<p>I am planning on going to a private college. I got granted and took out student loans for about $30,000. The estimated college expenses is about $50,000. My mom got denied loans because of her low credit, so can't cosign for anything and she is all I have. So do you think I can still go to college? Please don't say contact the school because I'm in the process of doing that. Say something such as an opinion or any financial advices.</p>
<p>If your Mom was denied a PLUS loan, you will be eligible for an additional $4,000 in direct student loans (total of $9500 for a freshman). However, this will not cover what you need. It sounds unlikely that you can attend this school. You need to find a more affordable school.</p>
<p>I know it probably seems crushing right now, but if your Mom has poor credit she should not be taking out $20,000 a year in her own name. And even if she could cosign, that is much to much debt for you to take on. The debt would be well over $100,000 by the time you graduate and the payments would be more crushing and for a longer time than your current disappointment.</p>
<p>I am sure you can still go to college, you just need to find a college you can afford. Good luck.</p>
<p>Well she doesn’t have bad credit, just poor. Her credit history only started a year ago and it’s she doesn’t have more than $5,000 in debt. </p>
<p>Also, the amount of loans stated above includes the increased loans I can take out due to her declined situation.</p>
<p>This just worries me as this means she will also get declined next year I apply for the loans. I plan on just going to a community college and then transfer, but I really want to discover more options before finalizing community college.</p>
<p>More options: Take a gap year and apply to a 4-year school that will give you enough aid to cover COA (and will not require to take more than Direct loan limits).</p>
<p>Not really an option: borrowing as much as you are planning to borrow.</p>
<p>The problem with going to a CC and then transferring is that you’ll likely get worse financial aid then.</p>
<p>What are your stats? Which school is this? What is your major?</p>
<p>What is your EFC?</p>
<p>How much is your family contributing?</p>
<p>What state are you in?</p>
<p>It may be best for you to take a gap year (don’t go to school at all), and apply where you’d get better aid.</p>
<p>Frankly, $20k per year is too much for your mom to borrow anyway. You’re going to have about $40k in debt and she’d have $80k in debt…way tooooooo much debt.</p>
<p>Stats. 1440 on sat. 23 on act. 4.3 gpa. </p>
<p>School is New York Institute of Technology.</p>
<p>I live in San Diego.</p>
<p>Chemistry major or biology major and doing premed.</p>
<p>Efc is 0</p>
<p>Family contribution is 0.</p>
<p>I was planning on transferring her loans to me. And then doing an IBR</p>
<p>Did you apply to UCSD? It is probably the most affordable option to you (other than CC).</p>
<p>Edited to add: IBR only applies to federal loans and you cannot transfer your mom’s loans in your name. Plus, depending on your future income and your future profession, IBR may very well mean servitude to your student loans.</p>
<p>I would suggest going to college IN California. With an EFC of $0, your family income would be low enough to qualify you for grant aid that should cover the cost of attending a community college and commuting from home…I think (someone more familiar with Cal Grants would have to weigh in). I hope that you got all of your Cal Grant application materials sent in ON TIME.</p>
<p>I know you want to go to a private university across the country. BUT the reality is this is not affordable for you and your family. The amount in loans you are suggesting will be a staggering amount over the four years you will need to borrow. AND as you put yourself…your mom will likely not be able to cosign for you.</p>
<p>The second option would be to take a gap year…and then reapply to a different list of schools. I would strongly suggest you retake both the SAT and ACT to see if you can improve those scores. The scores you currently have would make finding a full ride most anywhere very difficult.</p>
<p>I applaud you for looking at options. Consider that the financial obligations will be for multiple years, not just this first one. Plan accordingly. You don’t want to start someplace and then have to leave next term or next year because you can’t afford to continue. Find something affordable from the get go.</p>
<p>I agree with Thumper. With an EFC of zero and a huge gap from a college completely across the country…I’m really hoping you have something in your hip pocket in California. The potential financial fallout is a huge issue for you both short term and long term.</p>
<p>Please look at options nearby. NYIT is not a school to attend from cross country with lots of loans and with a family who can barely afford it. Not worth it.</p>
<p>Are you saying, on a cost of 50k, all you got was loans? Is that 30k for first year and mom’s supposed to make up the rest?</p>
<p>That’s how I read the first post. If so, it’s no deal, it’s no leg up, it’s indentured servitude. It doesn’t sound real that you would be considering this.</p>
<p>Oh my…this school is not affordable. …and soooo not worth the price or debt. NO WAY!!! You were very poorly advised when you made up your app list. Why did you choose that school??? oh my!</p>
<p>chemistry or bio major as pre-med…</p>
<p>Ok…a couple of things…</p>
<p>NO one should borrow much for pre-med. Med school is too expensive.</p>
<p>Secondly, your test scores suggest that you might not do well enough as pre-med to get into med school. ACT scores are an indicator for how you’d do on the MCAT. Students usually score within 3 pts of their ACT score on the MCAT…and a MCAT 26 is not high enough for med school. </p>
<p>However, if you’re determined to try pre-med, then you need to avoid loans and also major in something that would lead to a career if your grades/MCAT are not strong enough for med school. </p>
<p>Strategy…</p>
<p>1) take a gap year and apply to UCs (like UCR and UCMerced) and Cal States. With your low income and Cal Grants, you’ll get good aid.</p>
<p>2) start at a CC, go for 2 years, and then transfer to a UC.</p>
<p>It is a very good thing that your mom didn’t get approved for those loans; if your family is low income enough to have a zero EFC, they really, really can’t afford to take on much debt.</p>
<p>Are you eligible for a CalGrant? That would be a terrific solution that would not leave either your or your family with significant debt, and your chem or bio major is one that you can do at most colleges.</p>
<p>Thank you guys so much, I plan on taking a gap year instead. Only did bad really on sat and act due to my dad leaving and me being emotionally and mentally affected. Yeah I think I’m just going to San Francisco with a friend of mine. Still going for premed no matter what, my family being in the medical field makes me more determined to be a doctor.</p>
<p>I consider going to a community college in New York. I’ll save so much more with my mom not even cosigning. Or that can maybe be a better option.</p>
<p>Why would you go to a community college in New York when you can attend California community colleges for next to nothing?</p>
<p>As an OOS, it would cost you 7800/year in tuition alone to attend a CUNY community college. You would still have to pay fees, books, transportation, etc. Where would you live? Other than federal aid; Pell and stafford loans, you would not be eligible for any other financial aid. Until you are 24, you would never be eligible for in-state/city tuition. This plan is way too expensive, not a financially feasible option for your family. Please, scratch this option off of your list.</p>
<p>The thread title was about going with half the money. The description is going with none of the money. Either not well thought out- or messing with us.</p>
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<p>No you won’t save money. If your EFC is really $0, then you would get the Pell grant and of course you would get the Stafford loan for a grand total of $11,000. Almost $8000 of that will be in CUNY tuition costs as noted by Sybbie. Cost of housing in the greater NY area is very high. You would also need food, books, travel costs.</p>
<p>You need to retake the SAT/ACT…and craft a better list of schools. You live in CA, where aid for lower income students via the Cal Grant is very good and WOULD cover your tuition at a community college, I believe. I’m not sure why you think you can get a better deal at an out of state college. You can’t.</p>
<p>lookingforward - You’re the one who misread the OP’s initial post. The OP got $30k in grants and loans. Reread the post.</p>