Advice on finding loans, please

Paying for College
1

<p>Hello, CC, I am going to be turning 25 years old next month and I'm transferring to Rutgers in NJ. I'm in NC at the time. Not sure any of that is relevant, but adding in the BG info.</p>

<p>My Dad is non-existent and my Mom is in no shape to help me out financially. The good news is at my age I don't need them to report anything. My EFC is 0. It looks like I'm going to have to come up with quite a bit of money after viewing my preliminary aid package. They have included a couple of grants and stafford loans.</p>

<p>I'm curious if someone can point me in the right direction that would lead me to where I can apply for the loans I will need to pay for my education this upcoming semester. Any and all help is appreciated.</p>

<p>Thank you,</p>

<p>SB</p>

2

<p>Did you fill out the FAFSA (you must have if you know your EFC). Then you’re eligible for subsidized loans and also unsubsidized loans.</p>

<p>Do you have a credit history? If so, you might be able to get a loan from a private lender. Here’s the place to start:</p>

<p>[FinAid</a> | Loans | Private Education Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Private Education Loans - Finaid)</p>

3

<p>You likely don’t qualify for loans–you have no income or a very low income. Banks don’t loan money to people in this category because the risk is too high The only reason you and other young and broke college students are offered any loans at all is because they are backed by the US Government. These are the Stafford loans you have already mentioned. While I don’t recommend going this far into debt, double check to see if you have maxed out your available Stafford (sub and unsub) for this year: [FinAid</a> | Loans | Student Loans](<a href=“Your Guide for College Financial Aid - Finaid”>Student Loans - Finaid) </p>

<p>Beyond the Staffords you will need a co-signer for any private loans. Considering that Rutgers COA is approximately 39K a year for OOS students, I am guessing you need at least 20K more this year? That is not going to happen without a co-signer, and it is way too much debt to take on top of your other student loan debt.</p>

<p>Do you have in-state colleges that are more affordable than a school that costs 39K a year?</p>

4

<p>I will have to look into the availability of more stafford loans. I have no credit whatsoever so I will no a co-signer. I’m not sure yet whether I will be able to find one. I will see what I can do though. Thank you.</p>

5

<p>sky, They probably awarded you the limit for Staffords. If you are a freshman, you are limited to $5,500/year, for sophomores $6,500 and juniors and seniors can take out $7500. </p>

<p>It doesn’t sound like Rutgers is affordable to you. You may have to live and work in NJ long enough to be a resident (you’ll have to check with Rutgers regarding what their rules are because every school sets its own residency rules), then reapply-- or just go to school in NC.</p>

6

<p>I think it’s a big and unnecessary mistake to go to an OOS public as a transfer. The cost is too high and you’d have to borrow too much.</p>

<p>I think you need to step back, apply to a NC public (like UNC-CH) where you’d get much, much better aid.</p>

<p>You need about $40k per year to go to Rutgers. Not only is that too much to borrow, but you’re not going to qualify for the loans. It sounds like you were VERY poorly advised.</p>

7

<p>Since you are an independent student, you will be eligible for $9500 in Stafford loans as a freshman ($10,500 soph, $12,500/junior & senior). You will also be eligible for a Pell grant. That and the money awarded to you are, unfortunately, all that you can count on. I hesitate to recommend borrowing more than the $9500, as this becomes difficult to repay. </p>

<p>BTW … holy cow, Rutgers is EXPENSIVE!!! I looked it up to offer advice, and I am shocked.</p>

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<p>What is in your aid pkg? I’m guessing that there’s a $12,500 loan, a 5550 Pell Grant, and maybe some work study? Is there anything else?</p>

<p>That $12,500 loan is the max you should/can borrow. You can’t borrow more without co-signers.</p>

<p>How much have you borrowed so far for frosh/soph years? </p>

<p>When you graduate, you shouldn’t have more than about $30k TOTAL in debt from Staffords or what-have-you.</p>

<p>Rutgers is not worth this. Your own state school would give you better aid and be more affordable. Did you apply to any NC publics? If not, why not?</p>

<p>Rutgers is not affordable. Too much debt and (thankfully) no one to co-sign them and make your life miserable.</p>

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<p>Thanks for correcting my numbers kelsmom!</p>

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<p>“holy cow, Rutgers is expensive!”</p>

<p>Yes, for an OOS student it’s about $44k per year (don’t know if that includes all misc costs like travel and personal expenses. Because of this student’s age and lack of family support, he’s also likely responsible for cell phone, insurance, car-stuff, etc…things that younger students have parents paying for.)</p>

<p>For an 0 EFC OOS student who is relying solely on loans and Pell Grants, it’s just not feasible. The student was probably given about $20k in FA (5550 grant, 12,500 loans and maybe $2k Work-study). Those loans and next year’s loans are more than enough. For the student to be contemplating borrowing the gapped $20k+ for this year and again next year, would put him at about $65k in debt (plus anything he borrowed for frosh/soph years). Not only ridiculous, but not going to happen without (naive) co-signers. </p>

<p>This student live in NC where not only are there EXCELLENT schools, but at least UNC gives amazing aid to its 0 EFC students. The student needs to do a gap year, maybe work a bit (Kels, how much can he earn and keep his 0 EFC?), maybe take some more CC classes, and apply to UNC schools.</p>

<p>I never understand why 0 EFC kids apply to OOS publics that don’t give much/any aid to OOS students? What is the thinking? Nearly all state schools (except UNC and UVA) charge high OOS costs for a reason. They aren’t going to then cover those costs with aid. Otherwise, why bother charging the high cost???!!)</p>

<p>I don’t know what this student’s major is, but surely there are some CC courses that he could take this next year that would either go towards a minor or maybe just supplement his major in some way. If he’s a finance major, then take some extra econ or math classes. If he’s an engineering major, then take some business and speech courses (God knows that engineers need to know how to give presentations!!!). </p>

<p>Heck, nearly everyone can benefit from a few Philosophy courses…especially Deductive Logic, Ethics, and Critical Thinking (my math major son really expanded his discernment and thinking skills from those courses). He can take another foreign language (both my kids took Italian for fun and loved it. Italian may be the easiest FL to learn, especially if you’ve had Spanish.) And, he can take a few classes just for interest…jogging, tennis, weight-lifting, ballroom dancing! College is often the only time a person can do this!! :)</p>

<p>I don’t know if UNC-CH takes Spring transfers, but he needs to look into that. If he’s an eng’g major, then he needs to see if NC State takes Spring transfers.</p>

11

<p>I just completed my first two years of a computer science program at a community college in North Carolina. I did apply to UNC-CH with a 3.8 and 58 accumulated credits, but they said no. I also applied to another school in NC that said no. I applied to Rutgers and UCONN.</p>

<p>Rutgers was the only school to say yes.</p>

12

<p>sky,</p>

<p>did you ask why the answer was no?</p>

<p>The reason why I am asking is that sometimes people don’t take appropriate classes to be accepted into science or engineering programs as transfers.</p>

<p>For example, at University of MN in order to be accepted to college of science and engineering as a transfer, students have to take Calculus based Physics, but some do not (taking Algebra based Physics instead) and as a result get denied no matter how high the GPA is at the CC. In case of University of MN, students do have a choice to apply to college of Liberal arts and get BA in Computer Science (somewhat different grad requirements, but almost the same degree) or they have to go back to CC and take appropriate courses.</p>

<p>I understand that NC might be different, but it does not hurt to ask admission about the reason for denial and what other options you have.</p>

13

<p>It’s probably worth mentioning that I was convicted of a serious felony a little over seven years ago. Although my brother graduated from CH, they probably couldn’t ignore that felony. </p>

<p>I did not attempt to get into any engineering programs, just the school of arts and sciences.</p>

14

<p>Sky,</p>

<p>nevertheless it will not hurt to find out about the exact reason for denial. </p>

<p>If the reason is the felony conviction, then you might want to appeal. If you are on parole, you might want to involve your parole officer. You served your time, you are doing all the right things - like going back to school. You were only 18 at the time, people grow up, mature and change. The schools might reconsider, if you get strong recommendations from your parole officer and CC professors.</p>

<p>Good luck.</p>

15

<p>Thank you, lerkin.</p>

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<p>*It’s probably worth mentioning that I was convicted of a serious felony a little over seven years ago. Although my brother graduated from CH, they probably couldn’t ignore that felony. *</p>

<p>You’re going to have a very hard time getting employed with a serious felony on your record in the kind of jobs that employ CS majors. If you do find someone who will hire you, the pay will likely be less than what “the going rate” for STEM degrees. That’s another reason not to borrow much. That said, the discussion is moot because you can’t borrow the amount needed to go to Rutgers.</p>

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<p>He will have a hard time getting hired regardless his field of employment. I am sure OP knows that. At least his future job is not in finance (impossible to get hired with conviction).</p>

<p>If the reason for admission denial is conviction, I find it outrageous. Here we have an individual who served his time, has proven that he is capable for doing great at school and stay out trouble, now state (not private) college says that it is not good enough. If we do not believe in rehabilitation, then maybe we should just give out life sentences.</p>

18

<p>He will have a hard time getting hired regardless his field of employment.</p>

<p>Yes, but the reason I mentioned his particular area, CS, is because many of those jobs have other hoops to jump thru…security clearances, etc… And, if he’s thinking that CS grads make XX amount each year, and justifying big debt, he needs to be aware that he may not get a job with a typical CS salary. </p>

<p>Your point is well taken that if people aren’t given a second chance, then it’s like a life sentence. For this reason alone, it’s so important to keep one’s record clean. I worked with someone who got a DUI a few years after he was hired. It caused problems with his top security clearance renewal. </p>

<p>This student may find himself in a situation where he must be self-employed.</p>

19

<p>If Rutgers is the only place where you find that you can be admitted for the major that you want, then you may need to move there and work long enough to qualify for in-state tuition and fees and reapply. If you are working close enough to the university, you may be able to study part-time once you can enroll, and keep working full-time.</p>

20

<p>^^^</p>

<p>Good idea. He could ask for a delay of admission, move there now, and get residency.</p>