Got accepted at the college I applied to, but I can’t afford the on-campus living expenses. I can’t stay with any relatives either. In about two months time, my rent contract will be up and my classes will start. I currently have a part-time job making $10/hr and around ~2k in savings after selling everything that I own. I have no other source of income, and I don’t know anyone that could help.
I’ve read about alternate loans (from Sally Mae and Wells Fargo) and was wondering if those loans would cover on-campus living expenses, alongside FAFSA? I don’t really care about debt, I just want to go to school. I’m a transfer student with an associate’s degree, so I’m close to my financial aid limit, which means that I would end up having to rely more on alternate loans after the first year or so.
Have you taken all your federal loans? Are you eligible for a Pel grant? How old are you, and do you meet the criteria to be independent of your parents for FAFSA?
I don’t know what “alternate loans” are, but my understanding is that any loans beyond the federal loans will need an adult cosigner with good credit.
Are there any colleges in commuting distance from your parents’ or other relatives houses where you could live? This college sounds unaffordable.
Correct, I’ve filled out all the paper work and sent it to financial aid.
“Are you eligible for a Pell grant?”
Correct, I’ve filled out FAFSA and it says that it was processed successfully with the information sent to the university I plan to attend. I’m still not sure how much is being given, financial aid hasn’t given me that information yet.
“How old are you, and do you meet the criteria to be independent of your parents for FAFSA?”
26, and yes.
“I don’t know what “alternate loans” are”
It’s what the financial aid department referred to for loans taken out through Sally Mae or Wells Fargo. Third-party, independent loans that don’t have to be paid back until 6-12 months after graduation.
You need to communicate directly with the financial aid office at the college you are planning to attend, and work through the fine details of your aid package. Is any work-study money included? Will you receive the maximum Pell? Will you receive the maximum Stafford loan? Will you receive any Perkins Loan?
The Junior year Stafford loan is $7,500. As an independent student, you are eligible for another $4,000. Since you weren’t in school for the fall semester, it should be possible for you to borrow that entire $11,500 for second semester. But you need to remember that for your Senior year, you’ll have that same amount of money but have to spread it over two semesters.
Most third party loans require co-signers. Do you have anyone who will co-sign with you?
What kind of job skills do you have? It may make sense for you to get a job in that college town (even better if you can get one at that college itself), and study part-time.
“You need to communicate directly with the financial aid office at the college you are planning to attend”
I’ve scheduled a sit-down with financial aid, so I’ll definitely bring up the points you mentioned during our conversation.
“Most third party loans require co-signers. Do you have anyone who will co-sign with you?”
Unfortunately not.
“What kind of job skills do you have? It may make sense for you to get a job in that college town (even better if you can get one at that college itself), and study part-time.”
Some managerial skills. Started off as a cashier, and worked my way up to supervisor at my current job. Been doing it for about 4 years. If there are any work-study programs available, hopefully I can work my way in.
“The Junior year Stafford loan is $7,500. As an independent student, you are eligible for another $4,000. Since you weren’t in school for the fall semester, it should be possible for you to borrow that entire $11,500 for second semester. But you need to remember that for your Senior year, you’ll have that same amount of money but have to spread it over two semesters.”
Federal Direct Student Loan
Jr year you can take a total of 11,500.
Sr year you can take a total of 12,500
You might get a small additional loan from Sallie Mae. but not likely to get any without an employed, credit worthy cosigner.
You know what the college costs. You know from your SAR what your Pell is. That plus your loan is your aid. Maybe you will get some work/study or if not just get a p/t job. Unless your state has state aid you qualify for and unless your college has institutional aid. What college is this?
How much do you need to borrow annually for all,the costs?
How much have you already borrowed in Direct Loans? How is it that you reached the aggregate limit and only have an associates degree?
Have you gotten the Pell Grant on the past? You are only eligible for it for 12 semesters. If you have already taken it for that number of semesters, you may not be eligible.
You don’t need a whole apartment. You need a room. Where did you think you were going to live when you decided to go to this college?
Any chance there is a college within commuting distance of your home that should be considered instead?