80k - taxes and health insurance is a “nicely comfortable income” if you are in an expensive area like SF, NYC, or Boston. Certainly not enough to retire a lot of debt very quickly. You would find that income eaten up by a lot of true necessities. Those of us who have kids living in those areas know what rent is there.
They aren’t not paying because of what I said…they aren’t paying because they can’t afford it.
That was a reply to a thread where the OP’s parents were controlling where he went to college. I simply brought up a similar situation, where my parents wanted me to live at home and commute to a college. They wouldn’t listen to anything I said until I made it clear that even if I had to struggle, I would find a way to make my own life. We have a very good relationship, but it was just a heat of the moment comment that worked for me(“worked”, meaning it helped my parents understand that I was going to be on my own).
Also, I have applied for FAFSA(back in October), and plan on getting a federal student aid loan, not a private one from a bank.
There are a lot of things I haven’t discovered yet and am still learning about this whole process.
Someone suggested making a thread about the specific details of paying for college, and I think that is an excellent idea that I will take up.
This cracks me up!
“Opportunity,” is that what it is? My kids are more than happy to cheat independence for awhile, but hey, go for it!
So that will be $5500, but how will you come up with the rest?
Haha, well it’s more of a, I don’t want them to completely pay for my college, but I would still take whatever help they can afford.
Your federal loan will be limited to $5500. Period.
You say you are planning to attend a college that costs $40,000.
Where is the remaining $34,500 coming from? You won’t be able to get loans on that amount without a cosigner.
Reality is you will be paying off your debt for more like 20 years. That’s close to what it took me to pay off law school and that was a lot less than $160k. Salaried jobs just don’t pay enough to pay off more unless you are really lucky (stock options etc.) or you stuff yourself in a one bedroom apartment with a few buddies and eat beans for every meal.
As to our plans, I would rather have my kid graduate from a very good school without needing to take the first job that comes along out of college to start the debt repayment grind. These days, you are much better off taking a flyer on a start-up or on something else entrepreneurial and these opportunities can take years to realize any meaningful gains.
Well my parents can cosign…but that doesn’t mean they will be paying for it.
@traveler98-- Smart kid!
We will pay–in state tuition only. If our children are able to obtain merit or other scholarships to bring the cost of attendance down, or if they are willing to take a full time job to pay the difference, then they can choose any school. We think loans are foolish. We don’t believe that taking on debt as you begin your career and independence is a wise decision, especially given the fact that more affordable schools are available and provide the same opportunities in most fields.
I am truly happy for those who expect a full ride for merit, but I find that this is not a very practical assumption. BTW we are able to pay the cost of a higher tuition–we CHOOSE not to.
The “buyer” should be aware of marketing techniques and strategies to make us pay more than we need to. As a parent, I think it’s an important lesson for our kids to learn.
Your parents will LNOW that by cosognong THEY can be held responsible for loan payments.
Like I said upstream…we flatly refused to cosign loans for college. Period.
@project21 wrote:
You know that the limit on the loan you can take out in your name is $5500 as a first-year student, right?
I am happy I have the ability to pay for my kids’ college. My parents paid for mine, and it was one of the greatest gifts ever to be able to finish school without having to take into consideration how I was going to pay back student loans. I didn’t really realize it at the time, but certainly came to realize it later on, and I made it a priority to do the same for my kids. We don’t qualify for need-based aid, and I won’t be able to swing full pay at a >$50K/year school, but my D17 has some great options that are within our budget, and hopefully will have some additional choices once the RD decisions start coming through.
Well guys…if my parents can’t pay for my college, my only options are scholarships and internships + a part time job
Your parents can only cosign if the bank approves and you write they have been having financial difficulties.
It is good you are trying to figure this out. Parents here will generously give time and expertise to help you if you clearly explain your circumstances. There is no reason you should be expected to understand all this without help. It is complcated
Please just ask for help and benefit from excellent advice
Many students face financial constraints when looking for colleges. Many, many go close to home and commute. Others work part time and attend school part time.
Heck…my own husband worked full time…went to college part time for two years worth…then went to a four year school withna co-op program which helped with the final two,years. He didn’t have living expenses…we were married.
Lots of ways to skin the financial cat beside taking out $160k in loans.
Well, I haven’t been accepted to any of these colleges yet, so once I have an idea of my options, I will re-evaluate. 
From my perspective, we are paying as much as we possibly can because I want my kids to be independent. I want them able to be out on their own as soon as they are done, not living in our basement for 5 more years while they try to get on their feet because they’re drowning in debt from the day they graduate. We live in an expensive and congested area though, so I might feel differently if we were living in a rural area with a lot of space where the cost of living is less. My kids all have jobs while going to school and are required to maintain certain GPA’s. I also refuse to take a Parent Plus loan for their education-- they are going where we can afford.
Another thing for you (and any other first-time parents) to look at are hidden fees.
Although published tuition costs may seem within grasp, often there are many hidden fees that can bring the total cost of attendance up in unanticipated ways.
Check out this article from today’s SF Chronicle about the ‘funny math’ which hides tuition increases at the UC’s - http://www.sfgate.com/education/article/UC-s-tuition-increase-A-case-of-funny-math-10838716.php
As someone said above, it is possible but difficult for a student to do this.
I was someone who had a million odd jobs during my undergrad years (drive-in projectionist, anyone…?), but even back then with tuition at my state flagship practically free, it wasn’t easy.
My significant other had a good solution to his lack of parental funding. He went to school full-time for a year, then took a year off to work full-time and alternated this pattern until he completed his BA with minimal loans. The school was Harvard and despite a high paying career, still struggled to pay off the student loans.
Best of luck.
Please consult any adults or counselors to assist you with the Fin Aid portion of this process.
As you’re learning, college admissions don’t end when you receive an offer.
What do your parents think you should do about college?
Are they at all involved in helping you plan?
I will pay the EFC for the most affordable option. Should my child refuse this offer and insist on a more expensive option, then my child will be responsible for taking out loans to pay the difference.
They wish to help me where they can, but it’s up to me to pay for my education.
I worked and paid my own way for college back in the late 80s and early 90s. I went to my state flagship and had a combination of Pell Grants, federal loans and I had a small job. I recently found my bursars office statement for one of those semesters. Here is the total:
15 hrs tuition
Dorm (the nicest, newest on campus)
5 day/week meal plan
football tickets
fees
The total was like $1,850.
Flash forward to modern times. The SAME school will be about $12,000 for tuition, dorm, meal plan. TWELVE THOUSAND dollars.
So even though I talked a tough talk about my kid paying for college. I had no idea that things had changed so much. I had no idea that our upward mobility over the past few years (which has been hard earned by the way with severe health problems, job layoffs, graduate school) would result in an income that makes us pretty much not eligible for any financial aid except the standard $5,500 federal student loan. I’m thankful for the journey and thankful for all we have, but we certainly are not going to pay $40,000 per year.
We can pay a certain amount and she is staying within those parameters. She was not even allowed to apply to more expensive schools. She has been made well aware of the many affordable options in our state and she would take them if we were not in a position to pay. For instance, the regional branch of our state university offers an almost FREE education with a top 20% rank and at least a 27 on the ACT.
Trust me. $80,000 per year is NOT really a high salary as you think it is now. Your take home will end up being around $60,000; you will have living expenses, health insurance. The lower your debt the better. Plus, as others have pointed out multiple times, you will not be able to borrow that much.
Find more affordable options. Search for merit scholarships. I like your initiative though–but check it with a huge dose of reality and you really really really should listen to the adults here telling you that you have a somewhat foolish plan with that much debt.