Between a rock and a student loan

[williamd1972]

I was planning on buying a home in the next few months, but I dont think thats going to happen now. My son was accepted to a college that my wife and I didnt think he had a chance of getting into. I guess I should be happy, I am, but its bitter sweet news. We love him and want nothing more than for him to recieve a top flight education. The reality is, it would have been much cheaper for him to go school in our home state(6000) unfortunately , he headed to a school out of state(25750)
So, buying a home is out of the question.

My EFC is 21700. Is it possible for my son to take out a loan without my wife and I cosigning? If not, what are our options.? Thanks

EQ 700 EX750, TU 718

[LynnInMN]

Unless he has a credit history and job history, it is unlikely that he will get private loans by himself. 

There is nothing wrong with going to school locally.  As a former financial aid officer, I saw a local kids transfering in to the University I worked at after being away at school. It was hard to justify the expense of living away from home.  Others were doing the first 2 years at a local community college to get the general education classes out of the way and then transferring to the school of their choice.  

[MattH]

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@LynnInMN wrote:

Unless he has a credit history and job history, it is unlikely that he will get private loans by himself. 

There is nothing wrong with going to school locally.  As a former financial aid officer, I saw a local kids transfering in to the University I worked at after being away at school. It was hard to justify the expense of living away from home.  Others were doing the first 2 years at a local community college to get the general education classes out of the way and then transferring to the school of their choice.  

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On my local public radio station recently I heard an interview with the head of my State's Community College system.  She said due to the recession many more students want to enroll at the same time that her budget is being cut because the State is short of money, so she is forced to turn away students.  She really dislikes having to turn away anybody, she said, because the core mission of a community college system is providing opportunities for all, especially young people who find it difficult to afford a four-year college and working people who face poor career prospects and want to gain new qualifications.