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Question about college

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My daughter is a senior and she plans on going to college.

I have been told that we are not going to get much financial aid if any. Her grades are very good but not super genius excellent. So I'm not sure about scholarships.

My question is...what should be our first option if the above fails? What about the a second option.

Her school counselor told me about parent plus loans where we co-sign.

Any suggestions would be great. I just wanna keep myself out of debt and her....or as much as we can stay out of debt.

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Enlist in the military. [i realize that enlisting during wartime is an unconventional thought for most 18 year olds with good grades.... however, it's only four years.]

In many cases, she would qualify for a five figure signing bonus up front. She would get paid for her time with a full benefits package far greater than any part-time college job. Most important, is that she would earn the GI Bill, essentially enabling her to go to school for free on the taxpayers' dime at the age of 22/23, at which time, she'll be a lot more mature and the money in her bank account from 4 years of full-time work will make college that much more enjoyable. Further, when she's done with school, she won't have the noose of student loans hung around her neck--and neither will you.

It's just one option...

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In January, file a FAFSA and see just what your EFC is. You'll know much more at that time.

Additionally, consider state schools and possibly even a 2yr local community college with a transfer into a university for the following 2 years.

Make sure you apply for Pell grants. And have your daughter take on as much subsidized stafford debt as is possible (if needed) before getting into cosigning for additional monies. The feds pay the interest while she is a full-time student and you aren't on the hook.

One much overlooked item- make sure she studies in a field that will result in a solid income stream. The folks that I know who are struggling to make student loan payments tended to study english, women's studies, general liberal arts, etc. While this may be interesting to the student, these people have very little pricing power in today's labor market following graduation. Those that are doing well studied chemistry, engineering, accounting, etc. Big big difference. She will thank you one day if you make this demand on her now. At 18 years old, this isn't obvious. Others I know who are doing well didn't go to college at all. They learned a trade (electrical, plumbing, carpentry, landscape design, worked hard in the industry for 10 years or so and then started their own businesses. Not a bad option in today's world.

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thanks for the advice.

She's going into pre-vet. Her first choice is OSU which is in-state. But she does have a few backups....two..in state and one out of state.

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Most of banks provide financial support to deserving students for pursuing higher, professional or technical education. Why don’t you opt this option?

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Additionally, consider state schools and possibly even a 2yr local community college with a transfer into a university for the following 2 years.

Make sure you apply for Pell grants. And have your daughter take on as much subsidized stafford debt as is possible (if needed) before getting into cosigning for additional monies. The feds pay the interest while she is a full-time student and you aren't on the hook.

I agree 100%. Despite what you hear about the cost of a college education, it truly is possible to get a degree without going into debt up to your eyeballs.

I mean, really, why pay $10 grand for freshman courses at OSU when you can get the same thing for probably nothing, at someplace like Hocking College or other similar school? Better yet, enroll somewhere online, take CLEP tests for your required subjects and get your transferrable AA in less than a year.

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I guess the reality of the situation is that there is no magic bullet. Trim some here & there, apply for as much grant money as possible, supplement with Staffiord aid if you need more, stay as local as possible (preferably in-state), buy books online instead of in the bookstore, have the student work a part-time job (work study isn't a bad option), and consider a 2yr local school with a transfer.

If the child is under 10, I'd say put as much as possible into a 529, but that doesn't apply here.

To the OP- I'm a product of a Big Ten in-state university. Compared to others who went elsewhere, the value was incredible and the education was superior. My BS was in Biochemistry & Molecular Biology. By graduation, I had hands on experience with multi-million dollar equipment (such as gene sequencers, NMR, etc). Once in industry, I realized that only a select few had this experience offered to them as undergrads. And I probably paid 25% of the amount of other small private universities. My parents didn't contribute one dime (they were flat broke), so costs mattered.

Good luck!!!

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I guess the reality of the situation is that there is no magic bullet. Trim some here & there, apply for as much grant money as possible, supplement with Staffiord aid if you need more, stay as local as possible (preferably in-state), buy books online instead of in the bookstore, have the student work a part-time job (work study isn't a bad option), and consider a 2yr local school with a transfer.

If the child is under 10, I'd say put as much as possible into a 529, but that doesn't apply here.

To the OP- I'm a product of a Big Ten in-state university. Compared to others who went elsewhere, the value was incredible and the education was superior. My BS was in Biochemistry & Molecular Biology. By graduation, I had hands on experience with multi-million dollar equipment (such as gene sequencers, NMR, etc). Once in industry, I realized that only a select few had this experience offered to them as undergrads. And I probably paid 25% of the amount of other small private universities. My parents didn't contribute one dime (they were flat broke), so costs mattered.

Good luck!!!

I infer that you went to Penn State..

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