Ask Terry Questions Cant pay for college for 17year old daughter

Cant pay for college for 17year old daughter

By Terry Savage on September 08, 2018 | College Savings / Student Loans

I’m a mom with a 17year old daughter who will be going to college next year. About ten years ago I lost my job and had to use all of my 401k and savings to survive. My current job doesn’t offer saving or 401k plan. My question to you is what can I do for money for college and which way should I turn to start savings. Please help I have less that’s a year and no financial guidance!!!!

Terry Says

Well, in this case, ignorance isn’t bliss. I’m assuming you have no ex-spouse who is responsible for some of the costs. Have you told your daughter about your situation? If not, this is the moment to do so. Explain that you can’t contribute to her education. Period. She can live at home, and go to community college. But you will be able to contribute only her room and board.

Student loans will cover only a portion of the costs of community college even if she lives at home.
So you must file the FAFSA form (www.FAFSA.ed.gov) and look over that form. When she applies to college she will also ask about work/study programs as part of the financial aid package. And immediately go to www.Scholarships.com to see if there is any free money she might qualify for.

And please get this straight: There is no shame in being in this position. You kept a roof over her head and got her through high school. You did the best you could in a horrible economic situation, which she likely barely remembers. But it was the worst period of job loss, and one of the most extensive in history. This is not a secret, and you are not alone.
She should consult with her high school guidance officer who may be able to direct her to other programs, besides Federal financial aid. And the time to give her this news is NOW so she can make decisions about her own future.

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