Student Loans Good?

Paying for College
1

<p>So, here's the deal.</p>

<p>My dad has always been quite well-off, and since my parents' divorce, he's been the one slated to pay for my college education. Problem is, he isn't much of a saver - and, despite having just bought a half a million dollar house and an infinity pool for his backyard, he just lost his job.</p>

<p>I was accepted to Trinity University in San Antonio (with a $4000 a year merit scholarship), Tulane University in New Orleans, the University of Kansas in Lawrence, the University of Denver (with a $6000 a year merit scholarship), and I got wait listed at Emory University in Atlanta.</p>

<p>Denver is by far my top choice, and, after the FAFSA (which included work-study), my family would only be responsible for about $23,000 a year. However, my dad still isn't sure he can afford this if he can't find a job before I start school in September. At this point, most deadlines have passed and my two options are either Denver or community college. My dad had always told me that he would pay for me to get my undergraduate degree at any school in the U.S., so ending up at a local community college would be a huge disappointment.</p>

<p>My dad isn't allowed to take out loans since he's currently unemployed, and my mom doesn't have a lot of money and is too afraid to take out a loan in case my dad decided not to pay it back. </p>

<p>What is my best option to make sure I end up at Denver? Some of my friends told me I should take out a student loan from the bank (I recently turned 18), but how bad is interest? And, since I'm already doing work-study, how in the world would I ever get enough money to pay it back?</p>

<p>Any input is greatly appreciated.</p>

<p>Thanks,
Leslie</p>

2

<p>I think you should take out student loans. I can see you resenting community college. You should check with local banks to compare rates though.</p>

3

<p>I'd say your plan A has fallen apart, and it is time to seriously consider plan B. A year of less expensive education, or a year off working, followed by a FAFSA for next year that more accurately reflects your need and yields more aid. Something other than going into debt up to your eyeballs for a year of expensive private school education.</p>

4

<p>Does the financial aid office at University of Denver know that your dad has lost his job? I'd suggest that you start by talking to them.</p>