06-14-2008 04:30 AM
06-14-2008 11:59 AM
concorduser wrote:I have a 15 year old daughter who will be going to college in 2 years. I have tried to save enough for the college, but if she decides to goto med school, she might have to go for educational loan. Do I have to cosign for the educational loan or is it some thing she can get it on her own? How does this work?
06-15-2008 09:00 AM
I have a 15 year old daughter who will be going to college in 2 years. I have tried to save enough for the college, but if she decides to goto med school, she might have to go for educational loan. Do I have to cosign for the educational loan or is it some thing she can get it on her own? How does this work?
Talking to a good college counselor or financial adviser NOW might save you LOTS of money down the road, because decisions you make NOW could have major implications for how much aid your daughter gets.
You probably won't need to cosign for the loan, BUT your daughter will need to fill out a long Federal form called a FAFSA so the college Financial Aid Office can calculate the "Estimated Family Contribution" according to a Federal formula. For that she will need all sorts numbers from your tax forms and other financial records. The college then subtracts their estimate of what it costs to be a student there from the estimated family contribution to determine how much she will get in fellowships and loans.
The really tricky aspect, and why I strongly suggest talking to an expert NOW, is that different types of assets owned by the parents and/or the student have different effects on how the Federal formula calculates aid eligibility. Make the wrong choice now an it could cost you and your daughter big bucks down the road.
06-16-2008 01:52 PM
06-16-2008 03:22 PM - edited 06-16-2008 03:25 PM
06-26-2008 10:53 AM
06-26-2008 06:40 PM - edited 06-26-2008 06:46 PM
...My total student loan bill for grad school was north of $100k, and with that kind of debt, having to sign off on those loans yourself goes a long way for putting the good kind of fear-of-God in you.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO