Paying for son's college
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 18% |
| Lender Rate: | 11% | Borrower: | ecmoney |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-02 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Jul 09, 2008 | Current |
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Purpose of loan: This loan will be used to pay for my son's college. My son has applied and been accepted to Indiana University's business school. He graduated with honors from Whitefield Academy, a private christian academy in Mableton Georgia. where he was also captain of the Varsity soccer team. I know with my level of income you would wonder why I have not saved money for my son's college and how I could be in this situation. I was a single mom for 14 years and worked my way up the ladder of the law firm to the Chief Marketing Officer position I hold today. I paid cash for my son's high school education to send him to private school and therefore did not have much extra money to put away for college. My parents do not help their children or grandchildren financially as they barely have enough to stay above water themselves. My original plan, 10 years ago, was to pay for my son to go to private school and then have him apply to UGA where he could receive in-state tuition once accepted. My son graduated with a 3.87 GPA taking both honors and AP courses but unfortunately has been put on the wait list at UGA. His second choice is Indiana University where the tuition alone is $18,000 for out-of-state students. When all expenses are tallied the cost will be close to $30,000 a year. I began last year saving $900 a month in addition to the $1,200 a month I stash in my 401K. I was not able to save for my own retirement until 2 years ago as I receive little financial help from my son's father. I am now at a point where I am doubling up my savings for retirement so all of my extra cash for the month goes into some type of savings plan to make up for lost time of not being able to save in the past. I have been advised it would be better for me to take out a loan to pay for my son's college than to take money out of my savings and 401K to pay for it. My financial situation: I am a good candidate for this loan because I have a steady income with roughly a 25% debt to income ratio. My base salary is $200,000 per year with a $30,000 bonus in February. I have a budget I adhere to and have figured in the cost of paying back this loan. My check is direct deposit and I pay most of my bills through automatic withdrawal from my checking account. I have worked hard to get where I am today and understand the value of a dollar. |
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