It's a weird combination, regardless. |
Sure. And my Penn State friend went to Yale Law School and is making a lot of money. |
What level private would you choose Penn State over in this case? |
How much loans can students take out? That $5,500K or so a year that every student can take out obviously won't cut it. Was it actually your parents who took out the loans? Or co-signed your loans? Research says below: $5,500 to $12,500 per year The maximum amount that undergraduate students can borrow each year in federal direct subsidized and unsubsidized loans ranges from $5,500 to $12,500 per year, depending on their year in school and whether they're a dependent or independent student. |
Not saying "it never happens!" I'm saying every one of you in OP's position would choose Yale. Every person reading this. (Unless there is another reason, like kid is having a breakdown and needs to be closer to home, or something) |
Those are federal loans. You can always get private student loans as long as parents co-sign and credit worthy. https://www.salliemae.com/student-loans/get-ready-to-borrow/decide-how-much-to-borrow/ |
I went about 30 years ago when I think tuition and board were about 35 K/year, and I think I took out 15K in loans per year. We used my savings and my parents paid the rest. My parents also helped me pay off my loans afterwards, which was extremely kind of them. |
Well, we don't know the exact details of OP's position, including: (1) Intended course of study (2) Whether this will affect opportunities available for siblings (3) Whether this will affect retirement (4) Whether this would require loans (though I'm assuming not, since OP said they could afford either option) |
The child can take out max $5500 a year under FAFSA. No private lender will give a 17 or 18-year -old Sloan because they have no collateral. The parents must fund the difference. All the stuff you hear about student loans issbojt grad school |
Exactly. Making absolute statements about what EVERYONE would do is kind of stupid on a planet with 8 billion people. |
How is this even a question. If you kid lived Yale and go into Yale, I’d make it work. |
Technically it is a higher limit ($27k spread over 4 years, with $5500 being the freshman limit) but ageee |
You are wrong and right. The parents can co-sign a private loan for the child (if that's what you mean by fund the difference). A child can't take one out on their own - but a parent can co-sign a private student loan. |
Agreed. |
It would have to be a very specific scenario for Penn State to make sense in this case. OP gave us two facts. Her son loved Yale and they can afford to pay for it. With those two facts in play, its hard to imagine what additional information we could get that would have Penn State be a more logical choice than Yale. |