So my parents filed for bankruptcy two years ago. With the extra $4,000 I got in the Stafford loans for being denied, I still have $5,084 left to pay. Is there any type of loan that doesn’t need a cosigner? Or any other options? I’m the first person in my family to go to college. I have great stats, but I’m in a terrible situation financially and wasn’t able to get a job in high school for health reasons. I need some other way to pay this balance. I’m already getting a lot of scholarships through the school, but I still have the $5000 left. Any advice is appreciated, thank you.
@Raytay97, Lenders want to know they’re going to be paid back, so they require qualified cosigners. You won’t be able to borrow the money without one.
It sounds like your net cost is ~$15k/year and you have to borrow all of it. If your parents can’t contribute and you can’t work to raise the difference, this school is unaffordable. You mentioned that you have great stats. Did you get a better package anywhere else?
You could ask the school if there are any additional Perkins loan funds you can borrow, or if the school has loans for students. It’s a lot to be borrowing, so think about it carefully.
Well, your 35 SAT is a great stat (your 5+ gpa needs some explanation – class rank?).
Did you go to your college’s free summer program? A while back you were questioning its usefulness, since you seemed to be too advanced for the math coursework.
In your case, seems like it might have been a better idea to earn summer money to close the gap between your finaid and what you have to pay.
If you are gapped $5K this semester you will be gapped $5k next semester and the next… so you need an additional $40K in addition to your student loans. I agree with @austinmshauri this school is not affordable, do you have a plan “B”? Where else did you apply? Perhaps it’s best to take a gap year and look for school that you can afford with little or no debt. For a stem kid I’d suggest UA-Huntsville with your stats you’d qualify for 100% free tuition and free on campus housing http://www.uah.edu/admissions/undergraduate/financial-aid/scholarships/merit-tuition-scholarships
@twoinanddone please don’t encourage this student to take on more debt! She’s already taking on $9,500 freshman year and even if she could find someone to loan her an extra $5K a semester that would put her $80,000 ($40k for the $5k a semester gap and $40k in student loans) in debt when she graduates. She needs to find an affordable school and not saddle herself with debt!
What I find interesting is a parent who came out of bankruptcy a few years ago and obtain a “fresh start” through bankruptcy, yet was willing to take on new debt to the tune of $40K+ in Parent Plus loans. I was reading an article about post-bankruptcy debt relating to student loans and the problems parents are having with kids who cannot or refuse to pay back these Parent Plus loans. Parents took out these loans with the understanding that the children would be the one paying back the loans. There were instances where the parents have not talked to their kids for over 10-years because of the strained relationship that developed because of the failure of their children to pay back these loans. Why would a student put their parents (coming out of bankruptcy), in such a precarious position?
^^ Because the 18 year old has no idea what it means for their parents to borrow $40k for college when the student is also borrowing $30k. Sometimes it is not the choice of the child, who just wants to go to college and doesn’t know that everyone isn’t financing college with Plus loans. Sometimes the parents are pushing for the more expensive school.
My own kids aren’t so concerned about how I finance their college. I gave the thumbs up or thumbs down to the college, saying I could afford it or not, but they didn’t really know how that would be happening. They know their scholarship amounts, their tuition costs (somewhat), but if I would have said I was taking an $80k Plus loan they would have said “Oh.” If I would have said “I’m taking this huge loan and I expect you to pay it back after college” they would have said “Oh”.
Wow $80,000 is really a lot of debt for a student with stellar stats who could get a a free ride somewhere. Have you considered a gap year and apply to some high merit schools? Perhaps at this point you are healthy enough for some type of job to cover your personal expenses and take a class or two at CC if you are so inclined.
I agree with the gap year and working but be very careful about taking a class at a CC after high school graduation if you do you may not be considered an incoming freshman and may miss out on Freshman scholarships!
@twoinanddone and @Jamrock411 I think you are both right kids do not do the math and have no idea how much money that really is and of course there’s interest too! Parents want their kid to be happy and go to the ‘dream’ school without thinking of the burden of so much debt.
I just saw Southeastern Missouri recomended to another poster in a different thread, you’d qualify for their “Govereners Scholarship” Full tuition and room and board!
http://www.semo.edu/sfs/financialaid/scholarships/freshmen.html
@raytay97 please know that you have several good schools that you could go to for FREE or very low cost. I hope you will seriously consider taking a gap year and re-applying to some more affordable schools.
@RayTay97 Hope you are still reading this thread. Have you had a chance to look into either of the schools I’ve mentioned, UA-H or SEMO? If you haven’t found this list already, it’s frequently posted here on CC, www.automaticfulltuition.yolasite.com you should take a look.
I know money is a personal issue but it just boggles my mind that you would be willing to take on so much debt to attend any school (yes, even the ivies) when you have so many good, free options that are ABET certified!
Do you have a trusted adult, that’s money savvy you can meet with and discuss exactly how much you’ll be paying back and for how long? Student loans are almost always a mix of subsidized and unsubsidized loans and so you need to make sure you calculate the interest! Make sure you include all the loans you will need to cover all for years.
If you tell us more about what you are looking for in a school (big/small/football/location?..)I’m sure the good folks here on CC will be happy to make some suggestions.
Have you thought about FAMU?
I mention this because FAMU’s Engineering program is actually a partnership with FSU so you get a pricey FSU engineering program for the FREE FAMU price!
(NON-FLORIDA RESIDENTS) Incoming high school senior with an academic core GPA of 3.50 and having a 1900 on the SAT or 29 on the ACT will receive the following over four years: • A full four-year scholarship that pays for tuition and fees, double-occupancy room rate, and meals. STEM majors will receive a laptop. (Out-of-State value over 4-year period $114,376)
If you are PELL eligible you can use that for books and transportation, if not hopefully you can get a job and save during your gap year and earn enough for travel and books.
You’d be surprised at how many people come out of bankruptcy and immediately owe a large amount. Some creditors like the newly bankrupt because they can’t file again for 7+ years, so the don’t have an out for new debt. Many people also reaffirm their secured debt (mortgage, cars, tangible assets) because they still want those things. People who must file bankruptcy because of medical bills are really no less creditworthy to the consumer lenders than others with some debt and a job.
But back to OP…I think he’s received some good advice to consider other schools that might cost less in the long run.