Parents won't help pay anymore-- $147 in debt

Paying for College
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<p>I'm freaking out here and I need some help. Here is a quick back story. I had two choices, go to a local state school or a local private school. After sitting down with my parents and talking to them (telling them even with the scholarship I got, the private school would be more expensive than the state school) we agreed that I should go to the private school. </p>

<p>Fast forward, I am now enrolled at the private school and the time to sit down and take out student loans has come. I was offered the Stanford Loan and work study. My parents were also offered the PLUS loan. However, they have changed sides and they refuse to take out a loan for the amount they are offering. My only choice is private 187loans (my father said he will cosign though, but his credit isn't the best). </p>

<p>I just ran a 4yr loan worksheet from Sallie Mae and if I pay while still in college it will come out to ~$147 in debt (that's including interest and the government loans and stuff), and if I don't I will be in ~$187 in debt. </p>

<p>I LOVE the local private I'm going at. I have already made relationships with professors, I like the debate team I'm apart of, and I'm on track to get into their honors program (and I haven't even started school yet). The state school has good academics but it is HUGE and you don't get to know the professors and advisors there, plus I've had horrible issues just trying to get them to give me the time of the day when I was applying. </p>

<p>The main issue here is that I'm going down the pre-med track (ultimate goal is to become a psychiatrist) and I don't want ~$147k of undergrad debt + ~$150k of med school debt. </p>

<p>Any suggestions? Help? Advice? Anything?</p>

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<p>Tell them that if you want to go to medical school, you’ll be in crushing debt for the rest of your life, and it’ll take you years and years to pay it back, and their grandchildren will be in the same situation because you won’t be able to take on any more debt. </p>

<p>Ultimately, beg and plead and guilt trip them. </p>

<p>There is no other way…</p>

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<p>Too much debt. You really need to reconsider this. You have a couple of choices to present to your parents…community college while living at home (the direct loan will cover most of the tuition cost). OR a gap year where you would not attend college…then reapply next year to a group of schools that are either all affordable…or are affordable with guaranteed merit aid.</p>

<p>It sounds to me that your parents did NOT have a true grasp on the actual yearly cost to attend this private school.</p>

<p>Discuss these two options with them…</p>

<p>Also, you could contact the public university to see if your admissions offer is still available. It might be depending on the college.</p>

<p>I’m a parent…and if my kids tried to “guilt trip” me, it would NOT work. </p>

<p>Please be calm, and lay out the above options as the only affordable ones now. See what your parents say.</p>

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<p>

You can’t afford this school, period.</p>

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<p>So what you’re saying is you have to come up with $32,000 per year to attend this school. Is that the full family contribution, or is that what’s left after your parents pay what they can afford each year?</p>

<p>If that’s the full amount, and they are not providing anything, you need to slice them out of the decision process, and see if you can still attend the state school.</p>

<p>If that’s not the full amount, and they have suddenly decided it would be good to saddle you with that kind of dept, you still may need to cut them out of the decision - assuming they have given you a set amount they are willing to pay, have they promised that amount all 4 years, and can you trust that promise?</p>

<p>It’s time to grow up and face reality. You cannot afford this private college. If the state school will still leave you in debt, you might not be able to afford the state school either. $50,000 of debt after 4 years would be bad enough, $150 makes no sense if you’re planning on med school. How do you plan to pay for that? Even if you don’t have to make payments during med school, they will balloon. Walk away as quickly as you can!</p>

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<p>*The main issue here is that I’m going down the pre-med track (ultimate goal is to become a psychiatrist) and I don’t want ~$147k of undergrad debt + ~$150k of med school debt. *</p>

<p>Psychiatry is one of the lowest paid specialties.</p>

<p>If you go to a public med school, your additional debt will be about $200k. If you go to a private med school, your additional debt will be at least $350k. You have no idea which will accept you. </p>

<p>That undergrad debt will be growing larger each year while an undergrad and while in med school (and residency.)</p>

<p>Few specialties can afford that kind of crushing debt. Certainly not psychiatry. </p>

<p>People can get to know their profs at large publics, especially when in upper division classes. </p>

<p>You can’t afford this school. Thank goodness you haven’t started.</p>

<p>Your dad doesn’t have great credit. That VERY LIKELY means that even if he gets approved THIS year, he will NOT get approved during a future year…and then you’d have to leave. EACH year that your dad cosigns, his credit takes a big hit. He will be told at some point that he no longer can cosign.</p>

<p>Get over to your local state school and see if they’ll still accept you. If not, either take a gap year and reapply (this may be the best), or go to a CC for two years. If you do the gap year, don’t take ANY classes. You don’t want to ruin your “incoming frosh” status.</p>

<p>What are your stats? If you take a gap year, you need to find schools to apply to for next fall that will give you good merit.</p>

<p>Your parents acted very childish about all of this. They misled you, didn’t do their own homework in regards to this debt, and left you holding the bag. Shame on them.</p>

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<p>I’m not sure the parents acted childishly. I think THEY didn’t really understand the total costs or the amount of loan debt. Yes, I agree they SHOULD have learned about this before the application process, but as we know…many parents do not understand the crushing costs of a private university.</p>

<p>This student really didnt receive institutional need based aid (he got a scholarship…presumably merit). What we don’t know…is their financial situation such that they didn’t qualify? Or does the school have very limited need based aid?</p>

<p>This student says he had two choices at the end of the application process…one that he did not want to attend (the large state school), and one that sounds unaffordable (the private).</p>

<p>That being the case, I would suggest a gap year…and reapplying next year to a more realistic list of colleges. Start with TWO safety schools…schools where the student is guaranteed acceptance and will be able to afford to attend if accepted. Build the list from there.</p>

<p>If finances are a significant consideration, find out NOW what the parents ARE able and willing to pay each year. Work within those parameters.</p>

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<p>You need to leave this school. Period.</p>

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<p>OP, I’m puzzled at your university’s breakdown of costs. How can room and board for one year only be $1000?</p>

<p>[OCU</a> - International Admissions](<a href=“http://www2.okcu.edu/admission/international/tuition.aspx]OCU”>http://www2.okcu.edu/admission/international/tuition.aspx)</p>

<p>If this is indeed true, then it makes sense to live in the dorm. But if this is a mistake, why aren’t you going to live at home? </p>

<p>Also, according to this post you made, money is of utmost importance to you. If that is so, then don’t take on a lot of debt!</p>

<p><a href=“http://talk.collegeconfidential.com/15506882-post26.html[/url]”>http://talk.collegeconfidential.com/15506882-post26.html&lt;/a&gt;&lt;/p&gt;

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<p>CTTC - All the Costs on the OCU website seem to be off by one line. I believe the room and board number is $10,000.</p>

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<p>In another thread, the student said that he applied to a bunch of high reaches and was rejected. the two remaining schools were supposed to be safeties, but they really aren’t safeties if: 1) he didn’t like one of them. 2) he couldn’t afford the other one.</p>

<p>This student needs to take a gap year and apply to schools that will give him aid. I think he may be AA. If so, then he should apply to schools that want more AA students and will be generous with money.</p>

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<p>AA = African American or Asian American?</p>

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<p>I honestly wasn’t expecting to get so many replies, but thank you everyone. I’m just going to do a general reply since everyone said about the same deal. </p>

<p>I’m pretty sure it is to late for me to go to the State school now. It is not to late for me to drop out and go to a community college, however the only problem is that my parents refuse to let me live at home. I will need to have some type of place to live. With that said, a gap year is also out of the question. </p>

<p>It seems like I’m locked in for this year, and I need to take about $24k out in loans for this year. OH BTW, that website y’all were looking at is weird and out of date, also it is for international people. [This</a> is a better link](<a href=“http://www2.okcu.edu/financialaid/tuition.aspx]This”>http://www2.okcu.edu/financialaid/tuition.aspx). </p>

<p>Would this be a good plan? Look for scholarships during this school year and if I don’t find enough, transfer to the state school next year? Also yes I’m African American, but I REALLY don’t want to go to one of those shcools.</p>

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<p>What happens if your dad is not accepted as a co-signer on loans since his credit is not so good? Even if you were to get the loans this is SO not a good plan for you.</p>

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<p>There is literally not another option for me. In August I will have to leave and go somewhere…any other plan suggestion?</p>

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<p>Just say your dad’s credit issues keep you from borrowing enough to attend? What would you do? It could be this is the question you will have to answer. </p>

<p>You could take a gap year and work and live away from home if your parents insist, and then reapply to the state school next year. Not a great option and definitely a big disappointment for you, but you need to keep your eyes on your long-term goal. What if your dad’s credit turned out to be okay enough to get that big loan for this year, then what happens the following year when, that far in debt, he can’t borrow anymore? Would you have enough at that point even without private loans even to attend the state school? The VERY WORST thing is to accumulate a big debt and then not even finish school… and I can see where that could happen to you when there’s just no way to get enough money to continue.</p>

<p>I have a kid who went to a small, very very excellent college and one that went to the big state university… both got excellent educations, made meaningful relationships with professors, were involved in serious extracurricular activities. You really can dig in anywhere and build an excellent college experience for yourself!</p>

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<p>OP, have you been working? Have you saved any money? That should be your first concern right now. If your father is not going to be doing anything but helping you get deeply in debt, then I would say “Thanks, but no thanks.” Take a year, rent a room in a house, work like crazy, and save a lot of money. Re-apply next year to more schools that might be affordable, or start taking community college courses while continuing to work. Save money so that you can then transfer to a 4 year school after community college. Many cc’s also have relationships with 4 year state schools, where high achievers in cc then earn free tuition or whatever for the next two years.
You really have more than college to be considering right now. Will your father allow you to stay on his health insurance? Will they help you with anything at all? You need money, but not from borrowing it and getting in to debt you won’t be able to handle. Good luck.</p>

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<p>On Monday, pick up the telephone, and call the cheap state U and find out if you can go there this year or not. If you can, and the aid package can be restored, go.</p>

<p>If you can’t, start working your network of friends and family and find someone who will let you live in the spare room or the basement or the attic while you work, save money, and apply to a new set of colleges and universities. If there are decent community colleges near your potential new home, check them out too.</p>

<p>While you are waiting to hear from your family and friends (and their family and friends, and their family and friends) have a chat with your high school guidance counselor about [Welcome</a> to Job Corps](<a href=“http://www.jobcorps.gov/home.aspx]Welcome”>http://www.jobcorps.gov/home.aspx) That can be a way to get job skills quickly so you can support yourself while you study.</p>

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<p>Lots of public colleges still have space availability for the fall; don’t assume that it isn’t possible.</p>

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<p>^^^
Space at any public college isn’t the issue. He needs funding. </p>

<p>*There is literally not another option for me. In August I will have to leave and go somewhere…any other plan suggestion?
*</p>

<p>What do you mean by the above? In other threads you say that you want to get out of the house because your mom drives you crazy. That’s not the same as “have to leave.” </p>

<p>Are you saying that if you can’t afford to go to college this year, and you get a job instead and reapply to more colleges in the fall, that your parents will REFUSE to let you live at home?</p>