Weird situation, need help with Financial Advice.

Paying for College
1

<p>My dad owns his own business, and recently its been doing very very well. He's been able to make 300,000+ and my mom does not have to work. However, this past year has been very hard for him. He is not getting any projects, my mom has had to work, and I am very worried about this.</p>

<p>I talked to my mom, and she said that we are ok till July. Fearing for the worse, I have been actively searching for ways to gain scholarships or grants. Also, I have two younger siblings who will be entering college in two years, and that will also be a financial burden on my parents.</p>

<p>Here is my dilemma:</p>

<p>-Since my dads business did well last year, there is no way I will be able to receive any money based on my FAFSA.</p>

<p>-I am already in college, and my scholarship will not cover the costs of tuition and boarding (roughly 12,000 I will have to pay)</p>

<p>-I am an engineering student (Junior), so my GPA of a 3.2, while good for engineering, will not be high enough for any merit-based scholarships.</p>

<p>I have no idea what to do now, and I really don't want to take out any loans. Any advice from you guys?</p>

<p>Oh, and I am working (part of the reason of my low GPA)</p>

2

<p>"He's been able to make 300,000+.."</p>

<p>"my dads business did well last year..."</p>

<p>Why not just use a small part of that $300,000 to pay the $12k you need for college next year? Or did your family spend it-- and if so, why?</p>

<p>If it's gone, your work can cover some of it, and have the folks check on a home equity loan to cover the rest.</p>

3

<p>No one wants to take out loans, but $12,000.00 total college debt probably won't be a hardship to pay off, if you think you can get an engineering job after college.</p>

4

<p>Have you made an appointment with the financial aid office at your college? They may or may not be able to help, but should be your first stop. You are not the first student they will have worked with who has had a change in family finances while enrolled at their school. If nothing else, they may be able to identify other resources for you to explore.</p>

5

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<p>You put this in your post. Do you mean Dad's business did well in 2006 or did Dad's business do well in 2007? Your financial aid for the upcoming (2008-09) school year will be based largely on 2007 income figures (and assets).</p>

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<p>Are you not able to pay your spring bill? Or is this for next year? Your mom says you are "ok for July". That would imply your money situation is for NEXT year.</p>

<p>And lastly...you say you have a scholarship, but your GPA isn't high enough for merit aid. That is a contradictory statement. Most scholarships ARE merit aid. </p>

<p>Can you tell I'm confused by your post? If you are looking for suggestions about the 2008-09 school year, your senior year, please clarify that. You have not yet applied for finaid for that year....and probably won't until after January 1.</p>

<p>And lastly, if you have only $12,000 in loans for the full four years you are in college (I'm assuming that the $12,000 will be what you need for the senior year), that is less than many student have in Stafford loans for the whole four year.</p>