<p>“Parent Plus loans are not FA!” </p>
<p>Uhm, of course they are FA. They are Federal loans which nearly anyone can qualify for and if you go to the website you will see right there they are referred to a supplement for those not qualifying for OTHER financial aid. This is not a judgement of any sort so don’t everyone go getting all bent out of shape. It’s simply a fact.</p>
<p>I would try to get him to give it a year at one of those options as they do present a financial bonanza without a commitment (last I checked, do make sure that is still the case). If this is not his thing, then he can move on to whatever he pleases, that is within the family budget. If he goes directly to some of his alternatives, the chances of getting a full ROTC award, full fin aid, full merit, etc could be out the window as transfers do not have the same chances as those going directly from high school. </p>
<p>This what drives me nuts. Today he feels differently and wants NROTC or USNA. Not so sure about Army ROTC but that could change as well. </p>
<p>Lucie, kids can go to whatever school they want,they just have to earn the money. My friend who I mentioned had son who sold alarm systems in the summer to go to the school of his choice when father wouldn’t pay for sons choice. It can be done. Most kids are too pampered to do that. Btw, when friends son made through first year with good grades Father surprised son with a check for half of what son had paid. The kid made $25,000 selling alarms systems and did it every summer. Had so much success his two brothers did it as well. It was hard work traveling across country but those kids all got good grades.</p>
<p>Earning the money to go to some schools where the sticker prices are $60K a year is not possible for most 18-22 year olds without parental assistance, whether it’s to co sign the loans (not recommended here, IMO) or pay. Financial aid is based on parental income and earnings and the parent do have to come up with the numbers and permission for tax returns to verify them. Merit awards are not easy to get. So the average kid is not able to do a whole lot without parents in the mix, as the way our system is set up.</p>
<p>No, Parent Plus Loans are not financial aid. Financial aid is: institutional grants, Pell, Federal Loans (subsidized/unsubsidized), work-study. Parent Plus loans are not considered financial aid but a substitute to financial aid.
Not all parents qualify for Parent Plus, especially if they already took loans for another child.</p>
<p>Maybe, this is semantics but it is not unusual for a financial aid package to include Parent Plus loans.They are much easier to qualify for than private loans. The government appears to consider them aid according to their website. Sometimes they are very helpful. Other times, they are the beginning of big trouble. But, this is a diversion. </p>
<p>According to the Common Data sets, PLUS is not considered financial aid. Neither are the parent/student loans that are available. These loans exist and families are directed to them as options, but not as awards. They CANNOT be awarded by the school as an application, credit check and process is involved. Yes, some colleges stick them into their financial aid packages, but they are not so counted by governing bodies that count these things. </p>
<p>Flossy, it’s not just semantics–it’s real dollars and cents. Parent Plus loans are as much “financial aid” as a car loan is. And with much greater risks associated, since they can’t easily be dispensed with in bankruptcy court. This is where “caveat emptor” comes into play. It’s VITAL that every parent and student compare like to like when evaluating “financial aid” offers from each college. There’s a lot of smoke and mirrors out there that can lead to some very bad outcomes long-term. If you want to call a Parent Plus loan “financial aid,” feel free. But don’t fool yourself that these loans are aid in any true sense. They’re the equivalent of long-term credit lines with high interest rates.</p>
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<p><a href=“http://online.wsj.com/news/articles/SB10000872396390444508504577593361562110028”>http://online.wsj.com/news/articles/SB10000872396390444508504577593361562110028</a></p>
<p>Runnerguy, that’s great that your friend’s kid was able to earn so much selling alarm systems over the summer and that the school of his choice was so affordable, but that situation is not the norm. And not knowing what your friend’s EFC was, it’s hard to know if he was expected to contribute much to his son’s education. A lot of variables, and what works for one family does not necessarily work for another. </p>
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<p>Sorry, but my kid might “want” to go to MIT, but he has to a) get accepted and b) win the lottery to pay for it. No summer job is going to pay for that! :-)</p>
<p>No, Lucie, I know all of that. I think we are misunderstanding each other. And, maybe it depends on the school but more than a few stick the Plus Loans in the financial aid package and you need reading glasses and more common sense than many families seem to have to understand this. They are a Federal way of “aiding” people in the financing of college. That’s why they exist. They come from the financial aid office. But, we don’t disagaree.</p>
<p>Flossy: I think you’re confusing PLUS loans and Federal (“stafford”) loans.</p>
<p>No, I’m not. Trust me I know the difference.</p>
<p>I hear ya, Flossy! I just think too many people out there, especially naive high school seniors, believe all “aid” to be the same. Stafford loans are one thing, but relying on Parent PLUS loans to fund an undergraduate degree is a risk that nobody should enter into without having given it a lot of serious thought and figuring out what the “worst-case scenario” would look like.</p>
<p>Okay I see, you’re not saying you consider PLUS loans as FA, but that many colleges use it to hide how lousy their financial aid packages are - is that correct?</p>
<p>Getting back to OP:
Being so uncertain means the service academies aren’t for him.
However NROTC or ROTC certainly could be. Be aware though that sometimes the student is assigned to ROTC but does not get the scholarship until the second year.</p>
<p>Things to know about service academies. My neighbor learned the hard way. My neighbor’s daughter blew out her knee playing sports for the academy. She no longer became eligible for the service. She then owed the entire tuition to the military academy which is very high. Had to transfer, owed tons of money, and had to finish her degree elsewhere.</p>
<p>I agree with others that are saying if he has any doubts, military academy isn’t for him. Also, if the ROTC scholarship requires admission to the military afterward and he is doubting, he might be best going to a school that allows people to participate in ROTC but not join. I did that. It taught me one thing really fast. Military life was not going to be for me. They asked and asked and asked, but it wasn’t going to be the right fit. Nothing worse than a soldier that doesn’t want to be there.</p>
<p>My ‘aid’ letter from the school did list the cost of the tuition, R&B, fees, and then all the aid - merit, state grants, work study, and loans subtracted out. The loans were all subtracted, Stafford, Parent Plus to show ‘Hey LOOK, your out of pocket is 0!’</p>
<p>I didn’t fall for that because I knew those loans would eventually be out of pocket. My pocket.</p>
<p>ROTC is a good option for students who need lots of FA and don’t want to take on debt. The service academies are very competitive, so he may not get in. (A couple of my brothers did ROTC–a good option for them. They did not stay in the military. I wouldn’t say they were ever “enthusiastic” about the military, but it was a practical choice for them and it worked out well.) Your son may just have cold feet about leaving home. He doesn’t have to decide now, but ROTC is definitely a lot more low key during college. As someone else said, it is not that much different than being a regular college student. The great benefit is no worries/stress about finances during college, and no debt/ a job waiting for you after college. And that military service/experience will look good on a resume. </p>