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What other options for paying for college are there besides parent plus loans to make up the difference?

I took out a parent plus loan in my name to make up the gap between scholarships, grants, stafford loans that my 18 yr. old qualified for (she is a very good student)...basically it covers the little bit of tuition that wasn't covered and room and board. Don't know if she will get the same financial aid next year. I do not want to take out another loan next year because my husband is self employed and our income has dropped so that we are struggling...we still have good credit, but this year was the worst. We also need to focus on some kind of emergency savings for ourselves and add to our retirement funds...we are not so young! If she lived at home we would save that much, although she would need a car to commute. Are there any other options besides parent loans? Or can she take out her own loan? Maybe next year she should live at home.? I did as a college student. She is still a dependent.

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Asked by Anonymous at 3:08 PM on Sep. 3, 2012 in Adult Children (18+)

Answers (9)
  • She can work and she can take out her own loans.

    Answer by Dardenella at 3:19 PM on Sep. 3, 2012

  • There are student work programs where a student works for the college in exchange for tuition being lowered. I had friends the worked in the cafeteria. Does she have a job? I know I worked 39 hours a week in addition to taking 18 credits a semester. She might be able to get a loan herself, but if she doesn't have a job, that might be doubtful, but there are some places that do things like that, but it will most likely be very high interest.

    Answer by layh41407 at 3:21 PM on Sep. 3, 2012

  • She worked over the summer and saved for expenses while on campus...toiletries, etc. I want her to take a full course load and do well...have to keep the gpa up in order to get financial aid. But she can work some, and work next summer. She did apply for work/study, but didn't get it. I will have to call them about that. Thanks.

    Comment by Anonymous (original poster) at 3:32 PM on Sep. 3, 2012

  • She could moonlight as a stripper, the pay is good . Even if she just bartends there she will make bank and pay for it herself ( yeah I know, no momma wants to think of their kid doing that!!)

    Answer by Mrs_Harsh at 3:46 PM on Sep. 3, 2012

  • Any jobs at the college? Also she can take out her own loans. I know you don't want her to get a job but what about doing nanny work on the weekends or one night a week? Nannies in our area are paid quite well.

    Answer by jeanclaudia at 3:48 PM on Sep. 3, 2012

  • Sorry, Mrs_Harsh, that is...harsh :)

    Comment by Anonymous (original poster) at 6:19 PM on Sep. 3, 2012

  • What a terrible suggestion Mrs Harsh.

    Answer by candbtea at 1:25 PM on Sep. 8, 2012

  • I told my kids, two years of community college get those core classes done before transfer off to a big school. I don't see the need in paying all for rooms, etc.. for the core classes. Once they get that done and know the field or career they want to go into - than they can transfer into a school with a good program within their field or career choice. They can still have jobs while living at home, saving what they can for the additional years of school. AND after that two years, they will no longer be my depend and can get their own loans. My oldest has a secured credit care - establishing his own credit.

    Answer by SassySue123 at 11:24 AM on Sep. 9, 2012

  • Yes there are alot of scholarships. I went through college on scholarships and only borrowed $6000 total for undergrad and grad. For example, my grandpa worked for and retired for Santa Fe Railroad- I got a $1500 scholarship every year and it helped with books. My mother was a social worker and I got another scholarship through that. I am Hispanic and I got the National Hispanic Scholarship for 4 years straight. Many local companies and banks have small scholarships. Go with your daughter to her school Financial Aid office and discuss options and scholarships. Good luck to you and your daughter.

    Answer by booklover545 at 3:40 PM on Sep. 30, 2012

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