Reply to Financial Aid --- can anyone get unsubsidized federal loans? Kid's contribution to college costs?

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[quote=Anonymous][quote] I appreciate that you took the time to answer, but I think you are making this an "all or nothing" question.  I was asking what people do.  I do not expect my kids to pay 100%.  But I am very interested in setting up SOME sort of financial responsibility.  To my great surprise, DD was just given $3000 renewable (based on keeping a certain GPA).  We did not expect this b/c her stats were right on the line of getting admitted.  Since I will consider that $3000 part of her contribution, I'm thinking that maybe our "policy" will be that she buys her books and pays for her own spending money.  (I don't think that is particularly onerous.)  There is a chance she will lose that $3000 in year 3 or 4 of college for not having high enough grades.  So, our "policy" has to contemplate that.  And we have a younger child with a different academic profile -- so we have to keep that in mind as well --- having a policy that works for both kids' situations.

I expect books to be about $1000 per year (???).  And I would expect spending money to be about $1000/yr as well.  DD spends very little b/c she is very introverted.  But, even if she goes out for fast food and a movie once a week, that would be $30.  Over the year, it would be about $1000.

I don't know -- we can afford to pay for all of it.  But, I want her to have some financial ownership.  This isn't high school (which is free).  This is college... and it costs a lot!

Like I said, I'm just looking for ideas about what other people's policies have been -- flat rate contribution?  percentage?  specific items?[/quote]

I think paying for books and spending money as the student's contribution is fine. I also think that strong, hard-working students shouldn't be penalized financially for doing well academically (all too often, parents illogically limit their gifted, diligent student to merit-only, less challenging schools in order to have more funding available to fund the tuition of a low-achieving, unmotivated younger child who won't qualify for scholarships. It's wrong to tell your student that she has to turn down Amherst to attend a crappy school like the Univ. of Idaho because you'll need to fund her brother's tuition at Boise State). [/quote]

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