posted
I recently had one of my undergrads inform me that her parents have decided that the major she wants to do is unacceptable and that she will be changing majors. They will be checking her class schedule to make sure she is on track for the major they have chosen. She doesn't like this major, but her parents pay the bills so she feels like she doesn't have a choice. My first thought was to tell her to stick with the major she wants and if her parents refuse to pay, take out student loans. However, her parents are wealthy, so in my understanding, she cannot get student loans as her need is considered 0. Is there some way around this? Am I missing something in the equation? If your filthy rich parents will not help pay for college, what options are there?
Posts: 1001 | Registered: Mar 2006
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posted
Any (1/2-time or more, matriculated, at an accredited 2- or 4-year college) student, regardless of financial need, can get a Stafford loan. Without financial need, it will be unsubsidized. However, the maximum will be $3500-5500 per year (depending on year in school), which probably won't cover tuition (unless she's at a state school). She may be able to get private student loans to cover the rest, although if she doesn't have much of a credit history (and many college students don't) she will need a co-signer.
That's what's possible. Now let's talk about what's actually a good idea.
I don't know what school y'all are at, or what the annual tuition and other expenses are. Regardless, taking on thousands of dollars in loans if you have someone who is willing to pay your tuition may not be the brightest idea.
It depends in part what the two majors are. Are her parents worried that the major she prefers won't help her get a job? Might they be right? Can she major in their preference, and minor in hers? Can she compromise with them, and double major?
Posts: 32919 | Registered: Mar 2003
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posted
She was taking a science major, they want her in econ. They added another two related majors as well (I don't remember what they are- like accounting or something). So, quadruple majoring with science would be nearly impossible. She says she doesn't know why her parents decided this, but they were very firm. She's an only child and they seem to be very involved in her life whether she wants it or not. I think that if she had other options, they might be more open to negotiating a bit. And she might be confident enough to try negotiating a little harder.
Posts: 1001 | Registered: Mar 2006
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posted
There's always the option of suspending classes for a semester or two to earn enough money to pay for tuition for the next semester. Ultimately, the parents have as much power as the girl is willing to give them, since she's an adult.
(Also, I doubt these are good options, but I believe that if the girl gets married, has a child, or [maybe] joins the military, her parents' economic situation no longer factors into her financial aid.)
Posts: 2409 | Registered: Sep 2003
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quote:Originally posted by scholar: She says she doesn't know why her parents decided this
When a child of mine says something like that, it means they haven't been listening. I have a feeling they may have mentioned their reasoning. And I'm guessing it does have to do with employability. And they're not wrong -- business majors, on average, make more than science majors.
If she really is interested in choosing a major in defiance of her parents and finding the money to pay for it, she needs to go down to your school's financial aid office and find out what her options are. But as I said, it's going to be an expensive proposition, and she needs to realize that and be sure that she's willing to sign up for it before she signs anything.
quote:Originally posted by scholar: She's an only child and they seem to be very involved in her life whether she wants it or not.
I happen to think that's a good thing, but then I'm a parent of stubborn children.
quote:Originally posted by scholar: I think that if she had other options, they might be more open to negotiating a bit. And she might be confident enough to try negotiating a little harder.
Options are good. And certainly knowing what hers are, even if she doesn't use them, is useful information.
Posts: 32919 | Registered: Mar 2003
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quote:Originally posted by Jhai: (Also, I doubt these are good options, but I believe that if the girl gets married, has a child, or [maybe] joins the military, her parents' economic situation no longer factors into her financial aid.)
Married, yes (but if she gets divorced, she goes right back to being dependent) -- but if her spouse has a decent income, she might still not be eligible for much in aid;
has a child -- only if she is providing more than 50% of its support;
joins the military, yes.
However, as Jhai indicated, choosing any of those simply as a way to be an independent for the purposes of financial aid is likely to be way more expensive down the line (in money and all sort of other ways) than the loans option.
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posted
Not that this is a good idea at all in this case, but don't courts have some discretion in emancipation cases?
Posts: 1945 | Registered: Jul 2005
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posted
When I pressed on the why question, she said she was sure she misunderstood, but she thinks that her parents are not confident of her ability to get into grad school. The girl is smart, has excellent grades up to this point and training her, I haven't seen much reason to doubt she could get into a good grad school. But that was where I decided to stop asking questions.
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quote:Originally posted by rollainm: Not that this is a good idea at all in this case, but don't courts have some discretion in emancipation cases?
Emancipation wouldn't help. (It may as of 2009-10, but she's too old to be an emancipated minor in any case.)
Posts: 32919 | Registered: Mar 2003
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posted
I'm going through the whole financial aide process now (as a grad student) and unless the student in question is under 18 she's not a minor and there is no emancipation process, because she's already a legal adult. The way student aide is determined is based on the previous years taxes. If the student's parents can claim her as a dependent on their 2007 taxes, she has to provide their financial information on her FAFSA and their financial situation will be included in the determination of the financial aide package.
Since the above posts indicate that the student's parents are currently paying for her school and that they are well off, it is unlikely that she will qualify for any need based funds. If the parents have already paid things like tuition this year, they'll be able to claim her on next years taxes as well. If the student wants to be financially independant for the 2009-10 school year, she has to start now. That means that she's in for a rough year. She needs to tell her parents ASAP that she doesn't want their money and stick to her guns. If they've already paid for things for her, she may need to pay them back for it to keep them from claiming her on their next year's taxes. (I am not a tax expert however, and she'll need to contact one to determine how to prevent her parents from claiming her on their 2008 taxes.)
The best advice for her is to send her to the financial aide office and have them advise her on what to do financially. If she takes an unsubsidized loan, it would also be a good idea for her to make payments on the loan while she's in school. It's not a requirement, all payments are deferred until the student is no longer in school, but it's a good idea to make payments large enough to at least cover the interest on the loan during school. If you don't, that interest compounds throughout your time at school (unlike subsidized loans, where the government pays the interest for you until you finish school).
We had a family friend who once said that he hated teaching students who had to work their way through school, but he would hate to have to teach one who wasn't willing to. Working your way through school makes for seriously rough times, but if this girl is adament that she wants to stick with her current major, she's going to be doing that for at least a year. She needs to be sure she's willing to put in the effort before she tells her parents what they can do with their money.
Edit: She'll probably need to come off of their insurance as well. Since it's dangerous to be without health insurance, that means paying out to a company to get benefits. Most colleges have brochures about options for student health insurance. If yours doesn't she can google it, there are several companies that provide it. NEVER go without insurance if it is avoidable, even if you purchase a bare bones, "only covers me if I have to get picked up in an ambulance and go to the hospital policy." If you are in a wreck or something and have to be taken to the hospital in an ambulance, you'll be paying for it forever if you don't have coverage.
Posts: 1214 | Registered: Aug 2005
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quote:Originally posted by scholar: She was taking a science major, they want her in econ. They added another two related majors as well (I don't remember what they are- like accounting or something). So, quadruple majoring with science would be nearly impossible. She says she doesn't know why her parents decided this, but they were very firm. She's an only child and they seem to be very involved in her life whether she wants it or not. I think that if she had other options, they might be more open to negotiating a bit. And she might be confident enough to try negotiating a little harder.
One of my best friends in undergrad double majored and double minored. We all thought she was crazy, but she graduated with honors, and still managed to have a social life.
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quote:Originally posted by andi330: If the student's parents can claim her as a dependent on their 2007 taxes, she has to provide their financial information on her FAFSA and their financial situation will be included in the determination of the financial aide package.
That is not the determining factor.
quote:Originally posted by andi330: If the student wants to be financially independent for the 2009-10 school year, she has to start now. That means that she's in for a rough year. She needs to tell her parents ASAP that she doesn't want their money and stick to her guns. If they've already paid for things for her, she may need to pay them back for it to keep them from claiming her on their next year's taxes. (I am not a tax expert however, and she'll need to contact one to determine how to prevent her parents from claiming her on their 2008 taxes.)
As I said, whether or not her parents can (or do) claim her on their taxes is completely irrelevant, and has been since the late 1980s.
To be independent for US federal financial aid purposes, you must be (edit - at least one of the following):
24 as of Jan. 1 of the relevant calendar year
married
have a dependent for whom you provide over 50% of their support
be an orphan
be a former (or current) ward of the state
be a member of the armed services or be a veteran of same
be a grad student
Whether your parents claim you for taxes makes a difference for FERPA, not for FAFSA.
quote:Originally posted by andi330: The best advice for her is to send her to the financial aide office and have them advise her on what to do financially.
Agreed.
quote:Originally posted by andi330: If she takes an unsubsidized loan, it would also be a good idea for her to make payments on the loan while she's in school.
If that is a realistic option, I agree.
quote:Originally posted by andi330: She'll probably need to come off of their insurance as well.
Well, they may drop her if they get upset enough over what she's doing, and she should have some sort of back-up plan.
posted
She's a science major? There are a TON of programs that will pay for a science major's tuition, housing, and living expenses on the expectation that he/she will work for two years as a science or math teacher in that state after graduation. May not be the best option, but it's an option.
Posts: 1735 | Registered: Oct 2004
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quote:Originally posted by Joldo: There are a TON of programs that will pay for a science major's tuition, housing, and living expenses on the expectation that he/she will work for two years as a science or math teacher in that state after graduation.
Depends on the state. Many only have loan forgiveness programs.
But the financial aid office should know what the local options are.
Posts: 32919 | Registered: Mar 2003
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posted
She changed majors and made the parents happy. But she is still working in the lab, so she is still pursuing her interests in that way. Considering she is an econ major, working in a biochem lab is very unusual. When she went home for summer, we were all convinced she would switch to a econ job, but in fall, she signed up with us again. So, I think that the compromise was she got to keep working in her interest, though she is still majoring the way her parents want.
Posts: 2223 | Registered: Mar 2008
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Well, I hit 1000 posts with scholar, so I figured it was a good time to switch names. I also felt like people kept assuming I was male with scholar.
But, I think advice might have helped since it seemed like her parents were going to force her to quit the lab and do something that would be better for the career they had planned.
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quote:Originally posted by scholarette: But, I think advice might have helped since it seemed like her parents were going to force her to quit the lab and do something that would be better for the career they had planned.
Awesome. Compromises are good.
Posts: 32919 | Registered: Mar 2003
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And the good thing for her parents- working in the lab I work in, I don't think anyone can work there 4 years and still want to do anything related to biochem.
ETA- I have worked in other labs and in one of them, I can easily see people who are barely interested in research falling in love. This lab is just a really bad work environment.
Posts: 2223 | Registered: Mar 2008
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Well, that part's maybe not so good. Although I guess if she still wants to, it means she REALLY wants to! Posts: 32919 | Registered: Mar 2003
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I have a feeling they may have mentioned their reasoning. And I'm guessing it does have to do with employability. And they're not wrong -- business majors, on average, make more than science majors.![[Wink]](wink.gif)
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And certainly knowing what hers are, even if she doesn't use them, is useful information.
