/promissory note, and the co-signer’s addendum, signed and mailed. D could have e-signed her note, but they need a hard copy of the co-signer app, so we just mailed them in together.</p>

<p>A couple of things about the printouts: Be sure that the citizenship box is checked on the student’s app. Also, on the co-signer’s app, the fields for gross income and housing payment will be set at zero – this is correct. </p>

<p>My understanding of what happens next is that Discover forwards the information to the school for certification (that we’re not trying to borrow more than the limit). Once the school certifies, Discover sends the entire amount to the school, where (this is where it gets a little fuzzy) the school holds the funds until it’s time to disburse them to the student’s account. So in our case, half of the loan will be credited to D’s account on registration day of 1st semester, and the other half on reg day of 2nd semester. So I will write a check for total fees less grants/scholarships less loan disbursed.</p>

<p>I feel very good about going this route rather than PLUS. DH and I are actually going to pay it off, and will do it on a vastly accelerated basis (we plan to pay it off before she graduates), so that takes some of the risk of rising interest rates out of the picture. Even if rates were comparable, Discover doesn’t have that 3% origination fee, and it does have the 2% graduation reward.</p>

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<p>Wow, LasMa! That sounds great! We are going to call Discover in about 5 mins & hope we have as good luck!</p>