<p>I don't even plan to go to college out of state. One of my parents says it is too expensive even for an in state public college especially one that requires living in a dorm and paying for food/housing fees on your own, transportation, yadda yadda. She worries about the worst - that I will be in debt and I will have trouble finding a job. My parents make 60-79,000 a year. How do other people do it? Just for an in state public university? Are one of my parents just being frugal, worrying about the worst or is she deciding what is right for the whole family? Thanks.</p>
<p>Your mother is right to be concerned about college finances: it’s a huge investment. As an out of state student at a public school you may be looking at over $50,000 per year… a huge percentage of your parents’ pre-tax incomes. Odds of getting financial aid are usually not great, since public schools usually allot their FA to in-state students. Private schools have the means to be more generous, especially if you’re a good/very good student. How do people do it? By saving well in advance, borrowing, or cosigning on loans their child is expected to repay. It’s hard to advise you not knowing where you live or what schools interest you. But if money is an issue – and it sounds like it will be for you – I’d suggest researching your instate options, including the possibility of starting out at a community college first.</p>
<p>Try the net price calculators on the web sites of the colleges in question, so that you have estimates of cost and financial aid to make decisions on, instead of using assumptions that may be incorrect. Since you did not mention the state or the colleges, no one else can do that for you.</p>
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<p>Other people get as much financial aid as possible, get some money from parents, and borrow some. Borrowing is only a bad idea if the payments when you graduate are disproportionate to your income. If you’re going to an instate public, it’s usually worth borrowing. </p>
<p>Your parents are being overly protective and parsimonious IMHO. Living in a dorm is a growing experience. Actually, for both of you.</p>
<p>Spend some time in the Financial Aid Forum reading up on this, and read through the information at [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org)</p>
<p>The simple truth is that more students attend commuting distance colleges and universities than attend places where they live on campus or in apartments near campus. Your mom isn’t merely being frugal. She is in the majority.</p>
<p>Find out from your parents how much money they can afford to pay toward your education, whether or not it is OK for you to work while you are in school, and whether or not it is OK for you to take out the federal loans ($5,500 freshman year, $6,500 sophomore year, $7,500 junior year, and $7,500 senior year). Ask if they will help you pay for an additional year of college or summer school if you can’t finish in just four years. Then use the budget you have come up with to find places that will be affordable for your family.</p>
<p>Maybe a compromise – live at home and attend a CC (assuming there is one within driving distance) and then transfer to a state university. You say that you are not looking to attend college out of your state, so this would require room/board for just a couple of years rather than all 4+ years, plus paying the in-state tuition/fees.</p>
<p>other people do it by either having larger incomes, or by qualifying for lots of aid or scholarships. </p>
<p>It’s very hard for families with your parents’ income to pay for the “sleep away” experience. It’s just too expensive for them.</p>
<p>What state are you in? </p>
<p>What are your stats?</p>
<p>What is your likely major?</p>
<p>How much can your parents contribute each year? Ask them if you don’t know.</p>
<p>You can borrow up to $5500 for frosh year …borrowing more is very risky and would require a cosigner, which your parents won’t do. </p>
<p>Borrowing the max of fed student loans is really the most that MOST majors should borrow. Most newish grads do NOT make a lot of money. Most do NOT earn enough to pay for their living expenses AND make large loan payments. Borrowing the max fed loans will give you a monthly payment of about $300 a month. That’s equivalent of an EXTRA car loan…for 10 long years. </p>
<p>It sounds like your family’s income is too high for federal grants, but in some states you might qualify for state aid. </p>
<p>Have your parents run the Net Price Calculator on a few school’s websites.</p>
<p>If you apply to some of these instate far-away schools and you don’t get the needed aid, then attend your local public and commute. Be sure to apply to your local public!</p>
<p>Living in a dorm is a growing experience</p>
<p>True, true, true. But also true that MOST American students (and their families) cannot afford this and don’t get the aid. Going away to school is a luxury.</p>