I really appreciate your optimistic reply because I know I can do this. I know my worth. And I know my academic potential
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I have to get in touch with a counselor first. This is a long process. Hence why so many people don’t get the override till they’re in college. Which is possible. Very possible as long as you have people to back you up, evidence of the abuse, and know how to present your case. You have a shot.
That makes sense. So it seems like your plan is to attend next year with the co-signed loans and continue to apply for the override. Is that correct? If so, I wish you well and hope that it works out.
Please keep us posted!
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This thread makes a compelling case for the need to provide financial literacy study in high school
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Totally.
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It’s mandatory in our state for graduation.
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Police reports? Child protective services when you were under 18?
Teachers and other staff at your school are mandatory reporters of any kind of abuse they even suspect. Anything from them?
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Law School is not something I’m hooked on in this case. Students change their majors often. Law School is too far down the road to be the focus of this specific journey. We adults should not focus on something so far down the road. The immediate goal is for this student to get into her first year of college. That’s enough to consume our attention for now. The OP can attend law school no matter which of these schools she attends, but first we have to get her into an affordable 4yr school for her BA.
The $88K doesn’t condemn her to a lifetime of overwhelming debt. However, I also look at these situations from both sides instead of only one.
For instance, let’s say a student forgoes college because of advice to avoid loans, but is in a situation where college is available only with loans. A student might continue a food service job, irregular hours, no benefits (insurance/retirement or even vacation days) and end the year with no significant savings because the undependable parents put an added financial burden on their “now adult” child by forcing her to pay rent to continue living at home. She could bounce from one unskilled job to the other because she can’t get any other job, and end up at age 26 in the same (or worse) financial situation than she is now. She could end up in a life of financial uncertainty without ever taking the loans.
Or she could take the loans. From looking at all the info the OP provided it’s possible she will not have $88K in non-DSL loans, and I doubt she will have $88K in total. Let’s say she participates in work study and applies that money to her college bill. Or she works summers and applies some of that as she goes along. If it works out that she takes a total of $77K, $27K of that would be DSL loans. The DSL loan repayment amount can be income based which will keep their cost relatively low. The OP will still have relatively higher payments on the other $50K. However, the OP should also likely have a better, more stable job with full benefits. Yes, the 27y.o. OP might lament having to repay student loans (as many do), but I’d rather have a decent stable job that didn’t toll my body, rather than face the outlook of a lifetime of low-paying service jobs that often won’t include job security or benefits.
It’s not that the debate is solely STUDENT LOANS versus NO STUDENT LOANS. That is a debate that is easy to answer, because the answer is always that NO STUDENT LOANS is the best choice. But if the debate is STUDENT LOANS WITH STEADY JOB+BENEFITS versus NO STUDENT LOANS W/LIFETIME OF CRAPPY JOB & NO BENEFITS, the decision-making process becomes less lack and white.
If there is a residential college option available to this student that will cost less than $22K/yr, I don’t think we’ve heard it yet. Not one that requires a military commitment. Not one that requires her to work 30 hours/wk to qualify for. Not one that requires her to continue to depend on her parents during a gap year (or 2yr or 4yr) period where she tries to earn enough money in low-paying jobs to pay for college - if we accept and believe she is living in an emotionally damaging environment, we should not encourage her to do that if there is any possible option to attend a residential college.
If some of us do not believe she is living in an emotionally damaging environment, it might be better off to simply state that and abstain from this thread. This thread asks which college to choose and how to finance the first year.
If some of us want to debate what classes should be mandatory in High School, I will suggest that is so far off topic as to be insulting and should be continued off-thread. That line of discussion is not helpful to the OP.
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The better outcome would be steady job and benefits with minimal student loans, which might be achieved by pursuing cheaper alternatives like community college for the first 2 years with a part-time job at Target, for example. The lack of financial literacy among youth is a major source of the student debt problem, and magical thinking about the future won’t change that.
While I agree a lot of people “project” to grad school and it doesn’t necessarily happen - or in that discipline - when you start at the top and read down, the OP has made it clear that she 100% intends law school. While I understand that doesn’t guarantee that it will happen, if she’s planning for 6 or 7 years as she routinely states she is, I do think you factor that in - so that you set yourself up so that you can execute a plan.
I do understand your point of get to college and take it year by year - but that’s like driving at a high rate of speed without a seat belt (in my opinion). That she’s making good coin at a restaurant can only help if she’s able to retain the role while in school.
I wish OP luck - but yes, we’ve crushed this one enough.
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I suggested the 2 personal finance authors because MY parents didn’t teach me one thing about personal finance and I paid the price for it. I made some dumb mistakes. If somebody had suggested to me back when I was starting college to go read something by Suze Orman, for example, I would have pursued it out of curiosity. They’re often available for free from one’s local public library.
In my opinion, it IS relevant because when you’re a poor college student struggling to make ends meet, it can be hard to figure things out in the long term. And I have found Orman and Ramsey’s books to be helpful. We are going to have our 2 kids read one of their books before heading off to college.
So if I’d suggest that for my own kids, I absolutely would suggest it for a kid whose parents are problematic at best.
OP - you should go out there and live your best life. You can conquer the world and you will get through your current difficulties. The world is your oyster. You can do it.
If OP gives the board a GPA and test scores then I am sure there are a number of people who would be willing to look for residential college options that will cost less than $22k/year. Without that information, however, it’s nigh on impossible to be more specific with recommendations.
My heart goes out to OP and the situation she finds herself in. This is probably an instance where OP will be required to have loans, no matter where she attends if she wants a residential college experience. But I strongly suspect that there are other residential options where OP can take out fewer loans. What if OP only takes out $10k/year in loans vs. $22k? A $40k debt compared to an $88k doubt is a big difference. With a little more information from OP we can try and help her to locate those options.
Obviously, this is OP’s decision to make. I wish her the very best and am rooting for her success.
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Because I do sincerely hope for the OP’s success I’m going to throw out another option to consider. Here are some residential community colleges that all have good rates of students who get their degree or transfer to a college, and I believe they all have articulation agreements with their state’s 4-year universities to make sure all courses transfer.
- Copiah-Lincoln Community College (MS): $14,730 COA. Scholarships appears to be for in-state residents only.
- Itawamba Community College (MS); $9400 (tuition, room, board, & fees) for OOS students and several scholarships for which OP may qualify and the deadline has not yet passed.
- Snead State Community College (AL): About $13k (tuition, room, & 10 meals/week) for OOS students and various scholarships are available, though the deadline appears to have been March 1.
- Southern Union State Community College (AL): About $8200 (tuition, fees, room & board) for OOS students. Scholarship deadline appears to have been March 1.
- Southwest Mississippi Community College: Deadline to apply for scholarships is April 30. Can’t find the pricing (only has the net price calculator), but I suspect the costs are similar to the other institutions listed here.
I would guess there would be a good chance of being able to change your residency to one of these states which would make costs for years 3 & 4 even lower if you decided to stay in MS or AL. And several of them have scholarships for the top community college students who are heading off to the state 4-year colleges, further reducing the costs for years 3 & 4. Many of these also have scholarships to reduce the price for the first two years, and if OP qualifies for any federal grants (i.e. Pell) then that will reduce the cost even further.
So even with no GPA or test information, there are residential options that are way less than the $22k OP is prepared to take on. There are options here where OP can save at least $24k for her first two years, and that’s before she would be considered for any scholarships which I suspect she would be likely to qualify for.
There may be 4-year college options to consider as well, but without knowing more about OP’s GPA & test scores to see what automatic scholarships she might qualify for, that makes it much harder.
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The college costs $22,000 with room and board. So it’s possible by my sophomore-senior year that I find roommates or get a partner and we move in together. Which would remove a large portion of that cost. Now living off campus may not be cheaper, but it also can be. So that’s something else to think about.
My state has one of the highest, if not the highest tuition rates of the country. Like even local colleges come out to be around 20k per year. It’s insane
I suggest a loan calculator. If one borrows $88,000, with a 10 year payment plan of close to $1000 a month, $30,000 will be in interest alone (I’m guessing interest won’t be started to be paid until graduation)
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Depends on the loan type - payment won’t start but beyond the $5500 federal loan I believe it accrues from day one.
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I think that at least one of the community colleges in California also has dorms and a strong residential community, and is adjacent to a UC – and these students can then use the Transfer Admission Guarantee (TAG) to transfer to the nearby UC campus.
Reaching out to @Gumbymom to see if this is true, and to ask for more details. Also, Gumbymom, please note that this student does not live in California. What is being discussed is the possiblity of establishing residency in another state via attending community college.
Yes, which is why we pay the interest off every month for a lower rate and to lower the pay off amount after graduation. I’m guessing the OP’s parents aren’t going to have interest autopay set up.
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Okay, I just went looking for 4-year residential colleges that would likely come in at less than $22k. These schools were found using the federal government’s College Navigator and the prices appear to be total COA. The prices in College Navigator are from 2020-2021 so they will be likely be higher now, and these are the prices for out-of-state students living on campus.
• Chipola College (FL) $17,245
• College of Southern Idaho $17,778
• Dine College (AZ) $12,700
• Galveston College (TX) $18,465
• Highline College (WA) $19,717
• Midland College (TX) $14,709
• Oklahoma Panhandle State $15,421
• Yakima Valley College (WA) $18,215
• Elizabeth City State (NC) $18,393
• Minot State (ND) $19,980
These prices do not include any financial aid that OP may receive, including scholarships. The OP still has choices she can consider that will leave her in less debt than her current institution.