Agree with above posters that you should not take out these loans. DC wants to go out of state as well. I said that merit must make it basically equivalent to instate flagship. I have been pleasantly surprised by the amount of merit available in OOS schools. Just set the rules for money and the kid will respond accordingly.

You may want to check out the Facebook parent group Paying for College 101.

Anonymous wrote:Any chance they can live off campus and obtain state residency after first or second year to significantly lower tuition?

Maybe Utah. But not most state universities, and definitely not California.

Any chance they can live off campus and obtain state residency after first or second year to significantly lower tuition?

Anonymous wrote:

Anonymous wrote: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.

The Cal States are for Californians. Most are notoriously difficult to get in and most, like Cal State Fullerton, have a commuter college feel, and tgeir reputations are not good. It would be better to look at in-state options first.

All public universities are "for" their state residents.

Cal Poly San Luis Obispo is not a bad deal OOS compared to UCs. However, it may be out of OP's budget.

Loans generally spread out the payments but make the total cost higher, because some of the money has to go to pay fees and interest. So if you have $120,000 total for college, you can only afford about $75,000 in loans—the other $45,000 has to go to pay the costs of the loans. If you borrow more than $75,000, you are promising to pay more than $120,000.

Nerd wallet has a simplified calculator you can play with to see how this works.
https://www.nerdwallet.com/article/loans/student-loans/parent-plus-loan-calculator

I guess your kid is saying “don’t worry mom, after college I’ll make the rest of the payments.” He’s not in a position to make that promise. He could die or become disabled, or have a kid, or the economy could tank. And you’d still be responsible for the rest of the payments. The way he can take responsibility for part of the cost of college is by going to a merit-granting school.

Anonymous wrote: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.

The Cal States are for Californians. Most are notoriously difficult to get in and most, like Cal State Fullerton, have a commuter college feel, and tgeir reputations are not good. It would be better to look at in-state options first.

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

This! OP it is not your kid's decision! What state are you in? if VA or MD there are so many great in state schools that will provide an exce;;ent education

Anonymous wrote: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.

OP, tell us what your kid is looking for in a college - size, major, location, academic stats, and your budget. We are here to offer suggestions. There may not be a perfect answer, but there may be some good options you and he are not aware of.

Anonymous wrote:

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?

he has no other options for loans because a 17 year old is a minor. Even at 18 banks won't give him a loan because he has no collateral. you are confined to the $15k FAFSA (remember you have to file to get that)

College counselor here and I really like the PP’s suggestion about finding schools where this will work. There ARE OOS schools where a moderately-achieving student can get significant scholarship funding. Focus on those instead so it doesn’t turn into a battle of in state vs out of state. Then when the time comes, they can make the decision between say VT and, say, Mississippi State.

As everyone else has said, it would be an enormous mistake to cosign for these loans.

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

This. I thank the Lord every day for in-state VA schools

Anonymous wrote:

Anonymous wrote:Your option is to take a loan or say no.

Are parent plus loans the best option? If so, what are the terms (best case)?

we chose to refinance our home to get no 3 through

I see, I believe this answers most of the questions for parents...

https://studentaid.gov/manage-loans/repayment/plans/standard

Anonymous wrote:Your option is to take a loan or say no.

Are parent plus loans the best option? If so, what are the terms (best case)?