Things No One Tells Parents Before Their Child Is Off To College
Things No One Tells Parents Before Their Child Is Off To College – Wow, Summer is flying by. It seems like just yesterday the kids were getting out of school and here we are putting school supplies back out at the stores. My oldest daughter is leaving for college in less than a month and she is super excited. I am so proud and excited for her too. Seeing the first bill left me feeling very uneasy and a little nauseous. I don’t know about you, but I have taught my kids at a young age to save up for something they wanted. Not to buy something unless they had enough money for it and some extra, because they never knew if they would need the money for something else…and now she will be graduating from college with a TON of debt! It seems like it’s against everything I taught her. She has worked super hard, received great grades and through grants and scholarships about half of her college is paid for. Awesome! Right?
Here is the part I have a problem with…the things no one tells parents before their child is off to college:
- They are staying at college for a total of 7 months and they charge $9,000 for room and board and 14 meals a week (at least that’s the rate for this in-state university). That’s living in a 10 x 10 room with a room-mate.
- This particular college is competitive and they need to stay on campus to get to the next level, at least for the first two years.
- Because my daughter is just 18 and doesn’t have credit history, she can not have all student loans in her name. They made us sign up for a Parent Plus loan which is in my husbands and my name and she is the Co-signer. This is something most parents will have to sign unless they are fortune enough to have saved up for their child’s college.
- If I refused to sign up for the Parent Plus loan she would not have enough funding to go to this college.
- The Parent Plus loan will allow you to defer payments until they are finished, but through their calculator a $20,000 loan ($5,000 a year) is going to be $9,000 in interest….whoa!! A $29,000 loan, that I didn’t want!!! This doesn’t include her portion of the student loans!
I’m all about helping my child, but my son will be attending college next year…what in the world are we supposed to do? I’m on disability and suffer with a chronic pain condition, my husband’s job is not the greatest, and we still have our everyday bills with another child still at home. Yes, we could have opted for a community college, but the field she wants to get into has a 4 year waiting list at our local community college. Of course I don’t want my daughter feeling bad about how ridiculous this is. It’s not her fault for doing the best she can do, but these colleges are taking advantage… the average college student graduates with between $35,000 and $75,000 in debt!!!! ( (For more statistics read here). We are told our children will get no where without a college degree…so what choice do we really have? Was I wrong to tell my child if she worked hard she could do anything she wanted to do? Because her parents don’t have the money to make her dreams become a reality. At this rate when she graduates, starts her career, and gets married to a man who also went to college…they will pay over $800 a month just in student loans and their parents will be paying monthly too!