HAVE YOU BEEN
If you are a senior
and you've been following
then you can expect to
have the best Christmas ever!
seniors can expect
to earn big money
Just fill out all
by December 1st.
Okay, I'll be the first to admit that the last thing I want to do in December of my senior year is fill out more applications. Wasn't it enough that I got my college admission apps in by November?
Jeez, can't I catch a break?
As my kid is fond of saying, "you can rest when you're done!".
And it ain't over until you can afford a college education without taking on massive student or parent debt that will haunt you for the next decade (if you're luckily).
College is expensive. The average state school cost about $23,ooo per year for four years and that is if you buy your books online from a discounter and don't splurge on things like study abroad and summer sessions. If you want to go to a school like Harvard ($70k) or Stanford ($62k for in-state) or Columbia ($72k in-state) or Yale ($64k) or any other top private university, the privilege is going to set you back a pretty penny.
The best way to avoid debt is to plan ahead and apply by the early deadlines so that you have the best chance at getting some form of financial aid ----- hopefully some form of financial aid that does not include loans for both the student and the parent. The best way to get financial aid that you don't have to pay back is to turn in scholarship applications directly to the college or to an affiliated endowment program that is associated with the college. Miss this step or do it after the New Year and you will take on debt for college.
I know most parents say that they are definitely not taking on loans for college but the truth is that students are only allowed to borrow so much per year, then the rest of the debt ends up being Parent Plus Loans. Think it won't happen to you?
Quick Story - In 2015 a client went off to a major U. in DC. Parents were told that student had "full financial aid". Parents thought that that the money would not have to get paid back. So parents said okay. Classes started in August. The student was thrilled. Parents were proud. In October, student got an email from U. that her tuition was overdue and she would be dropped from classes on Monday if payment was not brought up-to-date. I got a call from panicky parents. I called the U. Turns out the student's "full financial aid" was $11,000 in student loans and $47,000 in Parent Plus Loans. A total of $58k in loans for one year of college! The student had filled out her loan forms but the PPL was never signed or submitted so no payment was made. Their options were limited. . .
Be dropped from classes . . . Student will still owe $26k for fall & have no credits
Stay in class . . . But sign loans for $58k!
THEY SIGNED THE LOAN PAPERS!