@MYOS1634 has given you a smart path out of this risky and rocky path to financial hell you’re now on.
Also, please answer the questions she’s posted. Calculus? GPA ? Test scores?
If you are worried about transferring from a CC to your state school, I offer this…if you can’t get the grades during the next two years at a CC to transfer, then your finance goal would have failed at UConn anyway.
That said, taking on that kind of debt for undergrad is crazy. Moreover, extremely risky because mom’s fiancé may discontinue Endorsing at any time…If he feels that the student’s grades aren’t high enough, if he realizes how risky these loans are, if his relationship with the Mom faulters, or he can no longer qualify.
@KoreanPro1011 - I didn’t say all schools are the same and it doesn’t… yes there are more resources and better access from some vs. others…but those options are not affordable for you. The good news is you can do great from anywhere because it ultimately becomes about you and your drive.
Bottom line, this is a good exercise in risk management (applicable to a finance degree). What is the upside of the education at X? What is the downside of the loans? What is the probability of the loans blowing up? What is the probability of the loans becoming a drag?
AT this stage of your life, Probability of loans creating a problem are high (for my liking).
I was a low income student with a $0 EFC. I attended a cc then spent a semester at an expensive private paid for with grants federal student loans. The students weren’t smarter than my friends at the cc, the professors weren’t better (in several cases they weren’t as good), and the classes weren’t any better either. I transferred out and finished my degree by commuting to a local SUNY. I’ve worked with grads from a host of schools – well known publics, elite privates, small state schools, and community colleges – and we all earned the same.
One of the community college grads (who doesn’t have a bachelor’s) is working at Bloomberg’s for the same 6-figure salary as grads from places like UConn. There are likely others. Because they had no debt they were able to start saving from day 1. Instead of making loan payments they were socking money away into retirement accounts. They have a large apartment in a nice area of Manhattan, well stocked retirement accounts, and are able to travel several times a year. There aren’t short cuts out of poverty. Massive debt isn’t your way out. Paying for what you can afford, making prudent financial choices, and working hard is.
Look at the very real differences.
UConn tuition/room and board: In-state: $31,044 Out-of-state: $53,112 per year.
UMass Amherst: In-state: $30,814 Out-of-state: $48,880 pet year.
In contrast, Bunker Hil CC, as one example, seems to be about 5k/year (15 credits per semester, not living on campus.) You work from now, maybe take the Fed student loan, and bingo. In two years, you transfer. Two more years and you’re a grad.
The math requirements and needed gpa apply to cc as well. On the xfer program they work with you to help make you able to able to transfer. Often better to take the calc and etc where you can do well.
OP, it’s on you to pick up this ball and look into this. If you really want a great biz career, practice the thinking skills now. Don’t assume letting some fiance finance you is the best plan.
It is still only the parent who can take the Plus loan on a dependent srudent. It can’t be a neighbor or friend, and not a boyfriend of the parent.
The endorser is for parents who have an adverse credit history, with either a bankruptcy, large debt default. The loan is still to the parent, and the endorser is the guarantor to the parent borrower, not the one who takes the loan…
I was wrong. I thought grandparents could borrow but they can’t. Only parents and step parents who are currently married to the bio parent.
Read post 39 by @MYOS1634 again. Then read it a third or fourth time. It has excellent suggestions in it.
UConn is NOT NOT NOT affordable…it’s not. You need an option where you are borrowing far less money per year.
You say you “got money from FAFSA”. The FAFSA is a financial aid form. It determined your eligibility for federally funded need based aid…so if your EFC was $0 (was it?) your Pell Grant would be $6000 and you would be able to take a $5500 Direct Loan for your first year. That is $11,500 to find your first year of college. That is NOT enough to pay for UConn as an OOS student.
If you didn’t get accepted anywhere else, frankly you applied to the wrong list of schools. You needed to consider money from the get go. It seems you didn’t do that. UConn is not affordable.
Agree…what about the other UMass colleges? Did you apply?
My older sister collected over 200,000 in debt for two graduate degrees. Don’t. Do. It. It is financial ruin.
She has been out of college for about 8? Years and there’s no real end in sight. She’ll hopdfully start the 10 year payoff plan soon, but there’s some uncertainty if that will exist in the coming years.
Financial ruin. She’s burdened by the debt and only pays off interest despite making six figures.
Do. Not. Do. It.
It is not worth it. No college is.
Community college is an excellent option, but others have given you some as well.
I think one problem is that the Student thinks he’ll be earning 60k + upon Graduation and does not understand that a chunk will go to taxes and a chunk will go to insurance and a chunk will go to living expenses
No, some parent loans require a “pay as you go”. It depends on who is funding the loan and which company has “bought” your loan. You’ve said that your parents are “not rich” and Mom’s credit is not good. How will you pay it, as you go to school if you currently don’t have the money now? You don’t get a choice in which company funds the loan.
No, it will ruin you.
1). You don’t seem to understand that if you can’t find a job immediately after graduation, the loan company won’t wait for you. They want their money with interest.
2). Also, even if you do find a job, some companies will run credit checks on you and you may not last at your job.
3). Lastly, you are assuming that you will get a job for $60K, may or may not happen but without having to pay for anything else. Housing near financial districts is VERY expensive. Transportation and living costs will be expensive, but much more expensive with a loan that cannot go to bankruptcy. You have to pay it, no matter what.
OP, I know you’re not listening because you don’t like hearing the reality and truth. The trouble is that you could stop this now and help your family later. But you don’t want to do that. No one wants to tell you “I told you so” in four years. Listen to everyone on this post who is telling you the same thing based on experience. It’s just a bad idea.