Source
r/StudentLoans•
jeehoon

Student looking for advice on paying for college

Hello,

I am 19 years old and about to finish my two years at cc. As of right now I have no debt because my parents paid for my first two years for which I'm really grateful. However once I transfer I will not be receiving help from my parents.

My tuition will be around 9k a year and I plan on attending 2-3 years. I will not be receiving any grants because my parents are in the upper middle class.

Anyways enough background info... to my knowledge I have two options

  1. apply for a personal loan
  2. join army/airforce/navy to help pay for my college. Hopefully I want to enlist after I'm done with school.

Any advice is welcome!

Posted May 5, 2015, 7:01 PM UTC

510
ANGR1STExperienced Borrower•

FAFSA.

Take Federal student loans.

Don't get a personal loan. Don't try to do ROTC unless you're planning on the after school service they require (5 years?). If you skip out on that you have to pay them back.

3
jeehoonOP•

I couldn't even apply for federal loans iirc. My parents total make around $160k. Wow I didn't know you had to be in rotc for them to pay for your tuition. Thank you.

1
ANGR1STExperienced Borrower•

I couldn't even apply for federal loans iirc. My parents total make around $160k.

Yes you can.

Many schools also require a FAFSA for any internal grants or scholarships.

If your parent's income is high, you won't get much in the way of grants and you probably won't get any subsidized loans, but you will qualify for un-subsidized loans. They are not need based.

If you end up needing private loans to cover the balance ... get a co-signer. Your parents would be perfect.

3
jeehoonOP•

Oh okay I see. Thank you very much!

1
aaronsweber•

First off, no matter what your family income and resources, you can still take out federal Stafford loans. Start with http://fafsa.gov -- that should cover about $5,000 per year of your tuition. If your parents have extenuating financial circumstances not reflected by their income (they make great money but they also support your ailing grandmother, or have a special-needs child at home that takes up a lot of time and money, or they have a bunch of kids in college at the same time) then you may also be eligible for additional grant aid.

You should also go to the financial aid office at your school and talk to them about the process. They are there to help make college possible. They may be aware of additional programs in your area or in your school.

Obviously, you'll want a part-time job. But try to keep it under 20 hours a week, so you still have time to study. Remember, studying is job number 1. If you don't make satisfactory academic progress, you can lose a lot.

Also, have a serious, thoughtful, calm conversation about money with your parents. They've helped you a lot so far, and it sounds like they want you to support yourself. That's admirable. If you demonstrate your responsibility, will they match your efforts with a bit of a boost? Will you be living at home rent-free? Because that's a pretty great gift right there. Rent and dorms are EXPENSIVE.

Still, if you show them that you're doing your part, maybe they can help a little as well. Could you work out a deal with them to borrow money from them and pay them back directly? Could you get them to co-sign on a loan, or take out a Parent PLUS loan (with the promise that you'd cover it later?). If you paid your tuition out of wages and loans, could they cover your books or meal plan?

Then there's scholarships. There are still scholarships based on things other than parental finance. Generally you won't want to pay for scholarship applications (if they were trying to give money away, they wouldn't charge for the application) but look into local charitable organizations, your church if any, the estate of an eccentric billionaire who loved electrical engineering, whatever.

2
jeehoonOP•

Thank you for writing such a detailed response.

Yeah I plan on working 10-15 hrs a week when I transfer. Right now I'm working ~35 hrs while attending cc and I realize I cannot keep working this much.

My parents will help me with rent and food. The college is 2 hour drive from my house so I cannot live with my parents.

Once again thank you, and I'll fill out the fafsa.

1
jeehoonOP•

Also my major is industrial engineering if that matters. I'm not going into art or anything crazy like that. I have a rough plan B if engineering does not work out. my friends dad sells life insurance and he makes a decent out of money, and is hiring.

So because of plan b I would rather avoid going to the army.

1
Forsvars•

Is there a demand in your area for that kind of degree? What kind of internship opportunities are available?

1
jeehoonOP•

Honestly I'm not sure about internships yet. I am not that far in to my degree.

Most companies need/want industrial engineers. They look at a system and find ways to improve or even make a new system. Their job is to eliminate wasted resources such as money, energy, etc...

1
msatomicbombie•

I'm an electrical engineering major who used to be industrial. You will not have any problems finding a job. When you transfer to a 4 year school, co-op and you will make at least $8-15k a semester and gain valuable job experience in your field.

1