Ask MetaFilter questions tagged with money and college

Private Student Loans

rossination — Wed, 30 Sep 2009 13:35:30 -0800

Help me figure out my options for a small (~$4000) student loan. First of all -- forgive my noobish questions here. I am new to student loans and this whole process is getting overwhelming. I can't find previous AskMe questions that are particularly relevant, but if there are other pages that will answer my questions, feel free to direct me there.

I'm in my fifth (and final) year of my undergrad degree and have to take out some loans to cover part of my last year. I need about $7000 and I qualified for (and received) $3500 of subsidized Stafford loans, leaving me with another $3500 that I'll need to acquire through a private source.

What are my options for the private loan? I assume that I should be looking at credit unions first. The first one I visited today (WSECU) doesn't offer student loans, and BECU directed me to their online application, which says I'm ineligible for a loan unless I co-sign with my parents, as I make less than $3000 a month.

While I don't have a big problem having my parents co-sign a loan, I would much rather do this without them if possible, for practical and personal reasons. I have a pretty good credit score in the low 700s (no credit cards, one $4000 car loan that is almost completely paid off, always made payments on time, etc).

What this boils down to is: am I likely to run into the same restriction that BECU placed on me if I go to other credit unions? My gut tells me to avoid large banks, but should I be looking at Chase (my main bank) or other large institutions? What about Fannie Mae or other companies that specialize in loans like this?

Is going to school in the fall really that good? Dilemma [feeling rushed]

Nighthawk3729 — Thu, 06 Aug 2009 21:04:27 -0800

Isolation but saving a few thousand dollars and some time but rushing the college experience and moving on before I can figure out what I want to do or take it slow? I'm going into my 4th year at a 2 year community school, I've been trying to figure out what I want to do, I didn't want to rush through school and get a degree without trying things, but I sit here now with a decision to make.

The gist of the decision is that I can do the second half of my 4th year, or I can save $6,000. I personally don't want to start school during the spring session, I've heard that so many more people come in during the fall semester and that is when most people begin to band together. My first semester at my current school I became really isolated and unhappy to say the least, I got straight C's, that has smashed my GPA from the beginning, I'm a good student, B+ all the way.

I don't even know what school I want to go to for sure, I was assuming I could look around for the next few months and then apply, but my financial backers don't want to give me money to stay another year of what they think is a waste. I'm caught, I don't know what to do, pay the 6,000 or try and figure out a school and become isolated again, again, really wanted to come in during the fall. I want that go into college for the fall feel, it just feels important to me. I'm also really worried of having a huge debt I've got to pay off for the next few year and having that over my head, I hate the idea.

I've had alot to deal with, my dad had a hemoragic stroke and we've all been pitching in to help, my grandmother lives with us, I've been taking care of them basically. On top of that, we've been doing renovations for my kitchen. I've had to deal with these for the past 2 and a half years, I've been less then focuses, I'm still trying t figure out what I can do for a career.

I'm really lost and hoping someone can offer some advice.

So, Isolation but saving a few thousand dollars and some time but rushing the college experience and moving on before I can figure out what I want to do or take it slow?

Is Community College a Reasonable Choice for my Teenage Daughter?

dzaz — Thu, 06 Aug 2009 09:09:46 -0800

Community college: am I asking all the right questions for my soon-to-be-senior daughter? My soon-to-be high school senior daughter and I have been doing the whole college thing. Some background:

she's a solid "C" student (but "A" in English) in one of the top-ranking schools in the state but is not an academic powerhouse (so she's not going to get any scholarships);
she LOVES animals and is at her most joyous at work as a veterinarian assistant;
she recently bought her own retired standardbred racehorse which has turned her around emotionally and given her a whole new level of love and excitement;
she's a very talented writer;

and very importantly about her...
she has had episodes of cutting (PTSD related) in the past (under control now but she is socially shy, sardonic and a little fragile);

financially, I'm a single mom with 3 kids, we live in moderate-income housing and her dad has said he has $0 for college.

We've looked at the impressive state colleges and universities here in Massachusetts, but the only school that has a pre-vet program will probably not accept her as a freshman.

She's expressed an interest in being an English major (which I think is great).

So here's the idea: she would go to a Massachusetts community college for 2 years and then under a program called"Commonwealth Transfer" she would transfer to UMass Amherst or UMass Boston for her degree.

The pros to this plan are many: no college application stress (and as a teen with PTSD, prepping for SATs almost put her over the edge); huge financial savings; she would probably be an academic star; but most importantly she would get to keep her job and her horse. It's almost like 2 more years of high school.

The con is that for now, she'll remain at home and not get to live the dormitory experience, but my instinct is that she would not react well to that, anyway.

I have 2 friends who have also done this plan and both ended up at prestigious universities for their Master's degrees. They both said it was incredibly smart to do.

Any thoughts?

Investment habits for a college student?

Ricket — Sun, 02 Aug 2009 18:13:43 -0800

What are the best investment habits for a college student with decent income to get into, in order to maximize yield in 3 years? I am going into my sophomore year of college.

I recently opened an Orange Savings account with ING Direct and set up an automatic transfer of $30/week into it. It was what I felt safe with at the time. However, while I am glad that it's putting the money somewhere that I don't regularly see it or contemplate withdrawing it, I'd like to know if there are other better options. If my math is correct, the savings account, in the course of three years, will gain around $100 from interest, and I feel like there are better ways to invest my money out there that I just don't know about.

I don't know much about the stock market, but I do have a Scottrade account. I used it to invest quite a bit of money a couple years ago into a penny stock which dropped significantly; but I still have faith in it, and I have no need to withdraw, so I am leaving it to see what happens (rather than taking a significant loss by pulling out). However, this didn't completely scare me away; I just want to be sure, next time, that I do something MUCH less risky and something more universally accepted as a good investment practice, not 'gambling', and that I know when to stop or when to pull out before I lose too much again.

I've heard terms such as mutual fund, index fund, S&P 500, money market... I don't know what any of these are, and I've also heard that some things require minimum deposits. The largest minimum deposit I would be able to make would probably be around $2000, and I'd really like to know that my money will be safe if I do that.

Also, bonds and CDs... Are there any that last only 3 years? I'm not particularly sure what they are either.

So, as you can see, I probably need to take a course on investment, maybe in the spring semester, but for now I feel like I have too much money just sitting in my savings account doing nothing, not even collect a significant amount of interest. My last interest payment was $0.06. What tips can you give me?

And as I've said, I'm hoping for something that I can take out in 3 years, around the time that I graduate, though I'll also take long-term investment tips. And something automatic (on a regular schedule) would be nice! I like the idea of my accounts transferring and saving my money for me, because I know I would neglect to keep it up. Anything in my checking and savings account is fair game for spending, and being a computer science student, I am always drooling over the latest technology.

Thank you!

Going back to school: how do I make it happen financially?

itsacover — Fri, 10 Jul 2009 23:01:48 -0800

I'm trying to go back to school. I have bad credit, some unpaid debt, and cannot afford any classes without help... Help! After 5 years, I'm going back to school to finish my undergrad. My current career is turning into a bust and I'm terribly unhappy with it, so finishing my degree seems like a good way to open new and enjoyable opportunities. I have roughly a year left on the degree. In an ideal world, I would quit my job and go to school full-time since I cannot do both at the same time (my field of work requires a completely flexible schedule). I also cannot afford to take classes without any help, even a class at a time. My income covers my bills and that's about it. I have credit card debt along with a few other things (around $3000 worth) that I am slowly chipping away.

Basically, I need someone to explain to me a) whether it's a good idea to try and get loans that would not only cover my school expenses, but also living expenses (I would get a part-time job also), b) how I might make that happen as I have never dealt with any sort of loans before (plus the bad credit!), and c) why this seems so difficult and overwhelming.

I am, of course, going to talk to the financial aid department at my school, but I would love personal experiences as well as advice from those smarter with finances.

What lender should I pick for my student loans?

amalgamator — Thu, 16 Apr 2009 21:36:15 -0800

Which lender should I use for my government student loans? I have previously attended a direct loan school and thus I had to take out my Stafford and GradPLUS loans through the school directly. I am now going to another school that is FFELP school and I can choose my lender. I was given a preferred list from the school. I remember reading that sometimes the preferred list isn't the best deal around. And that you should shop around. However, I've read that it's getting harder and harder to find great borrower benefits such as waiving loan origination fees.

I found a list of the top 100 lenders. Yet #1 on that list is Sallie Mae which is a terrible company?

Have any of you found a lender that you like with good benefits? Anything else I'm missing?

If I knew then, what I know now...

nineRED — Wed, 08 Apr 2009 05:36:29 -0800

Writing a finance 'book' for my niece...What do you know now about money that you wish you knew at 17? What have you learned the hard way? My niece will be starting college next year and I wanted to buy her a finance book aimed at teenagers in an effort to help her learn about money, pitfalls/scams to avoid, and generally helpful hints about credit, saving, taxes, etc. However, I have instead decided to write a personalized ‘book’ for her filled with beneficial tips, stories, and examples gleaned from various sources.
What would YOU include in a book like this? What do you know now about money that you wish you knew at 17? What have you learned the hard way? Additional topics I should be covering, such as credit cards, car payments, income taxes, credit scores, insurance, online banking, scams, and saving, as well as helpful anecdotes or tips (“Don’t sign up for a credit card on campus just to get the free frisbee…”) are welcome. Bonus points for college-specific stories.
No one taught me about money when I was growing up and I want to make sure that my niece has all the information she needs to make wise decisions.

Do I accept a Greenpeace Internship? But first, $4000 More Student Debt!

Risiko — Sat, 14 Feb 2009 19:58:50 -0800

I'm an Environmental Policy & Planning Major (3rd year). I've been applying to internships over the past weeks for Spring and Summer positions. Great news: I've already been accepted to Greenpeace's "Organizing Term" and I have two other positions I will soon hear a yes/no on for Spring. Bad News: The Greenpeace Organizing Term program will cost me $4000. The program itself is an intensive mix of activities, virtually on a full-time basis (for 2 months of summer, out of 3), including classroom trainings, expeditions to other states (as well as another country for meeting with other international activists), media trainings, and some readings. All of it is included with the cost (including flight/transport/food for a week). What to do? (More in the extended explanation): My Dilemma: I want to be a part of this program for several reasons. But the most salient ones are: (1) This seems like it would be excellent experience, whether I choose to go on a career of political advocacy or otherwise -- environmental consulting, or non-profit office-type work, or government agency type work, or what have you. I know that my public communication skills will undoubtedly improve through the program. By undertaking the program itself, it shows initiative and passion. The not only improves my skillset in a personal sense, but it enhances my job prospects post-graduation too. Moreoever, while only 15 people are accepted for the program each summer, "hundreds" (I'm told) have applied. Might there be a prestige factor that helps my future prospects? Keep in mind, I plan on relying on internships more than most because my GPA is relatively mediocre (I'm working hard to change that though) (2) But also importantly is that I know I'll learn a lot from the experience, and will therefore very likely enjoy it, in general. And, if I find that I don't like it, I will have learned something very useful about myself also, and plan for my future accordingly! (3) Frankly, I have a lot of passion for environmental protection, especially the more I've study it. My generation and even progressively more so, future generations, will have to work harder to protect what is here for us.

On the other hand, I don't want to be a part of the program for the following reason: I don't have the money. Nor do my parents. Trust me, I've pleaded. Moreover, I have almost nothing to my name (despite that I am a sprendthrift compared with most of my peers.) I've worked part-time for part of my college experience. My student debt scares me but my parents have pledged do cut it down dramatically from where it will stand, so I am hopeful. So they're doing all they reasonably can already. Nor can extended family help, as far as I'm aware, but I plan to find out anyway for certain, through 'fundraising' that Greenpeace suggests financially-strapped acceptees to undertake. I've never independently fundraised before, but it'll be a learning opportunity. I'm hoping to scrounge $500 (with wide error margins) that way. Maybe I could do more, who knows -- but my relatives are middle class, and they're getting hit like everybody is now. I can also work part-time from March-May, so that'll net me $1000 more. Beyond that, I've been looking for scholarships through my University and otherwise. The program doesn't qualify for what's available, and there isn't much available right now anyway (says my University Counselor). So there is a big gap. I'm still exploring options, but that leaves me at a shortfall.

So.

I thought some sager advice, over and above my parent's significant uneasiness about it, might be out there.

Which path do you suggest?

SallieMae won't cut me a deal, who else will?

SansPoint — Thu, 29 Jan 2009 20:12:25 -0800

How can I consolidate my PRIVATE student loans, to make my financial life a little easier? I recently consolidated my student loans through the Federal Loan Consolidation program. My payments are now over $100/mo less than before, which is wonderful... but I could only consolidate my Federal Loans, the Staffords and such. I have about $40,000^1. in loans through Sallie-god-damn-Mae, though, that I'm paying $250/mo on. I tried consolidating those through Sallie Mae, but $40,000 isn't quite enough to consolidate with them, and now they're not even doing private loan consolidation. This is bad.

There are private loan consolidation places, but... who the hell do I trust to a) be legit, b) not go out of business or go bust due to the stupid economy, c) be *really* legit, d) not screw me over. Honestly, I don't know where to look. This is, as always, where MeFi comes in.

If it helps, right now I make around $30k a year, before taxes, insurance, and other deductions at my day job, and a varying second income of $400-$800/mo (on average) at my night job. Actually, my night job netted me $17,0000 last year, but that was my only source of income and it was five days a week—I'm down to four days a week now. I started my day job in October, after graduating in May. I don't have the cleanest record in borrower history... failing out of college, missing payments due to low income, and general idiocy, but I've begun to make up for it.

Who can I trust to take these private loans, and say, "Buddy, you can pay us $200 a month, instead."? Help!

^1. All told, having only this much in loans isn't as bad as some people, but since I'm working two jobs to make sure my head stays as much above water as it can right now... well, I don't want to hear any finger-waggling on financial irresponsibility.

How to find scholarships? + advice

BoldStepDesign — Sat, 10 Jan 2009 23:48:07 -0800

I'm looking for a way to pay for school using scholarships. I've applied to dozens of scholarships from places like fastweb to no avail. Are there any other places I should try? Tips and advice on writing and finding scholarships is welcome

Level-up, Economics.

dead_ — Fri, 14 Nov 2008 13:28:09 -0800

I'm looking for a good, intermediate economics textbook. I would like to get a few recommendations on intermediate/advanced economics textbooks that are well suited to self-study. I am particularly interested in macroeconomics and development economics. What are the standard books typically assigned in college courses? Which books have been particularly helpful in moving you from a beginner to intermediate understanding of macroeconomics? Also, books that have associated online content (quizzes, tests) are a plus.

Two Master's Degrees... What are my options?

msposner — Tue, 11 Nov 2008 10:57:38 -0800

This spring I will be finished with my second Master's degree. I've been at my current job for almost three years and while I enjoy it immensely, I am wondering about other opportunities that having two graduate degrees might open up for me. Am hoping to obtain answers especially from individuals who have multiple degrees and have gone into somewhat different career paths. My first graduate degree is a M.S. in Secondary School Education. I am qualified to teach in public school (context area: Social Studies). I also am certified to teach at schools for the deaf but that is not something I want to focus on because of how such institutions are being shut down at an alarming rate.

My second graduate degree is going to be a M.S. in Professional/Rehabilitation Counseling, which I'll be obtaining in May of 2009. I'm not going to be pursuing my Certified Rehabilitation Counselor (CRC) certificate because I was recently on their advisory panel and signed a waiver stating that I promise not to take the CRC test for at least five years due to first-hand exposure to potential test questions. This is perfectly fine with me because I'm not planning on having my own independent counseling practice and I have no desire to work for any of the major insurance companies around here.

I currently work at a state agency as a vocational rehabilitation counselor and while I do enjoy this job very, very much, lately it seems as if I'm often hearing from people (respected professionals) that I should be doing something "better" and so forth.

For me, "better", would be to obtain employment as a researcher (researcher scientist?) or a professor at a college/university, which is actually my ultimate goal but I'm also open to acquiring other, relevant experience that might enhance myself as an educator. I'm a voracious reader and I'm always conducting research- I'd really like to go into education/rehabilitation policy if the opportunity ever presents itself.

For now, my intention is clearly to "stay put" because as I mentioned, I love my job and I enjoy working with my colleagues, however, I have my goals outside of this field and have oftentimes thought about returning to the classroom as a high school teacher.

In a nutshell, my inquiries are defined as follows:

(I) I've been told that having Master degrees in both education and counseling will make me very attractive to school systems. True?

(II) Will the fact that I do not have terminal degrees in either fields (education and counseling) hurt my chances in obtaining research-based positions and/or work as a college instructor?

(III) For someone with two Master's degrees, what are the other fields I could go into when I have specialization in both education and counseling?

(IV) Has anyone experienced negative pitfalls of having multiple graduate degrees such as frequent rejections on the basis of being overqualified?

--------

Caveat #1: I am profoundly deaf. This, unfortunately, creates a lot of barriers for me in the workplace. Many schools have refused to hire me because in order for me to instruct in public schools, they would have to also pay for a full-time sign language interpreter since I communicate primarily in American Sign Language. In their eyes, I'm not cost effective- I'm a budget burden. As I mentioned earlier, I do not want to work at schools for the deaf because of the lack of job security and their notoriously low salaries.

Caveat #2: I've mentioned that I love my current job. However, I am also trying to plan ahead (1-3 years) and have always been open to other opportunities.

Caveat #3: Not really looking to relocate anytime in the near/distant future. Wife loves her job and is pregnant with our first child. We also put a lot of work in our present home.

Caveat #4: I'm 27 years old.

Caveat #5: My current job is paying fully for my second graduate degree, which is really the only reason why I went back to school after I completed my first Master's.

Thanks in advance for all of your suggestions/insights.

Can I take a Stafford loan without the help of my school?

serazin — Mon, 08 Sep 2008 19:29:07 -0800

Can I apply for a Stafford loan without going through my school? I am enrolled in a nursing program at a very disorganized and poorly funded community college. I started August 20. Due to "the new computer system isn't working" type problems, no one's financial aid paperwork has been processed for this year. So I've received no aid and neither has anyone else. The person in charge of loans is refusing to even talk to any students until "the computer system is fixed" which could be "never" as far as I can tell. I'm a broke single mama and I'm starting to get desperate.

I want to apply for subsidized and unsubsidized federal loans. Is there any way I can do this on my own - since the financial aid department will not help me or even talk to me?

Thanks folk!

How does one make the transition between "college student" and business professional" without being wasteful?

DonSlice — Sat, 06 Sep 2008 21:22:31 -0800

How does one make the transition between "college student" and business professional" without being wasteful? My cousin recently took a nice job out west- something that is career-worthy. She's still living like a college student (ie: computing while sitting on the floor, instinctively buying cheaper things because they're cheap, etc).

How can she move from that "college student" mindset without being wasteful with her money?

Help with student loan

Black_Umbrella — Thu, 03 Jul 2008 20:17:05 -0800

I am looking for the best general student loan company. What are your experienes with specific student loan companies? So I have managed to pay for the first 4 years of my 5 year program. But now I am completely broke so I need a student loan.

I have talked to a financial officer at my school who more or less said "most are good". What I would like from the hive are some of your experiences with specific loan providers.

Perhaps you may even know the "best of the best" loan providers if you have recently spent time researching this.

My permenent address is considered to be Maryland and my school is located in New Jersey.

I already recieve federal perkins and direct loans.

Misc. Information:
I NEED the loan to cover everything...i.e.: food, housing, books, tuition, etc

I just put myself into credit card debt by flying back to my school from Australia (study abroad). Can I increase my loan to pay off this debt and consolidate it under a better APR?

Am I allowed to increase my loan by a few grand, 3K - 4K, for my own personal use during my last year? Most will be spent on drinks, concerts and the occasional weekend trip - so not exactly a school expense, just a little NECESSARY relaxation.

I am 21 and bored with life

thegmann — Thu, 08 May 2008 17:45:52 -0800

I am 21, male, and I'm pretty bored with life, I feel stressed about doing nothing. I am having trouble figuring out what it is I really want to do with all of the time I have right now, and I've definitely been stagnating. Give me some advice! I've run a small computer business since I was about 14, and now I've gotten completely bored with it, but I have so much of it automated and outsourced at this point I really do very little (probably 4-6 hours a week) and all of my bills get paid, and I have enough to let me be comfortable for the month (hang with friends, go out, etc.). I recently got my motorcycle license because riding a motorcycle sounds like a ton of fun to me and I've been looking at motorcycles but I can't afford to pay cash for one. I don't want to take on the debt of a loan for something I could possibly destroy within weeks of owning it.

I've always been very motivated but I tend to love having a creative outlet. In high school I was in every play I could get into and I would take extracurricular classes that sounded interesting. I didn't apply for any schools after high school as I was working, but now I am planning on starting at my local CC come fall because I miss the social environment school gave me. In my current work I don't meet anyone new and my daily life is for the most part spent inside or out with my old high school buddies doing nothing very productive.

I have a huge urge to travel but again money comes to mind. I don't want to get a salaried job- I've only worked one in my entire life and while it was an interesting place to be in it didn't challenge me at all.

I feel like I'm just rambling now, I know I'm lucky to be in the position I'm in, I'm in Southern California with all of the time in the world, given my position, what would you do?

How should I complain about this?

GrooveStix — Sun, 23 Dec 2007 19:11:33 -0800

Help me write a good complaint letter so I can get my $99 back. The billing department in my college failed to notify me that they changed their billing practices for the payment plan I use - a four installments plan.

In the past, when my financial aid passed, it respectively cleared the installments of my payment plan. This provided me enough time to gather enough funds, to pay what was left if my aid was short. It usually cleared the first three and I paid the last one.

In this semester when the financial aid passed, it was disbursed onto each payment equally, which left me with a due date in the beginning of the semester.

Now, had I known this, I would've saved and not spend cash on silly things during the summertime, but the problem is that I didn't know AND I wasn't notified about it when I signed up for the payment plan. It ultimately led me be late for three of the payments and pay $99 in late fees, which I believe belong to me. I have never received ANY late fees in my life (yes, I am young. I know. lol)

My question is, what arguments can I use to write a good complaint letter, besides the obvious inconsistency with their past practices. Is this legal? Is there a policy or an act that forbids things like this from happening? From an ethical point, it seems very unfair but I do think that our MeFi hive will have a better idea than me. Please help!

Credit card payments for undergrads

deeman — Thu, 15 Nov 2007 17:50:34 -0800

How can I set up a system for allowing fraternity members to pay their dues by credit card without shelling out cash for a service? Any legal issues? I'm the alumni councelor for my fraternity at my old university and would like to help the undergrads make some positive changes within the chapter. I would like to set up a system where members can pay their dues and alumni can donate money to the chapter by using their credit cards. Obviously the fraternity is a nonprofit organization. First, what legal issues should I be warry about? Second, what are some ways I can accomplish this? I've looked into setting up a paypal account, but can businesses only take credit card payments? Ideally, I would like to give alumni the opportunity to make recurring donations of some trivial amount each month to ensure the undergrads have consistent cash for scholarships, trips, house maintenance, etc. Any idea?

Help me make something for money!

DMan — Sun, 11 Nov 2007 17:57:44 -0800

As a college student in a dorm room with a large amount of free time, how can I make money? So I'm a freshman college student living in a dorm, and I have a lot more free time than I had originally expected. Unfortunately, I'm unable to get a real job because the times I'm free are not consistent from day to day. Besides, I have a scholarship worth $4,000 a year that requires me to maintain a 3.5 GPA, and so that has to be my main focus.

I do find myself with a lot of spare time though, and if there's some way I can earn even a small amount of money, it'd be great. I'm kind of thinking along the lines of something I could make and sell on eBay, but any ideas at all would be greatly appreciated.

Relevant info:
- I am a computer science major, so computer-related stuff is a possibility.
- I have some soldering skill, albeit not much. Willing to learn more and use that, as long as it won't set off the smoke alarm in my dorm room :)
- I also have a set of tools available to me, but I obviously don't have access to a lot of power tools or a shop or anything like that.

I realize this is a very broad question, but I'm hoping someone has been in this situation before or known someone else who has. Any help would be greatly appreciated!

How do I save for college?

kbanas — Mon, 08 Oct 2007 08:41:24 -0800

How do I help my girlfriend make sure her daughter has the resources to pursue a college education? I guess I was kind of privileged. My grandparents and my parents came together when I was nothing but a baby to invest in the Michigan Educational Trust, and, when the time came, my tuition was in the bag and I only had to worry about room and board. Hooray.

My girlfriend has a daughter who is 8. As far as I know, neither she (or the ex-husband) have made any provisions for college, and this concerns me!

I mean, I don't blame them. They're both around 30, and I know, from discussions (with my girlfriend, at least) that they want to save, they just don't know where to start, and with the rush and bustle of making it through the day, it's just one of those things that gets pushed to the back burner.

That's where you guys come in - or, at least, I hope you it's where you guys come in. I'd like to get some information about ways to start - who to talk to, what to do - so that I can hopefully break down an immense problem ("How do I save for my child's college?!") into a manageable first step.

Both parents pull in around 50K a year, more or less. First, is it time to panic? As I said, her daughter is 8. If they start saving conservatively now, will there be enough in the bank when it comes time to enroll in college when she turns 18? I know this depends on a lot of things - in-state vs out-of-state, Yale vs Washtenaw Community College - so let's just assume I'm asking as generically as possible.

Second, where do they start? I've heard a lot about something called a 529 plan. Is that the best way to go? And if it is, who do they talk to? Do they just go to a government website and download the appropriate paperwork? Or do they talk to a financial planner? If it's a financial planner, where do they find one who's reputable? Do they go to their local bank and talk to someone there? You can see, for the financially naive, that this is a dark and mysterious road full of mystery.

Any advice or thoughts you might have on this subject in general would be greatly appreciate.. and not just by me! You're helping the future!

Finding a way out of a tangled web of financial aid

dead_ — Tue, 05 Jun 2007 10:05:20 -0800

I've reached the end of the road for graduate school loans. Well, I was finally accepted to a master's program at my first choice school: Waseda University in Tokyo, Japan. Little did I know that funding my adventure in higher education would prove so ridiculously troublesome and depressing.

My situation is easily summed up as follows: no one wants to give me a loan.

In detail, it goes something like this: I cannot receive any kind of federal loan for graduate school, as my university doesn't admit many American students and as such has no relationship with the Department of Education here in the states--this means that Stafford loans are out of the question. Also, it is an impossibility for the university to get a FAFSA number through the DOE (thus allowing for federal funds) due to the length and intensity of the process and the relatively few American students at the school. I've talked with both the university, and the DOE on that one.

I also seem to have hit a roadblock with private loans. I have found many loans that allow deferred payment and disbursement of funds directly to me, yet during the application process I always encounter the mysterious "eligibility list" of universities they approve or do not approve of--which of course Waseda is not on, excluding me from the loan. After speaking with a few financial aid officers, I realized that these lists are of universities that banks have relationships with so they can determine if the student is still enrolled at full-time (and thus still eligible for the loan). So it looks like private loans are out, too. I've checked hundreds of them, with no luck.

The university itself offers no loans to foreign students, and has no relationships with any US financial institutions.

As for scholarships, I will undoubtedly get them--and have been told as much--however they are not awarded until after matriculation and the initial tuition payments, which I would need a loan to make. I also have no way of knowing how much I'm getting yet.

So what is a foreign-enrolled US citizen to do, with no one to loan him a dollar and his dream school slipping away? That's what I'm asking you.

This has been one of the most disheartening experiences of my life: a long, detailed admissions process fraught with doubt that eventually resulted in the wonderful news of admission to my dream school, and yet now I have no way to finance it--even with the almost certain possibility of scholarship.

Are there any options I haven't tried, or haven't thought of here? Is there anything I can do?

Wedding ring - $500; Wedding - $2000; Honeymoon: $600; Spending the rest of your life with your soulmate - Priceless

tdreyer1 — Fri, 05 Jan 2007 22:13:17 -0800

Poor college student filter: I'm getting married, and have very little money. I'm in my second year of college, and I am getting married this summer. I need tips on how to have an affordable wedding & honeymoon. I appreciate you advice.

best place to borrow for college costs

Postroad — Mon, 08 May 2006 05:07:29 -0800

60 Minutes last evening had a devestating report on the biggest college lending company, Sallie May. Seems they make money when loans plus interest returned; if defaulted, the govt pays tab; and additionally they own the collection agencies going after--relentlessly--those in default. Any suggestions for a superior or decent outfit from which to borrow college money for my son, who goes off to college in the Fall.

College is expensive.

pullayup — Sat, 14 Jan 2006 09:59:25 -0800

College is expensive. I'm resigned to accumulating a certain amount of debt, but I'm increasingly afraid I may not make it through four years with my credit rating intact. I'm quickly becoming cynical about the high price of education in America. Advice? I'll try to keep this short and non-whiny:

I began college last January at age 26. For the first two and a half semesters (that's spring, summer, and half of fall) I continued to work 40hrs./week at my long-term job (a food cooperative), which compensated me to the tune of around 12K/year post-taxes. Federal loans (about two thirds unsubsidized/one third subsidized) covered almost all of my tuition, though no books, room, board, etc., but I made too much money in 2004 to qualify for a Pell grant. I accumulated some credit card debt: school expenses, meals eaten out due to my crammed schedule, etc.

I quit my job in late October when it became clear that any money earned past that point (around $9800) would probably pretty much be coming out of my aid package for the 2006-2007 school year.

I'm now living as cheaply as possible, annd supporting myself in ways calculated to maximise my Federal aid: as much non-taxible income as possible, applying for scholarships, etc. I'll probably get a part time job soon, but have found that fewer hours usually equals lower pay, less flexible schedules, shittier management and more unpleasant working conditions.

Here's what's spooked me: I recently got my credit report, and my total debt is up to around $18000. That may not sound too bad to some of you, but I'm used to living on $10000 or less a year. It's $14000 of student loans plus $4000 on credit cards. I'm beginning to actually wonder if completing my degree is worth it--I'm a biology major--since I'm not looking forward to a lucrative career at the other end.

I want to know: How'd y'all get your degrees without losing your credit rating/sanity? Was it worth it?

How much do you spend in a semester's time?

limeonaire — Fri, 16 Dec 2005 10:43:06 -0800

Two-part question about money and spending per semester: first part for college students, second part for those in the post-collegiate working world. College students: How much do you spend in an average semester on expenses other than housing, tuition, and books? (I.e. money spent that doesn't go to your university in some form. If you don't live in on-campus housing, pretend you do by leaving out your housing/cooking/utilities expenses.) The expenses I'm interested in getting a feeling for are a combination of incidentals (eating out, shopping, entertainment) and unavoidable regular expenses (toiletries, cell phone bill).

Post-collegiates: How much do you currently spend in the same categories in the same period of time, i.e. approximately 3.5 months? (Bonus: About how much did you spend per semester when you were an undergraduate?)

I raise this question because as a current college senior, I had my first paying job this semester, albeit one that pays approximately $3.20 an hour, and as I was looking over my bank account activity for the semester...I found that I'd managed to spend a very significant chunk of my meager earnings.

So my recent review of the semester got me wondering how much others in a similar situation are spending, and how much those who are out of college (making "real" money) spend in the same amount of time.

Note: I'm not casting a value judgment on how much people spend (or don't spend), and you shouldn't either when answering this question. Whether you spend $200/semester or $2,000/semester, I simply ask that you refrain from castigating those who spend significantly more or less. Spending levels can be a very touchy subject for some, I've noticed. I'm not interested in hang-ups or value judgments—I just want the facts, whether that means an itemized accounting of your spending or a semester total.