Can I get 20k in unsubsidized loans?

Paying for College
1

<p>I am referring to the Direct PLUS Loan with 7.9% interest. I would take as much as is offered to me. It is an instate school that I am going to that will cost around 23k a year. I need essentially full tuition and room/board in loans.</p>

<p>My EFC is several thousand over 10k. I certainly need the loans though and am worried if I don't get them I will be unable to attend.</p>

<p>Can I count on receiving these high interest rate loans? My worry is due to my acceptance being in July, the government will be out of money and can no longer offer a substantial amount of money in loans. </p>

<p>Thank you in advance.</p>

2

<p>Are you talking about Parent Plus loans? If you’re a college student, then YOUR PARENT has to take out those loans.</p>

<p>If your parents won’t borrow that much (they’re responsible for pay back), then you won’t get the money. </p>

<p>You probably also have about $7500 in Direct loans in your FA pkg right (you’re a transfer).? You’re trying to borrow too much. You’re going to end up with about $55k in debt if your parents would expect you to pay back the Plus loans as well… </p>

<p>What is your major and how much do you think you’ll be earning when you graduate?</p>

3

<p>My parents completed the FAFSA. These are the loans they would be taken on.</p>

4

<p>Unless you are a grad or professional student, you’re not eligible for Direct Plus loans.</p>

5

<p>Your parents would have to be deemed credit-worthy and meet income eligibility guidelines to take out the loans.</p>

<p>I doubt that the Plus loan program is going to run out of funds in July.</p>

6

<p>Are your parents willing to borrow that much AND are they willing to pay that much back? Will they qualify?</p>

<p>you need to contact your school about how your parents can get a Plus loan.</p>

<p>The gov’t won’t run out of Plus loans.</p>

7

<p>They are praying they qualify. If it is available they are most definitely going to take it. They would gladly play that much back. It would only be for 1 year as financially this year is a pinch. </p>

<p>EFC of around 12k.
COA of 23k.
They can’t meet the remaining 11k. Any guesses on if they will qualify for that 11k or does their EFC basically say we are in big trouble?</p>

8

<p>Guesses? </p>

<p>We have no idea what your parents credit looks like. If they have good credit, then they’ll qualify. Plus loans have easy qualifying since they can’t be discharged in bankrupcy. However, if your parents have credit issues (late payments, etc) then they might not get approved. </p>

<p>Work as much as you can NEXT summer to help pay some of this debt off and/or to avoid any need for loans next year.</p>

9

<p>Thank you. Next summer this shouldn’t be an issue.</p>

10

<p>How are your parents paying that EFC? It sounds like you and your family are planning to finance college entirely with loans. Is this for two years or three?</p>

11

<p>This is for one year.</p>

12

<p>I know it’s for this year. What about the rest of your college years? How do you plan to pay for those?</p>

13

<p>Will pay normally from income. Don’t expect loans or any aid. </p>

<p>This year is tough but no sense going into what will change.</p>

14

<p>Would it be at all possible for you to delay enrolling for one year until your situation stabilizes? What about studying part-time for one year so you can get a full-time (or nearly full-time) job? You need a solid Plan B to follow if your parents don’t qualify for this PLUS loan.</p>

15

<p>They (parents) won’t allow that. If they don’t qualify, they will find a way to pay for it. I was just inquiring on there behalf. </p>

<p>Community College is not an option at this point.</p>

16

<p>Community College is always an option. The question is are your putting your parents into a bind by attending a school that is too expensive. Why do you think your financial bind will only occur this year?</p>

17

<p>If your parents have to borrow the full COA on PLUS, then you are going to a school that your family cannot afford.</p>

18

<p>If your parents say they will find a way to pay for it, then they must have some ideas where they can come up with that money.</p>

<p>You will get some Subsidized Stafford as well as unsubsidized. Hopefully, you are working right now so you’ll have a little bit of a stash yourself, and find a job at the school as well. That could amount to a few thousand.</p>

<p>As to the DIrect Parent Loan, they do have to apply, and now might be a good time to do so. It’s a quick credit check and they’ll get the answer in a matter of minutes and on the privacy of their computer screen. If one doesn’t qualify, the other parent can try. IF they both don’t, they can find out why and try to get the reason remedied. They will work with your parents and help them out that way if they are turned down and if it is possible to “fix” the reason. Otherwise, they need a guarantor themselves. </p>

<p>It is deceptive the way some colleges package that Direct Parent loan. It is not an automatic given. The parent(s) have to apply and qualify credit wise. So perhaps, your parents can give it a go right this week so that things can be in place even with glitches in time for you to go to school.</p>