So, my parents decided to tell me NOW, THIS CLOSE TO SCHOOL/PAYMENT, that they have bad credit and I got denied from all of the loans I applied for except for $5,500 from federal, and POSSIBLY $5,000 from Sallie Mae. I’ve tried tons of different places for various amounts, and have been denied. So, now I’m sitting here with $15,000 payment due for my private university and I can’t get any loans because my parents didn’t tell me I probably wouldn’t be able to get loans??? I’m so stressed out and my mom said worst comes to worst, she’d pay my tuition this year but that she’d force me to transfer to state school next year (which wouldn’t even be that much cheaper, maybe $3,000 less…) What do I doooo? ):
If your parents were denied for the Parent Plus loan, you will get an additional UNsubsidized Stafford loan of $4000, for a total of $9,500. Contact your FA office immediately. That will still leave you $5,500 short if the $15000 due is for the year - or is it for the semester? If it is for the year, see if you can set up a payment plan to pay $500 per month.
If it is for the semester, so you need $30k for the year, this school is much too expensive for you.
I am guaranteed that Stafford Loan? My parents were denied (parent plus loan) for that as well. It’s for the year. Thank you!
you need to step back, take a breath, apply to a jr college this year while you research colleges that you can afford to go.
It is very unfortunate that your parents were not open with you regarding what they could afford, but the realitgy is if hyou want to go to college, youll first have to sit them down[-after you have cooled off] and have THE $$ TALK with them. It will be diffucult but you need to find out EXACTLY how much they can contribute each year to your education.
Then come back here and we’ll help.
is this school really affordable for you? Is it? You will need loans like this every year. The cost of attending the school will increase every year.
Did you not apply to any less costly schools?
Where I live in California, there are no less costly schools. I applied to the closest Cal State and got rejected because they aren’t accepting anyone outside a 30 mile radius. I got accepted to SLO, but that’d be around 40k a year and they didn’t give me any money. Redlands is giving me 30k a year. My direct loans increase in value every year, and I’m going to be working over the summer.
SLO in-state has a cost of $25K/year for in-state students.
Why didn’t you apply for Cal Grants? Those would have paid for your education.
She didn’t say her parents’ incomes qualified for Cal Grants, she said they have bad credit. Two different things.
Well that’s a horse of a different color. My bad!
Even if your parent got the loan, it is still your future money. You think you are ready for that $100k debt?
Exactly, @billcsho ^^^^
THIS IS A BLESSING! YOU’VE DODGED A BULLET!
This may sound harsh, but your parents obviously know little about money and finances because they were going to allow you to borrow too much money (no surprise that they have lousy credit).
You can start at a CC and then transfer to the CSU near your home.
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Where I live in California, there are no less costly schools. I applied to the closest Cal State and got rejected because they aren’t accepting anyone outside a 30 mile radius. I got accepted to SLO, but that’d be around 40k a year and they didn’t give me any money.
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SLO does NOT cost $40k per year. Do the people in your family have any concept of cost and money?
Tuition and fees $9,000
Room and board $12,009
Books and supplies $1,812
Estimated personal expenses $1,392
Transportation expenses $1,200
Estimated Total $25,413
^^^ Do you see that!!!??? Direct costs are about $21k per year. The remaining costs can be trimmed.
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I applied to the closest Cal State and got rejected because they aren’t accepting anyone outside a 30 mile radius
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Which CSU is that?
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Sorry, cumulative GPA unweighted is 3.7, weighted is 4.2. I don’t know which they use. ACT is a 31
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You could have gotten some large merit if you had applied more carefully. How did you do on your SAT.
You probably should just take a gap year (don’t take any classes anywhere!), and apply to schools that would give you HUGE merit.
It sounds like your parents have a high EFC. Were they going to contribute any money at all? If so, how much per year were they going to pay??
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I’m so stressed out and my mom said worst comes to worst, she’d pay my tuition this year but that she’d force me to transfer to state school next year
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Bad idea. Most Calif publics don’t even accept soph transfers.
Also, your best chances for merit are as an incoming frosh. You need to take a gap year and apply to schools that will give HUGE merit for an ACT 31…
If your parents have bad credit, how would your mom pay your school costs this year? That seems unbelievable.
Sorry for this tough situation, why didn’t your parents tell you you couldn’t afford that school? I am confused if it is they trying to take loans or if you all were mistaken and though that soimeone gives significant loans to students except your fed direct loan.
It doesn’t matter what Redlands gives you so much as what is left to pay. COA is 60 which means 30 is left after scholarship. More than Cal Poly. I am also confused because Cal Poly instate is not even close to 40k. It is 25k includes room/board/books etc. But if you are over about 80k income you don’t get any aid for CSU, yeah. Shame not to get in your commute distance one.
If your parents were going to borrow all your schools costs they should have kept payments current on debt. It is easiest to qualify for parent plus that way. If they don’t qualify for parent plus then they won’t qualify for other loans, except maybe where there is collateral like home loan.
How is your mother going to pay your first year if she can’t get loans anyway? Coming up with 30 a year seems too steep that is 120 of debt? You won’t be the first person to go the CC route to a CSU or UC. It is hardly worth going to Redlands for one year only CSU and US pretty much take only Jr year transfers.
Here is all you as a student get as a federal loan. You can borrow at the independent rate if parent doesn’t qualify.
Dependent/Independent
freshman 5,500 / 9,500
sophomore 6,500 / 10,500
jr 7,500 / 12,500
sr 7,500 12,500
and since you were interested in OOS, you would get some awards here
http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html#latest
i would call any that interest you or email your stats ans see if they wll still give the offer, it has been done in the past. or you can app;y if you do a gap year. remember no CC classes uring gap year to preserve freshman eligibility for best aid.
What is your major?
look at this link for big merit.
http://automaticfulltuition.yolasite.com
I do not understand how with your GPA and ACT score, you didn’t get into the majority of Cal States you applied?? especially if you were accepted to SLO? All the Cal States even without financial aid would have cost you less than the University of Redlands with aid. This does not make any sense. What is your local in-service Cal State? I do not see how you were unable to get into your local Cal state with your Stats?
I agree with the above posters and that you should either take a Gap year and reapply to affordable schools or go to a CCC and transfer to your choice CSU/UC.
Good Luck.
@Gumbymom In another thread she indicated that she didn’t want to apply to many Calif schools because she doesn’t like the state. So, she may have only applied to 3 or 4 Calif schools.
It sounds like she was poorly advised. Her parents weren’t honest with her, and maybe just thought that she could borrow all she needed all by herself (as if that would have been a good idea!!! ugh!)
She was posting here on CC almost a year ago, but posting where kids post, so no meaningful advice.
other students who see this thread…don’t just post in the “kids threads” (chances and high school life), otherwise you’re going to get wishful thinking responses.