Over 24 years of age with relatively high income

Paying for College
1

Hello all,
I’m a 22 year old female and have just signed up to attend my local community college. I’m pursuing an electrical engineering degree. I want to finish out the two year program offered at my local CC, then pursue one of the 4 year pathway-programs (automatic admission to certain 4 year schools on completion of 2 year program). By that time, I will definitely be over 24 years of age (was never eligible for financial aid through my parents anyway due to iffy tax behavior) and would be considered independent. I will be paying for the CC tuition out of pocket.

I currently have a very good job and take home just over 100K a year.
Is my income too high to qualify for any type of loan? I live in Long Island, New York, which is a very high cost of living area and I am single and completely support myself. The price of 4 year schools is significantly higher and I would have a hard time paying the tuition all at once even considering the fact that I would be going part time. The most affordable college near me would be a total of $18,000 in credit cost alone for the remaining 60 credits, without additional fees/books factored in.

I realize I’m probably not eligible for a scholarship but could anyone with any knowledge on this topic advise on whether I’d be a candidate for a loan?

2

As an independent student with no dependents, your EFC at that income will be very high. You will most likely not be eligible for a subsidized loan, but you will be eligible for an unsubsidized loan. As an independent student, the annual amount you can borrow is based on your year in school: freshman $9500; sophomore $10,500; junior and senior $12,500. You won’t be able to borrow more than that in a federal loan.

I don’t typically recommend borrowing when you don’t need to do so. However, you need to plan ahead for the costs you will incur at the 4 year school. You might want to consider borrowing loans at the CC if it will result in you being able to save money to assist with the 4 year school.

3

Are you working for a company that has tuition reimbursement? If they don’t, can you suggest they do?

4

If you are in NYS, would you qualify for the STEM scholarship based on your major, or the Excelsior scholarship based on income?

Or is the age of independence higher than 24 for NYS aid?

@sybbie719 ?

5

Find out if your employer offers tuition reimbursement. Even for your CC tuition. Might as well take advantage of any tuition help to help prepare for those last 2 years.

That said, don’t feel that you must attend some pricey private for those last two years. Attend a local SUNY and commute from your home.

6

Op is 22 years old had had been out of hs for a minute. I think STEM scholarship is off the table.