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$7000 windfall (in a way)

May 21st, 2007 at 08:16 pm

I have exciting news! But first let me give you some background.

My son has been going to a technical school for about a year, and he still has a year to go. He gets pretty down about the daily grind of it all.
He has to get up at 5 am and drive an hour, five days a week, to get to his school. Then drive home, or go to work at his fast food job. And sometimes he doesn't get home from his job until very late at night and then do it all again.

My son is raising his 3-year-old son. The mother is not in the picture. They live with us and I help raise my grandson.

When my son first started the school he had to get some student loans, and if my husband or I co-signed for him, he got a lot better interest rate. So I did co-sign with him.

Then I started listening to Dave Ramsey, who you know says "never co-sign for anyone."
Well, I hated to tell my son no about co-signing for him the last time around -- when the school wanted some more money; but I had faith in what Dave Ramsey said, because I really did not want to have that debt on my financial record anyway.

Well, it seems my son has been doing some talking to some of his school friends about their loans, and questioning the financial aid office at his school.

Then this morning they tell him that they overlooked, or made a mistake or something like that. And they failed to offer him a $7000.00 PELL GRANT that he was entitled to.

Whoa Baby! $7000.00 that my son or me will not have to pay back on student loans!!!!! Now that is some good news!!!

So, I get to wondering about this. Did this happen because I did not co-sign for my son, maybe he started paying more attention to these loans he is incurring, and asking the questions he should have asked in the first place. I have let him handle all of the financial aid people. Anyway, I am very proud of my son for finding this error and bringing it to their attention.

Or maybe, as I have talked about before, the rule is true. That when you start taking care of and respecting your money, then more money can unexpectantly come to you.
Now, I absolutely believe in the power of prayer. And I no that God does take care of those who help themselves.
I am very grateful to God for this occurence in our lives at this time.

This made my son feel a lot better about his life and the hard work he has done toward this educational goal with family obligations, and financial hardhsips.
(Not to mention $3.00 per gallon gasoline)

Suze Orman said there is plenty of money in the world, more than you would ever need, but you do have to pay attention, and attract more of it to you.


6 Responses to “$7000 windfall (in a way)”

  1. monkeymama Says:

    That is great!!!!!

    My parents have offered to co-sign loans for me. I don't think it is all bad when it's family. I guess it is a 100% safety thing though. But then again my parents know me and that I would never leave them in the lurch. THen again, that is further evidenced that we figured it all out without co-signing as we preferred to avoid it. But I Would never co-sign for non-family, that is for sure.

    BUT I find it interesting how it paid off much better in the long run for you to say no. I think you are right - he had to look a little harder but figured it out, something not done if you had just blindly helped. Way to go! Wink

  2. Carolina Bound Says:

    Wow, that's good news!

  3. Nic Says:

    Great news for you and your family!

  4. ladymiller Says:

    Wonderful! I am happy for all of you. I applude you for helping take care of your son's child. I know that must be a little difficult.

    Also, let your son know I am proud of him! Going to college and also raising his child. You all deserve a pat on the back. Best wishes.

  5. librarylady Says:

    monkeymama, Thanks! I would never co-sign for a non-family member either. Of course every situation is unique. I can see why it is not a good idea to co-sign for family members also, as it could cause a lot of problems.

  6. librarylady Says:

    ladymiller,
    yes, it is a little difficult taking care of my grandchild at times. But what you gonna do? He's my grandboy! And very sweet most of the time.
    I am proud of my son too. He wants a better life that's for sure.

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