Tips for a college student whose parents will no longer pay.

Paying for College
41 
        The GPA is very much part of the picture, borrowing money when you are already worried about employment chances with a low GPA is frankly, nuts. You have said yourself there is no chance of improving your GPA and you know employers want a 3.0. And you are only getting harder classes from here on out.

People keep saying co op when you already have had 2 yrs of internships.
What ARE your local transfer options? Can you live at home near the sick parent? Seems like that would be a win win. The real question though, is whether a school would even accept you to upperclass eng. The other consideration is sometimes a transfer resets GPA. That could be a real win for you. Depends again, on your actual options.

42

I appreciate all of your input.

It makes sense to move back.

Since last year I already signed a lease for off campus living for next year it will be difficult to get out of that but I will look at my options.

Hopefully my GPA does improve. I’ve been told my upperclassmen mech friends that the Profs tend to give higher grades as the classes get more difficult as long as you can show you understand the material. My mom is in better health now so I know I can focus more on my education.

It is difficult for me to decide to stop continuing my education at Rice with the major I want to get. I understand the position it puts me in. However, while maybe it doesn’t make sense, that would feel like I gave up. It’s is hard work and I want to prove to myself that I can do it and that I can succeed in the end.

The company I intern for now would definitely hire me after graduation and I do some good work for them. Ive saved them a lot of money. I just… want to have options.

I don’t want to ask for more than I deserve, and frankly I probably don’t even deserve the opportunities I’ve already been given. I just want to do this. I want to prove I can.

Honestly, your doubts of my success have pushed me more to continue down my path. And I know it sounds stupid. I know it does. I just want to do this.

Im making good money this summer, make good money managing a business at school, and can take out a stafford loan to contribute to school. If I find myself unable to pay back my debts when I graduate, I spoke with my parents about helping contribute to paying off my loans.

I agree that this path I will probably take is not the best for my future and a huge gamble. But I’m not going to give up on my dream or myself.

43

I’m glad your mom is doing better. It’s really difficult being far away when a parent is ill. Both of my parents were chrinically ill, so I get it. It doesn’t excuse the terrible position they’re putting you in though. If they can only afford to pay $80k for each of you, that’s $20k/year. With the ~$5500/year federal student loan and ~$3k summer work earnings, that’s a budget of $28k/year. That’s pretty generous. There are good schools that can be had for that amount and the debt would be reasonable. Merit aid would open up more options. I hope you counsel your younger siblings to pursue that course, or suggest they do two years at a cc and save the two years your parents will pay for until the end.

Nobody is suggesting you give up on your dream. I don’t think a particular college should be a dream though; the life after college is the dream. How much debt are your parents planning to help you and your siblings take? If it’s $80k each and there are 3 of you, that’s a quarter of a million dollars. Could they repay that if you and your siblings couldn’t? If your mom can no longer work and/or has frequent medical expenses, will cosigning even be an option for them?

Can you take a gap year and work? That would reduce the amount of money you have to borrow. The co-ops sound like a good plan if you can find them, but I’d be careful about working full-time during the school year because you have to protect your GPA. Repaying an $80k loan after you get a degree will be difficult. Repaying it if you’re dismissed for not meeting satisfactory academic progress will be beyond difficult.

44

I don’t imagine for a minute the oldest sister who is now a nurse had 80K in loans. Ask her what the actual details were with her deal, and then sit down, eye to eye with your parents and ask them what the real deal is for you. Discuss the loans in that they are not your loans but theirs, discuss the GPA because they really might have much more of an opinion that you think, discuss transfer potential. Listen as they say out loud, what actually gives. Something isn’t being heard, IMO, in this situation.

45

^That’s very true.
30K or so is what a college graduate can reasonably pay back in 10 years. An in-demand engineer may go up to 40K; but 80K sounds a sure way to derail a career and life.

46

Just lost a long answer!

I know one grad who had loans at this level and worked for a well-known entertainment company, and at age 26 has the loan down to a manageable level. But he had extraordinary talent and opportunity. And the loans have affected his freedom to choose where he works and what he does.

When you turn 24, financial aid will be based on your finances, not your parents. If there is a way to delay until then, your problem might be eased. I imagine you are only 20 or 21 so perhaps that isn’t practical, but I do know a few students who have waited for that reason.

It’s great that your current employer will hire you but with a 2.5 GPA you may indeed be limited, or even trapped where you are. Most jobs in the engineering field ask for transcripts, courses taken etc.

Transferring will start your GPA over but of course your transcript will follow. And it may be that the course sequence and content is different at every school, so transfer may be problematic.

Still, living at home (and often you can get out of a lease or sublet) and commuting to a public school might really help.

Are you sure you want to do ME? Why is that your dream? It seems that in general you are not being flexible and are determined to stick with a plan because your values are that you don’t give up on a “dream.” But are you sure that that persistence is really not rigidity? Just asking, so please don’t take offense- trying to help.

Finally, I do not really accept your explanation of low GPA. That doesn’t mean I don’t sympathize and maybe I even had a similar experience. But I know some people well who have faced incredible challenges and still kept their grades up. If things were that bad , I think you should have withdrawn and taken a leave. Please consider your GPA in the future and take a leave if things are difficult. And make sure someone at the college knows what is going on if you have a family illness or whatever- maybe you did.

I know you asked a simple question. We are all giving you complicated answers! In your situation, with the GPA you have, I join others in saying it is important to avoid huge debt. Even if you get a job, you will be experiencing servitude for many years!

Throw all the balls in the air and see where they land. Think about changing schools, living at home. And think about changing your major too. You don’t have to major in a career-related subject either. Just get a bachelors in something you can do well in academically, at a place you can afford, and you will be free to figure out the job thing after graduation.

Switching paths isn’t always the same as giving up a dream.

Hope your mom is doing better.

47

Some information:

I started calling HR and people I know who work for different companies that hire Mech engineers. (Around 10-15 companies).

I asked about the colleges they look at and how they take GPA into account.

There was a consistent answer–the schools I was looking into transferring to closer to home are schools they don’t event consider apps for. They see a 2.5-2.7 from the university I go to as a “3.5 or above” at a different university. They rank it along with MIT, Cal Tech, Harvey Mudd, etc.

So, while I have 2 years to get my gpa up, I am not doomed and while the amount of debt Im looking into receiving is enormous…after putting together a worksheet of expenses with a median salary at one of these companies, I can pay off everything in 5 years.

48

“I don’t imagine for a minute the oldest sister who is now a nurse had 80K in loans. Ask her what the actual details were with her deal, and then sit down, eye to eye with your parents and ask them what the real deal is for you. Discuss the loans in that they are not your loans but theirs, discuss the GPA because they really might have much more of an opinion that you think, discuss transfer potential. Listen as they say out loud, what actually gives. Something isn’t being heard, IMO, in this situation.”

My sister does have that much in loans. I just got off the phone with my parents. She just set up a 7 year plan and will be fine.

49

I can pay off everything in 5 years.<<<<<<<

80K in loans (plus interest) paid off over 5 yrs. Are you living in your parent’s basement for those years? Where do you see yourself living and working?

50

If I am in a similar situation as my sister (which is where I’d like to live/work and where a lot of the companies I’ve talked to are located) I took into account with an income after taxes, the rent she pays with roommates, utilities, food, gas, insurance payments (I will be able to remain on parents until 26 for health), phone bill, putting 20% away for savings, and after paying the monthly total for loans I still have some left over (which is important).

My parents discussed with me that they would help and take care of interest and that I would just be in charge of covering the cost of my tuition. I can start small payments from the money I am making this summer at my internship and continue with payments with (hopefully) and internship I get next summer and the job I maintain at school.

It will not be easy but after speaking to a couple of engineers they suggest putting the money into my education instead of transferring to a school that would make it harder to get hired.

51

^ I agree. That amount would take ten years of dire frugality to pay back. In five years it’d mean paying back 16,000 a year. What salary do you expect to take home?

52

Median income for Rice Mech grads is approx 73, median income for all entry level mech grads is 65, Salary these people told me from the companies was more than both but I’m not using that number.

Take home after fed tax is about 50

53

My boyfriend who is an accountant also talked to me about living together when I graduate and him covering living costs (rent utilities)

However–I did not take this into account when putting together payment plan

54

I think take home will be much less than that.

55

Take home pay after federal tax, FICA, local tax, state tax, is 50k for a 73k salary, perhaps but not on a 65k salary.
(is your boyfriend an accountant, or working toward being a cpa?)
And I’m sure you heard that a 2.5 from rice is like a 3.5 from elsewhere but whoever told you that was just being nice as it’s not the way employers 'think. Yes a degree from rice is as strong as fr HarveyMudd or CalTech but it won’t magically make you top 20% in your class and while your GPA may not be a sticking point per se, you’ll still be competing for jibs with your classmates as well as countless other applicants. You cannot just assume you’ll make 73k even if that’s average at rice.

Have you talked about the piecemeal system with your parents (they take some HELOC, you co-op, take federal loans, use your work savings)?

56 
Most selective eng programs won't have you specialise into your eng choice at your GPA, so at least you were direct entry. Can you borrow semester to semester or must it be year to year? How Many engineers does Rice graduate with a 2.5? What do your adviser tell you?

[QUOTE=""]
as just being nice<<<

[/QUOTE]

For sure.

57

I will continue to talk to professionals for advice on what I am doing. He is currently an accountant getting ready to take the CPA exam.

I don’t know why people would “just be nice” when I called them…? I was asking for their expert advice on my situation. I wasn’t begging them to tell me everything would be okay. So thank you, Im glad you’re sure I heard that.

I am not assuming I will be given something–I am trying to make the best decision with the opportunities I am given.

All of those taxes differ state to state.

58

Student loans are borrowed by term (semester, quarter) as the money is only released as the term is billed. Of course you can borrow for the year if you are using a HELOC or other type of loan because those aren’t student loans.

The OP has made up her mind.

59

I have^

I have the support I need behind me, I think this is something I can do and it is a decision I will have to live with.

I hope no one got too invested in my decision–but no worries you won’t have to live with it.

My decision is based on a lot of components that are personal, and while I have already given more information than I would want to, there has been a lot of thought and research behind the decision I am making.

I will now, instead, put full efforts into networking, trying to get my grades up (while a C-B average should not be as frowned upon as a lot of people on here seem to do I understand the importance of trying to do better), and setting up a plan for myself to succeed in the future.

Also want to state again that the average mech engineering gpa is 2.7.

Thank you for all your advice and attention to my thread!

60

Make sure you have the numbers right. Assume you are your sister at her salary, her expenses. Have her map it out.

Can you add some “easy” electives this coming year to pull up the overall GPA?

It’s a calculated risk. As long as you understand that, it’s fine. Sometimes the risk pays off. Good luck!