<p>This is tragic case. I got waitlisted and then accepted to my dream school, yet it will be $28,000 a year to attend. I sent in deposit, went to orientation, have my classes, etc. The bill for the fall semester - $14,000 - is due on Monday. My parents are going through some very tight financial troubles right now and told me they don't have that kind of money to pay for that now. They were late on submitting the FAFSA due to tax troubles? so I have no federal loans. I will have to take out a private loan for the entire cost of my fall semester. I was looking at the WellsFargo College Education Loan. PLEASE HELP. I have no idea how to do this and I have to get the money to the college by Monday.</p>
<p>You need to talk to your parents and see if there is a chance they will cosign a loan for you. </p>
<p>Just FYI…the maximum Stafford loan would NOT have covered $14000 for just the fall term.</p>
<p>I feel badly for your situation but really…this was poor planning. NOTE TO OTHERS READING THIS THREAD…before you accept an enrollment spot at a college, be SURE you have a way to pay the bills or you won’t be able to attend.</p>
<p>My parents have terrible credit, they can’t cosign a loan with terrible credit can they?</p>
<p>Jstyles…how did you think you were going to be able to pay these bills? Even all the federal loans out there would NOT cover $28K a year.</p>
<p>I suspect you are ■■■■■■■■, but just in case you are serious I will answer.</p>
<p>There are some loan originators out there that allow you to make payments as you go vs. the deferred loans out there. Some schools even will allow payment plans but it sounds as you have no source of income. Not alot of options for you with only 3 business days until the due date. It generally takes 24-48 hours to get loan approval. Short of getting a gracious grandma or aunt to co-sign for a loan, I think you’d better be on the phone talking to your school and see if they will let you withdraw and hold your spot while you get your act together.</p>
<p>According to other posts by the OP…he/she was accepted to Virginia Tech off of the waitlist (as an OOS student). Originally was going to go to UDel. This all happened on JUNE 4…two months ago. The financial aid situation should have been resolved IMMEDIATELY when this student was accepted off the waitlist. It’s been two months…OP…what have you and your family been doing for the last two months to resolve this situation?</p>
<p>Did your family file the FAFSA for UDel? If so, it takes barely five minutes to go into the FAFSA website and add VT and resubmit. Did you do that?</p>
<p>Did your family support your enrollment at VT despite the significant additional cost to them? How did they propose paying for this when you accepted your enrollment offer at VT? Did you already withdraw from UDel? If not…maybe you should reconsider.</p>
<p>As others have asked - how did you and your family plan to pay this? How can you just suddenly thinking about this a few days before the bill is due? Have you applied for financial aid at all yet? Even late tax filers have to have filed by now surely? Without filing for aid you have no way of knowing whether this school will be at all feasible for you. And it is very late to be finding this out.</p>
<p>DO NOT START AT THIS SCHOOL WITHOUT KNOWING - AND I MEAN KNOWING, NOT WISHING, DREAMING, OR HOPING FOR A MIRACLE - HOW YOU ARE GOING TO PAY THE BILL. If you start and are unable to pay the bill you may find yourself having to leave this school. You won’t be able to transfer into another school until you pay what you owe this school as they will not release your transcripts until you have paid for the service you have received. Do not start and think there will be a magical miraculous solution - there will not be.</p>
<p>Now for a reality check - If you file FAFSA and find you are not eligible for grant aid (which you have no way of knowing unless you file), you are still eligible for $5500 for the *entire year *in Stafford loans, which are student loans in your name. It will be disbursed half each semester which means $2750 for the fall and the same for spring. This barely makes a dent in $14k. Your parents can apply for PLUS loans. If they are turned down because of poor credit you are eligible fo an additional $4000 in Stafford loans, again $2k in fall and $2k in spring. So that would be a total of $4750 toward a $14,000 bill. If your parents credit is too poor for a PLUS loan it is likely to poor for a private loan or to cosign a loan. So you will be nearly $10k short.</p>
<p>Even if you can find $14k in loans that is one semester. Are you going to do that every semester? Over $112,000 in loans? Plus the interest that will have accrued by the time you graduate - so let’s say conservatively it will have grown, with interest, to $130,000 by the time you graduate .That is much to high a burden of debt for an undergrad degree. You will be making repayments of nearly $1500 a month every month for 10 years. That is a crushing debt for someone just starting their working life.</p>
<p>This is such a prime example of why people should NEVER procrastinate. Bills have due dates for a reason, but that doesn’t mean you wait until that day to pay them. I have no advice for the OP other than to contact the financial aid office of his or her school.</p>
<p>This is more than procrastination. There is a major disconnect somewhere along the line. I agree with Swimcat…do NOT start at this school until you have the finances figured out and I would suggest that it not be a bandaid just for one semester. Really understand what you are going to do along the path of all the years. If you can get back to your original school or if you can postpone your entrance it might be a good idea while you and your family figure it out.</p>
<p>It certainly sounds like procrastination to me, since another thread from the OP says he or she was notified of acceptance to their school at the beginning of June and it is now only about two weeks away from school starting. I’ve had the “pleasure” of dealing with people like this my whole life…I’ve met tons of people who are always waiting until the night before an assignment is due to start on it (even 20+ page papers!!), but haven’t seen anyone wait until the last minute to get their finances together until I saw this thread.</p>
<p>According to past posts, the OP was also accepted to UDel and it sounds like that was affordable and instate for the OP. BUT VT, OOS was that “dream school”. For the life of me, I can’t imagine why the OP would accept enrollment at a school with no idea how the bill was going to be paid.</p>
<p>For others reading this…please…do not accept enrollment at a school unless you have a firm plan for being able to pay all of the bills.</p>
<p>Enroll in community college and start over.</p>
<p>thumper, actually UDelaware is about $30K for instate students and s/he got no financial aid there either - sounds like VT was actually a better deal! My sympathies to the OP, but there is no magic solution. As swimcatsmom said, DO NOT UNDER ANY CIRCUMSTANCES START A SEMESTER WITHOUT HAVING YOUR BILL PAID!!! This is the worst scenario and you’ll end up owing and not be able to transfer. Take classes at your local U and find a new school that you can actually afford for next year.</p>
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<p>This is from the UDel website. Total cost for BOTH semesters…$18,794 for instate residents. Where did you get the $30K number.</p>
<p>No question…this is a LOT cheaper than VT for an OOS student.</p>