<p>Now lets explain my sitation. I am a freshman this fall at carleton college, and recently moved out of my parents house because they are abusive and controlling. Anyway, I filed for fafsa on my own, and although my parents and I were not on good terms they gave me their tax information to make it easier for me, especialy since my school would not consider me an independent because I have only been on my own for around nine months. My school sent me my initial fin aid award, and my "family", me, would have to pay 21,500 for the first year alone. Now fast forward to now; My school requires copies of my parents tax forms and they are not responding( most likely because I wrote a letter to them explaining how I truly felt and that I needed my space from them; basically saying I would prefer not to have them in my life at this instance), so my school has delayed my final financial aid award, and now school is coming around the corner. I do not know what to do, or how much to take out in private loans because fafs is only giving me a stafford loan which would still leave me at 18,000 to pay off for my first year alone. * Any advice?</p>
<p>Thanks</p>
<p>*Carleton cost nearly 54,500 for the fall of 2011-2012 year.</p>
<p>The only loans you can qualify for on your own are the Stafford Loans. The limits are:
Freshman $5,500
Sophomore $6,500
Junior $7,500
Senior $7,500</p>
<p>If a college/university determines that you are independent, you qualify for a bit more. If your parents apply for a Plus loan and are turned down, you would qualify for a bit more. However in neither of those cases would you be able to raise anything near $21,500. Not to mention that $21,500 x 4 = $86,000 which is more than three times the amount you should be borrowing for your entire education.</p>
<p>You need to make an appointment with the financial aid office at Carleton, and see if they can increase the non-loan aid in your package. If they can’t, you will need to come up with a Plan B for this fall because Carleton will be entirely unaffordable.</p>
<p>You don’t qualify for any loans other than the government based ones. Certainly not for an additional 18K this year, let alone 18K X 4 years of college. The only reason you qualify for the Stafford Loans is that the government is acting as your “co-signer” (guaranteeing the loan) and allows you to defer paying it off until you are out of school.</p>
<p>There are no banks or companies that will loan a young person with no serious work history/income/assets that kind of money or even a fraction of that money.</p>
<p>Your most reasonable option is to make surface-level peace with your parents and see if they ever intended to pay part or all of that 18K gap. I’m not saying you’d like making peace, or advise living with them anymore. But to create a working relationship that at least functions politely and has cooperation on the goal of you going to Carleton might be worth it if they are willing to pay the 18K. Otherwise, you will need to find a college that you can afford based on the Stafford Loans and your own personal earnings.</p>
<p>The reality is that most students go to community colleges or state colleges. The students at privates either managed a full-ride scholarship or have parents who pay the significant gap. Students like yourself–coming from a middle class family–do not go to privates if the parents don’t pay the FA gap.</p>
<p>Agree, the only loans you will qualify for are the federal direct loans and the maximum is $5500. Happymom is correct, you certainly can talk to Carlton’s finaid office and see if they have any suggestions, but you’re in a bit of a pickle with the “timing” of your asserted “independence” since you are not considered independent for financial aid until you are 24. You need to quickly ascertain where your parents “stand”, or you need to see if you can defer for a year while you figure out what you are going to do, or you need to get a job and attend a community college which you could probably do with a job and the federal direct loan. You will not qualify for private loans without a cosigner.</p>
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<p>I hope you don’t find my response to be too rough on you. It sounds like you need to do some quick fence mending. You felt the need to “tell your parents how you truly felt…and do not want them in your life” but you expect them to give you financial aid documents? Sorry…but you can’t have it both ways.</p>
<p>If you want them out of your life, you will have to figure out how to fund college without their help…period. This, of course, can be your decision. BUT you will not likely qualify as an independent student because of this. So you will have to fund your education yourself…get a job…perhaps go to community college part time. Rent a room in a house (no apartment…you won’t have enough money for that). That is the reality of supporting yourself.</p>
<p>Another issue is that you have to pay Carleton $21K this year. Where is THAT money going to come from? Even IF you get the tax information to the school, that bill will not go away. </p>
<p>If you WANT your parents help, I would suggest that you figure out a way to mend fences with them. Otherwise you will just have to wait until you are 24 and REALLY are viewed as independent for financial aid purposes in the eyes of colleges.</p>
<p>You are a dependent for college financial aid purposes until you are age 24, married, have a dependent, a veteran of the armed forces, or have a court ordered situation. Since none of those apply for 2010 for you, you are stuck with your parents contributions. If it is so odious to you to deal with them, then you have to do it all alone until you meet the above stipulations. Why you felt you had to write a letter to them when you need their cooperation in the next several years is beyond me. You don’t diss people from whom you need things because they don 't have to help you and then you have the problem. This goes to future employers, teachers, and others that may be valuable to you for a number of reasons. Thumper is 100% correct. </p>
<p>i am also curious as to how you expect to get the balance of what Carleton is going to cost. You are only allowed to borrow $5500 through Stafford by yourself. Any private loans will have to be co-signed by a credit worthy adult.</p>
<p>My advice would be to look at your local CC to start.</p>
<p>Ok well I already have a cosigner and everything; and I never expected my parents to help me with school because they told me right off the bat that they would not be helping me, but Carleton did say they would contact my parents about the situation. The financial aid office said that this situation would not hinder my attending this fall. And sorry but I think some of you misunderstood my post; I was not saying that I wanted more from the gov’t because I understood that all I qualified for was the stafford. I was primarily talking about private loans.</p>
<p>Is your co-signer credit worthy enough to qualify for upwards of 80K in debt? If you and your co-signer qualify for 18K this year, it doesn’t mean that your co-cosigner will qualify for the next 18K and so forth. I point this out as it would be a pretty big disaster to get that first 18K loan to cover freshman year and then be denied further loans…18K in debt and nothing to show but a bunch of generic freshman year type classes and unable to return to Carleton…</p>
<p>The other question is how you plan to payback these private loans… for example 80K of loans could mean 900/mo just for the private loans. That doesn’t count your Staffords!</p>
<p>Loan Balance: $80,000.00
Adjusted Loan Balance: $80,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00</p>
<p>Monthly Loan Payment: $920.64
Number of Payments: 120</p>
<p>Cumulative Payments: $110,477.25
Total Interest Paid: $30,477.25 </p>
<p>Start playing with some loan calculators to see what you are getting yourself into. I know grown adults who couldn’t handle a 900+/mo student loan on top of basic rent, food, transportation for 10 solid years to pay off the private loans.</p>
<p>Going 100K into debt with Staffords and private loans is insane. Take a gap year and apply either to CC and then transfer after two years or take a gap year and go to a instate flagship school instead. What state do you live in?</p>
<p>So what is your question? If the question is should should you take out $100,000 in loans for undergraduate school the resounding answer is going to be “no.” If the question is do your parents need to produce their tax forms in order for the college to distribute the aid you have been awarded - that is between you and Carlton’s financial aid office. Make sure you understand what will happen if your parents will not send copies of their tax forms. Ask them point blank if they will release your financial aid without your parents’ tax forms. Finally make sure your co-signer will be able to obtain over $80,000 in loans. </p>
<p>To be honest,it all sounds like a pretty sketchy plan.</p>
<p>Great you found someone to sign for $20K a year for you that they’ll have to repay if you squelch on the deal or drop dead. And whose credit will be affected by having loans that size for which they are responsible in terms of amount of indebtness. Also late payments will reflect on the person.</p>
<p>As for your parents paperwork, maybe you should work on having a decent if distant relationship with them since you will be needing them to provide private info on their taxes, income, and assets every single year for your financial aid.</p>
<p>CPT touched on an important point, if your parents are unwilling to release their tax forms this year what will happen when they need to fill out FAFSA in year two, three and four. Before you do anything make sure you have some picture of what is going to happen in the spring the next 3 years…</p>
<p>You have a bigger issue. You will NOT qualify as an independent student for financial aid purposes for the FULL FOUR YEARS of your undergrad college education. Sorry…you just won’t. That being the case, your PARENTS will have to provide you with their tax information for the upcoming three years to complete your FAFSA AND the CSS Profile which Carleton also requires for financial aid consideration.</p>
<p>I think you are being incredibly short sighted. The reality is that without your parents’ financial information for the upcoming years, you might not get any institutional aid from Carleton…and unless you can complete a FAFSA with accurate information, you will get nada.</p>
<p>Remember…you WILL be considered a dependent for financial aid purposes for all four undergrad years. It doesn’t matter if you live in your own apartment or your parents don’t declare you on your taxes…those are not the acid test for becoming independent for financial aid purposes.</p>
<p>And remember too…Carleton can call your parents and the parents could very easily say “sorry…we are not providing our documents as this young student told us he does NOT want anything to do with us.” And there will be NOTHING Carleton can do to get the documents. Period.</p>
<p>You are smart enough to get into Carleton, you should be smart enough to figure out that you need your parent’s cooperation to get what you need until you are considered independent. You’ve really made a cartoon out of yourself. "I want you out of my life. I want nothing to do with you. Errrh, there is that matter of your tax forms, and a list of your assets that I need you to provide for the next 4 years. And what is our house worth, and do you have any other money stashed away? Please list all of your private financial information and allow them to verify every item. " Yeah, right. Most of us would be, what is it, ROFL as we rip that letter up and tell the person on the phone who wants that stuff which will have to be collected , copied , filled out and sent where to go.</p>
<p>Here are the things you will need to complete the Profile…bank account balances, retirement account balances, income, other assets, home mortgage balance, home value to determine equity. Will your parents give you those in subsequent years so you can complete the Profile?</p>
<p>The FAFSA will require income and asset information including all bank account balances. Will your parents give you those? </p>
<p>In verifiable circumstances, students can file the FAFSA without parent info and get ONLY the Stafford loans. BUT $6500 would NOT pay for your attendance at Carleton. The school costs in excess of $50K per year. How will you pay for this?</p>
<p>The fact that Carleton is a Profile school, and I didn’t look it up, is even more problematic going forward if the Carleton aid was financial aid as opposed to merit aid.</p>
<p>"I never expected my parents to help me with school, " is a bold faced lie when followed by requests and questionairres you want them to complete, baring all of their financials. You think people like doing that sort of thing? Few people will do it unless there is something in it for them at the end of the process. Since you seem to think that this is nothing, I don’t blame your parents holding out to show you exactly how important their doing so is. You need to do some major reconsideration of what you wrote to them in their letter, because if they comply with what you requested of them, you are getting nada.</p>
<p>The Carleton aid HAD to be FA. The only merit they offer is $2K for NMFs.</p>
<p>HOW are you going to pay off $1100k in debt? 80k from private and nearly $30k from Stafford loans?</p>
<p>What kind of income do you think you’re going to have upon graduation?</p>
<p>What if your co-signer can’t/won’t qualify for a future year? The person has to keep re-qualifying and all those previous year’s debt is going to hurt their credit rating.</p>
<p>Is the co-signer a relative with a very high income?</p>
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<p>Yikes, that could go bye, bye if the parents refuse to fill out all the FAFSA and Profile forms next year at least with merit aid it might be renewable based on the OP’s success each year. OP, my recommendation would be to do some real soul searching. If you simply can’t reconcile yourself with your parents you need a college Plan B other than an expensive private. It just doesn’t seem feasible that you can have both your independence from your parents and a college education at a private school whose cost is predicated on parental support.</p>