So after doing a lot of snooping around, I learned that my mom’s credit score is a sad 562, and that she still owes Navient $20,000 in student loans from 1993 or 94, and with all the financial issues we’ve had I doubt she’s been paying them, which means they’re delinquent. Which means she’d get denied for a plus loan, which would mean they’d give me more subsidized loans right? So would I be a terrible kid for asking her to apply just to be denied? (She doesn’t know I know her debts and credit score), and since the Navient loan is hers could she apply or would my dad have to? I’m sure his credit is trashed worse but he didn’t go to college so no student loans, but maybe some payday ones.
What is your situation?
Are you a senior trying to get costs covered?
What school did you select? What are the costs? What aid did you get?
were there less expensive schools that accepted you?
What is your major and career goal?
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Hi guys, thanks for all your advice in my original thread, just wanted to let you know that me and my mom both sat down with my dad and I pretty much told him I’m picking community college. If he wants to help me buy a car, down paymemt on an apartment, or give me living expenses I’m fine with that, but I don’t want him to take anything from that 401k. Turns out he was 120k in it. I didn’t know that but still, I don’t want him to mess with it.
He doesn’t like me going to community college, but perked up when I said I was still going to transfer to the university that accepted me. I think he’s fine with it all now & now I can relax, enjoy my summer, then start my higher education
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Is this still the plan? Can’t you go to a CC that you can commute to? Borrowing a lot for a CC isn’t a good idea.
Even if you have your mom apply and get denied (which is an ok thing to do if necessary), that is only an extra $4k…so $9500 total…which is a LOT for frosh year!!!
And, again, $120k in a 401k is NOT a lot…not at all.
@mom2collegekids You may or may not remember me, I’m the girl with the dad who wanted to dip in his 401K. I’m going to community college and plan on transferring after one year if my GPA is great. The cost per year is a little more than the $3500 in subsidized loans and I recently spent most of my savings on a car, so I only have about $200 in my budget for books, (gas, cell bill, etc). I really didn’t want to take out any unsubsidized loans as they accrue interest that I have to pay, so I figured PLUS denial would be a good way to get more subsidized loans for books and any other costs that may pop up. I don’t want to borrow the max, just enough to cover costs. Like maybe the amount I would in unsubsidized loans, (2K).
The additional amount in Stafford loans is not subsidized, so that should make your decision easier - just take the $5500.
Why did you spend all your money on a car?
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The additional amount in Stafford loans is not subsidized, so that should make your decision easier - just take the $5500.
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this is true…so don’t bother with the Plus attempt
so you’ll be commuting ? guess that’s why money spent on car
you pay for your own cell phone??
yes I remember you 
I’m guessing that the “desired school” was LSU. If so, and the dad’s desire was to go to games with you, then it’s best to do that when you’re NOT a student there. LSU students sit in the student section. Parents sit elsewhere. Since the goal was for you to attend some games WITH your dad, then that can still happen, and you can sit with him …even tho you’ll be at a CC.
I think you should stay at the CC for two years (don’t mention that to dad). There’s no reason to transfer after one year since you don’t have the funds to pay for LSU anyway.
Does TOPs have a plan for CC transfers? If so, do that. Look into what aid is available to their CC transfers.
Dang, that’s dissapointing, I really didn’t want that accrruing interest…
@Madison85 Because both my parents work so it would be hard to get to work and school like I need to without my own car, and the university I’m transferring to next year is an hour and a half away, so it was a justified expense to me, one that was better to make sooner rather than later.
@mom2collegekids Kind of, I’m still on my parent’s plan but I chip in $45-$55 when I can, at least till I get some credit established and get my own line. I hate sprint… But that’s another story for another forum 
The desired school is actually UL, (University of Louisiana at Lafayette), he actually hates the Tigers haha! ULL is a hell of a lot cheaper than LSU, (I don’t like the atmosphere there anyway), and they have GPA based scholarships for transfers, which is why I’m considering one year, as if I get say a 3.8 at the end of this year, I’d get more scholarship money than if I gained my AA with a 3.5. If my GPA isn’t where I want it to be, I’ll stay another year.
And I was homeschooled, so the right paperwork had to be filed, and since my mom never filed it, I wasn’t eligible for TOPS.
The transfer scholarship is better for those with an AA
Requirements
Students must meet all of the following:
Minimum 3.0 cumulative GPA
Must have received an Associate Degree
Must be a U.S. citizen
*Students with a bachelor’s degree or who are classified as a Transfer-Reentry student are NOT eligible.
Deadlines
Fall - June 20
Spring - December 16
Include with application
Transcripts from all colleges/universities attended
Proof of Associate Degree
Award
$750-$1,000 per semester for 4 semesters
(Amount received based on credits earned and GPA)
Get your application!
If you transfer after one year, you will only get $500 per semester
If you transfer after two years, you not only would get 750-1000 per semester, but you’d be saving money by not attending there for your 2nd year.
So, work for the best GPA and try to get that $1000 per semester.
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m considering one year, as if I get say a 3.8 at the end of this year, I’d get more scholarship money than if I gained my AA with a 3.5. If my GPA isn’t where I want it to be, I’ll stay another year.
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where are you seeing that? I don’t think that is what the transfer scholarship links say.
http://scholarships.louisiana.edu/prospective-students/state-students/transfer-students
and here I thought I’d combed their site with a fine tooth comb. I don’t know, I really would like to get out my parents house soon, I mean I have damn near no freedom, and it’s starting to drive me crazy! By next year I could put my own 250-500 or more towards COA to match/exceed that scholarship no problems, so it depends on how I’m feeling/if I like my CC proffesors/if my parents don’t cause me to jump from a bridge :-@
From the borrowing aspect, just look at your mom as a reference point. You don’t want to be dealing with student loans 22 years later like your mom. You can see the impact loans can have. So do whatever you can to keep the debt down.
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don’t know, I really would like to get out my parents house soon, I mean I have damn near no freedom, and it’s starting to drive me crazy! By next year I could put my own 250-500 or more towards COA to match/exceed that scholarship no problems, so it depends on how I’m feeling/if I like my CC proffesors/if my parents don’t cause me to jump from a bridge
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Well, the beauty of college is that you will have all kinds of excuses to be away from the house during the day and evening. You can leave early in the morning (need to do some lab work), and come back late in the evening (study groups) and just use your home as a place to sleep. Do this from the “get go” so that your parents just think that’s the way it is for college students.
You will be needing to “study in the library,” and “study with your study groups” and maybe working a campus job or club meetings. Frankly, once you’re in college, you don’t have to tell your parents every little thing. Your class schedule can be manipulated in a way that maximizes your time away from home.
I didn’t “check on my kids,” but if I had, I imagine that would have fibbed a bit and claimed to be at study groups rather than hanging out with friends every once in while. lol
The transfer scholarship after ONE year is $1000 per year (500 per semester). It is unreasonable to thing that you could put “your own 250-500” in place of that because any money that you will have will be going towards OTHER uncovered costs.
I’m still scratching my head trying to figure out how you’ll pay for UL anyway???
the annual cost to go to UL is about $20k per year. HOW WILL YOU pay for THAT? the idea that you’ll skip the bigger award as a junior year transfer is just silly when you really don’t have the means to pay.
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From the borrowing aspect, just look at your mom as a reference point
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Exactly.
Learn from the mistakes of your parents.
So can you live at home and attend CC? Will your parents pay for your room and board while you live at home?
Were you accepted as a freshman to UL? What was the COA for you? If UL was unaffordable as a freshman, what can you do to make it affordable as a transfer?
What is your family’s EFC? How much money will yournparents give you for colleg? (From your posts is sounds like $0.)
What were your ACT/SAT scores?
What is your intended major?
Please learn about budgeting or talk to a trusted family friend or adult mentor. Your parents may very well be very loving but they have not modeled financial responsibility.
@mom2collegekids Congrats to your kids, clearly you’re more reasonable, my mom will check on me and have no qualms about it, and I feel like I shouldn’t have to lie, she should stop checking on me.
When I said I could add my own 250-500 I meant that in addition to the $500 per semester one year transfer scholarship, essentially matching the AA scholarship. I’m not dismissing staying 2 years, it’s a viable and likely option, and is probably what I’ll end up doing now. I just don’t WANT to live at home another year and would rather work harder than do that.
As for paying the 17-18K COA, I’m not going to be able to afford anybodys university without a job, federal, and private loans. Right now I’m in the lessening debt business, so 2 years like I said, is probably gonna be what I do.
@txstella Yes I’m living at home, I was accepted as a freshman to UL but decided to go to CC. COA was 17-18K, and honestly every school is unaffordable for me, even CC, it’s just a matter of HOW unaffordable. My EFC was 5950, and yeah, they probably could give me a couple hundred a semester, but I don’t want them to. I had a 21 and my major is gonna be Public Relations.
I know lots about budgeting, I currently have a very rigorous one in place now thanks to Reddit and the internet in general, (too rigorous maybe, I have three savings accounts plus a checking… I need to fix that), and looking at my parents has forced a realistic outlook on life financially. When I borrow: educate myself on exactly what I’m doing, make a plan, then live like a peasant till I pay it back 
Going to college doesn’t always mean incurring a lot of debt. If your college is $3500/year, I don’t see why you can’t earn most of that over the summer. If you can get a job and pay for cc as you go, you may be able to get a job with your two year degree that will help you pay for courses at a 4-year school. Do your best to keep your debt to a minimum, especially if your parents can’t help you if you run into financial trouble. It’s better to live at home now and not incur debt than to have to move home after you graduate because you can’t afford to live on your own AND repay your loans.
No, I had to file bankruptcy and was denied plus loan. One of my D got more subsidized loans. The other D got more scholarships.
glasssculpture, your daughter may have been under an older program, but now only $3500/$4500/$5500/$5500 per year, based on year (fr/so/jr/sr) can be subsidized, and no more than $23000 total to any student can be subsidized.
https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#subsidized-vs-unsubsidized
It is a little better of a deal for the student to take the extra stafford loan because it is at a lower interest rate and origination fee than the Plus loan and since it is a student’s loan, it can be consolidated with the student’s other federal loans.