college loans and college applications

[jennyo]

CMcG – There are loan repayment programs available to nursing students who commit to working in a state institution (like a veterans home) for a period of time after school, or for nursing students who commit to teaching instead of practicing for some period of time, since part of the reason why educational capacity for nursing students is so dismal is a lack of nursing instructors. These options might not work for your daughter if she plans to go straight to grad school, but they are a way to stay out of debt. The teaching program is called SNAPLE and is administered through the California Student Aid Commission.

[CMcG]

jennyo–Thank you so much. I had never heard about that and will look into it right away.

[CMcG]

jennyo–Thank you so much. I had never heard about that and will look into it right away.

[CMcG]

jennyo–Thank you so much. I had never heard about that and will look into it right away.

[CMcG]

jennyo–Thank you so much. I had never heard about that and will look into it right away.

[CMcG]

jennyo–Thank you so much. I had never heard about that and will look into it right away.

[Raybyrnes]

CMcG

Doesn’t make a lot of sense why a parent would pay for 2 years of school without being committed to the full boat. Sort of like helping a kid swim half way across the pond. If they can’t make it all the way across you are only helping them to drown.

That being said you can help your student in a couple of ways. With loan options the federal government provides parents with the PLUS loan currently fixed at 8.5% or 7.9 at Direct lending schools. On trick with this loan is that if you apply for it but use a wrong social security you will come up declined for the loan. You can have that decline letter sent to the school and they will use that to qualify the student as an independent student. As an independent student the amount of stafford loans they are eligible for increases from 5500 as a Jr and Senior to 10500 each year. The current rate on stafford loans are 6.8% fixed and depending upon your financial status some of that might be in the form of a subsidized stafford loan (government pays the interst on the loan while the student is in school and up until 6 months after graduation)

2 other things to keep in mind about financial aid for school. First the student assests are counted far more heavily in the calculation than the parent so make sure that the student is not keeping any money in their names.

2 schools do not count you home in the asssets section. Therefore a suggestion to all parents is that if you are a current home owner with College bound student it is a good idea to open up a line of credit to give yourself access to the equity in the house. Follow that up by taking a chunk of savings and paying down the mortgage. This way you are house rich and savings poor.

Last but not least take home the minimum amount of paycheck that you can. By this I means max out 401k , Flexible spending account and dependant care accounts. The less income you have the more aid you are eligible for.

After college the student can look to move their loans to the Direct Loan Program and potentially have their loans forgiven in area like Teaching and nursing. Some websites to check out are

http://www.mapping-your-future.org/pauying/loanForgiveness.htm

http://ifap.ed.gov/regcomps/doc4280_bodyoftext.htm

http://bhpr.hrsa.gov/nursing/loanrepay.htm

Godd luck

[Raybyrnes]

CMcG

Doesn’t make a lot of sense why a parent would pay for 2 years of school without being committed to the full boat. Sort of like helping a kid swim half way across the pond. If they can’t make it all the way across you are only helping them to drown.

That being said you can help your student in a couple of ways. With loan options the federal government provides parents with the PLUS loan currently fixed at 8.5% or 7.9 at Direct lending schools. On trick with this loan is that if you apply for it but use a wrong social security you will come up declined for the loan. You can have that decline letter sent to the school and they will use that to qualify the student as an independent student. As an independent student the amount of stafford loans they are eligible for increases from 5500 as a Jr and Senior to 10500 each year. The current rate on stafford loans are 6.8% fixed and depending upon your financial status some of that might be in the form of a subsidized stafford loan (government pays the interst on the loan while the student is in school and up until 6 months after graduation)

2 other things to keep in mind about financial aid for school. First the student assests are counted far more heavily in the calculation than the parent so make sure that the student is not keeping any money in their names.

2 schools do not count you home in the asssets section. Therefore a suggestion to all parents is that if you are a current home owner with College bound student it is a good idea to open up a line of credit to give yourself access to the equity in the house. Follow that up by taking a chunk of savings and paying down the mortgage. This way you are house rich and savings poor.

Last but not least take home the minimum amount of paycheck that you can. By this I means max out 401k , Flexible spending account and dependant care accounts. The less income you have the more aid you are eligible for.

After college the student can look to move their loans to the Direct Loan Program and potentially have their loans forgiven in area like Teaching and nursing. Some websites to check out are

http://www.mapping-your-future.org/pauying/loanForgiveness.htm

http://ifap.ed.gov/regcomps/doc4280_bodyoftext.htm

http://bhpr.hrsa.gov/nursing/loanrepay.htm

Godd luck

[Raybyrnes]

CMcG

Doesn’t make a lot of sense why a parent would pay for 2 years of school without being committed to the full boat. Sort of like helping a kid swim half way across the pond. If they can’t make it all the way across you are only helping them to drown.

That being said you can help your student in a couple of ways. With loan options the federal government provides parents with the PLUS loan currently fixed at 8.5% or 7.9 at Direct lending schools. On trick with this loan is that if you apply for it but use a wrong social security you will come up declined for the loan. You can have that decline letter sent to the school and they will use that to qualify the student as an independent student. As an independent student the amount of stafford loans they are eligible for increases from 5500 as a Jr and Senior to 10500 each year. The current rate on stafford loans are 6.8% fixed and depending upon your financial status some of that might be in the form of a subsidized stafford loan (government pays the interst on the loan while the student is in school and up until 6 months after graduation)

2 other things to keep in mind about financial aid for school. First the student assests are counted far more heavily in the calculation than the parent so make sure that the student is not keeping any money in their names.

2 schools do not count you home in the asssets section. Therefore a suggestion to all parents is that if you are a current home owner with College bound student it is a good idea to open up a line of credit to give yourself access to the equity in the house. Follow that up by taking a chunk of savings and paying down the mortgage. This way you are house rich and savings poor.

Last but not least take home the minimum amount of paycheck that you can. By this I means max out 401k , Flexible spending account and dependant care accounts. The less income you have the more aid you are eligible for.

After college the student can look to move their loans to the Direct Loan Program and potentially have their loans forgiven in area like Teaching and nursing. Some websites to check out are

http://www.mapping-your-future.org/pauying/loanForgiveness.htm

http://ifap.ed.gov/regcomps/doc4280_bodyoftext.htm

http://bhpr.hrsa.gov/nursing/loanrepay.htm

Godd luck

[Raybyrnes]

CMcG

Doesn’t make a lot of sense why a parent would pay for 2 years of school without being committed to the full boat. Sort of like helping a kid swim half way across the pond. If they can’t make it all the way across you are only helping them to drown.

That being said you can help your student in a couple of ways. With loan options the federal government provides parents with the PLUS loan currently fixed at 8.5% or 7.9 at Direct lending schools. On trick with this loan is that if you apply for it but use a wrong social security you will come up declined for the loan. You can have that decline letter sent to the school and they will use that to qualify the student as an independent student. As an independent student the amount of stafford loans they are eligible for increases from 5500 as a Jr and Senior to 10500 each year. The current rate on stafford loans are 6.8% fixed and depending upon your financial status some of that might be in the form of a subsidized stafford loan (government pays the interst on the loan while the student is in school and up until 6 months after graduation)

2 other things to keep in mind about financial aid for school. First the student assests are counted far more heavily in the calculation than the parent so make sure that the student is not keeping any money in their names.

2 schools do not count you home in the asssets section. Therefore a suggestion to all parents is that if you are a current home owner with College bound student it is a good idea to open up a line of credit to give yourself access to the equity in the house. Follow that up by taking a chunk of savings and paying down the mortgage. This way you are house rich and savings poor.

Last but not least take home the minimum amount of paycheck that you can. By this I means max out 401k , Flexible spending account and dependant care accounts. The less income you have the more aid you are eligible for.

After college the student can look to move their loans to the Direct Loan Program and potentially have their loans forgiven in area like Teaching and nursing. Some websites to check out are

http://www.mapping-your-future.org/pauying/loanForgiveness.htm

http://ifap.ed.gov/regcomps/doc4280_bodyoftext.htm

http://bhpr.hrsa.gov/nursing/loanrepay.htm

Godd luck

[Raybyrnes]

CMcG

Doesn’t make a lot of sense why a parent would pay for 2 years of school without being committed to the full boat. Sort of like helping a kid swim half way across the pond. If they can’t make it all the way across you are only helping them to drown.

That being said you can help your student in a couple of ways. With loan options the federal government provides parents with the PLUS loan currently fixed at 8.5% or 7.9 at Direct lending schools. On trick with this loan is that if you apply for it but use a wrong social security you will come up declined for the loan. You can have that decline letter sent to the school and they will use that to qualify the student as an independent student. As an independent student the amount of stafford loans they are eligible for increases from 5500 as a Jr and Senior to 10500 each year. The current rate on stafford loans are 6.8% fixed and depending upon your financial status some of that might be in the form of a subsidized stafford loan (government pays the interst on the loan while the student is in school and up until 6 months after graduation)

2 other things to keep in mind about financial aid for school. First the student assests are counted far more heavily in the calculation than the parent so make sure that the student is not keeping any money in their names.

2 schools do not count you home in the asssets section. Therefore a suggestion to all parents is that if you are a current home owner with College bound student it is a good idea to open up a line of credit to give yourself access to the equity in the house. Follow that up by taking a chunk of savings and paying down the mortgage. This way you are house rich and savings poor.

Last but not least take home the minimum amount of paycheck that you can. By this I means max out 401k , Flexible spending account and dependant care accounts. The less income you have the more aid you are eligible for.

After college the student can look to move their loans to the Direct Loan Program and potentially have their loans forgiven in area like Teaching and nursing. Some websites to check out are

http://www.mapping-your-future.org/pauying/loanForgiveness.htm

http://ifap.ed.gov/regcomps/doc4280_bodyoftext.htm

http://bhpr.hrsa.gov/nursing/loanrepay.htm

Godd luck

[CMcG]

Thanks, Ray. I will look into your links. Very helpful. We, however, warned her from the start that there was only enough 529 money for two years of a private university. I guess she’s not to blame, because people are not all that smart at 18. We could have easily paid for her to go to a CSU for all four years, but they didn’t offer the program she needed or the program she needed was impacted and there was a waiting list. We are not interested in getting into more debt or putting our house on the line because she will easily make more having a BSN even without a graduate degree coming out of college than either one of us makes. My husband worked his way through SDSU in the 1970s doing crappy jobs; my parents at least paid the princely sum of $105 for the tuition per semester during the same period.

[CMcG]

Thanks, Ray. I will look into your links. Very helpful. We, however, warned her from the start that there was only enough 529 money for two years of a private university. I guess she’s not to blame, because people are not all that smart at 18. We could have easily paid for her to go to a CSU for all four years, but they didn’t offer the program she needed or the program she needed was impacted and there was a waiting list. We are not interested in getting into more debt or putting our house on the line because she will easily make more having a BSN even without a graduate degree coming out of college than either one of us makes. My husband worked his way through SDSU in the 1970s doing crappy jobs; my parents at least paid the princely sum of $105 for the tuition per semester during the same period.

[CMcG]

Thanks, Ray. I will look into your links. Very helpful. We, however, warned her from the start that there was only enough 529 money for two years of a private university. I guess she’s not to blame, because people are not all that smart at 18. We could have easily paid for her to go to a CSU for all four years, but they didn’t offer the program she needed or the program she needed was impacted and there was a waiting list. We are not interested in getting into more debt or putting our house on the line because she will easily make more having a BSN even without a graduate degree coming out of college than either one of us makes. My husband worked his way through SDSU in the 1970s doing crappy jobs; my parents at least paid the princely sum of $105 for the tuition per semester during the same period.

[CMcG]

Thanks, Ray. I will look into your links. Very helpful. We, however, warned her from the start that there was only enough 529 money for two years of a private university. I guess she’s not to blame, because people are not all that smart at 18. We could have easily paid for her to go to a CSU for all four years, but they didn’t offer the program she needed or the program she needed was impacted and there was a waiting list. We are not interested in getting into more debt or putting our house on the line because she will easily make more having a BSN even without a graduate degree coming out of college than either one of us makes. My husband worked his way through SDSU in the 1970s doing crappy jobs; my parents at least paid the princely sum of $105 for the tuition per semester during the same period.

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