SUNY Empire State

if he stays in NY one year (likely) he needs no loan. If he goes to CA, he'll need a max of $5,000-$6,000 a year. Even if it's $7k the other 2 years after community college that's under $20k total. If he took 6 years to graduate (don't know why he would), he'd take fewer classes each semester so need less of a loan.  He's not going to get in a situation where he owes $40k+ and I'd gladly help a successful, graduated student make payments on a student loan as he establishes himself.

Really, his loans are not much of a concern. $20k over a 10 year payback is peanuts.

Is the loan only towards tuition or can it also be used towards books, fees, and living expenses?  If the latter, he could easily go through the maximum amount mentioned above.  Other things to consider: Tuition rates, especially in State and Municipal colleges can go up year to year based on fiscal constraints. If the college has a fixed tuition rate for full-time students, the cost could be the same per semester even if he is taking fewer credits.  The cost per credit for part-time study could be higher than the cost per credit if he were paying the full-time rate.  Completing a degree program in 2 - 4 years assumes the student is passing all of his courses, not just that the student is enrolled in a full-time course of study.  How good are his study skills? Is he sufficiently self-motivated to attend/pass all his courses without external support?  If external support is needed, what kind of support services are available in the college of his choice?

again, I've figured out the loan thing and I've included fees and books and such in my calculations. The max debt he'll need to take on will be $20-25k and that's worse case. The loans are not a concern.

conandrob240 said:

if he stays in NY one year (likely) he needs no loan. If he goes to CA, he'll need a max of $5,000-$6,000 a year. Even if it's $7k the other 2 years after community college that's under $20k total. If he took 6 years to graduate (don't know why he would), he'd take fewer classes each semester so need less of a loan.  He's not going to get in a situation where he owes $40k+ and I'd gladly help a successful, graduated student make payments on a student loan as he establishes himself.

Really, his loans are not much of a concern. $20k over a 10 year payback is peanuts.

5-6000 a year???  With housing?  How???

No! That's the LOAN amount he'll need. Tuition & fees will be covered by the Fin aid package- roughly $5k in grants, $5k in loans. Tuition is $5k at NY school (no loan needed), $8-9k in CA. His father will cover much of books/room/board/living expenses, he'll work to cover the other (or I'll provide). I'm estimating $25k or so in books and living expenses in CA & the burden on him for that from working/savings should be around $5-7k a year which should be manageable. Of course, if he stays in NY, the expenses are reduced to mostly just books and some gas to commute. 

Guys, really I'm pretty solid financially. I know all about borrowing and the impact. The max loans I'm going to let the kid bear is $20-25k and maybe not even that much. I'm not going to let him get crippled financially. But, as always, thanks for all the unrelated interrogation! True MOL!

shoshannah said:

If you google tuition insurance you'll find companies that offer it. Most colleges I know of have a recommended provider with whom they've partnered. You should get the one they recommend. But before you buy, carefully review the covered events. It doesn't cover leaving college for any reason. I don't think it would cover dropping out for bad grades or getting kicked out. Most cover for unexpected leaving due to health reasons, injury, diagnosed mental health reasons, etc. But read it carefully. Also, there is a time limitation. You can't make a claim with a week left in the semester.

For SUNY scholarship questions, take a look at the HESC website. They're the ones running the program.

https://www.hesc.ny.gov/

I don't anticipate that I'll have any need to purchase such insurance, but I do appreciate the information. And thanks for the basic parameters of just what the insurance might cover.

Was just curious.

Although, it still amazes me that we have the "insurance" options that we do. (Replay the CDS refrain).

I LOVE AMERICA. WE CAN BUY ANYTHING IF WE HAVE THE "PREMIUM".

With regard to the repayment obligation suspension; the HESC link didn't cover it. I'll find the answer when I get ambitious. (In all fairness, I cannot say with certainty, that I'm sure whether the out-of-state grace period is in the Law; was in a defeated amendment; or, is a subject of discussion for a proposed amendment).

Nonetheless, thanks for the link.

TomR