Make sure you go to a pubic instate. Many allow a 1 year deferral for enrollment. You can take comm. coll. during the 1-year to build up transfer credits. Or take the guaranteed 2-year transfer arrangements from comm. college.

You need to reframe your thinking. 40k is a starting salary you may VERY well be looking at when your DD graduates depending on her field - even with fancy college connections. Please do not set this up as her having failed. If she wants to go into the government, for example, this is what she’ll start at almost universally regardless. Sorry to go on a tangent, but the way you framed that bothered me. A private college and “connections” can’t assuredly buy your child a high starting salary and it’s really naive to think it can, even if she wants to go into a traditionally higher-paying field.

Anonymous wrote:

Anonymous wrote:I would have her take a gap year, and save as much money as possible while living at home. It would give you more time to save as aggressively as possible. Then reapply more strategically to schools that might offer more FA.

This is very naive. Huge opportunity cost. 1 year of life, 1 year delay graduation, 1 year lost professional wages, and the one year of student salary could lower financial aid next year.

Only do a gap year if there are maturity issues — NOT to make money.

There clearly are maturity issues. A year to grow up and develop a stronger work ethic sounds like a fine idea.Doesn't sound like she's well prepared on any level for college right now.

OMG NOOO DO NOT DO THIS

Anonymous wrote:Another person who says NO. Community college while living at home and then transfer to a state school.

Agreed.

DON'T DO THIS

No mortgage.

Anonymous wrote:I would have her take a gap year, and save as much money as possible while living at home. It would give you more time to save as aggressively as possible. Then reapply more strategically to schools that might offer more FA.

This is very naive. Huge opportunity cost. 1 year of life, 1 year delay graduation, 1 year lost professional wages, and the one year of student salary could lower financial aid next year.

Only do a gap year if there are maturity issues — NOT to make money.

You do not sounds like a family that can afford the bs about "needs connections".

what she needs are good grades at the school she ends up at.

Low GPA with today’s obscene grade inflation demonstrates serious maturity and work ethic issues. 50% of all kids fail out of their BA program. Of the 50% that finish, most take 5 to 7 years to!

Don’t. Don’t touch retirement money either.

Anonymous wrote:

OP -- no. You must not use your home equity or savings to pay for your daughter's college.

Not borrowing from home equity, which is a loan against an asset is one thing. But not using any savings to pay for college? Really?? Colleges do expect something to come from savings (and indeed there are special savings accounts for the purpose of college). Financing college entirely out of income is not typically enough.

I meant retirement savings. Don't take a loan against or cash out your retirement savings.

OP is a single mom with no college degree who is only recently making $100,000/year. I'm assuming that she doesn't have any college savings specifically earmarked such as a 529 fund for her child or she would have mentioned that. I'm also assuming that she doesn't have a big pot of cash sitting around as "savings" or she would have mentioned that instead of pulling from home equity. Unless OP's retirement is on track, that is what she should be focusing on.

Yes, it is not typically possible to finance college entirely from a $100,000 income which is why OP's daughter now needs to take a gap year and think creatively. A college education is possible for OP's daughter but it should not come from OP's home equity or retirment savings.

Also a no on taking out a mortgage. For one thing, if you do it now, before your kid starts school, all of that cash will show up in your next FAFSA, possibly reducing the amount of financial aid. Make sure you understand FAFSA rules, and how assets are counted.

Also, if the offers are below what the calculators suggest then call the schools and get an explanation.

The debt issue is tough. If you have a driven and capable student, taking on some debt to complete a reputable degree in four years and then getting a good job can be a good financial move. It is better to have a $60k job at age 22 with some debt then take extra time in school and have a $60k job at age 25 or 26 with no debt. The rule of no more debt that you expect to make in your first year of work, is a good one.

Anonymous wrote:I would have her take a gap year, and save as much money as possible while living at home. It would give you more time to save as aggressively as possible. Then reapply more strategically to schools that might offer more FA.

+1 And if she didn't do so the first time for sure have her apply to state schools.

Another person who says NO. Community college while living at home and then transfer to a state school.