<p>Hi, Our son is going to be a senior at college this year. When he graduates his job prospects should be good, we hope, as he is in the computer industry. The problem is that he is at at very expensive private college and no longer has the ability to pay for this final year. My husband and I have had some money problems, and sadly it is now trickling down onto our children. We have applied for several private loans, with and without us cosigning, with no success. My husband is going to try for the plus loan this year (I already have one and so does he) but he and I both have lots of debt (I just graduated from college myself and we have 3 other children, and one of those is in college as well). I haven't even tried for the money for the other child who is in college. One thing at a time. </p>
<p>Has anyone on these boards experienced something like this? I would love to tell my son to just leave school and go somewhere else to finish, but he's at a specialty school that has a rigidly directed program for his major. I guess if he can't go maybe he could take a year off to earn money, then finish later, but I worry he won't go back. </p>
<p>Any tips appreciated. Thanks for letting me vent.</p>
<p>Discuss the situation frankly with the school. They may have some funds available for him and some leeway, and would keep his diploma until the amount is paid. They may also be able to find a paid internship for him for a term. I’ve seen these arrangements made for kids that are in that situation. You are not alone.</p>
<p>How much money does your son need? Does he have any financial aid right now? Has he and your other college student taken out any Staffords? If you don’t qualify for PLUS, each of your kids will get an additional $4K in Stafford loans. </p>
<p>My son has a friend who finished NYU in 6 1/2 years because he had to take of terms to work and save money to pay for his tuition. He felt it was worth it. He took out a lot of loans and worked a lot during those years. He did get his NYU degree.</p>
<p>As a senior he may be able to pursue some Independent Studies classes – such as a paid internship. It may not be the way he wants to spend his last year but check into it. </p>
<p>Also, some times computer sorts get hired to tutor or run the campus help desks. He may be able to combine study time with paid time if he picks a quiet shift.</p>
<p>i think your kids might be able to complete all the necessary classes, and then pay off the bills over time, provided that their school lets them do that</p>
<p>Your son may have to take out a Sallie Mae loan without a co-signer to finish his final year. I’m not a fan of private loans, but I’m less of a fan of not finishing a senior year of college, and unless he could finish elsewhere, he may not have any other choice.</p>
<p>One problem with trying to finish elsewhere, is some school require that a student complete a certain number of courses at THEIR college in order for the school to issue a degree. </p>
<p>However, if your son could finish in 2-3 semesters at a much cheaper school, then that might be the best route.</p>
<p>I hope that with your younger kids, you don’t have them go to expensive schools.</p>
<p>Are your financial issues the result of a loss in income from work? If so, request a special circumstances review from the school. Do the same if the issues stem from unreimbursed, very high medical costs.</p>
<p>If you apply for a PLUS & are denied, your senior will be able to borrow another $5000 in Stafford unsub. That would allow him to borrow $12,500 Stafford total. How much short will that leave him?</p>
<p>If you live in NYS, the state education department are offering private loans (NYHelps),that are being treated like federal loans, such as the repayment terms, deferment, etc.</p>