Gluten-free burritos? Eurgh.
I think that having a place to eat a nice meal close to campus is an underappreciated positive factor in college selection. At some point in their four years a kid is going to want to go out on a date, and it is so good to have a close-by option that’s quiet enough to have a conversation and good enough that you or your date feel like they’re getting a treat.
In relation to discussions about 4-year schools and community colleges - it’s really hard for me to imagine that there is anything to be gained for $100,000 debt, for a program like Nursing, which cannot possibly be a much different program at either place. I understand it more for a major that may not be offered at CC. It is hard to imagine that WHERE one obtained an RN makes a lot of difference.
The pay scale is higher for a BSN than for a 2 year degree. However, I also know many people who started with a 2 year degree and got a job in a hospital and then the hospital paid for the BSN coursework. Financially, it can be a great way to go.
Many hospitals in my area are requiring the BSN so most of the students are transferring immediately, but usually getting a job as well. My college’s NCLEX pass rate (nursing exam) is better than that of most four year institutions in my state.
I have been watching these threads from the outside window. My son is currently 16 and I will still have to wait but I am getting closer to joining your group soon. I look forward to sharing experiences with everyone.
S took his last final this morning so the pressure is finally off. He still has to go into school for one more day to hand back some books, get grades, and say bye to friends but for all practical purposes summer has now started.
We’ve sat down and gone over the list of potentials. It currrently has 10 schools on it but most likely he will not apply to all of them. All are in the northeast except Tampa. He has two reaches, 7 matches, and added our local state university (about 5 miles from home) as a safety. All are affordable based on NPC. He still hasn’t visited any, except the local school which he has been to numerous times for basketball. We’ll see 4 in August, 3 are close enough to see as day trips so we’ll probably visit sometime soon. I’m not sure we will visit the other two before apps go in. He has asked his history teacher for a recommendation and has started thinking about (though not yet writing) his essay. All in all, I’m very pleased with where he is right now.
So S and I are getting a variety of email reminders about filling out the FAFSA. I know that we will not qualify for need based aid and all the colleges on S’s list (so far) use their admission application as an application for merit aid. By my reading, then, I can ignore the FAFSA, correct? I hope the answer is yes.
Some schools require the FAFSA for merit based aid. One of the schools that my D16 applied to did this (Fordham) and we realized it late. We were scrambling at the deadline to get it in just to keep that option open. Then she decided to go somewhere else so we haven’t filled it out since as we are also full pay.
Probably should add that we don’t intend to fill it out yet for S19. Once he decides on his final list I will carefully read the requirements at schools where he is likely to receive merit.
Our experience has been the same as @me29034 with some schools requiring the FAFSA for merit. I always recommend completing the FAFSA in case there is a change in job status or unexpected medical bills which may make loans necessary, but it is truly a personal decision.
@me29034 we are full pay as well but we will file FAFSA for two reasons. One, s19’s schools need it for merit and, two, we may have him take the federal $5500 student loan if he prefers the most expensive school in the end. You have to have filed FAFSA in order to take that loan. If he wants to choose a more expensive school, he’s offered to have some skin in the game and take the loan.
I plan to have my kids take the federal $5,500 (and up) each year so they have some skin in the game. I will likely pay it in the end but why not use the free money.
@homerdog I’m glad yo reminded me of that. I haven’t checked about merit aid yet since D has no actual list, but we also may have her take the small loan if she picks one of the $70,000 range schools.
@MAandMEmom How are the loans free money? The interest rates is 4.45%, and there is no grace period for the unsubsidized loans, which means interest starts accruing right away. We had initially intended to have our D16 take out the loans so that she would have some skin in the game and then realized how much it would cost us and decided not to.
And an origination fee, which is only 1% but still is a cost.
Yeah. Doesn’t look free. A $20K total loan will cost about $25K with a 10-year repayment plan. You don’t have to start paying right after graduation. You get six months…but interest is accruing. Honestly, we haven’t thought through that part yet. We are never interested in paying more if we have the funds to pay less. I think we would work something out with S19 that we would pay the interest as it’s accruing. And he can start payment on what’s left after graduation.
@me29034 You are exactly right. There is no free money from loans, just grants and scholarships.
My bad everyone. I’m of the mindset that I don’t want to pay for something today that I can defer until later. I try to make my money work for me. Probably just my mindset but I also want my kids to understand the value of money. I have one in boarding school and one that will attend a day school and I feel like they need understand some responsibility.
But if deferring until later actually costs more in the long run, how is that making your money work for you? I don’t believe that teaching children to be responsible with money necessarily requires them to spend more money. That said, it is certainly a personal decision how one chooses to pay for an education.
@MAandMEmom I assume what you mean is that your investments can make more than the 4.5% interest on the loan. It is a very low interest rate.
Yes, the interest rate is low and and I would rather put those dollars in a tax deferred savings option. I would then draw from that to pay the loan back afterward as I would be there of age then. I work in higher ed and this is a strategy employed by many. But of course, I agree it’s a personal decision.