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Message
re: Co-Signing a Student Loan
Posted on 8/5/14 at 1:42 pm to LSUFanHouston
Posted on 8/5/14 at 1:42 pm to LSUFanHouston
The exact and unfortunate reason I didn't attend LSU was because out of state tuition. I wasn't willing to be 80k-100k in debt to get a undergraduate business degree from LSU. It sucks not having been able to spend my time there, but graduating college with $0 debt makes it all worth it.
1
Posted on 8/5/14 at 1:45 pm to LSUShock
quote:
I wasn't willing to be 80k-100k in debt to get a undergraduate business degree from LSU
When did LSU cost this much?
From 2003-2007 when I was there, I think it would have come out to 36k if I didn't have out of state scholarship waiver and other scholarships.
God damn, just saw this page. I guess if you aren't paying anything out of pocket it would get dicey, but who doesn't get a single dime to go to LSU? I mean, its pretty easy to get money for it, it isn't Harvard. LINK
This post was edited on 8/5/14 at 1:48 pm
Posted on 8/5/14 at 1:50 pm to Teddy Ruxpin
Can I buy that health insurance?
Posted on 8/5/14 at 2:07 pm to Layabout
I hope she is getting a worthwhile degree.
Posted on 8/5/14 at 2:24 pm to tigers102886
quote:
I hope she is getting a worthwhile degree.
Sports management. Not sure how worthwhile it is, but I'm told employment prospects are good.
Posted on 8/5/14 at 2:31 pm to Layabout
quote:
Sports management
Still time to switch to engineering.
$120k at 9% makes me
for any undergrad degree. There just isn't value in that. $1k/month for 25 years is a hard pill to swallow.
Posted on 8/5/14 at 2:32 pm to Layabout
quote:
Sports management. Not sure how worthwhile it is, but I'm told employment prospects are good.
Putting this as positively as I can, paying 100k for a sports management degree from LSU is about as good of an investment as bitcoins. I can't even comprehend borrowing that 100k @ 9%
Posted on 8/5/14 at 2:36 pm to Layabout
lol. I seriously hope this is a troll. If not, good lord.
Put her arse at an instate school and make her get a job. Complete insanity.
Put her arse at an instate school and make her get a job. Complete insanity.
Posted on 8/5/14 at 2:43 pm to yellowfin
quote:No one looks at college like this. Not parents or students.
an investment
Posted on 8/5/14 at 2:45 pm to ell_13
I am a parent and was a student, that's how I look at it....especially if you have to borrow money
Posted on 8/5/14 at 2:58 pm to yellowfin
I meant "in general". I definitely looked at it that way. But most see it as, "I want to go here" and that's it. They'll figure out the degree after they pick the school. They'll worry about cost later since they'll start out at 100k the month after they graduate.
Posted on 8/5/14 at 3:05 pm to Layabout
quote:
Sports management. Not sure how worthwhile it is, but I'm told employment prospects are good.
You are being told wrong. This will end badly for you if you keep funding her.
Posted on 8/5/14 at 3:49 pm to AngryBeavers
I plan to only help my child pay for school if they are trying to get a professional degree and that help does not include co-signing loans as well.
Posted on 8/5/14 at 3:51 pm to AngryBeavers
Why in the world is she going out of state to go to an average public institution?
If it isn't an elite pubilc school like a UNC Chapel Hill, Michigan, Cal Tech it isn't worth it.
Also, why hasn't she looked into becoming a state resident? Most states just require you work 'x' number of hours and earn 'y' income to satify the requirements.
In Auburn, I have a friend whose family friend "employed" her for a year to establish residency. She was a part time (6-9 hours) for two semesters while she did that
If it isn't an elite pubilc school like a UNC Chapel Hill, Michigan, Cal Tech it isn't worth it.
Also, why hasn't she looked into becoming a state resident? Most states just require you work 'x' number of hours and earn 'y' income to satify the requirements.
In Auburn, I have a friend whose family friend "employed" her for a year to establish residency. She was a part time (6-9 hours) for two semesters while she did that
Posted on 8/5/14 at 4:01 pm to eng08
quote:
I plan to only help my child pay for school if they are trying to get a professional degree and that help does not include co-signing loans as well.
Bare minimum, I would have a conversation with the student about what her plan is and how she sees herself making a living with the degree.
This post was edited on 8/5/14 at 4:11 pm
Posted on 8/5/14 at 4:05 pm to Teddy Ruxpin
quote:
People keep saying this but its no longer 100% true.
Can you link where this is the case?
Posted on 8/5/14 at 4:24 pm to Layabout
Co-Signers can be removed from the loan after 12 months of payments.
Posted on 8/5/14 at 4:26 pm to LSUSUPERSTAR
Oh, no way would I be doing this (cosigning). If her parents can't afford to fund her lifestyle, why are YOU underwriting this venture? Again, if her college savings don't cover out of state tuition & dorm life, then she needs to go to an in-state school or do her first 2 years at a local community college.
This is not an educational choice, it's a class/lifestyle choice. She & her parents cannot afford her choices....time to scale back to the realistic and not expect great-uncle/aunt to co-sign anything. Do you really want to be facing retirement and paying off her debt at the same time? It could happen.
This is not an educational choice, it's a class/lifestyle choice. She & her parents cannot afford her choices....time to scale back to the realistic and not expect great-uncle/aunt to co-sign anything. Do you really want to be facing retirement and paying off her debt at the same time? It could happen.
Posted on 8/5/14 at 4:46 pm to hungryone
My SO had 60k in student debt from sallie Mae with similar interest rate. I had no idea about this until a few months ago. Fortunately, a close family member paid the balance and she is on a payment plan to her for a much smaller interest rate over half the time. She has a decent job out of college though. I thanked the high heavens when she said someone was going to pay it off and she would just make payments at a smaller interest rate.
I was absolutely blown away by the interest rate. I was so oblivious. Oh well, saved around 30k in interest by doing it this way.
I was absolutely blown away by the interest rate. I was so oblivious. Oh well, saved around 30k in interest by doing it this way.
Posted on 8/5/14 at 4:54 pm to Teddy Ruxpin
quote:
People keep saying this but its no longer 100% true.
Please elaborate.
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