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Message
Paying for college besides Student Loans?
Posted on 4/30/26 at 10:50 am
Posted on 4/30/26 at 10:50 am
Son is graduating, so we're down to choosing college and figuring out how we're going to pay for it. He has some scholarships to get started and we have some to help out, but it looks like he's going to be $10-15,000 short every year.
How do you go about getting the best interest rate on student loans, and is there a non-traditional option that might be better? Preliminary research is that even with us cosigning (800+ credit, low debt to income ratio), rates are going to be 8-11%, which is crazy to me.
I graduated debt free, wife had loans that were 4-5% IIRC, so I was expecting a higher rate than that, but not 10%. We have a healthy emergency fund ($40-50k) that could be used as collateral/security, but I don't want to use those funds if there are other options.
Side note from personal experience- smart kids can be bad test takers and not qualify for TOPS. I always assumed it was a given, but that bit of karma has clearly come back to bite me
How do you go about getting the best interest rate on student loans, and is there a non-traditional option that might be better? Preliminary research is that even with us cosigning (800+ credit, low debt to income ratio), rates are going to be 8-11%, which is crazy to me.
I graduated debt free, wife had loans that were 4-5% IIRC, so I was expecting a higher rate than that, but not 10%. We have a healthy emergency fund ($40-50k) that could be used as collateral/security, but I don't want to use those funds if there are other options.
Side note from personal experience- smart kids can be bad test takers and not qualify for TOPS. I always assumed it was a given, but that bit of karma has clearly come back to bite me
13
Posted on 4/30/26 at 11:27 am to LSUGUMBO
What is the degree in?
And why can he/she not earn $15k/yr?
And why can he/she not earn $15k/yr?
Posted on 4/30/26 at 11:51 am to meansonny
quote:
What is the degree in?
And why can he/she not earn $15k/yr?
Biology/Pre-PA. He will be working through college, and will not be borrowing money for anything besides the basics- tuition, room/board, books.
$15K is worst case. I'm hoping to keep it to $5K/semester or less
Posted on 4/30/26 at 11:59 am to LSUGUMBO
Can he not go to a cheaper school since he plans to go to PA school at some point?
Posted on 4/30/26 at 1:11 pm to LSUGUMBO
Can always look to alternative options (community college) for a few years before transferring in. Easy way to save a ton. 15,000 is quite the shortfall if you have some to help out/scholarships, is he looking elsewhere besides in state public?
Edit: Nevermind, see LSU is 27,000 in state all in. Does he have any interest in commuting?
Edit: Nevermind, see LSU is 27,000 in state all in. Does he have any interest in commuting?
This post was edited on 4/30/26 at 1:13 pm
Posted on 4/30/26 at 1:34 pm to LSUGUMBO
National Guard or ROTC
The Louisiana National Guard State Tuition Exemption Program (STEP) provides 100% tuition exemption at state-funded schools for qualifying members. It covers up to 15 semesters for undergraduate/graduate degrees, with the Patriot Scholarship covering additional mandatory fees.
The Louisiana National Guard State Tuition Exemption Program (STEP) provides 100% tuition exemption at state-funded schools for qualifying members. It covers up to 15 semesters for undergraduate/graduate degrees, with the Patriot Scholarship covering additional mandatory fees.
Posted on 4/30/26 at 2:12 pm to AkronTiger
Blinn is $144 per credit hour including fees for an in district kid, for a cost of $1728 for a semester.
A&M is basically four times the cost for a full time load, not including housing and food.
A&M is basically four times the cost for a full time load, not including housing and food.
Posted on 4/30/26 at 3:05 pm to LSUGUMBO
Where is he going? After scholarships, parental assistance, maxing Staffords and the Plus loans he’ll need an additional 10-15k every year in private loans?
Posted on 4/30/26 at 3:12 pm to LSUGUMBO
My daughter is a senior. She was hell bent on going to ULL until she realized that if she went to Nicholls that she would actually make money instead of having to pay every semester.
While we have 529 plans for our kids, they understand that if they choose to go anywhere other than Nicholls (wife works there), that they will be responsible for paying the difference between TOPS, scholarships and college fund.
While we have 529 plans for our kids, they understand that if they choose to go anywhere other than Nicholls (wife works there), that they will be responsible for paying the difference between TOPS, scholarships and college fund.
Posted on 4/30/26 at 3:18 pm to LSUGUMBO
So your kid didn’t qualify for Tops but you thinking he is college material and co signing a loan?
Posted on 4/30/26 at 3:31 pm to tke_swamprat
Those are the schools that we're choosing from, too. Why is Nicholls's meal plan so damned expensive?
You think a standardized test is the gold standard of college readiness? He's got well above a 3.0 GPA- I have no reason to think that he won't do fine in college.
quote:
So your kid didn’t qualify for Tops but you thinking he is college material and co signing a loan?
You think a standardized test is the gold standard of college readiness? He's got well above a 3.0 GPA- I have no reason to think that he won't do fine in college.
This post was edited on 4/30/26 at 3:37 pm
Posted on 4/30/26 at 3:40 pm to LSUGUMBO
quote:
Why is Nicholls's meal plan so damned expensive?
That is every school when living on campus. My daughter is living on campus which I'm happy about. Go get the college experience. She could easily commute but she wants to do the sorority life and meet new people.
Posted on 4/30/26 at 3:42 pm to LSUGUMBO
quote:
smart kids can be bad test takers and not qualify for TOPS
Is he missing it in SAT/ACT or GPA? If SAT/ACT, have him keep taking it, although maybe it is too late.
If money is tight, send him to CC for the basic freshman classes and transfer into whatever school Sophomore year.
Posted on 4/30/26 at 4:28 pm to AkronTiger
quote:
LSU is 27,000 in state all in
Good lawd! I knew college was expensive these days, but I didn't know it was that expensive.
Posted on 4/30/26 at 5:22 pm to TorchtheFlyingTiger
quote:
ROTC
My 12th grader was awarded a 4 year Army ROTC scholarship to the public school (out of state or in state) of his choice (yes, he still has to be admitted to the school which is unrelated to the ROTC process). It pays 100% of the tuition and fees along with a stipend of about $5k per year. His service obligation after graduation can be performed in the reserve component as well, should he choose this path. He's going out of state so it's effectively a $200,000 scholarship.
Students can also contract with ROTC their Jr year of college and get the last 2 years paid for if they didn't get a scholarship out of high school.
Posted on 4/30/26 at 6:18 pm to LSUGUMBO
He might can get a decent job as a “medical scribe” on the weekends.
I oversaved for college.
Been giving max 529 to kids Roths for 2 years.
Trying to exhaust those accounts.
I’m not sure what I’d do in that situation.
Good luck.
Maybe there are some other scholarships available. Even if you had like $1000-$2000 per year it would help.
I oversaved for college.
Been giving max 529 to kids Roths for 2 years.
Trying to exhaust those accounts.
I’m not sure what I’d do in that situation.
Good luck.
Maybe there are some other scholarships available. Even if you had like $1000-$2000 per year it would help.
Posted on 4/30/26 at 6:40 pm to LSUGUMBO
Reading your posts over the years I know you are intelligent.
So, I'm wondering, how old was your son when it first hit you that he was going to need more money to go to college??
So, I'm wondering, how old was your son when it first hit you that he was going to need more money to go to college??
Posted on 4/30/26 at 6:42 pm to LSUGUMBO
quote:
standardized test is the gold standard of college readiness
Yes it is
Are you saying he can’t even get a 20 on the ACT? That’s not being a “bad test taker,” that’s alarming.
This post was edited on 4/30/26 at 6:45 pm
Posted on 4/30/26 at 7:16 pm to BottomlandBrew
quote:
quote:
LSU is 27,000 in state all in
Good lawd! I knew college was expensive these days, but I didn't know it was that expensive.
College isn't expensive.
Room and board.
Housing and food.
The things that 18 year olds living on their own have to deal with.
People just lump it into "college is expensive".
Kids living at home and commuting to UGA are paying about $1000 a semester in books and fees.
4 years of college for $8k.
Posted on 4/30/26 at 7:32 pm to LSUGUMBO
My oldest got 34 on ACT. Thought financial assistance would be better but they wanted to go out of state. Received academic scholarship from school of choice but still very short of covering full cost.
1. Spent a lot of time googling and working with high school to identify and apply for small scholarships. $1000 here and there.
2. Worked with school financial aid. Pretty helpful. We had to take out multiple loans due to caps. Varying interest rates and yes some are very high.
3. Budgeted to cover housing out of pocket. Paid what we could on loans during the year.
One thing to consider is monthly costs at home went down considerably. Still graduated with roughly $20k in debt. We paid half when they graduated and they assumed the other half.
We will help going forward but we decided not to sacrifice 401k contributions. I don’t want to be a financial burden on my children when we retire and if we have health issues.
1. Spent a lot of time googling and working with high school to identify and apply for small scholarships. $1000 here and there.
2. Worked with school financial aid. Pretty helpful. We had to take out multiple loans due to caps. Varying interest rates and yes some are very high.
3. Budgeted to cover housing out of pocket. Paid what we could on loans during the year.
One thing to consider is monthly costs at home went down considerably. Still graduated with roughly $20k in debt. We paid half when they graduated and they assumed the other half.
We will help going forward but we decided not to sacrifice 401k contributions. I don’t want to be a financial burden on my children when we retire and if we have health issues.
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