Wish I had a happier topic to discuss today but, I would really appreciate any words of advice or opinions on my little sisters current college conundrum. I don’t want to make this post unbearably long so I’m going to try to make this short and sweet.
My little sister will be a sophomore next year majoring in communications. She went to this state school in upstate NY mainly to play basketball. She is financing her entire education on federal and private loans. Sadly, the private loans are what makes of a large portion of her debt. We also found out today that she is not eligible for the new Excelsior Scholarship that Cuomo just passed this year because she only took 21 credits her freshman year and switch majors, which means she is not on tract to graduate on time.
The total projected cost according to the schools website is about $38K (including room and board) a year. Over the course of 4+ years, the total amount of debt she could possibly graduate with is more than $150,000 for a bachelors degree!!! It gets even worse when you factor in that my parents where unable to co-sign for the private loans and instead had my grandfather do it who has been retired for more than 15 years.
Overall the only reason she is going to school is basketball and the friends she has made during her freshman year. This past school year was happiest months of her life and convincing her to drop out has proven to be futile. I’m very scared for her and have really tried to do everything I can to help her. Is there anything else I could possibly do?