I don't think I'll be able to pay for college

Paying for College
1

Hi,

My story isn’t really new or unique, but I would love some feedback. I’m starting to freak out here.

Please note: This posting may be triggering for people with problems related to self-harm.

Okay, so after several hospitalizations, my sister is now attending a therapeutic residential program 2000 miles from home. This was our last option - none of programs and therapy were helping, and after her last, um, incident, we couldn’t continue with our old options. However, our insurance won’t cover any of the costs of the program, and suddenly we’re out $6500 a month. This is on top of the expenses incurred from her hospitalization last month. My sister will be in this program for about a year, leaving us to pay $78,000. My dad estimates our total expenditure related to my sister’s treatment to be between $90-100k. There’s no way my dad can help me pay for college this year. I have taken out large loans for the last 2 years, but he is wary of co-signing for another loan due to our new circumstances. I have a really high EFC (~40k), so I’m worried that my appeal for more FA is going to be ignored. I’m just not sure what to do at this point. I’m transferring to a new school next semester, but even with in-state price tags, it’s still too expensive for me to handle on my own. I tried to talk to an FA person at one of the schools, and before I could even finish explaining, she told me that high medical expenses do not warrant a re-evaluation of financial aid. Does anyone have any suggestions?

2

Bump for the fin aid experts. I sent you a pm.

3

The large medical costs will reduce taxable income and have an effect on next year’s EFC, as medical expenses are part of the calculation. So next year’s evaluation of financial aid will be based on that new information.

4

I do hope that this treatment program is the thing that helps your sister.

What you are asking the college to do is a special circumstances consideration. This would be asking them to look at your family unreimbursed medical expenses in hopes that they will be able to adjust your need based aid.

Special circumstance considerations are handled on a case by case situation. Some colleges do not do them at all. This is up to each college to determine.

I would suggest that you contact your college (where you will be attending) and ask to speak to a supervising financial aid officer. You need to talk to someone higher up than the folks who answer the telephone.

If you are near the school, see if you can make an appointment to talk to this person. You will need to take with you documentation of what you have already spent. I’m not sure future expenditures will be considered right now…but could help you in the future. But then…if you have documentation that this treatment program is of a certain duration…and coat…maybe it will help you now.

Find out IF your school does special circumstances considerations…and if so, what the procedure is for you to get this ball rolling.

Good luck to you.

5

Thank you so much for the advice. I will call them first thing tomorrow. We do have documentation stating how long approximately the program will last and the costs. If they state that they will not re-evaluate, does anyone have suggestions regarding next steps? I already work part time, but I plan on getting a second job. But I can’t see me juggling all that during the school year.

6

I don’t have a lot of confidence that they will evaluate based on projected costs. Usually adjustments are made AFTER the costs. After all, there could be some reason that your sister may not stay with that program for very long.

If the school will not reevaluate, then is there a college you can commute to from home? It sounds like you need to keep plugging along with your degree so that your loans won’t come due.

7

I am sorry to hear about your situation. I don’t have expert advice, just a sympathetic ear.

8

There’s no way she’ll be leaving early, so I’m not worried about that part.
I do have to keep working at my degree. Unfortunately, the closest (cheapest) options are the schools I’m looking at, and those at about an hour away. So, theoretically, I could commute, but it would be difficult to get there because of the traffic. I’m not even sure what my housing situation will be like next semester - transfers aren’t guaranteed housing. I could defer enrollment and go to the community college by my house for another semester, but then I’d be 2 semesters behind (I’m taking classes at the community college this semester), which isn’t ideal and doesn’t help me with the spring semester at all.

9

Thanks, @onceuponamom

10

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There’s no way she’ll be leaving early, so I’m not worried about that part.


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It doesn’t matter that you’re “not worried about that part.” You’re not the one deciding on an adjustment. The school may not adjust based on a projection. Typically, schools might adjust AFTER the medical costs are made. The school will also want to see that insurance isn’t paying for any of this.

11

Sorry, should have been more clear - I’m not worried about whether or not the numbers will change, because they’re not going to. That’s what I meant. The facts aren’t the issue here. I can prove my situation. It’s just a matter of whether or not the college will help me out.

12

Would you consider deferring your enrollment, taking a year off to work and save, and then reapply for FA next year with the newer information? Or any chance you can just enroll at the new university as a part time student taking a couple of classes and work?

13

You said you are in state. How much is tuition? In my state the max is about $12500. As a junior you can borrow $7500 without a co signer. Maybe you can beg for an RA position which in most schools gives you a free dorm and sometimes a little cash. It would be tight and you’d probably have to work on the side. Also some states (NJ is one) give free state tuition if you join the National Guard. Just brainstorming. I’m sorry this is happening.

14

‘’’'There’s no way my dad can help me pay for college this year. I have taken out large loans for the last 2 years, but he is wary of co-signing for another loan due to our new circumstances. “”

How much have you borrowed TOTAL for the last two years? How much in federal student loans and how much in private loans?

How much were your parents paying each year?

What is your major and career goal?

You have several issues:

Even after this year, your parents aren’t going to be able to help you because they’ll be recovering from paying out so much money. Your EFC is $40k and they weren’t paying THAT, so after paying $90k for sister, help from them won’t be forthcoming.

You can’t take a year off from school because you will have to start paying on those loans. Since you won’t have a degree, you won’t likely have the income to make those payments.

If you can’t commute to an affordable univ, then you may have to take some classes at a CC for next year. You’ll have to remain full time to keep your loans at bay.

Your dad can’t cosign more loans because he’s already scared that you’re both in a horrible position with this current situation. He knows that those loans are going to start coming due if you don’t go to college in the fall.

I am very sorry that you’re all going thru this. I hope things work out for your sister.

I hope that parents and students who are considering “large loans” for college read this thread and realize that family issues can come up which can prevent parents from cosigning halfway thru a student’s education. These large loans are to risky and usually are not necessary.

15

Please do answer @mom2collegekids’s questions:

(1) How much have you borrowed so far in federal loans?
(2) How much have you borrowed so far in private loans?

And:

(3) What state do you live in?
(4) What are the schools you’re considering transferring to, and what are the costs of attendance?
(5) Has your father been making any payments on the private loans? Is he able to continue making those payments?
(6) What, if anything, is your father able to pay for you next year - not borrow, but actually pay?

I am so sorry this is happening. But hang in there . . . if there’s a feasible solution, the good folks here should be able to help you find it.

@kelsmom - Any ideas?

16

Cheddar, I have to stay enrolled part time somewhere or else my loans go into repayment. That’s not a bill I can cover right now, and neither can my parents. As for enrolling part time at the school, it would be more cost effective to just keep taking classes at the community college.

Osprey, tuition is $10876 for one of the schools. The other school actually has me classified as out of state due to a technicality, and I have to go through this really long appeal process in order to get them to change it. That school wants 20788 for out of state, 9182 for in state. I like the other school better, though. In what context can I borrow that much? Federally speaking? Or do you know of a private loan company that will allow this? Even so, I’m not sure where my credit evaluation will put me (sophomore or junior), especially because I was only enrolled half time this semester. I would love the RA position, but transfers aren’t guaranteed housing at any of these schools, so I’m not sure what will happen. I’ll likely either have no choice but to commute or I’ll have to find an apartment nearby the school. Either way, I’ll look into it. Thank you for the suggestion. As for joining the National Guard, I did look it up, and Maryland does offer some assistance, but it says “most discounts range from 25% to 50% per semester.”

Mom2, you’re going to cringe and judge. Let me say first that with a high EFC like mine, I was looking at about the same debt when it came to the public vs private schools. Also, I’m first gen and didn’t really know what I was doing.

Our initial agreement was that whatever debts I have, my dad will take on half of it, up to $20k a year (based on principle balance. We’d split the interest accordingly). My parents didn’t make any payments toward my loans last year (not sure why), but they were going to start this year. But things kept getting worse with my sister, and my parents had to put their funds there instead. I took on the debt that I took on. I can’t change that. I just have to move forward with better decisions.

All that being said, after 3 semesters:

Total debt (including current interest): ~$65,500

Federal: $8948.18 + ~12k in perkins loans (if I remember correctly. I can’t access my account at the moment.)
Private: $42541.40
Institution: $2k

As for my majors and career? I’m currently a music major, but I intend on declaring either anthro, bio, or psych as a second major. I want to go into cognitive musicology. I have several more years of education to go.

17

Just saw your comment, Dodgers.

1 & 2 – see posting above
3) I live in Maryland.
4) At this point I’m ignoring the private schools I got into, so I’m down to Towson and UMBC. I haven’t heard from SMCM yet. Towson is the one that is giving me resident problems (I registered to vote out of state when I went to my old school. I’m now registered in my home state). UMBC in state is slightly more expensive than Towson in state.
5) Nope. He was going to start payments this year, but now he can’t.
6) Not a dime. Seriously. The initial cost of the program alone at $78k is like half of his income. Plus all of our other bills. We own 2 properties (1 is a rental), and they’re both under water. My dad was talking about how if it comes down to it, he would let the house go into foreclosure. I’m not sure how close we actually are to that point, but the fact that he’s even considering that is pretty scary. We’re kind of in a bit of a bind.

18

Oh my, your only choice at this point seems to be for continuing CC courses while you get the higher cost schools under something manageable, or find some on-line courses that are cost-effective. Can you get a decent job with an UG degree in your career path? Your second major choices typically means continuing some kind of graduate program.

I believe you also need to see if there are any military options - even if it means stopping out for a while - you would get some of the financial weight off and maybe also your family can be in recovery from all it is going through financially and emotionally. Maybe also there would be a silver lining with a career - for example my niece has a UG degree in psychology but she did ROTC and is in a very good military job in security, and getting good career promotions.

That is a lot of debt. I think you see even more debt will be even more overwhelming. If you can be working on the financial aspects. You have yourself in a pretty big financial hole and sounds like you are quite far from being able to complete a degree.

I do think it would be worthwhile to work through the ‘technicality’ to be classified in-state - summer is coming up, and if your appeal has merit. You cannot afford OOS tuition when you can get in-state.

I am sorry your family has been misguided on all this student loan situation - it will be with bitterness if you have no degree and have that non-bankruptable chain of debt around you for a long time, and the interest rate keeping you in the financial hole. You have to change the direction of things and make better decisions.

I hope your sister can turn herself around as well. Life is precious.

19

I don’t agree with SOSConcern. Yes, your current debt sucks, but your future prospects appear affordable, if you’re willing to bite the bullet and commute. (And you can certainly inquire about being an RA - if it’s possible, that would be a HUGE help!)

The difference between UMBC and Towson is negligible, so if you prefer UMBC, that would be the way to go. Here’s how you pay for it:

(1) $6,500 or $7,500 in direct loans (depending on whether you’re classified as a sophomore or a junior)
(2) Additional $4,000 in direct loans if your parents apply for a PLUS loan and are denied.
(3) $3,000+ in summer, winter break, and spring break earnings.

Try to find a summer job that you can return to full-time during school breaks.

And see [this comment](Paying for college myself as a student? - #59 by twoinanddone - Financial Aid and Scholarships - College Confidential Forums) on how to find free housing solutions for students - it has some great ideas! (You may want to read through the rest of the thread as well - including [this comment](Paying for college myself as a student? - #62 by dolphnlvr6 - Financial Aid and Scholarships - College Confidential Forums) about getting a job in the college bookstore to get a discount on books - it’s about how to pay for college on your own, without help from your parents.)

And I know things look scary at the moment, but your parents’ situation will turn around again. It may take them some time, but I have no doubt they’ll get through this and will, at some point, be financially secure again. In the meantime, if you can find a way to pay for college on your own, I’m sure that will be a huge burden lifted for them.

20

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All that being said, after 3 semesters:

Total debt (including current interest): ~$65,500


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After only THREE semesters? Oh my. You were on track for ANOTHER $100k+ in debt! This is insane!

I don’t really blame you. I blame the adults (your parents). They may not have gone to college, but if your dad is earning $150k per year, he has some wits about him about money.

This very serious family issue may end up saving you from a total nightmare of debt. Years from now when you’re struggling to pay back the debt you have, you’ll realize how impossible it would have been to have ended up with over $170k in debt.


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As for my majors and career? I'm currently a music major, but I intend on declaring either anthro, bio, or psych as a second major. I want to go into cognitive musicology. I have several more years of education to go.

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Your intended career will not likely be earning the salary to be paying back those projected loans. Again, I blame the parents for enabling this situation.

Thankfully the feds won’t lend you the amounts that you’re seeking, nor will private banks do so without parent cosigners.

Work on getting your instate status back.

Hopefully your sister will get the help she needs.