Here is our situation. I work at a private university. As such, my kids can attend here for significant savings. My daughter was accepted to start in the fall. Tuition here is $50,000 per year, of which I get 70% off. That does not include dorm or the meal plan, and I do not get a discount on those. She wants to live on campus, and I think it would be a great growth opportunity for her. She went to community college for her first year of school, so she will be going in as a sophmore. Dorm and meal plan alone will cost about $12,000.
Last year she got about $6k from FAFSA and I am anticipating she will get about that again. While that amount was great for community college, it will not cover her expenses at the university. She has a pretty decent credit score of 754, as I had her get credit cards as soon as she was 18 and she's been perfect with them. Hubby and I also have great credit (around 800). So I know we will qualify, however, I just don't know how they work. If she does Sallie Mae, for example, to cover the difference, will they give her enough to cover all of it or just part? What about next year? Do they just give her more money each year or do you have to reapply each year? I have tried googling, but I can't seem to find the answer. She will only live on campus one year, then be back home. I know $12k is alot for one year of living on campus, but we all think it would be really great for her to move away for a year and grow as a person.
We will be going in next week to talk to financial aid, but I wanted to get a head start so I can get questions in order and not look so overwhelmed.
