True, you can always sell the house and pay off the loan with the proceeds. But then you’re homeless. If you don’t want to stay homeless, you can:
Rent, which now gives you a monthly payment again.
Buy another house, which depending on how much you made off the previous sale and what kind of new home you’re buying, could give you a monthly payment of anywhere from the cost of property taxes up to more than you were paying with the old house.
Any way you look at, there’s still going to be a housing cost (assuming you’re not living in a shelter or out of your car), and given the OP’s location, it’s likely to be a fairly significant cost for even a moderate home.
OP, I wish you the best of luck. I think it’s always hard to feel self conscious of status, but it might help to know that it runs both ways. I attended an Ivy league school and for many years during college and post-graduation would feel awkward when people asked me where I went to school because I always felt like I was bragging when I answered. My family is fortunate in that my husband and I are relatively well off because of our careers and my kids were also blessed with the gift of college funds from grandparents. I often feel a bit uncomfortable when speaking with friends who have to worry about the cost of their children’s college education because I think it’s crazy that anyone can afford to pay the current rates and yet we can. You just have to learn to be comfortable with who you are. Your parents are doing the best they can and you will thrive at whatever college you attend.
I don’t think the two of you are looking at it the same way since OPs main concern is prestige vis a vis her current classmates and your concern is class size.
Btw many private schools in top 20 have beginner classes in auditoriums for 500 people which are mandatory for graduation. You will also feel lesser than your classmates whereever you go, if you let it get to you. There is always someone in your school who can afford a lot more things than you do and that should never be the criterion to attend a school.
We are all constrained by our own financial realities. Just looking at gross income doesn’t tell. But income is a major factor in FA. Cost of living is not. It can reflect discretionary choices.
OP is past the deadline for many colleges that might offer a more idealistic situation and the significant merit aid she needs.
I think the help she needs has been given by posters who underscore reality. Her parents are deeply in debt and can’t provide more than 25k. It does no good to argue they should be able to pay more, where they should live or the rest of it. OP needs to find her “glass half full,” skip the worries about what other kids might think or what might be more perfect. That train has left the station.
Some colleges have generous need based financial aid for $130,000 a year incomes…places like HYPSM for example. It is very possible that your cost to attend one of these very generous schools could be $17,000 a year.
BUT this has nothing to do with yo consumer debt or your zip code. Sorry…it doesn’t.
You mention on another thread that you ED’d to Kenyon and you’re doing online schooling. Did your mom hire these financial aid counselors? How did they come up with a net cost of $17k? I ran Kenyon’s NPC with an income of $130k twice, once with a zip code in a high cost of living area and once with a one in a lower cost of living area, and both came back with a net cost of ~$35k. High income families can’t bank on getting need based aid. You need to make sure you have financial safeties.
@austinmshauri no savings a mortage on a house and another kid. there are a lot of factors. My net price calculator has it at 19k a year, but 2k loans. my mom has to pay 17 and i get to rack up 8k of debt.
@seniorstruggling, Is your mom divorced? I’m not sure the NPC’s can be relied upon if that’s the case. Like OP, you should make sure to have financial safeties lined up. Good luck.
I’m confused…$2000 in loans? Is that per year? Is that in addition to the Direct Loan?
I apologize for contributing to the high jack f this thread…but past posts indicate that @SeniorStruggling is the child,of a single parent. That being the case, the net price calculator will not be accurate in most cases. Unless the NPC specifically asks whether parents are single, the assumption is that there are two parents. This would most definitely skew the results.
This student also says she is a recruited athlete.
Well, relevant, @thumper1, if there actually are schools we can direct OP to that do consider cost of living and debt. If that’s the case, OP could take a gap year and apply to some of them. I’m just not convinced they exist.
I had to talk with financial aid to waive the non custodial waiver. My dad isnt part of the picture, if he was 400k of backtracked child support would pay for my sister and I without any need for aid lol
Yeah single parent changes a lot of things, especially when there is debt and no assets or savings.
to be honest my backup plan is taking loans. I dont care about debt, I want to pursue a medical proffession and a 400k surgeon salary would pay off my loans in 5 years tops out of residency.
Before people say how hard it is… I am awful at english history and anything that is inbetween. I have shadowed surgeons from knee surgeries to open chest. I love that stuff and would fail anywhere else.
Zip codes are important and cost of living. In texas 1$ goes further than in new york but a new yorker and texan are expected to pay similar rates
I live in a zip code with the average income is near 6-digits. I was a zero EFC student.
Using zip code for financial aid is about the most ridiculous thing I’ve ever heard of. I could see using it for admissions purposes (to get around banned AA), but for financial aid? Never heard of it.
If you’re looking for a small private, I know that Cal Lutheran will give you a a full tuition scholarship if you were admited to any UC. However, honestly if you want smaller, I’d try to make it into the Honors Program at UCSC or I’d visit both CLU and UCMerced to compare.
Those are not your only solutions though:
Beside Cal Lutheran, Chapman, Occidental, St Mary’s, Santa Clara, Scripps, URedlands, all have merit scholarships and deadlines that aren’t past (although some are 1/15 so you till tomorrow 11.59pm to get that done… they all use commonapp so if you’ve used it, you’d only have a supplement, which not all require.) Run the NPC first though.
In nearby Oregon, you have Lewis&Clark, UPortland, Willamette.
Are you saying that zip codes and cost of living are important as far as schools making financial aid determinations? Again, if you believe this to be the case, please tell us which school or schools make financial aid determinations based on these criteria.