Student Loan Debt?

[dmccarty]

I got checked twice when I was a teenager while hunting. Well, I was checked once, the officers checked my dad who was in camp while I was up on a ridge. I heard the officers drive in and talk to my dad. Amazing how far sound can travel. I don't ever remember getting checked while fishing.

The wife and I were out kayaking one day and we ended up heading to shore around sunset. We obviously had our required safety equipment and had turned on our PFD mounted lights since the sun had set. The officers were waiting at the boat ramp for boats to return. There was a guy in a sailboat with no engine and the wind had died hours before so he was barley making way. He did not have a light producing device on board, I don't think he had intended to be out after sunset but the wind just died on him.

I don't think the officers wrote him up but gave him some safety instruction/education and showed him how a light on a sail REALLY makes the boat noticeable.

 

[milkman636]

It’s been a long wait for the feds to process a fafsa. After 7 or 8 weeks of waiting they kicked back the first submission because my son inadvertently placed a comma in the wrong spot in our address. So it had to be fixed and resubmitted.

The real costs for my son’s top four schools range from about $8000 to $16000 for the first year after grants and scholarships. He’s leaning towards one that’s roughly $10,000 for the first year. Plus I am guessing there will probably be 2-3000 of incidental costs that we aren’t aware of yet. For that amount he’ll receive education, housing with football teammates, a generous meal/snack plan, and all the weight room/training time he wants.

My wife and I just calculated that he cost about $1450 for us to keep at home last month alone, so college doesn’t seem as expensive as I initially feared.

The federal student loan rates, if needed, are about 5% on the first $5500 per year. Any amount needed over that gets into the 8s for interest. He shouldn’t need to go there though. We’re probably going to offer to split the cost. I’d love to see him finish debt free, but he also needs some skin in the game. Having to hustle for a few grand in the offseason shouldn’t be too demanding, and it may help keep him out of trouble.

 

[Torvy]

Good call on 'skin in the game'.

Our kids have thanked us for giving them minimal financial support. Their friends who had parents fully fund their college usually had strings (some explicit, some implied). (Usually related to which school, which major, which dorm, visits home, etc.) It also gave them more confidence that they could handle life after school.

We did have financial discussions, mostly about how to calculate what they need and what wage/hours they needed to pay for their expenses. It did result in child #2 changing from the idea of culinary school to nursing. (Now a L&D Nurse) She didn't realize that most culinary grads spend years making peanuts and working their backside off before they get into the 'fun stuff'. She was dreaming of being a pastry chef. No regrets!

I'd at least help him understand the risk- reward of his chosen vocation in terms of ability to pay for his share. Some athletes (Many? Most?) have unrealistic expectations of opportunities for a pro career. The 'easy' major often makes it tough to earn outside sports. Ultimately, it's more about how they plan to make a living and then adjusting major to suit that. Some kids want to major in something with no realization of what jobs (otr lack thereof) may stem from that choice.

 

[hiddentacocatneddih]

Tennessee offers free community college to residents

TN Promise - Nashville State Community College

www.nscc.edu

 

[Torvy]

Tennessee offers free community college to residents

TN Promise - Nashville State Community College

www.nscc.edu

TNSTAAFL

 

[hiddentacocatneddih]

?

 

[tradosaurus]

It’s been a long wait for the feds to process a fafsa. After 7 or 8 weeks of waiting they kicked back the first submission because my son inadvertently placed a comma in the wrong spot in our address. So it had to be fixed and resubmitted.

The real costs for my son’s top four schools range from about $8000 to $16000 for the first year after grants and scholarships. He’s leaning towards one that’s roughly $10,000 for the first year. Plus I am guessing there will probably be 2-3000 of incidental costs that we aren’t aware of yet. For that amount he’ll receive education, housing with football teammates, a generous meal/snack plan, and all the weight room/training time he wants.

My wife and I just calculated that he cost about $1450 for us to keep at home last month alone, so college doesn’t seem as expensive as I initially feared.

The federal student loan rates, if needed, are about 5% on the first $5500 per year. Any amount needed over that gets into the 8s for interest. He shouldn’t need to go there though. We’re probably going to offer to split the cost. I’d love to see him finish debt free, but he also needs some skin in the game. Having to hustle for a few grand in the offseason shouldn’t be too demanding, and it may help keep him out of trouble.

How does a kid cost $1450 / month?

 

[paulsharvey]

How does a kid cost $1450 / month?

I don't know in his case; I would say a teenager costs atleast $75/week in food, $60/month in cell phone; an extra $250/month on your car insurance, probably another $25/week in misc; sonin my case, Bad Paul probably costs me $515/month or so.

 

[riptides]

Kids are priceless.

 

[milkman636]

How does a kid cost $1450 / month?

His senior year has been a very expensive one. We’ve probably invested more time and money into positioning him where he wants to be than many of you would agree with. But, I legitimately feel like I’m gonna be saving money next year after looking over my wife’s spreadsheets of our expenses.