cosigner bailed after only two years of college, what to do now?

Paying for College
1

<p>I'm in a difficult and confusing situation at the moment, and am worried that I have completely screwed up my future because of my poor decisions regarding paying for college :(..</p>

<p>I'm currently a 20 year old would-be rising junior Illustration major at Rhode Island School of Design. I discovered my passion for art freshman year of high school, and soon after set my sights on going to RISD for college. I got rejected as a senior, but finally got in after spending my freshman year at MassArt working really hard on my portfolio. Although I didn't get aid, I decided that RISD was worth the investment/debt, for a variety of reasons.</p>

<p>My aunt cosigned for my loans for the first two years of college (totaling around... I'm sorry to say, $68,000), because my parents' credit isn't good enough to get a loan. However, she recently decided that I've taken on too much debt already and will not cosign for anymore loans. I love my aunt and cannot blame her, but I did not expect or plan for this... and am not sure what to do now. </p>

<p>Two weeks ago, my mom wrote a letter about our situation to the financial aid office. As a result, they offered me $10,300 in the maximum federal student loans, a work study and a non-need based scholarship. This was in hopes that my parents would be able to get loans to cover the rest. Well... they haven't. I wrote them an email 2 days ago, asking about the possibility of spending a year or two at community college while working on improving my portfolio to the point where I would perhaps get a large enough talent/ portfolio based scholarship to cover the rest. Plus, I would also apply to every outside art scholarship possible. I haven't heard back from them yet, but the chances of that happening are probably very little...</p>

<p>So, the options I've thought of:
- Go to community college for one or two years and get a job, while working on my portfolio to get a large enough scholarship for RISD or even another art school, so that I can continue studying to become an illustrator. Not sure if this is plausible, as it relies largely on chance. I know of others who've gotten scholarships that big, but they're usually very stingy with aid and facing budget cuts. I'm now wishing that I had just gone to community college first, after high school..</p>

<ul>
<li>I could also go to Worcester State College, because I'd probably get the tuition covered by federal loans. However, the application deadline for priority transfer/ aid has passed. I just emailed them to ask if they're still accepting applications for the fall. I doubt that, so I might have to go there spring semester instead, and get a job as soon as possible to start paying back my loans, while working on my portfolio. Either way, I would major in psychology and minor in art, and then either try again to transfer back to RISD/ another art school, or go to grad school to become an art therapist instead (more stable career), hoping that I can make a career out of illustration on the side or something :(...? </li>
</ul>

<p>Any and all advice is welcome. I know that many people will disagree with my choices of either going into art, taking on all that debt, or both, but.. what's done is done, and all I can do now is figure out how can handle this responsibly.</p>

2

<p>Did your parents try to get the Parent Plus loan? Your parent’s credit does not have to be good to be eligilble. Also, how much of a scholarship did you get?
I’m just trying to figure how much you need to come up with to attend.</p>

3

<p>Sorry I didn’t make myself more clear. I was offered $7,500 in stafford loans (the max possible), $1,300 in work study and $1,500 in a scholarship. So, not nearly enough to cover RISD’s $36,000 tuition, plus supplies and transportation (from an hour away… I wouldn’t even consider dorming again at this point). I would need around $26,000 per year to cover tuition alone. So, a LOT…</p>

<p>Thanks for the info about the Parent Plus loan. I’ll definitely have my parents apply asap tomorrow. I thought the school had to offer it you, though? Or can anyone apply, regardless of the FAFSA?</p>

4

<p>How will you repay this money as an illustrator? Won’t it be many years–if ever–before you are likely to make significant money? Won’t you have to move somwhere, get a job and work your way up? Even the $68K is already a lot, how will you pay back all of this money and live?</p>

5

<p>As you know, you are already over your head in debt. I would not take on any more debt at this point but, if possible, take courses that will count toward your degree. You should probably target those areas of the field likely to pay more - perhaps medical illustration? How many credits must you be taking to avoid having repayment kick in - like half-time enrollment? If so, you might consider taking only that many (at a more affordable school) and getting a job now that would allow you to start paying down your private loans. At the minimum, you must make sure the accrued interest is paid every year. Meanwhile, refine a better plan for your future studies and career options and apply for scholarships.</p>

6

<p>The school does have to certify the Parent Plus loan. I would call the school immediately and tell them your situation and get your parents to apply. It doesn’t hurt to try.</p>

7

<p>This assumes, however, that the poster’s parents are WILLING to take on additional debt in their name. Its already been stated that the parents don’t have very good credit. If the family situation is precarious, additional debt to finance an expensive RISD education may not be the most prudent choice.</p>

<p>Yellowfog, I’m sorry things are not working out the way you’d hoped. You may not realize it now, but having your cosigner reject supporting any more borrowing may be the best thing that happens to you when the time comes for repayment. There are less expensive alternatives to achieving your goal of a career in illustration. In the end, its not the name of the school on your degree that will get you a job, it is your talent.</p>

8

<p>So altogether, you are looking to finish school with around $137,000 in debt. The monthly payment on that will likely be in the range of $1600 to $1800.</p>

<p>I don’t want to burst your bubble, but you are in way over your head, and you’ve got your aunt on the hook for half of it. </p>

<p>It’s time for plan B.</p>

9

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<p>This is a very good attitude to have and I commend you for wanting to move on with responsibility.</p>

<p>If you want to make a living as an artist, and I believe you do, every dollar in debt you take out puts you further from that goal. RISD and other art schools know that yet they encourage their students to take out loans. Let me tell you, as an artist myself, that makes me beyond angry. It is not the name of the school that lands you a job, it’s your portfolio. </p>

<p>So, clearly, the first thing to do is stop taking on debt. Your Aunt made the right decision to stop co-signing and, for your sake, I wish she had not co-signed at all. But, as you said, what is done is done. </p>

<p>If you were my kid, the first thing I would do is help you set a goal beyond transferring back to RISD or another high priced art school. A fresh approach is called for and you must prioritize paying that loan back. I’m not saying to throw out your dream of making a living as an artist, I’m saying it’s time to really embrace the idea of art based jobs that you can make a living at. Be it art therapist, art teacher, graphic design, etc. </p>

<p>Let your illustrating skills grow organically at the same time. What I didn’t know as a photography major 20 years ago was the amazing amount of technique I could teach myself or have others teach me in exchange for barter or a small fee. It’s a more radical approach to an education in art but I sometimes think it’s also more authentic.</p>

<p>I wish you the absolute best of luck. It can be really hard to let go of what you thought your life would look like or what you thought was the vehicle to success. I assure you that there are as many paths to where you want to go as there are people.</p>

10

<p>Honestly? Check on what the actual payments would be on the loans. I don’t know if they’re covered under the Income Contingent or other new plans, but that would be a very helpful thing to know. Depending on the loan type, you may have more or less flexibility in the monthly payment. If there is no flexibility – you got 3rd party loans, or something – then you’re going to need to find <em>some</em> school you can stay in and afford and complete, so that you have at least a degree to work with while you’re repaying. I’d also be careful about assuming community college – many of them will not give you financial aid if you’re already over a certain number of hours/credits. </p>

<p>My suggestion is the next step is to get <em>information</em>, cold hard facts. Rather than speculating about what you might be able to do, get information about what you actually can do. Formulate a plan that is based on factual outcomes, not the possibility that you might improve, or the possibility that you might get better aid.</p>

11

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<p>Very well said.</p>

12

<p>There are problems with taking a year off to work or even to take a few classes (not being a full time student). Will you have medical insurance? Most parents’ plans end when you stop being a full time student. If commuting, do you already own a car or will you need to finance that as well? Car insurance? Will you live at home for free (room and board) or will you need to pay your way? Will you need to start repaying your loans right away if not a full time student?</p>

<p>If trying to stay in school, definitely look around to reduce your costs - checking not just for cost of school but what type of aid they provide, specifically to transfers. RISD is known for being stingy. Was it much less to attend MassArt or would that be somewhat manageable? Would they let you continue there? My DD got her BFA at RIT and although a private school, the tuition is much less than many privates and they offered several merit scholarhips (in addition to FA grants) making it cheaper than our state school. She also saved about $3000/yr by living in one of the older on campus apts and cooking. Definitely look around to see what other options/schools are available to you - even if you have to wait a semester or two.</p>

<p>As for the debt, did you take private loans? I haven’t kept up with the newest loan repayment plans but I THINK those deals (like reduction if teaching) only apply to federal loans. Perhaps by switching schools, you could qualify for more federal loans (once parents are turned down for PLUS loans) and if you plan to teach, you could repay through the new federal program (or do those loans go away?). My DD doesn’t want to teach and luckily got a full time Graphic Design job at graduation, so she plans to live at home for free, save every penny and repay her loans back this year. BUT she had very small loans by comparison. You need to make a plan on HOW and WHEN you can repay any loans you take. Regardless, you will still need to reduce total cost as much as possible.</p>

<p>Have you researched whether you could get a RA (resident assistant) job? At some colleges, helping out in the dorms provides free room and sometimes even free board. It’s late for this fall but you never know. This would cut your commuting costs as well as R & B. My son attends college in Providence so I know how expensive it is to live there. Commuting (an hour or more) can be tough because of all the late nights in the studio and/or project work that needs to be done on campus.</p>

<p>From our experience, BFA programs are very strict about curriculum and it may be very difficult to transfer credits to a reputable 4 yr college from a community college. My DD had a floormate who lost credits tranferring from RIT to RISD and another who transferred to RIT from RISD. My DD was able to transfer a few liberal arts classes that counted toward her general ed requirements. You can’t afford to take any classes that won’t ultimately transfer so be careful.</p>

<p>Just a couple lower cost colleges to look into (besides RIT): Flagler College in FL offers BFA and BA programs I believe. York College in PA offers a BA, with a concentration in illustration. Arcadia in PA (I think it has scientific illustration). Are you a MA resident? How about UMAss Lowell? They offer illustration. While a BFA is more specialized, it may be easier to transfer credits to a BA program. Definitely check curriculum lists because requirements differ tremendously from school to school. </p>

<p>As for getting a job, I can’t stress enough to do internships during college. RIT is really big on them and that’s how my DD and her friends wound up with job offers upon graduation.</p>