Parent plus loan Help!

@lookingforward yah I know, but if go a community college or a low end school the salary rate at the end won’t be high for future jobs, and the internships jobs available are significantly less at those schools also. And the average base salary for finance job is around 45-60k.”

Umm. I started off at a community college. Got an associates degree and then switched to a state school (but not the acclaimed state flagship). I make a 6 figure salary to the point that in my mid-thirties paid off a large mortgage in a major metropolitan city. Community college in no way means you won’t be successful.

If you go to community college and transfer to a 4-year college – no one will ever care where you started – the only name is the college that awards the degree.

And your starting salary will NOT be tied to the prestige or reputation of college you graduated from. Overall averages might seem higher at more selective universities, but most salary data is self-reported – so not entirely accurate or reliable – and averages can often be skewed by a handful of very high-end salaries that don’t represent the norm. Your earnings will depend on you – on your resourcefulness and experience. You don’t have to rely on any college to provide you with internships or work experience – in fact the best thing you could do for yourself would probably be to simply get a job working for a business. Because employers like to see experience, and working expands your networking opportunities.

I’m sorry – your attitude brobably just stems from youth and inexperience, but if you really want to succeed in the business world you need to let go of the idea that there is a magic formula tied to a particular college or degree.

OP, I’ve been a hiring manager for 30 years. If we hire a Harvard grad and a grad from U of Nowhere guess what? They get paid exactly the same. And the name on your degree means nothing once you walk in the door on day 1. All that matters is performance. Yours.

Get your degree from the school that lets you end up with the least debt.

So many things can go wrong with your plan. The fiance situation makes it worse on several levels. Not being negative, just a realist with 54 yrs of life experience. Things happen,nobody’s fault, they just do!

Consider going to CC for a yr or two and transferring to UMass. If you can’t transfer in to business school, get an econ degree. Many kids in business, banking, etc go the econ route. Not sure if UMass allows it see if you can take finance courses as electives if they don’t admit you into the business school. If not, you can always take some online finance courses to supplement your education.

@rickle1 well it’s too late to apply to any schools atm. All I can do is probably take a gap year, which I hate the idea. So my question if it doesn’t matter what school or degree at the end, then why are so many schools more expensive than others, and labeled community, private, public, or ivy? Isn’t it because some schools the resources they offer to the students, and the education to provide is set for the students to succeed. I thought about the 2 year plan, but there is no guarantee I’ll even get into my state school. And 2 years after I transfer to a new school I’ll be lost, and everyone will know their way around the school resources, and have a better understanding of the teachers. That’s what I’m afraid of right now.

Community colleges do not offer bachelor’s degrees --just 2-year degrees or foundational courses for transfer into 4 year universities. Generally community colleges are open admission, so you do have the option of starting at a cc in the fall, and then later transferring into an affordable college to complete your bachlelors. When you apply for a job you would list the college that awarded the 4 year degree. For example, I have a family member in California who lived at home and attended cc for two years, and then transferred to UCLA. So she is a UCLA graduate, equal in all respects to students who spent 4 years there.

Typically you would use your time at cc to complete basic general ed courses for your university.

Kinda late to be asking that. But, community and public colleges are primarily funded by their communities and/or states. Generally by state/local taxes. They’re generally less expensive for their own residents, since those are the folks supporting them, through those taxes. Many charge high rates for out of state folks.

Privates are private, their own entities. They may get some federal funding, just as publics can. “Ivy” is just a name for a bunch of great, older colleges that started as a sports league. In other parts of the county, there are ofther sports league names for colleges- eg, the NESCAC schools- New England Small COllege Athletic League.

Some colleges and U’s are wealtheir than others, can charge less and/or do more for fin aid.

" no guarantee I’ll even get into my state school."
The Mass Transfer Program pretty much guarantees the move to the 4 year college. Different states handle this differently. But basically, you take the required courses and maintain a certain gpa, then transfer. It’s a program.

http://www.mass.edu/masstransfer/about/home.asp

Adding-
And this one shows how, from various comm colleges in MA, a field of study can transfer. In case it comes up blank, I entered a cc name, then UMass Amherst and in the “program” field, “business.”
http://www.mass.edu/masstransfer/a2b/programsearch.asp

So, is this what you previously looked at?

I don’t know how financial aid may work, once one transfers, but you need to check that. Someone above said to talk to the comm college(s.) You can start with what’s closest, ask questions.

All schools are set up for students to succeed. Do you imagine state schools and CC’s are started with the idea that the students won’t be successful? The type of college (public/private) has to do with funding. The Ivies are a sports league, and CC’s are 2- year schools that generally don’t have on campus housing like 4-year schools do.

Definitions:

Community College: generally provide general education requirements for transfer to 4 year universities. These schools also offer vocational training. Community colleges offer Associate’s degrees and their coursework generally runs for two years and act as feeder schools to the local or instate colleges/universities. Funding is by the “community” or by the state. Fees are generally a LOT less expensive than 4 year colleges.

Private Colleges are institutions which rely on private dollars to operate. A number of them are sponsored by churches. Some are wealthy enough to fund their own costs. They typically are expensive but their scholarships are not tied to where you reside. Everyone pays the same fees. They typically give out Bachelor’s and graduate degrees.

Public universities are funded by their states. They are developed for state residents so they often charge full fees to non-residents who have not been paying into the state. They prioritize their seats for state residents. They typically give out Bachelor’s and graduate degrees.

Ivy’s are elite universities; they’ve been around for a while, are prestigious, and are very hard to get into. They typically have limited spaces but once in, they will try to find funding for you. They offer four year and graduate degrees. These schools offer great FA but also are very expensive.

And on top of all that, in MA, you always have the chance to intern or work in Boston or another metro area, get your experiences in.

What’s your closest cc?

I don’t think it’s too late to sign up for CC (I’m pretty sure you don’t have to apply). I’m in MA and have a nephew who attended CC for two years and is now finishing up junior year at UMass – majoring in business, too!

What is your home state? It sounds like MA may be OOS for you.

Contact your local CC and register for classes. Do your beets and transfer after 2 years.

The borrowing idea is a terrible business decision. Too much debt!!! You’d drown in debt. And what if mom’s fiancé changes his mind at some point?

Are you a citizen or green Card holder? If so, what is your FAFSA EFC ?

I think the OP is instate for Massachusetts and OOS for CT.

There is absolutely NO WAY you should be asking you mom’s fiancé to do anything with any kind of college loans for you.

Are you a U.S. citizen or green card holder? Is your mother?

You say you aren’t thrilled with the idea of taking a gap year. But really…if your colleges are not affordable, that might be one option to consider.

Doing the community college to UMass transfer might be a good option for you to consider.

Do you have a job?

Parent plus loans can only be borrowed by the parent, step parent, legal gardian, or grandparent. Credit score doesn’t matter for qualification to take the loan. Your mother’s finance cannot take a parent plus loan for your college bill.

Thanks. Now I see where I misread.

There doesn’t seem to be a logical reason why the the student needs to go pricey OOS. He can achieve everything he needs at instate choices.

@twoinanddone it’s the endorser option, and I asked about it. It’s someone who has a good credit score/income to get checked out instead.

@mom2collegekids yes…but as I stated I got waitlisted twice, and I’m currently waiting still… for the third time to get reviewed. My only option for college I had is uconn as an oss. And yes I’m American was born here, we got 6k from fafsa, not sure what the maximum cap for financial aid price.

If all you have is a $6k Pell Grant (based on a 0 EFC), you definitely should not be attending UCONN as an OOS student. Your family has no way of paying this debt.

I am willing to bet money that the community colleges have on the spot admissions where you can enroll, if you have graduated high school. There is no kind of job that you are going to get coming out of Uconn that will justify 140k in debt. If you got waitlisted twice, this may be more of a reason to start at CC, do well to put some distance between you and your high school grades. Once you finish your associates, there are articulation agreements, that will make it easier for you to transfer to a 4 year school in-state.

  1. parent plus loan aren’t cosigned. They’re taken by the parent. They’re linked to the government but can be part of a reimbursement plan and have protections. However, the loans in THEIR name.

  2. don’t do this to your family. I know you intend to pay back but you’ll ruin their credit and what if their car falls apart, the roof leaks, the stove stops working? It’ll be other you drop out and have to pay back the debr immediately or they live in unbearable circumstances. 4 years is a long time.

  3. did you get into UMass Dartmouth, UMass Lowell, UMass Boston? Or did you not apply? Where else did you apply? Did you have acceptances on May 1?

  4. are there commutable small colleges or community colleges not far from where you live?

  5. what’s your weighted and unweighted GPA? Test scores? Have you completed calculus in high school? (That’s going to be the main differentiator in your first year). IMPORTANT, PLEASE ANSWER.

  6. you could always apply to a few colleges from the NACAC list of colleges that miscalculated yield but since your EFC is zero they may be unffordable even if they’re cheaper than UConn. Examples: Elizabethtown, Antioch, Baldwin-Wallace, Bloomsburg, Millersville, Hiram, LaSalle, Ohio Wesleyan, UScranton, UToledo, uDayton, YSU.
    YSU has excellent scholarships for stats.

  7. UConn requires you to have a 2.8 at the end of freshman year, in weedout courses, in order to be able to stay in the business school. What happens if you can’t make it? It may not seem that hard, but MANY students won’t make it, especially in calculus. (If you got an A in calculus in high school you’re fairly safe, if you never took calculus you’re at high risk of being weeded out.)
    Why spend so much money when you run such a risk? Especially when you CAN have several other, more affordable, equally prestigious choices?

I understand that you want to “escape” poverty. You’re smart and hard working, so that’s not only a worthy goal, but an imperative for yourself, your family, and others for whom you may be a model. But the path doesn’t go through UConn. If your goal is Isenberg (which, BTW, is better than UConn’s school of business), then working very hard to be top of your class in the honors program of a CC and transferring to Isenberg makes sense. Alternatively, attending a 4-year college with small classes and lots of support could be a worthy investment, then transferring to Isenberg.
The path to financial stability is a university that combines academic strength and affordability - as little debt as possible for the best possible program for you. UConn only has one of these two criteria. Ever tried to walk on one leg? That’s how stable UConn is for you. You need to find a university where you can walk on both legs.

You can contact Bunker Hill CC and say you saw their name on the NACAC list of colleges that still have spaces for freshmen as well as financial aid, that you’re a MA resident with a … GPA, … AP courses, and you’re wondering if there’s still space in the honors program.
admissions@bhcc.mass.edu
Same message for Mass Bay CC and Northern Essex CC, depending on where you live.
Contact: Alison McCarty amccarty1@massbay.edu
Contact: Daniel Richer admissions@necc.mass.edu

Fitchburg state, Framingham state, Salem State, Westfield State, Worcester State still have space and financial aid. If you live near one, you could commute, then transfer to Isenberg. However I think CC-> Isenberg has a smoother path.
MCLA may have more focused students than Fitchburg or Framingham.
Contact Gina Puc G.Puc@mcla.edu

Hampshire: not sure if you’d get in and not sure if it’s a good choice for a business student, but you could contact Hampshire. It’s a prestigious “hippie” college ;).
Contact Ms.Kristina Moss Gunnarsdottir kmgAD@hampshire.edu

Wentworth may be a possibility.

Pine Manor, Nichols, Elms still have places and financial aid.
And that’s just in Massachusetts.