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Date Posted: 20:07:41 11/05/11 Sat
Author: Ann
Subject: Encourage your children to get to know the admissions rep from the colleges he/she is considering. Personal knowledge on the part of the admissions staff can come in very handy. Inside for some financial aid advice...
In reply to: TF 's message, "Grown up stuff" on 18:28:36 11/04/11 Fri

One nice thing - as of Oct. 29, all colleges have to have a financial aid estimator on their websites. Using your most recent info, you can get a decent idea of what kind of aid your child will be offered. While there are a few colleges (Princeton, Yale and Vanderbilt for sure) that no longer give loans, just grants and work study, some schools will offer huge loans. As a parent, it is up to you to say "no, you can't take that offer" if the loan amount is too high. A rule of thumb is don't borrow more for a degree than you can expect as a first year salary upon graduation. So an engineering major can easily swing $6,000 a year, but a fine arts major probably should borrow only half that amount.

If your child is thinking of going to grad or professional school after college, that needs to be considered as well, when looking at loans. It will probably be necessary to borrow then, so try not to borrow too much at the BA level.

Last, but definitely not least, there are some programs that give students educational stipends at the end. Not only the military, but the Peace Corps and Americorps offer their alumni educational grants that can be used to pay off some student loans or pay for grad school.

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Replies:

[> [> I want her to be independent thats true, I'm just not ready for it. It seems to have happened so fast. Also, she will not be getting any kind of student loan. If she cant get grants or scholarships then she will go to a community college. I know way too many people who are in their 30's still struggling to pay for student loans. -- TF, 15:11:16 11/06/11 Sun [1]


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[> [> [> What does she want to DO, actually? I'm beginning to think that college degrees aren't all that necessary for some jobs, and old-fashioned apprenticships are going to be the next big thing for job training & career determination. Not all jobs, but you certainly don't need a business degree to help people open checking accounts, (for example). -- The Chief, 20:59:24 11/06/11 Sun [1]


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[> [> [> one thing my daughter did - is she gets enough financial aid and scholarship money that with just a $25 a week allowance from us- everything is paid - but she's borrowed all the subsidized loans she's allowed and put that money in the credit union - she earns a little bit of interest and at only 4% starting after she graduates -if she pays it back within six months of graduating - there's no interest so she keeps what little she earns - depending on where things are when she's done - she might even keep the money and use it toward a downpayment on a house -- chris k, 21:14:13 11/06/11 Sun [1]


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[> [> [> [> She wants to get her bachelors in radiology. She wants to get a job, maybe pulling weekend call, then she can go back to school if she wants to zero in on a particular area like CT imaging or MRI maybe even ultra sound/sonography. She was wanting to do Radiation Therapy but she got thinking about all the kids she may have to treat and it would hurt her heart too much. -- TF, 21:45:03 11/06/11 Sun [1]


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[> [> [> [> [> Excellent. There are always jobs in the medical field. And there are usually lots of opportnities for internships, volunteering, candy-striping and such. All that hands-on will boost her resume. -- The Chief, 07:01:05 11/07/11 Mon [1]


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