Financial Aid Problem- Request Additional Loans?

Colleges and Universities A-Z University of California - Santa Barbara
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<p>Hey everyone, I'm having quite a problem here and I have no idea what to do. I received my financial aid letter quite a while ago and was initially ok with it. However my family is going through some unstable financial conditions (Possible job loss/independent siblings attending graduate school, etc.) so I had waited a little longer before I determined whether or not to accept the aid package.</p>

<p>Well, I waited long enough. The aid package is unacceptable after all; my dad (the source of my family's income) job status has gone from just "unstable" to "probable loss". I have two older siblings (who are too old to be considered dependent, aka less money for me from FAFSA status) who are attending graduate school this year (more $$ from my dad), not to mention some real estate endeavors gone wrong (I really don't want to discuss this.)</p>

<p>The main problem is that they offered me not much grant money, the regular subsidized/unsubsidized loans, and smacked 19k on PLUS loans. My parents CANNOT afford to chuck that 19k onto the home loans/siblings college loans/etc. that they're already trying to pay off.</p>

<p>I know I'm cutting it far too close to determine my financial issues now, and I'm really nervous. I really want to just kick my arse for delaying this long, but truth is I was far too scared to know what to do. Now I've got my act together.. two weeks before deadline. Apparently UCSB's finaid office offers these review forms that I can submit for them to reevaluate my financial situation, but I have NO idea how long it will take them to process. I'd like to call them, but I'd have to wait until Monday for their financial aid office to open.</p>

<p>I really don't know what to do right now. If anyone can provide any form of insight, please do! I'll be really grateful.</p>

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<p>Well, the only thing you could really do is call/email them and use the forms, as you said. Wait until your dad actually loses his job, though. To be honest, I don’t think there is much more you can do, you researched your options really well. What I’m wondering is… you don’t want to take out the PLUS loans? But you want to request more? I’m a little confused about that. Do you mean that you want to get more GRANT money?</p>

<p>If you do want more loans, you can go to a private lender. But if that’s not what you want, you’ll have to talk to UCSB and see if they are willing, or even have the funds to help you out. Unfortunately, it is kind of late in the game, so I don’t know how much luck you will have. :confused: </p>

<p>Have you talked to your dad about this? What does he think? Maybe your siblings should take out more loans in their name for graduate school to pay for themselves, since you are way more dependent on your parents than they probably are. </p>

<p>Did you get a CalGrant this year? If you didn’t because you were above the income line, perhaps the loss of your dad’s job will push you under, and that would provide you with about 7-8k more in grants next year. </p>

<p>I really, really recommend you posting this up over here: Financial Aid & Scholarships. There are a lot of experienced adults/parents who have helped me and many others there, and know a lot more than I do. </p>

<p>Finally, even though your dad hasn’t lost his job yet, I recommend you getting all your information together now. Is your dad’s job the sole income in your family? What would be your family’s income without his job? Maybe you should try calculating your new EFC without his income.</p>

<p>I’m really sorry you’re dealing all this, and I wish you all the best. Good luck!</p>

<p>EDIT: Oops, just kidding, you have already posted this over there! Well, I can see you are doing everything you can and it’s definitely good that you’re being proactive about this. Best wishes, again.</p>

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<p>Hey dissonance, thanks for actually taking the time to bother with my thread. I’m sorry to have had you read through my situation, lol. I meant that, I want to try to avoid using PLUS loans if possible and go with the private loans/stafford/etc. that will be billed on me, whatever other options I can find. I’m looking up the various types of loans/grants at this moment, so I’m still researching right now.</p>

<p>I’m quite wary about private lenders since I still don’t know much about them (which is why i’m looking it up right now, haha). And I know what you mean by late in the game… :|. I have talked to my dad about this, he and my sisters both suggested that I do things this way. My sisters are already quite in debt from undergrad school, they’re already pulling heaps of loans for grad school… it’s not so easy for me to just have them pull out loans for my sake.</p>

<p>Also, no, I did not get a Cal Grant (grr!). Of course I’m hoping for the best that my dad does NOT lose his job, but if it comes to that… I don’t want to think about it.</p>

<p>And yeah, I’m flipping out over it enough right now to post over there too. I really regret the way I procrastinated like this, but it was only because I thought it was all I could do. I’m glad to see there are people like you who are willing to spend a few minutes on me, though. Thanks!</p>

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<p>Alpha,</p>

<p>I’m seriously in the same situation. My dad just told me a week ago he doesn’t want to help me pay for school, or give me any money towards it in general (my parents are divorced). My mom has bad credit, so I wouldn’t even be able to get a PLUS loan. I tried to do Sallie Mae and other loans online, but they said I needed a cosigner. I tried to do it with my mom, but because of her credit, it’s a no-go. I seriously don’t know what to do either. I’m getting 8k in grants, i didn’t get CalGrants because i turned in my FAFSA a day late, and i’ve already taken out $7500 in loans stated on my fin aid package. On top of that, after living in Cali for a year to become a resident, they told me that i’m still technically out of state because my parents live in Florida and i’m a dependent (i’m only 21).</p>

<p>If you get any ideas or your told anything that can help, please do put it on this thread. I’m sure there is a lot of us. But here is something that might help you. When i talked to the fin aid office the other day, i asked them if I could get more sub/unsub loans besides the ones i’ve already accepted. She said no, because we’re undergrad and i’m a junior, i can only get so much a year. But she did that even though my mom has bad credit, i should still apply for the PLUS loan, because if she’s rejected, I get an additional $5000. Maybe you should try that. I’m going to call again on monday to see if it’s true (bc you can hear one thing, and it could mean another or not at all lol). I’m hoping to use it all on my first quarter, and start saving for my second and third. But also go to banks, i’m hoping to be able to do that too. </p>

<p>Keep us posted and i’ll keep you posted too!</p>

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<p>Gemini, I’ve read that is true. I was actually going to suggest applying for the PLUS loan because people on the Financial Aid forums said that if your parents are denied the PLUS loan, you will be provided with more loans, which is great. You should probably do it soon!</p>