<p>Okay - here is our current dilemma, our son completed his freshman year and his is attending a private university on a 4 year academic scholarship. He is hoping/wishing to transfer to another university next year, but we are unsure of this due to the nice scholarship that he is currently receiving. He feels that transferring would be beneficial to him, but we are unsure as to the expense side and if colleges offer transfer scholarships we would have a problem with it, but I don't know if they do.</p>
<p>My understanding is that scholarships for transfer students are EXTREMELY limited. You would have to check with the particular school, of course.</p>
<p>Yes, merit scholarships for transfers are much more limited than for fr. And many of the ones that do exist are for PTK or are otherwise very restrictive in who qualifies. </p>
<p>Please see the current thread about the transfer process as it can be daunting due to the lack of information about transfer admissions and the lack of continuity in the application process.</p>
<p>Is transferring to your state flagship an option?</p>
<p>I think it’s important for your child to map out his/her plan.</p>
<p>For example, your child could opt to take a junior year abroad program or an exchange program within the states as a way of experiencing something different while still holding onto the scholarship.</p>
<p>Your child could also think about attending his/her transfer option as a graduate school. </p>
<p>I understand your worries - it seems like your child has a good deal now, but with a solid plan and rationale, maybe transfering is the best option.</p>
<p>Good luck!</p>
<p>ScrappinMom - it’s your son’s decision whether or not to transfer – but its your decision how much to contribute to his education.</p>
<p>I would suggest that you go over your finances and tell your son the maximum contribution that he could expect from you in the event of transfer. I don’t think you should punish him for having won a substantial merit scholarship to his current college if you can reasonably afford to pay more. It is quite possible that he opted for this college because of the merit money but now finds that the college is not meeting his expectations or needs. </p>
<p>On the other hand, you can’t be expected to make financial sacrifices because of your son’s change of plans over the years. So go back to square one – figure out what you can afford to pay – and give your son specific numbers to work with. </p>
<p>Your son needs to be able to make his own decisions about his education based on what he can afford – and you, of course, need to make decisions about how much to contribute to his education based on what you can afford.</p>
<p>The whole financial aid thing is just so confusing to me and we continue to have to take out parent loans to make up the shortage and then are told if we get denied then he can get additional money. He knows that he will have to pay the loans back, but it is just so frustrating as we just don’t have the funds and wish he could just get the loans in his name.</p>
<p>ScrappinMom, this is scary. You say he has a nice academic scholarship, yet you and he are still taking out more loans than you are comfortable with. I think you need to really figure out the cost of the loans, total, that you will have after the four years is up. And you say that he will have to repay them, but they are in your name. I think your whole family is getting in pretty deeply. </p>
<p>There are many sites that help you figure out the true costs of loans. College loans still have interest rates and compounding and everything else, and they can hurt, badly, for many years. You need to consider not only the loans, but their interest and fees, and compare them with <em>your</em> earning power and with <em>your son’s</em> expected earning power. Good luck.</p>