Son and University

[Horse of Course]

Hello,

Our 19 year old was accepted in his University of choice. It's a public university. Room, board, and tuition will be around $13,000 a year. We lost our home to foreclosure in January. We had our 341 meeting last month and we won't be discharged until next month. We don't have the money to send our son to school. We were wondering if anyone knows if we would be able to co-sign a loan for him?

There is no one in mine or my husband's family that we could go to and ask to be a co-signer for our son. Our son works, but he doesn't make near enough money to go to University.

Any suggestions would be most helpful.

[BkinTX]

Sounds very unlikely to me. Does he qualify for grants and scholarships?

[dingdong]

Can he get a federal loan?

I don't think you need a cosigner for them.


Did he fill out the FAFSA? If so, was he given an award letter?


If you did fill out a FAFSA, and he was awarded low, go to the financial aid office (or call them) and explain your circumstances have changed and you filed BK, and if your income is significantly lower, sometimes they can adjust the students budget so the family contribution amount is lower and then your son will be eligible for more financial aid.


Worth a shot.

[keepmine]

You need to take care of yourself first. You lost your home and have filed bk. Now is the time for a fresh start and there is nothing fresh about commiting yourself to tens of thousands of dollars in new debt.
If your son can't get enough student loans on his own, he needs to delay college or start at a community college.
You can't help others until you can first help yourself.

[StartingOver08]

You need to take care of yourself first. You lost your home and have filed bk. Now is the time for a fresh start and there is nothing fresh about commiting yourself to tens of thousands of dollars in new debt.

If your son can't get enough student loans on his own, he needs to delay college or start at a community college.
You can't help others until you can first help yourself.

Exactly right. Not only that - if your son is paying for his education - he will learn more. He won't take a class and then decide to withdraw early because it's not convenient. (I have two in college right now - so I know all about the ways collage age 'adults' think!) He is an adult now. Let him be responsible for his education. He will thank you for it later!

PS - My eldest graduates next month and has already been hired by IBM - so it was well worth it.

[Flamingo]

Have your son go to the University financial aid office and inquire about his situation and what help is available. They have heard and seen it all and have all sorts of grants and scholarships available, on campus part-time jobs and can guide him as to any government loans or steps to take to get those loans that he can pay back after graduation at a low interest.

If you don't have the money to send him to school you don't have the money to send him to school. Simple as that.