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Today I got my FAFSA report back from my top school, I received a 5,000/yr scholarship, $3500/yr subsidized stafford loan, and a $5000/yr work study option. However, it is still estimated that I will have 31,470 to pay. Upon seeing this my mother told me to give up on this school, and she did not want to take out loans or go into any kind of debt to finance my education. What options do I have? I'm 18 and could no way qualify as an independent.
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Mar 28, 2007 05:06
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Depending on the school, some of them have an appeals process set up for students to dispute the awards they've been offered. You should definitely try giving the financial aid office a call to see if they have this process available. If this is available, when you appeal make it damned clear that you won't be getting support from your parents. Also include any information from other universities in terms of scholarships that might be offered. Also, approach your mother about a PLUS loan possibility. They're not the devil, they really aren't, and some lenders will offer a forbearance based off of your enrollment at the university, so payments can be paused. Hopefully the interest rate is going to start lowering on July 1st. And students can pay on PLUS loans; the parent just has to be careful about making sure those payments are in on time. The biggest question is, do you feel the school is worth it, especially in the major you'll be getting?
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Mar 28, 2007 05:59
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I am currently a 3rd year undergrad student, and I plan to go to law school after next summer. I expect to have about 50-60k in student loans at that time, spread out over some subsidized, some unsubsidized, and mostly private loans through Sallie Mae. I am worried about being out of school past my grace period by having to leave school for a semester or even a year after I graduate before I get into a school that I like. It's going to be a real problem for me if I have to be making payments to my loans while I'm in law school. I see two possible options- 1- I have heard that you can consolidate loans and have them re-deferred if you get back into school. This sounds very fishy to me, so I want to ask about that here. 2- Take some bullshit post-grad courses just to keep me at 6 hours per semester. Those are the only options for solving this problem that *I* can think of, so what do you think? I want to have a solution to this problem before I have to face it.
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Mar 29, 2007 15:16
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Alright kids, I've got a birth announcement to make. I have created a website forum for these questions to be directed to from now on. This website is: http://www.loanfaqs.org Accounts are free, but due to marketing and maintenance cost I'm accepting donations. Please go, register, post, and comment on the site! I'll be creating an ad for Something Awful within the next few days to display at the top, but you guys can actually vouch for me and my quality advice! Help out a fellow goon! 
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Apr 5, 2007 03:41
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Hey, just about missed your post! Good timing! Any time, I repeat, *any time* you are attending at least half-time or more at a Title 4 school, you still get the deferment, regardless of consolidated status or not. So yes, you can in fact have a consolidation and then go back into school with an in-school deferment. What you'll lose is the grace period itself, but there are other deferments and forbearances should you need them.
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Apr 5, 2007 04:48
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Just wanted to say that anyone who wishes to contact me from this point on is still free to do so, but I'm going to ask you to sign up for my site if you IM me or PM me. I'm still happy to help, but help me out goons! http://www.loanfaqs.org
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Apr 8, 2007 01:25
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I've been reading stories on Consumerist about people being jerked around by student loan companies (esp. Sallie Mae), basically having their ability to pay sabotaged, forced to default, then being hounded for the rest of their lives for money they can't make because they can't get a job with their credit ruined. What companies are the least likely to gently caress me in this way? I'm thinking of going with Wells Fargo, because they've been good to me thus far, and I hear they don't sell their loans. Is this a bad idea?
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May 3, 2007 06:21
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This may or may not be something you know, but... I am a student graduating with a four year degree this fall (hooray!), and I was, once again, granted nearly $5k in loans (hooray!) - but they're dispersed half per semester (boo), and because I graduate after just one semester, half that grant simply vanishes (BOO!). ... and no, I'm honestly not trying to cheat the system - I have student loan debt that I'd really love to put this towards, as it's only been in the last year of a four year college experience that Uncle Sam has realized I'm a poor rear end solitary student putting myself through college (turned 25 last year - because remember kids, you aren't REALLY paying your own way through college unless you're at least 25 years old). If they could just, you know, take that grant and just role the unawarded part into loans? Awesome! Is there any way I can tip-toe around this? I'm potentially willing to change my graduation date and effectively "take a semester off" (eg. just get a job and get my degree 6 months later than expected) if that would help me not lose the grant.
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May 14, 2007 17:17
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VideoTapir, it'd be easier to answer your question if you gave me a list of the lenders you're looking at. Wells Fargo is a good company from what I understand, but I am personally most familiar with the one I work with and our buddies we service for. I'll be glad to research others, but I'll need some starting ground. Shalinor, your situation is a tough one. You can't have that second half if you're not at least half-time in classes. What I would suggest you do is contact eh Financial Aid Office, let them know your situation, and beg. They may ask you to provide documentation of your severe need, or they may not. But there's no easy way to "trick" the system into giving you the entire amount when you only need half by the school's standards. Also, apologies for my board not working. A friend has been working on the server. Hopefully it will be up by tomorrow. PLEASE register an account once it is!!!
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May 15, 2007 03:58
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do different private student loan companys use different credit agencys to determine loan eligibility?
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May 15, 2007 05:16
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They perform their own credit checks, normally, or rely on a third party company to check for them. It hits your credit score each time you do a preapproval with a different company.
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May 15, 2007 06:01
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Wiggy Marie posted:They perform their own credit checks, normally, or rely on a third party company to check for them. It hits your credit score each time you do a preapproval with a different company. Hmmmm, sallie mae is saying i need a co-signer and my credit score is 650, i have a few blemishes on my record, but overall my score is good. perhaps i should go with another student loan company?
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May 15, 2007 06:48
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I'm going to be starting grad school at UT Austin in the fall, and I've been offerred both subsidized and unsubsidized Stafford loans. Due to scholarships, some good investing of my college fund by my grandpa and the generosity of my parents, I never had to deal with student loans in undergrad, so I'm way out of my depth. I accepted my financial aid awards through UT's website and I was greeted by a HUGE list of lenders and it said hey, pick one. So uhh...who the hell do I go with? I feel like this question may have been answered before, but I swear I've read through this entire thread, I read the OP twice, and I still don't really know what to do. I couldn't possibly research every choice on the list, there has to be at least 40-50. I'm leaning towards Frost Bank because they sent me something in the mail and it didn't sound too bad, but I'm not too good with money and I don't really have a good frame of reference. It sounds like a lot of this advice is for what to do once school is up and you have to start repaying, but I haven't even gotten my loans yet. Also, if for some reason the lender I choose for this first year includes monthly pokes in the eye or something else undesirable that I didn't realize, can I go for someone different for the next year?
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May 18, 2007 02:48
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Anonin, all of the people I've seen with a similar credit score have needed co-signers. As much as I hate Sallie Mae, that may be standard procedure. That being said, I'm not opposed to the idea of you applying elsewhere thepedestrian, first, register an account on my site!!! Teehee! First of all, yes you may switch lenders your second year if you hate hate hate your first company, so don't worry, you'll not stuck with one lender over another. Second of all, I'd love to help you out with that! UT Austin is where I graduated from; Austin is the best city evar! Frost Bank is not a bad choice at all. What I'd suggest is keep an eye on their incentives, and references to NTHEA (North Texas Higher Education Authority). Frost Bank and University Federal Credit Union both sell their loans to NTHEA after a certain amount of time. This is *not* a bad thing; the incentives they're offering you are mostly because of NTHEA. The biggest thing to look for are no fees. Origination and default fees are removed from the loans before they get to the school, so that's money out of your pocket that you'll be expected to pay. If I'm not mistaken, UFCU has a rebate of these fees, and Frost Bank has 0% origination fees. That's your main incentive for any choice of company. I'd be glad to go through a list of 10 or so lenders that you've narrowed down! Register at my site, and let's chat some more! http://www.loanfaqs.org Hope I helped, at least a little.
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May 18, 2007 03:40
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I browsed over your site, but I couldn't find what I was looking for. I have just a generic small question that hopefully someone on here can help me with. I am in my 4th year of college and fortunate for me I was able to pay for the first 4 years on my own without any loans. However now I need to take out an approx. $5,000 student loan for my last year of college. I don't have much credit (just one $200 limit credit card) Can I go to a Bank of America and take out a loan? Do I have to fill out the fafsa to take out a loan? Thanks for helping me out.
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May 18, 2007 05:09
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anonin posted:Hmmmm, sallie mae is saying i need a co-signer and my credit score is 650, i have a few blemishes on my record, but overall my score is good. perhaps i should go with another student loan company? Sallie Mae is VERY shady and willfully incompetent in their handling of accounts. If you have a co-signer, it will be impossible for you to get any deferment as they will look to your co-signer's income and make their determination on whether you qualify that way. When consolidating my loans, they made blunder after blunder, each time tacking on more fees to fix their mistakes. They are willfully decietful, usurious (my credit score is in the high 700's), and the most unpleasant company I have ever dealt with. If it's not too late, I urge you to use another company or seek a cheaper school. I fully regret ever having become involved with them.
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May 18, 2007 05:10
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Kickus posted:Sallie Mae is VERY shady and willfully incompetent in their handling of accounts. If you have a co-signer, it will be impossible for you to get any deferment as they will look to your co-signer's income and make their determination on whether you qualify that way. When consolidating my loans, they made blunder after blunder, each time tacking on more fees to fix their mistakes. They are willfully decietful, usurious (my credit score is in the high 700's), and the most unpleasant company I have ever dealt with. If it's not too late, I urge you to use another company or seek a cheaper school. I fully regret ever having become involved with them. wow. i've heard time and time again, sallie mae simply cannot be trusted. thanks for this, i will not be dealing with them.
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May 18, 2007 05:40
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In the fall of 2004, I entered college as a freshman after having been out of high school for over a year. Since I had been living with my brother and not my mom, and due to her credit being lovely, I had to apply for a dependency override to become an independent student. I was able to get the maximum amount for a Pell Grant, and enough money through both Subsidized and Unsubsidized loans to pay for the entire year, all of which I was told I could easily renew for the following 3 years. I ended up not finishing the first semester, and thinking that I was going to get my financial aid revoked, I willfully left the school (dumb move on my part, turns out all they were going to do was put me on academic probation, but that's an e/n thread on its own). I pretty much entered a downward spiral for the next 2 years. I only now, a few weeks ago, was able to pay off the smaller of the two loans ($700 or so, the school was pretty cheap), but I still owe about $3500 or so from the bigger loan. As you can imagine, both these loans were in default. My question is this: Now that I'm back on track, I fully intend to have this loan paid off by possibly the end of this year. I'd like to try going back to school fall of '09, after saving a bit of money up. What are the chances that I'll be able to ever get any kind of financial aid around this time? The school I'm looking to attend costs around $12,400 a year, and it would be a 4 year program, so I'm looking to borrow about $40k over 4 years. Any chance this will be possible? Edit: Also, I had a few other things on my credit report that I'm working on getting taken care of. By the time I'm ready to reapply for loans (if possible), I'll also have a car that has had every payment paid on time, and will becompletely paid off, that will give me some equity.
headlight fluid fucked around with this message at 11:05 on May 18, 2007 |
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May 18, 2007 10:07
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HanabaL03, student loans are indeed based off of the FAFSA itself. You'll need to fill that out. Do NOT walk into a bank to take out a loan!!! They will offer you an alternative/private loan. NO NO NO!!! Here's the FAFSA online: http://www.fafsa.ed.gov Have fun and good luck! Anonin, Kickus ain't kiddin'. I'm trying to be lender neutral, so it's good that someone else will day what I won't. Headlight fluid, are those older loans officially rehabilitated and with a lender now, or are they still with the guarantor (collections agency)? Federal student loans aren't based on credit, but they do look at your credit history. If there's a bankruptcy or your credit's in the toilet, all bets are off. It is entirely up to the school whether you will receive federal loans of any kind. All eligibility and amount is determined by the school, and they do it very literally per student. Then the guarantor has to guarantee it. Some schools will force a guarantee, but they are few and far between. In your position, I'd go for it. Some of the people I've talked to you wouldn't ever think would be able to take out federal loans, but Uncle Sam is both extremely finicky and damned leniant. I say go for it, all bets are off. The only way to find out is to try.
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May 19, 2007 01:18
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I've finished my fourth semester and I'm about to start taking summer semester courses. I have a 3.53 GPA and I'm thinking of taking a student loan to pay off some living expenses I normally could afford if I weren't in college. I'm shooting for about $5000. I know this isn't a good idea, but its better than my personal alternatives that I won't bore you with. What are my options? I'd prefer to get this loan money directly.
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May 19, 2007 01:26
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i just registered for your site, but whats all this about having my parents sign and date something and faxing it to you? i thought it would be a simple registration...
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May 19, 2007 03:28
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Anonin, I dunno? I've never heard of that, but I went ahead and activated your account anyway. Yey! Spuchuu, private/alternative educational loans are going to be sent to the school directly about 98% of the time, and the exceptions are pretty hard to come by. A regular personal loan would come straight to you, but it won't have deferments/forbearances based on enrollment. It's up to you what you're more comfortable with. A good idea is to call whatever lender you're considering for the loan and ask them if you could receive the funds directly, and how.
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May 19, 2007 20:39
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anonin posted:i just registered for your site, but whats all this about having my parents sign and date something and faxing it to you? i thought it would be a simple registration... I'm guessing you're either 13 or you weren't paying attention at the screen that asks you if you're over/under 13. They made a law a few years back that people under 13 can't participate in internet forums without parental consent. Or something like that, I'm a little hazy on the details since the internet was all grey backgrounds and blink tags when I was 13.
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May 20, 2007 03:00
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I'm entering my junior year, and I'll be receiving about $10k in grants, $10.5k in Stafford loans, but I'm still about $4.4k short. What can I do to make up for the shortfall? Should I look into getting a PLUS loan?
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May 20, 2007 10:15
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I was accepted to graduate school, which means that I get like $8000 in subsidized loans from the government. How do I go about actually getting those loans? I filled out the FAFSA and stuff, but I have no idea how to make sure that I get a fat check when classes start.
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May 20, 2007 16:13
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paperwind posted:I'm entering my junior year, and I'll be receiving about $10k in grants, $10.5k in Stafford loans, but I'm still about $4.4k short. What can I do to make up for the shortfall? Should I look into getting a PLUS loan? Check for state loans first before you deal with PLUS. Also, you might be able to get a Perkins loan if your EFC is fairly low, check with your financial aid office
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May 20, 2007 20:53
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This is a fantastic thread and I appreciate the hell out of it. This information is going to help me quite a bit. That's all I wanted to say.
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May 20, 2007 21:06
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Paperwind, what Raskol said. It's better to have grants/scholarships, then turn to the PLUS loan. Don't forget to try http://www.fastweb.com!!! Forrest, two questions before I answer your question: 1. Is the 8500.00 what you've actually been offered on your awards package? If so, this is the amount the school will certify - you have already applied for Staffords by filling out the FAFSA, the awards package from the school is that amount you've been determined eligible for. 2. Does the 8500.00 satisfy your total financial need? MC Fruitstripe, thanks!!! I knew some people could benefit from a thread like that, I just wish they could use my website too  There seems to be a problem with registration. Also, I miss the zebra!
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May 22, 2007 03:04
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Just registered on your site. Thanks for all of this. This info comes to me right when I'm about at wit's end with my financial situation. Since you appear to still be answering questions here, I would like to explain my own situation and see if I can get some answers from you...noone else is giving me any. I will be attending grad school abroad next year. I already made sure the school is Title IV eligible, and filled out a FAFSA. Got my SAR and sent a copy to the school since I was told that they wouldn't get it in e-mail form. Here's where things get confusing. Cambridge says that I need to send them the Master Promissory note or notes and School Certifications for any loans that I'm awarded, but the US government has informed me that I cannot actually apply for Stafford loans (and maybe? GradPLUS) until I hear back from the school about how much I am being awarded and from what lender that money is coming. Cambridge says that it's now my responsibility to apply for loans, and that they have nothing more to do with the process. So how am I supposed to apply for these federal loans? What lenders are going to be federal aid lenders? How do I know? How do I get the MPN and School Certification? I was always under the impression that the school got the SAR and then in a week or two sent you back a letter saying "Here is the money that will be awarded to you," but Cambridge keeps telling me that I'm misinformed, and apparently my government is as well. I keep being told that I need to send Cambridge all of this stuff, but noone is telling me how I get it! I'm going to need about $50k in loans for next year, and I'm starting to get pretty worried that I won't have time to apply for and get them. I can't find on any site links to where I go to apply for Stafford or GradPLUS loans, the federal aid website just seems to give vague information. Please help!
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May 22, 2007 12:30
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Wiggy Marie posted:Forrest, two questions before I answer your question: 1. I have no idea. I haven't received anything financial aid related since I filled out my FAFSA, with the exception of my "Hey, you got a fellowship!" notice. How do I find out what my awards package looks like? 2. Most definitely. I have a pretty nice fellowship that takes care of all my money problems; I'm just hoping to get the $8500 to make things easier on me. Thanks so much for your help
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May 22, 2007 12:49
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GeekGoddess, thanks for registering! The biggest reason I'm encouraging people to register and use the site is because I'm able to monitor it during the day, and therefore can answer questions in a more timely manner. I can't be on SA all day - but I don't mind coming back here to help out On to your question: the school told you what?! Um...no? You are correct and they are wrong. It is their responsibility to send you the awards package now. If they want you to send in an MPN, it's possible that they're holding out until they've received a copy of that document. I can tell you where to get a blank one, or if you'll give me your e-mail I'll just send one to you. The only suggestion I have is to call the financial aid office again and make it absolutely clear how the process works here in the US. Tell them that it's called a School Certification, not a Student Certification, therefore that is the school's responsibility. If they persist, call the Department of Education to make them aware of the situation, because that is wrong wrong wrong. However... Are you attending this school while still registered here with a US school, or will you only be considered a student at Cambridge? It's possible that if you're still technically a student at a US university on the mainland, you may need to contact whatever university that may be and have them forward the information to Cambridge. That's the only exception I can think of, though. Forrest, call your financial aid office and tell them you still haven't received your awards package and would like to know if it's been processed and what exactly you've been awarded. Once you know what Staffords if any you've received, you can move on to the Gradplus loan - but first call them to see.
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May 22, 2007 13:58
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So after spending some quality time on the phone with som guy at 1-800-4-FED-AID this afternoon, I think I finally got some answers. The people at that number are friendly as all hell, by the way. I was surprised to not be put off and frustrated. Apparently only SOME schools outside the US function the way we would expect them to. Cambridge isn't one of them. If the school is not set up to recieve the SAR electronically, that apparently means that they don't have to follow the rest of the standard procedure either. I guess it's school dependant and each international university has its own set of criteria for the loan application process. So I DO have to seek out a lender on my own and apply to the directly because Cambridge's administration is apparently archaic. This isn't actually going to affect my interest rate, deferment while enrolled, or anything else, will it? And, though you have probably mentioned it earlier, are there any particular lenders that you would recommend that will definitely lend to a US student studying in the UK? Thanks again for all of your help!
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May 23, 2007 02:36
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GeekGoddess posted:So I'm sure that you got tons of information from the FAFSA guy today, but I also wanted to pass along a website that I ran across while trying to get Stafford loans overseas. The University of Winchester has a great overview of the process when dealing with a school that doesn't accept an electronic SAR. They have the forms in easily downloaded files, and seem to be a pretty good source. http://www.winchester.ac.uk/?page=6794 Hope this helps.
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May 23, 2007 03:06
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Sensitive Scam Artist posted:So I'm sure that you got tons of information from the FAFSA guy today, but I also wanted to pass along a website that I ran across while trying to get Stafford loans overseas. The University of Winchester has a great overview of the process when dealing with a school that doesn't accept an electronic SAR. They have the forms in easily downloaded files, and seem to be a pretty good source. That site is incredibly helpful - thank you so much for the link. My Masters degree may not be in jeapordy after all! 
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May 23, 2007 03:21
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Geekgoddess, that is good information to know because obviously I had NO idea. I certainly hope everything works out fabulously for you! Keep me posted, I like knowing how things turn out. Sensitive Scam Artist, thank you so much for that link. I know there was at least one other poster who was going international, so hopefully that'll help them out too. Thank you thank you thank you! Forrest, how much was offered to you in the end? Also, this is a site that might help all those wracking their brains trying to figure out who to use as a lender: http://www.simpletuition.com/ It doesn't have *every* lender, but it has a good chunk of them. Try it out and see what comes up! This will be added to my OP as well as to Loanfaqs.org.
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May 24, 2007 00:17
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I just have a quick question. I have about 26,000 in personal loans with sally mae and 2,000 on my stafford, can I consolidate personal loans? If so, can I consolidate them with my stafford?
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May 24, 2007 00:24
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Wiggy Marie posted:Forrest, how much was offered to you in the end? I won't know until the beginning of July. I don't really need the loans, since I do have funding from my department, but an extra few thousand bucks would make life much easier, seeing that after rent I'll be getting $640/month, which has to account for food, utilities, and books for my girlfriend and I (she doesn't need books, though). It's not much, but I've been worse off. I have my fingers crossed! Achmed Jones fucked around with this message at 01:05 on May 24, 2007 |
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May 24, 2007 01:01
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Sepist, if by personal you mean private/alternative loans, your answer is yes, you may consolidate them, but not with your Stafford. Google "private loan consolidation" to see what comes up. Forrest, here's hopin'! Good luck!
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May 25, 2007 00:20
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This isn't a question for me, but for my cousin. She recently got accepted to a school here in the states but she is currently living in South Korea. I noticed that most of these loans require FAFSAs. Her parents obviously haven't filed, but she is a U.S. citizen, therefore is she still eligible to sign up for FAFSA, therefore for loans? Or is she out of luck and needs to find loans for international students?
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May 25, 2007 01:31
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Are her parents US citizens? If not, I would think that in a situation like hers, she would be granted the exception of applying as an independant. But that's really a question that should go to the Dept. of Ed or her financial aid office (or both), because I can honestly say I do not personally know what the situation would allow her to do.
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May 28, 2007 05:19
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