<p>Hey I need some urgent help,</p>
<p>My sister goes to Cornell and unknowing to me, she called me up in tears saying that she owes Cornell money still. a whooping 11,000 bucks to be exact. So the problem is that the fin aid office is saying that it may be too late to file a PLUS loan and haven't given my sister any options. What should she do to get some loans to cover it? Any other alternative loans she can look into? This is really urgent! She could be kicked out of school, and after all the ahrd work she put into getting into Cornell, I don't want that to go to waste.</p>
<p>Warmest regards.</p>
<p>You can apply for a Plus loan anytime of the year. There aren't too many private loan lenders left. You have to try the big banks (BoA, Citibank, US Bank, Sallie Mae, etc).</p>
<p>so its not too late for me to apply for the PLUS loan for the 2008-2009 year???</p>
<p>if so, thank you so much!!!</p>
<p>First - why is this just coming up now? Financing should have been sorted out before school started - not now. Does your sister already have other loans in her name such as a Stafford loan? PLUS loan is a parent loan not a student loan. Your sister can not take it out. It s/b your parents. I am not sure that a sibling can take out a PLUS loan on behalf of a student. Assuming you are an adult with a job and a good credit rating (if not you will not be anle to borrow the money anyway) and If you are able to take out a PLUS loan then are you planning to borrow $11,000? What about next semester? Will another $11,000 be due then? What about the three years after that - $22,000 every year? That is $88,000 at the end of 4 years - on top of whatever she has in her name. But *you * will be responsible for it.</p>
<p>Are you planning to start paying the interest and repaying the loan immediately? For this $11,000 then the next $11,000 then the next $66,000? If you are going to defer the interest and repayments do you realize that capitalizing the interest, assuming an interest rate of 8%, will cause the $88,000 debt to grow to about $99,000 at the end of 4 years? Do you know what the repayments will be? On $99,000 about $1200 a month every month for 10 years. Do you know student debt cannot be forgiven by bankruptcy?</p>
<p>While it is nice that you want to help your sister out please take the time to investigate how much total debt this will lead to and what the long term consequences might be for you and your sister.</p>
<p>There is a loan calculator at
FinAid</a> | Calculators | Loan Calculator
where you can enter loan amounts and see the repayments.</p>
<p>Only a parent or step parent can take out a plus loan for a dependent student.</p>
<p>yea i already know what you mentioned. of course i am taking the plus loan in my parents' name (cause they don't know how to fill the form out, too busy). I took out a plus loan last year and this year. and so did my sister, it seems like this summer amongst all the craziness, we forgot to fill a PLUS loan.</p>
<p>but if you say that the debt would be bad, what other options do i have to pay this amount??</p>
<p>Work study is a possibility.</p>
<p>but the amount the work study to cover doesn't seem likely</p>
<p>If she owes $11 k is that for the whole year or for the semester, which could mean that she'll be $11 k short next semester, too?</p>
<p>Your family needs to talk to Cornell to find out these details.</p>
<p>i think its for the whole year and actually it was 9000. i filled out the PLUS loan and it went fine.</p>