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Scared

Started by WorriedDad, December 15, 2017, 09:47:22 pm

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WorriedDad

I had a personal BK discharged in Feb 2013. I am currently working with my state and the IRS to set up a payment plan and release tax liens.... I recently completed the FAFSA for my daughter's freshman year of college next fall. Her mom and I are divorced and we maintain equal custody/parenting time. And I made less money this year so iI filled out the FAFSA. Schools are now replying with the projected net cost of her first year.... Besides the PLUS loans, what other funding am I -- and by extension my daughter -- disqualified from?? Federal grants? State Grants? Pell? Stafford? Direct loan to my daughter?... I'm sick to my stomach...

TheCollegeInvestor

You will likely not qualify for anything from the Federal government. Furthermore, you likely won't get a private loan either.

However, that's great. We recommend that parents never borrow to pay for their children's education. There are so many options for her to pay, it's 100% a bad move financially for you to go further into debt for her college costs. Sit down and have an honest discussion with her about your money, and make sure she understands what you can afford.

https://www.forbes.com/sites/robertfarrington/2014/07/14/parents-stop-taking-out-loans-for-your-childs-college-education/