How the heck can my older son get financial aid for college??

[HadEnuff]

The problem has at least two parts:
One problem is the cost, and the other problem is that the cost no longer automatically comes with a ROI that makes sense of that cost.

Young people who are considering dentistry as a profession are looking at the neighborhood of $500,000 in education expenses. That comes along with the opportunity cost of being tied up for at least 8 years, and hence, not earning any money. In the meantime, the trend in dentistry is a reduction in earning ability, as the dental schools pump out more and more dentists, and they are, in most areas, struggling to have enough patients to pay the bills. Because they are desperate for patients, they sign agreements with insurance companies to take low fees, in the hopes of getting more patients, but since everyone is doing that, it's no guarantee they'll have enough.

Amazingly, in the face of these scary numbers, the dental schools have no shortage of applicants for their incoming classes. It's scary.

[Bestwifeever]

Since OP’s son is already in the program and taking classes, there’s no leverage to increase financial aid imo—the university will use available dollars to entice prospects who are on the fence about coming there. At his age he certainly can take care of himself and make his own choices and fight his own battles. It sounds like he is doing well and OP should be proud of him. Throw a few dollars at his student debt when you can. It will all work out.

[albireo13]

Yes, he seems to be doing well and is applying himself. Having left his full time job to full time at school, he no longer has a good income.

We'll have to see how it all goes down.

[nhcycling]

My oldest went back to school at age 26 for her bachelor degree. Between her savings, a little help from us, a few low dollar loans, working while going to school full time and maintaining a near 4.0 average majoring in chemistry, she did survive. Second year and beyond she got academic scholarships. She did tell us she regretted not going to college right after high school where it would have been easier. For graduate school she didn’t go straight to a PhD program and instead opted for a masters part time while her full time biotech company paid most. It can be done!

[nhcycling]

Quote:

Originally Posted by Travelfreek We planned way ahead (middle school) for our 2 kids’ college costs. We drove older cars and saved for the big expense. Had we not had the money, we would have had them do 2 years at community college to save half the money. It makes no sense to borrow that much money when general ed classes are so inexpensive at comm college. We paid for our kids’ BS degrees at a state university for 5 years each. They also worked part time in summer for their spending and gas money. They got good grades and good jobs at graduation. (Nurse and CPA). I don’t understand parents who have money not seeing this coming. A friend of mine has a freshman in college (17) who’s going to UC just 40 min from their home to the tune of 30k (including dorms). They didn’t have a penny saved so they are allowing him and them to rack up $34k a year in loans. Their son skipped a grade and got a 4.6 gpa (super bright). The parents had great incomes but apparently thought their son would get scholarships. He got only $500 in scholarships. Kinda makes me ill how they are saddling themselves with this much debt.

+1

[nhcycling]

Quote:

Originally Posted by HadEnuff The problem has at least two parts: One problem is the cost, and the other problem is that the cost no longer automatically comes with a ROI that makes sense of that cost. Young people who are considering dentistry as a profession are looking at the neighborhood of $500,000 in education expenses. That comes along with the opportunity cost of being tied up for at least 8 years, and hence, not earning any money. In the meantime, the trend in dentistry is a reduction in earning ability, as the dental schools pump out more and more dentists, and they are, in most areas, struggling to have enough patients to pay the bills. Because they are desperate for patients, they sign agreements with insurance companies to take low fees, in the hopes of getting more patients, but since everyone is doing that, it's no guarantee they'll have enough. Amazingly, in the face of these scary numbers, the dental schools have no shortage of applicants for their incoming classes. It's scary.

$500k debt seems like a lot for a dentist. MD’s average debt is half that.

[imoldernu]

Just received an update from my school, and found this paragraph that speaks to aid.

Quote:

Bowdoin is one of only eighteen colleges or universities in the country that offer a combination of need-based student aid, a commitment to meet the full four-year need of our students, and a “no-loan” policy—meaning that since 2008, the College does not require loans in its financial aid packages. Today, 51 percent of Bowdoin’s first-year class receives need-based financial aid, a percentage that is expected to grow. The average grant for all aided students —funds that do not have to be paid back—is nearly $45,000 a year.

[SecondCor521]

Quote:

Originally Posted by imoldernu Just received an update from my school, and found this paragraph that speaks to aid.

Bowdoin is known to have really really good financial aid. It is well above average in that regard. Hard to get into as well.

[stephenson]

Lived down the street from Bowdoin College for several years .... a very interesting part of the country and a great liberal arts college.

[Milton]

Quote:

Originally Posted by albireo13 He did meet with the Uni financial aid office but, they were not that helpful. They just pointed him to the financial aid and scholarship list on their web site.

What did you expect them to do? Tell him they like his smile and hand him a big cheque?

Quote:

Originally Posted by albireo13 he could go to a bank and get a loan no problem. So, if he were to do 4 years at $33K/ea, and given student loans for it all, he'd be rewarded at graduation with starting off $132K in debt ... before his first day at work!!

That’s a decision he will have to make: is the ROI worth the financial and opportunity cost?

He’s 27 years old, and has been living independently for quite a few years. He is obviously capable of making, and should make, his own decisions. It’s unclear why you are now belatedly stepping in as a ‘helicopter parent’.

Quote:

Originally Posted by albireo13 we have no funds saved for our son for college. If we decide to help him it is out of our retirement savings so I don't want to hear any criticism about us trying to get "free money" for our son for college.

Sometimes the truth hurts. You didn’t bother saving any money for this contingency, and now that it has arisen you want ‘society’ to step in with ‘free money’.

Having made a public plea for guidance on this board, you don’t get to decide what feedback you receive.

Quote:

Originally Posted by albireo13 If scholarships are a use of other people's money you better cancel all scholarships. Good luck on that mission.

Scholarships are, by definition, a use of OPM. They are intended to encourage and support students that a university considers desirable: typically because those students have established track records of high academic performance or athletic ability.

Unless and until your son has such a track record, most universities will not deem him worthy of any special treatment. So he can either borrow the money, earn the money, decide to attend a cheaper university or college, or forego post-secondary education altogether. Those are the same choices faced by all ‘average’ students who are not financially supported by their parents.