daycare costs

[MDToBeInNC]

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Hey folks,

So I'm in a bind and need advice. I'm an MS2 married w/ 2 kids, one of whom is still in daycare. Last year we lucked out and got a daycare scholarship which helped with most of daycare costs. This year there were cutbacks at our school and the daycare scholarship got nixed.

Since the rule seems to be that a married student can only take out 1/2 of daycare costs in loans, we are left high and dry for the other 1/2. My husband works full time and goes to school in the evenings but doesn't make much money (but loves work and doesn't want to stay home). As this semester comes to an end we are realizing our budget is stretched beyond the max. Has anyone else found a way to get additional loans for daycare above and beyond 1/2 despite being married? I mean it's kind of ridiculous that if my husband and I separated I could suddenly access the daycare money I needed..... Does anyone have any advice? thanks.

 

[Teach4us2MD]

I don't know if you already looked into state voucher programs or how old your youngest is but you could look into Federal Early Head Start/Head Start. If you are below income requirements you are a shoe in because you and your husband are in school, if you don't, they normally let in 10% of the classroom who is above income. You'll have to be persistent with the enrollment folks but it should get you in.

 

[theseeker4]

Hey folks,

So I'm in a bind and need advice. I'm an MS2 married w/ 2 kids, one of whom is still in daycare. Last year we lucked out and got a daycare scholarship which helped with most of daycare costs. This year there were cutbacks at our school and the daycare scholarship got nixed.

Since the rule seems to be that a married student can only take out 1/2 of daycare costs in loans, we are left high and dry for the other 1/2. My husband works full time and goes to school in the evenings but doesn't make much money (but loves work and doesn't want to stay home). As this semester comes to an end we are realizing our budget is stretched beyond the max. Has anyone else found a way to get additional loans for daycare above and beyond 1/2 despite being married? I mean it's kind of ridiculous that if my husband and I separated I could suddenly access the daycare money I needed..... Does anyone have any advice? thanks.

Since your husband is taking classes himself, can HE take out another set of loans for the other 1/2 of daycare expenses? Something to look into at least, not sure how that works for non-medical students taking classes.

 

[LupaCupcake]

yea I would see if the hubby can do that as well

Try a search for local agencies that help out with these things. Every location is different, but some places will offer vouchers that can really help. They are dependent on your income level.

 

[VackAttack]

Definitely look into what your husband can do... but do you have any family around at all that can watch one of them? I realize this may not be ideal because we don't all have family around the corner and it doesn't mean we'd trust them or want them to watch them haha.

But can you ask the day care as well to maybe work with you? We get a discount of half off for my 2nd child because we talked to them and they know our situation. Also, it probably didn't hurt that I went to the same day care with the same people running it when I was an infant/toddler 😉

 

[Doc2doc2]

Have you considered getting private loans? They apparently have lower interest rates than government loans now and they will loan to you over the approved government limit.

 

[StudyShy]

I have to work to pay for school and daycare (3 kids). 🙁

Good luck!

 

[CATrtb]

Have you considered getting private loans? They apparently have lower interest rates than government loans now and they will loan to you over the approved government limit.

Be careful though...If you already have 100,000 in student loan debt (federal or private) these private loan companies will not let you borrow. Also say if you borrowed 25,000 you can expect $300/month payments a soon as you graduate. There is no forbearance with private loans.

 

[Doc2doc2]

Be careful though...If you already have 100,000 in student loan debt (federal or private) these private loan companies will not let you borrow. Also say if you borrowed 25,000 you can expect $300/month payments a soon as you graduate. There is no forbearance with private loans.

My husband got a private loan while in undergrad. We are paying it back at 3% now. For a $10K loan our min payment was $60/m. But that was undergrad.
He took out federal loans while in law school at 6.8% and wishes he had gone private. I do not know much about private graduate loans, but with the very low current interest rates they may have a better rate than federal.
Still I do not know the OP's current loan situation. If this is it: they have reached the federal borrowing limit, cannot get family help or obtain vouchers, then a private loan could be the answer.
And I know for sure that there is at least a six month grace period after graduation before you have to start paying back the private loan. At least for us, and we are not any more special than the typical graduate.