<p>I plan on attending a private school in the fall of 2010, a HBCU. With FASFA (which I only got loans) the is cost about $10,000 a semester. My parents plan on doing one semester a year and i'll do the other. I want to do the first one, but I have no co-signer ad I want a good intrest rates. Does anyone have any suggestion on which company to get the loan from?</p>
<p>I tried Salle Mae but I need a co-signer</p>
<p>Do you mean that you intend to borrow $10K a year in addition to your Stafford loans? If so, that’s an awful lot of debt for an undergrad to take on! If the $10K is total, make sure that you max your Stafford eligibility out first. You will need a cosigner for the remaining $4500, or your parents will have to take a Plus loan on your behalf.</p>
<p>You can’t borrow more than fed loans without a cosigner because you can’t qualify. Also fed loans and ws are divided by semester so you and your parents need to split each semester otherwise you’ll be really short. Did you get 5500 in fed loans. Did you get work study. </p>
<p>If your parents do the entire first sem then you can reserve/ save your loans and work study for 2nd sem.</p>
<p>We actually did succeed in having ALL our son’s staffords for the year applied to the first semester of each year. Then we paid for 2nd semester from 529 funds.
BUT we had to get school to certify the release of the entire amount for first semester…and it did take several calls/emails to make it happen.
This was at a state public U.</p>
<p>You need to call the college and ask if they have any loans that you can take. If not, you will have to have your parents take out the loan for the entire $20K through PLUS, and you can draw up a private contract between yourself and them regarding repayment of that loan.</p>
<p>As others have said, that is a lot of loans you are taking. You’ll owe over $70K at graduation at that rate and your parents will owe $40K.</p>
<p>If you can get jobs this summer, put the money in savings. Scrounge up what you have and put it towards your that $10K you are borrowing so that you can reduce that amount by as much as possible. Also you probably should find a job at school and put some of that money towards the loans as well.</p>
<p>^^^</p>
<p>Why will she owe $70k?</p>
<p>It sounds like she’ll owe $40k and her parents will owe/pay for $40k. Each is paying for a semester/yr and a semester costs $10k.</p>
<p>I think what cpt was saying is if the $10K per semester is in addition to the Staffords, then she will be around $70K in the hole.</p>
<p>That’s the problem with these outside loans. Kids usually need them because they are maxed out on the Staffords and sometimes Perkins and in college loans, so the COA can be the limit. My friend’s daughter’s fin aid package included Stafford, Perkins and a school loan and still gapped.</p>
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<p>I think this is the rule rather than the exception for someone with a lower EFC.</p>
<p>I thought she needed a private loan to cover the difference between $10k and her fed loans.</p>
<p>She does. She did not list what she got from the school or the govt. She just says she got loans from filling out the FAFSA which is typically the Staffords. Don’t know whether she was gapped or she and her parent don’t have the funds on hand to pay $20K that the financial analysis says they should pay. Many parents take PLUS to pay what needs to be paid. It is not necessarily a gap.</p>
<p>okk so we didnt really plan the first year as well and were defintely taking this as a lesson learned but either way i still need 10K buy July 1st!!! and my parents will do the rest for the year. I dont plan on taking out anymore loans that are that big since my job as tution remebersement after the first year. I ddnt get any Perkins Loans so Ill call my school and ask them and NO work study. My parets are taking $15000 out on the Parent Plus Loan so now I only need 6K…</p>
<p>Fin Aid Packet:
Standford Loan: $5,500
Parent Plus Loan: $20,000
it cost aout $27,000 a year</p>
<p>What are the real costs of the school?</p>
<p>Tuition for one semester?</p>
<p>Room for one semester?</p>
<p>Board for one semester?</p>
<p>Books (about $500 for one semester)?</p>
<p>What do you mean about “I dont plan on taking out anymore loans that are that big since my job as tution remebersement after the first year.” Are you getting a job that will pay for your tuition for years 2, 3, and 4?</p>
<p>Your parents may have to take out a Plus Loan for the shortfall for the first semester that YOU’LL be responsible for (you could sign a promissory note to them).</p>
<p>Do you have a summer job? Can you earn some money this summer?</p>
<p>LToya263</p>
<p>There was a discussion on another forum in College Confidential
<a href=“http://talk.collegeconfidential.com/parents-forum/935923-mired-debt-education-worth.html[/url]”>http://talk.collegeconfidential.com/parents-forum/935923-mired-debt-education-worth.html</a></p>
<p>This is a story of a young lady who borrowed over $100,000 for a degree in women’s studies and is not able to pay back her loans.</p>
<p>I know it is late but it is never too late to ask yourself some tough questions right now. The questions are</p>
<p>1) How much loans will I have when I graduate. Remember if you have to pay your parents back that also needs to be factored. Also, what will the loans do to your parents credit and retirement?</p>
<p>2) What will I earn when I graduate (remember job market may or may not be good in 4 years time). Based on average salaries for that job, how long will it take to pay it back? Can I afford to live on Ramen noodles and black beans for next 10 years as I have such a big loan burden to pay off.</p>
<p>3) Why has the school given me only loans and no grants? Can you go back ask them for more grants (which do not have to be paid back)?</p>
<p>4) If that school say “No, this is the best we can do”, are there other choices that you can make? e.g. your local state university or a community college?</p>
<p>5) If you cannot join any other college, can you plan on a transfer next year?</p>
<p>6) How much can you earn in summer/academic year jobs? </p>
<p>Hard questions but I would suggest you answer them now. In college confidential, most parents will tell you that less loans you have the better off you are. You may be very interested in art history (for example) but most art history majors do not have money to pay off large loans. Not sure what your major is or which school you are talking about. Remember colleges will try to tell you that a degree from their college is worth even a hundred thousand dollars in loans. In many cases it is not.</p>
<p>The quickest way for you to get that money is for your parents to take out the PLUS loan, and you pay it back to them. I don’t know any other way you can get a loan so quickly. You can look for other awards and take them to pay back that loan, but, I don’t know any quick fixes for July.</p>
<p>The other way to go is get your parents to co-sign the Sallie Mae loan. Check out whether the interst rate is better or worse than the PLUS.</p>