<p>I have a huge problem. I have a $12,000 bill to pay before I begin spring semester in a few weeks. My parents cannot afford this, and the school wants it paid in full. I applied for several private loans, was denied because I have no credit and my parents have extremely poor credit. Applied for federal plus with both parents (divorced) and was denied. I have no idea what to do now. Is there a government program or lender that would approve me and disburse funds within a few weeks alone or with a parent with bad credit? I have other family members with high incomes and excellent credit, but I'm not sure they would say yes and I want that to be an absolute last option. Any ideas?</p>
<p>What was your original plan for paying for college this year? Did you pay the fall semester charges? Did financial aid fall through or something?</p>
<p>My father claimed to have been making payments toward my fall semester balance; this was not the case, and now I have a massive past due fall balance and a registration hold for spring semester until it is repaid.</p>
<p>I am so sorry that your father has put you in this position. I think asking family members for help may be your only option since you can’t borrow so much on your own. Be aware that until you pay the school off, you won’t be able to enroll anywhere else because most schools won’t release transcripts while you owe money. If you have to take a year off to work and pay off the education you have received, it will be tough, but manageable. Didn’t your father realize eventually the school would want the money? Can he help you at all?</p>
<p>He might pay a partial amount, but not the entire sum.</p>
<p>As indicated above, your choices really are to either take time off and earn the money (which will take some time) or ask your extended family for help. You’re not going to find a private lender to help you. Good luck!</p>
<p>What FA did you get from this school? What is your EFC?</p>
<p>Since this school is clearly unaffordable for your family, there’s no point in continuing to take classes at this school. You’re going to have the same problem this semester and for future semesters.</p>
<p>Take a leave of absence from this school. Work with your parents to get this debt paid off. Then transfer to a local state school can commute from home. </p>
<p>The last thing you need is to face this problem again (and again). It sounds like your parents want you to attend this school, but it’s really beyond their reach. Making a “partial payment” just keeps them behind. They’d be still working on THAT balance while your Spring balance sits there unpaid.</p>
<p>If a parent was denied a PLUS, then you are eligbile for about $4k more in Stafford money. Talk to financial aid about getting that. Then get what you can from both parents and then work out what you can with the university. The question now becomes, how you are going to pay for the spring semester since we are talking about bringing the fall semester current. You will then owe the same amount or more for the spring. What it comes down to, is that your family and you cannot afford to pay for this school. You need to get current with the bill for fall, take a leave for the spring, and work until next spring, accumulating and GETTING the funds promised from your parents so you know exactly what you can pay for that next semester. You won’t be eligible for any federal funds while you are in default at a school as a general rule, so you do need to get that first semester straightened out before accumulating more debts.</p>
<p>I’m sorry this happened, but I am glad it did as early as it did. Some kids have gone along for several terms and owe a lot more than you before the boom is lowered and all of this comes to light. You need to have a very serious but not accusing talk with your parents. Be understanding and just find out what the story is with finances because you cannot go to school without paying. I’ve known kids for whom this has been a recurring nightmare for all their college years and they and the parents end up owing more than they can ever repay, pretty much ruining their financial lives. Many adults are not that good with their finances and college costs is the final blow.</p>
<p>How soon could I receive the extra stafford money? Is it possible to receive that money quickly (within the next two weeks or so)? Taking a semester off is not ideal and will probably cost me more money in the long run because I’m a science major and my courses need to be taken in succession. I would feel a lot more comfortable asking for 8k than 12k.</p>
<p>the extra $4k will be split between the two semesters, so you’ll only be given $2k. the other $2k will get put towards your Spring costs. If you were already rejected for Plus, you would get the $2k very soon. </p>
<p>you need to take a whole year off and continue next Spring so your classes will still be in order.</p>
<p>How will your dad pay for the $12k he’ll owe for spring semester when he’s now behind with paying the $12 for last semester???</p>
<p>Don’t be short-sighted and go with what you wrongly think is a “quick fix”. You say that maybe your dad can pay half of what is owed, so that means that he’d spend the next few months coming up with the rest of Fall’s balance. That means none of Spring’s bill would get paid. </p>
<p>you need to either take a whole year off or transfer to a cheaper school. Your family can’t afford this school.</p>
<p>* I would feel a lot more comfortable asking for 8k than 12k.*</p>
<p>Well, you’d be asking for at least $10k for last semester, plus probably some for this semester. Who would you be asking??</p>
<p>Plapseghee, in such a case, the bursars office would give you a reprieve until the Stafford money arrives, because it is a sure thing. However, how are you going to pay for the spring semester whne you are $12K behind for the fall? It’s not as though you need $12k more to get through the spring with the fall completely paid up. You and your family cannot afford this school.</p>