<p>Whats up guys? I am wanting to go back to school but have a few questions about how to go about doing this and I hope someone here can help me out.</p>
<p>I played soccer at a local private college for a year and half. I decided to quit school and go to work with my dad, seemed like the right decision at the time. Well a year later I regret ever doing this.</p>
<p>I am wanting to go back to school in the spring this year and play soccer again. I am still in good grace with the coach so I should be able to get my scholarship back starting next year. But my question is, will I be able to get a loan by myself to pay for school? The tuition is around $15k a year, so I would need around $7500 for next semester.</p>
<p>There is one more twist to this...Not thinking I was going back to school I got me a new car, and monthly payments of $375 to go along with it. Would I be able to add around $2k to my loan to make payments until summer gets here, or I sell my car, which ever comes first. I'm 20 years old with a decent credit history, no late car payments.</p>
<p>did you file a fafsa so you can at least get a stafford loan? You are still considered a dependent for financial aid purposes. If your parents can't pay their EFC and get turned down for a Plus loan, you can get more $$ in stafford money.</p>
<p>As far as private loans, good luck, you will probably still need a cosigner. Get rid of the car ASAP. that is an insane amount (plus insurance and gas) to pay every month.</p>
<p>Sell the car. Unless you are commuting, you shouldn't be using a car expense as a college expense (and therefore using college loans for it). Even IF you are commuting...that is a mighty expensive car. Perhaps someone in your family might be willing to buy it.</p>
<p>Did your family help you with college the first time and are they willing to do so? Did you save any of that money you earned working for your dad? If so, can that be used to pay for college?</p>
<p>Agreed...a cosigner will be needed for a private loan.</p>
<p>If you file a FAFSA, you will be eligible for a Stafford loan which is in your name. If you will be a sophomore, the amount of that loan is $3500 (maybe it's more...)...which is almost 1/2 of what you need. You should be able to earn the remainder working two jobs between now and then...and banking the money. If you sell the car, you 'll have $375 a month to put into college savings.</p>
<p>max subsidized stafford for sophomore is 4500 and you can get another 2K in unsubsidized, and even more if parents apply for and are rejected for Plus loan. Also depending on your efc you might qualify for Pell grant and/or Perkins loans (not sure if those are available if you start in the spring). you must file a fafsa to get ANY federal grants or loans.</p>
<p>You will have to file the 2008-09 FAFSA (now!) to get any kind of aid for the spring. You need to do this even if you think you won't be eligible for need based aid. For one thing, you might actually be eligible. For another, you can't borrow an unsubsidized Stafford without the FAFSA. We don't allow a PLUS without the FAFSA, either.</p>
<p>If you are still a freshman in terms of credits, you can borrow $5500 in subsidized and/or unsubsidized Stafford loans (max of $3500 can be sub, IF you have need - otherwise, the whole $5500 can be unsub). If you're a sophomore in terms of credits, you can borrow $6500 (up to $4500 of that can be sub). If your parents apply for and are turned down for a PLUS, you can borrow an extra $4000 unsub. However, if they are not turned down, you won't get the additional unsub (but they don't have to take the loan if approved - they can cancel the loan right away or return the money if it gets automatically sent to them).</p>
<p>You might be eligible for some state grants. You could possibly be eligible for Pell (and if so, maybe ACG). If you are eligible for Pell (and ACG), those are entitlements - the money doesn't run out. However, work study money is often gone by second semester (not always, though), as is SEOG & many institutional grants.</p>
<p>I agree about the car. Try to unload it & buy a reliable beater. It will cost less to insure, and you won't have big payments. It's wise to reduce all expenses that you CAN reduce.</p>