<p>My parents have no money at all to pay for my college tuition. What can I expect to end up with in debt when I graduate college? What should I do to reduce this debt by the time I graduate?</p>
<p>Go to your community college for two years then transfer is probably your least expensive option unless you have a very high GPA, excellent ACT/SAT scores and are a junior so you have time to do some very careful research on four year institutions that would fit your particular circumstance. No one can answer your question because there are multiple ways to tackle your situation. Start with your guidance counselor and go from there…</p>
<p>The answer to your question is probably not. The maximum a freshman can borrow in Stafford loans is $5500. If the parent applies for a PLUS loan & is turned down (they have to pass a credit check), a freshman can borrow another $4000. The student might possibly be offered a Perkins loan … sort of hard to come by & usually for the neediest in the school’s population, if the school even has any to offer. </p>
<p>On the other hand, you also might be offered grants depending on the family financial situation. </p>
<p>Debt is a personal choice. Some students choose to borrow a lot. I don’t recommend it. If you need to borrow more than $5500 in your freshman year, you should try to find a less expensive school … just my opinion, but it is shared by many adults on CC.</p>
<p>Do you know your EFC? What schools are you considering?</p>
<p>I’m a senior and I applied to UCI, UCSB, UCSC, and UCR. I haven’t applied for FAFSA yet. I don’t think my dad would pass a credit check, he’s filed for bankrupcy recently.</p>
<p>You don’t need credit to do the FAFSA. FAFSA has nothing to do with people’s credit scores.</p>
<p>Do the FAFSA as soon as possible. </p>
<p>Do you know approx how much family earns?</p>
<p>How many members in the family?</p>
<p>You can get an estimated EFC by using this…</p>
<p>[FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid](<a href=“http://www.finaid.org/calculators/finaidestimate.phtml]FinAid”>http://www.finaid.org/calculators/finaidestimate.phtml)</p>
<p>You would be able to borrow $5500 on your own. If your parents apply for a Plus loan and get denied, then you can borrow $4k more. </p>
<p>Once you have some numbers, we can make more appropriate suggestions. If your EFC is low enough, you could get some Pell, some Cal grant money, etc. If your family income is less than $70k, I think you get free tuition at UCs thru various grants.</p>
<p>Did you apply to any UCs that you could commute to?</p>
<p>The credit check refers to PLUS denial (students can borrow an extra $4000 if the parents are denied a PLUS loan, which is based on credit).</p>
<p>The first step is definitely the FAFSA. Without it, everything else is just speculation.</p>
<p>True…but…</p>
<p>If we know find out that his family’s income is less than $70k, then he gets free tuition to a UC.</p>
<p>If it’s likely that his parents will get denied for a Plus loan (because of the recent bankrupcy), then there’s a good chance he’d get the $9,500 in Stafford loans to go towards room and board.</p>
<p>If he could start working part-time now and full-time in the summer, he might be able to come up with enough to pay the balance of R&B and books.</p>
<p>While nothing is certain, there is some hope here, I think. :)</p>
<p>My dad makes less than 70k a year and my mom doesn’t work.</p>
<p>Ok…good news…</p>
<p>Now, did you apply to any UCs that you can commute to?</p>
<p>Did you do the EFC calculator?</p>
<p>Have your family do the FAFSA as soon as possible. (isn’t it due soon at your UCs??)</p>
<p>I only applied to one UC I could commute to.
My dad makes $69,000 in gross income, that still qualifies as under $70,000 to UCs right? Just making sure because it is only like $1000 away.</p>
<p>^^^</p>
<p>I sure hope so!</p>
<p>OK…are your parents willing to do the FAFSA soon? </p>
<p>When do you have to apply for aid at the UCs? Isn’t it soon? Feb 1st maybe???</p>
<p>No, the deadline for filing FAFSA for the UCs is March 2. And, technically, it can be filed after that, but there is a decreased chance in receiving aid and one gives up any eligibility for Cal Grant if filed after March 2.</p>
<p>
</p>
<p>Source:
[University</a> of California - Counselors](<a href=“http://www.universityofcalifornia.edu/educators/counselors/adminfo/fees/applyfinaid.html]University”>http://www.universityofcalifornia.edu/educators/counselors/adminfo/fees/applyfinaid.html)</p>
<p>Thanks!</p>
<p>Well, I think it’s always better to submit as early as you can. :)</p>
<p>At least your parents make money. My parents haven’t been able to work for 5 years.</p>
<p>As an alternative, you can go with a third party lender like your credit card and ask for a loan through them. The bad part is that they can’t consolidate with any federal loans and possibly a higher interest rate. Do some research and you’ll find some great info.</p>
<p>if i got a part time job, would that raise the house hold income to over 70,000 and null the coverage?</p>
<p>What matters is income in calendar year 2009 that is already past.
There may be interest income, dividend income etc that may increase your adjusted income and there may be items that may adjust it down. Your parents will need to get on a tax website and do a preliminary tax return to get the number.</p>
<p>If you do get into one of the UC’s, Cal Grant, Pell Grant etc. should cover your in state tuition. Work study and stafford loans should take care of the living expenses. You could also look at Co-op type housing to keep your expenses low.</p>
<p>Good luck! I’m in the same boat more or less.</p>
<p>Your part-time earnings in 2010 might hurt you for next year when you file FAFSA again. </p>
<p>Have your parents do FAFSA and see what their “FAFSA income” is and how much margin you have to earn this year for next year’s FAFSA. You’ll also have to take into account whatever income increases your parents experience. </p>
<p>I don’t know how it exactly works in Calif. I don’t know if a family income jumps to - say - $75k - does that mean that they lose most aid? Or would they just lose a little bit, and therefore the $5k income increase is worth it? If you were to work part-time during the school year and full-time during the summer to earn as much as you can for college, then you need to find out if you’d lose a lot of aid for next year. </p>
<p>You need to get in touch with the FA office at a California public and find out the facts.</p>
<p>Jimgotkp quote: *At least your parents make money. My parents haven’t been able to work for 5 years. *</p>
<p>Sorry to hear that. How were they able to get that Plus loan for your college costs? Are they having to make payments on that now?</p>