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Post by trixiecat on May 21, 2024 15:26:53 GMT
Student debt is in his name. Even if married, do not assume his debt or refinance in his name as a couple. He can negotiate his own terms, like under a PLSF, or an income contingency plan. Your daughter does not have to take responsibility of his loan. Yes, they may need to combine funds to pay off his loans as a family while working for 10 years, but keep it in his name. Biden has helped with student repayment plans. Also, seems ridiculous for an undergraduate biology degree to accumulate $100K. That is graduate level expenses. I'd say he was living way beyond his means for a Biology degree to cost $100K. That is ridiculous, frankly. I graduated with a Biology degree and had about $10k debt, public school with Pell grants. My PhD, in Molecular Biology cost me $80K in student loans because my yearly stipend to live on was $13K. I'd like to know what BF as to what his plans are with this Biology degree. Startup company? I got my remaining loans forgiven under Biden as I have paid over 10 years and PSLF. Gl The thing is, for college these days, 100K for a 4 yr degree is not crazy. My DD goes to our state university. It's approx $25K a year, with room and board in that total. She got NO aid or merit from Maryland. My son is about to start at Auburn. I think it's going to be $34K a year, with room and board, plus he got a merit scholarship. DD is going for her masters, and is in the 4+1 program. We said we would help with undergrad, but grad school is on her. We told our son we would also help with undergrad, but $100K/4 yrs at UMD is about $100K/3yrs at AU. He's going to have to come up with the difference for that 4th year. We have been saving for college for both kids since they were babies, but not everyone does. My parents set up a plan for them, and they will have that to help with the cost of school. Not everyone has parents or grandparents that can or will do that. We looked at scholarships from the schools, and I have been researching outside scholarships too. Not everyone has parents who will do that, and it can be time consuming. So it would drive me CRAZY if I had a young adult hanging out all day, and not try to figure out how to get that amount down. It's pretty much too late for this kid tho, if he only has 1 class left. If he is super lucky, he might find an employer who will pay some of it back, but typically those arrangements are made before the degree is earned. We only looked at schools that we could (mostly) pay for. Not everyone seems to have those tough conversations with kids these days about what can be realistically afforded (IMO, none of it is realistic!) and what signing these loans actually MEANS when its time to pay it back. Those loans, frankly, are predatory and should be illegal! And if he is counting on loan forgiveness, I personally think he shouldn't - it is not guarenteed. Anyways, my point is, if you don't have parents who are having conversations and helping, it can be daunting for a kid. And unfortunately, $100K for a 4 yr degree is insane, but totally the norm these days.  This is how I am feeling above in blue. I know he isn't my kid but we have wondered this over the past two year. It is a shame this is what it costs to get a college education. We have a friend whose daughter owes $120K and is just starting out as a teacher. She can not afford the monthly payments of $1K. Her parents have little to no money (they are divorced) so they are going to try giving her a little each month to help out. |
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Post by snugglebutter on May 21, 2024 15:40:09 GMT
Student debt is in his name. Even if married, do not assume his debt or refinance in his name as a couple. He can negotiate his own terms, like under a PLSF, or an income contingency plan. Your daughter does not have to take responsibility of his loan. Yes, they may need to combine funds to pay off his loans as a family while working for 10 years, but keep it in his name. Biden has helped with student repayment plans. Also, seems ridiculous for an undergraduate biology degree to accumulate $100K. That is graduate level expenses. I'd say he was living way beyond his means for a Biology degree to cost $100K. That is ridiculous, frankly. I graduated with a Biology degree and had about $10k debt, public school with Pell grants. My PhD, in Molecular Biology cost me $80K in student loans because my yearly stipend to live on was $13K. I'd like to know what BF as to what his plans are with this Biology degree. Startup company? I got my remaining loans forgiven under Biden as I have paid over 10 years and PSLF. Gl
I'm sure there are outliers, but in the past year of my oldest researching/applying to colleges I have noticed that in-state public universities START around $25k per year and many of the private schools are at least $60k. Many schools have had record breaking application numbers, which means the scholarships are also ultra competitive. There are plenty of families who don't qualify for Pell grants who are still financially tight or struggling.
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Post by Basket1lady on May 21, 2024 21:26:24 GMT
Student debt is in his name. Even if married, do not assume his debt or refinance in his name as a couple. He can negotiate his own terms, like under a PLSF, or an income contingency plan. Your daughter does not have to take responsibility of his loan. Yes, they may need to combine funds to pay off his loans as a family while working for 10 years, but keep it in his name. Biden has helped with student repayment plans. Also, seems ridiculous for an undergraduate biology degree to accumulate $100K. That is graduate level expenses. I'd say he was living way beyond his means for a Biology degree to cost $100K. That is ridiculous, frankly. I graduated with a Biology degree and had about $10k debt, public school with Pell grants. My PhD, in Molecular Biology cost me $80K in student loans because my yearly stipend to live on was $13K. I'd like to know what BF as to what his plans are with this Biology degree. Startup company? I got my remaining loans forgiven under Biden as I have paid over 10 years and PSLF. Gl ? Both of my kids are in their 20s. For both of them, their undergrad degrees cost almost $250,000. Yes, they were at private schools and were lucky to have some fabulous merit scholarships and the Post 9-11 GI bill from DH and graduated debt free. But $25,000 a year doesn't seem abnormal for 4 years. I didn't buy my first car until I was 25. I couldn't afford one in college and walked everywhere. Then DH and I shared a car for 2 years after we got married. I used to get up at 5am to drive him to work/pilot training. But we saved a lot of money doing it. DH never had a part time or summer job in HS or college and went on to have a successful 37 year career in the Air Force. It all worked out. |
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Post by Mel on May 22, 2024 15:12:25 GMT
I didn't read all of the responses but I did want to interject something. You said that they've been together 6 years, so I doubt this is the case in your situation. However, do you know if she pays for their social outings, trips, dinners, etc. regularly? Does she drive him everywhere? Does he expect her to pay since she has a good job? The reason I ask is because my DD is the same. Very motivated (despite health issues that keep normal people down!), very money conscious, pays her own bills, etc. She was with a guy who expected her to pay. He job-hopped saying that he was just trying to find the right fit. He seemed to be sincere and like a nice enough kid. Turns out, there was abuse happening that her dad and I had no clue about until he scared her enough that she finally came to us and we had to have an order of protection filed against him(whole other story). If you know this is not happening, I’d step back and let her do what she thinks is right in her relationship.
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Post by trixiecat on May 22, 2024 16:42:44 GMT
They rarely do anything in terms of going out because he has no money. She does drive him everywhere most of the time. I don't think he expects her to pay and he will bring her coffees occasionally. I am confident there is no abuse going on. I am stepping back at this point.
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Post by smasonnc on May 23, 2024 2:43:46 GMT
He opted to go to a private school so he could play baseball. He did get some aid but the $100K was only for tuition, food and dorm living. No more. Your young man is probably still in baseball withdrawal mode. DS opted not to play baseball in college because there was no good end game. With only 10.5 scholarships per team, it would have cost 40K+ a year for 4 years of expensive baseball camp and a lightweight jock degree at the end. He went to a top public school and they asked him to walk on but he didn't think he could play baseball and handle a difficult major so he opted out. We'd seen too many former baseball stars working low-end jobs or teaching 9-year-olds how to bat after four years of private college baseball so the decision was easy. |
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