Cost paying OOS college, what are options?

[Anonymous]

DC wants OOS college at +2x the price of our state college (had many discussions.... yikes).

College website states ~70k per year, fafsa calculator states 7.5k per year eligible for DC.

If I understand correctly (ex. https://www.reddit.com/r/UCI/comments/1dn3yf6/as_an_oos_student_do_i_still_receive_federal_aid/), parents (HHI over 150k) take out a yearly loan for remaining balance (Direct PLUS Loans @ 9%), pay monthly/interest on the loan, and hope DC becomes successfully employed in a high paying field upon graduation to take over the parents loan (even though the loan is in parents name)?

Can student take additional loans? If so, can payments be deferred until graduation? Can non-working/min-wage part-time students qualify for a significant loan amount?

10 year monthly payment at 9% for 240k is ~3k monthly.

[Anonymous]

Is there no chance of merit or fin aid?
Seems risky to saddle child with debt.

[Anonymous]

You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered

[Anonymous]

Anonymous wrote:Is there no chance of merit or fin aid?
Seems risky to saddle child with debt.

Yes agreed. I am new to this and want a clear cost picture to relay to DC.

[Anonymous]

Anonymous wrote:You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered

DC says, "don't worry, when I graduate, I will pay it all back"......

I said, I only have 120k for you, so if you really want OOS, your monthly is $$$$. What is that monthly?

 

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered

DC says, "don't worry, when I graduate, I will pay it all back"......

I said, I only have 120k for you, so if you really want OOS, your monthly is $$$$. What is that monthly?

If you are cosigning the loans, it is your debt. It doesn’t matter what some 17/18 year old promises you. He has no idea what $3k a month means.

[Anonymous]

You cannot afford the OOS school. Tough luck for your kid. There are many other schools you can afford.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered

DC says, "don't worry, when I graduate, I will pay it all back"......

I said, I only have 120k for you, so if you really want OOS, your monthly is $$$$. What is that monthly?

If you are cosigning the loans, it is your debt. It doesn’t matter what some 17/18 year old promises you. He has no idea what $3k a month means.

Understood.

In my case, DC has no other loan/payment options correct? For the parents, educational loans are 6-9% for 10 year term?

[Anonymous]

Anonymous wrote:You cannot afford the OOS school. Tough luck for your kid. There are many other schools you can afford.

Need to know clear picture of cost. If I understand correctly, student can take ~7k fafsa, parents take remaining balance at 6-9% for a 10yr loan? Are 15-20 year loans available? parent plus loan are what they are called?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered

DC says, "don't worry, when I graduate, I will pay it all back"......

I said, I only have 120k for you, so if you really want OOS, your monthly is $$$$. What is that monthly?

Instead of monthly, I’d frame it in terms of semesters. You can afford about $10,000-12,000 a semester. He should start saving money now for books, lab fees, etc. to pay for on his own.
Avoid loans. Think of them as “not an option”
 

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're doing this backwards OP.
YOU decide what you can afford
then, college options are considered

DC says, "don't worry, when I graduate, I will pay it all back"......

I said, I only have 120k for you, so if you really want OOS, your monthly is $$$$. What is that monthly?
 

Instead of monthly, I’d frame it in terms of semesters. You can afford about $10,000-12,000 a semester. He should start saving money now for books, lab fees, etc. to pay for on his own.
Avoid loans. Think of them as “not an option”

[Anonymous]

Your option is to take a loan or say no.

[Anonymous]

Research the merit scholarships given at the schools. Decide on if you can afford the difference, assuming child gets in.

[Anonymous]

Have him look for (1) public universities that offer merit scholarships to OOS students and (2) private universities that offer need-based aid. You can get estimates of need-based aid by using college Net Price Calculators.

What is he looking for, something out west? U Arizona and Arizona State have scholarship calculators on their websites. Wyoming. Fort Collins.

The Cal State Universities are cheaper than the UCs.

[Anonymous]

MSU Bozeman