Anonymous wrote:In addition to resident advisor positions, tere are many campus jobs that provide full tuition remission and a stipend. Ask DC1 and DC2 to make an appointment with the financial aid office to ask about all the available positions on campus they can apply for. There may even be counseling positions in the financial aid office that will provide tuition remission plus a stipend.

There are also many employers that provide tuition payment or reimbursement for part-time employees (Starbucks, Amazon, Target, Chipotle, Wells Fargo, Capital One).

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, I posted about what we did in similar situation, or so I thought, but we know nothing about your assets. You really have to consider those to know if you will be able to pay back loans or make profit on rental, etc.

our assets
300k primary, 250k on rental, 900k retirement, 150k 529
we have normal expenses an we do help parents both side, we have old van and old highlander that is all our asset pretty much.

our rental cannot go up more than this but we can pay monthly (if we take out loan)

OP, I am the person who said I was in a similar situation but we have much more in retirement. In your situation, I would not take from retirement. I’d take a hard look at your rental to see if it is both paying for itself and if it is likely to greatly appreciate. You don’t mention regular savings but you need that too. I hope your youngest landed some nice merit offers or is going in state. You may want to consult with a financial planner as well.

Anonymous wrote:

Anonymous wrote:OP, I posted about what we did in similar situation, or so I thought, but we know nothing about your assets. You really have to consider those to know if you will be able to pay back loans or make profit on rental, etc.

our assets
300k primary, 250k on rental, 900k retirement, 150k 529
we have normal expenses an we do help parents both side, we have old van and old highlander that is all our asset pretty much.

our rental cannot go up more than this but we can pay monthly (if we take out loan)

Anonymous wrote:OP, I posted about what we did in similar situation, or so I thought, but we know nothing about your assets. You really have to consider those to know if you will be able to pay back loans or make profit on rental, etc.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You can’t afford it.

True we can't afford but we can take a loan similar to buying a car or a house.

How will you pay it off? You are close to retirement age and you don’t have a huge income.

You need to cut expenses. And by expenses, I mean the cost of college. Have your kids go to cheaper schools. You can’t afford what you are trying to pay.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1. I can't work out the timeline. You should have sold the rental and paid down the mortgage on primary for best aid. You could do that this spring for FA forms next year, but not sure that's helpful.

3. All three kids should be taking the guaranteed student loan. They can take 5-7k (ish) per year which x3 is not nothing and is totally reseanable for kids to graduate with 25k ish of debt. All of this times 3 matters.

Selling is not an option at least this time as the we have lease agreement that is why considering loan/refinance. They are taking max loan allowed and that help reduce the tuition a little bit.

if you're willing and if the numbers work, would you be willing to trade some/all of the rental for college? if so, take HELOC on house and rental. then when lease is over, sell house and pay off those two loans

Anonymous wrote:

Anonymous wrote:Another option which is a longer shot - scholarships. Especially the National Merit Scholarships.

If your kids are decent test takers and do pretty well at standardized tests, I think it’s worth it to do extra prep before taking the PSAT in junior year. Take a look at what they’d need. Of course you have to be okay with the schools that give full rides to National Merit Semifinalists and Finalists. It’s not the T50. But it’s also no debt.

Start looking at schools and prices and set a budget and expectations. They don’t have to go to an expensive school or out of state or live in a dorm. Have your kids part of the process and apply for scholarships as well.

I thought NMS scholarships were like only $2,500 tops. Not even a dent in a $40-85K tuition.

They are as follows: National Merit Scholarships: $2,500 toward freshman year only. Corporate-sponsored Merit Scholarship awards: These are four-year renewable awards that range from $500 to $2,000 per year.

Anonymous wrote:

Anonymous wrote:You can’t afford it.

True we can't afford but we can take a loan similar to buying a car or a house.

Anonymous wrote:

Anonymous wrote:#1. Do not borrow from retirement. One important consideration is that if your husband borrowed from retirement and then got laid off (not an insignificant consideration in your 60s), you would have to pay back that loan immediately. That happened to my DH (before we married) but fortunately he was almost done with the repayment.

The kids should be taking out the maximum federal student loans. It's a modest amount each year and should not be a burden to repay. And important to consider that if you don't take out the loan one year it does not increase the amount you have available the next year. That is, 1st year can take out $5500, 2nd year $6500, 3rd yr and beyond $7500. If you don't take the $5500 in freshman year, you can still only take the $6500 the next year.

That is what he is saying instead of retirement equity loan is better at this age. You also brought up a good point about getting laid off. All 3 will be taking a loan and work during summer to help a little bit.

Anonymous wrote:

Anonymous wrote:Another option which is a longer shot - scholarships. Especially the National Merit Scholarships.

If your kids are decent test takers and do pretty well at standardized tests, I think it’s worth it to do extra prep before taking the PSAT in junior year. Take a look at what they’d need. Of course you have to be okay with the schools that give full rides to National Merit Semifinalists and Finalists. It’s not the T50. But it’s also no debt.

Start looking at schools and prices and set a budget and expectations. They don’t have to go to an expensive school or out of state or live in a dorm. Have your kids part of the process and apply for scholarships as well.

The 2 kids are already in college, the 3rd one has a good score and looking to some with full ride but not the top for her major. At the end of the day we're considering the best car in state will be 40-50. We still waiting to hear from VA tech EA.