Currently an undergraduate student at a public university looking to graduate in physics/mathematics.
I get financial aid from the school, but have to find a way to pay $2000 per semester back to the school currently.
I took out a private student loan for summer courses of $5000.
I am now unemployed and in need of a plan. My original plan was to simply take out private student loans to cover me while I was in undergraduate. Unfortunately, they are now requiring a co-signer, and I currently do not have anyone.
Is there any path for me to take here? I exceed well at school and as things stand, I’m not liking where this is going. I don’t mind taking out loans, but it seems I can’t get any. Without loans, I don’t see how anything will work for me, and if I drop out of school, obviously the current loans that I have will demand repayment.
I assume you already have taken the direct loan maximum allowed for you.
A couple of suggestions.
Get a job. It will at least help you pay for personal expenses, book and the like.
I'm not sure why you went to summer school, but next year get a job...or two jobs..and work during the summer instead.
Private loans have always required a cosigner if the student doesn't have significant income or collateral. I'm not sure how you got a private loan previously (if you did) without a cosigner.
Is your shortfall $4000 a year? What exactly is the amount you don't have? In other words, how much money would you need for the completion of this current term? The full year?
Can your family help you at all?
You may have to take a leave of absence next term, get a job, and pay your school debt.
How expensive is this college? Are there more affordable options? Do you commute from home?
You say you have to "pay $2000 back". What does this mean? Do you mean you still owe $2000 or did the school disburse aid to you that you were not entitled to...and you need to repay?
And…this has been going on for a while according to your older thread. What did you do LAST year to resolve your financial issues? You were told by folks here then that private loans would not be likely without a cosigner.
I had a job previously to pay the bills, due to transitions, I am not without a job. During this time (2014) my dad was also able to help me pay for one semester, and I had money saved up to pay for another semester.
Now, I am without a job, and without any money saved.
I suppose I foolishly thought I could get by on loans until I collected a research/tutor job within the next year.
So, the best route of action is to find another option, namely: Take time off school and acquire a job to build up income.
It would be highly detrimental to take off time as it stands. I’d be interrupting my foreign language requirement, amongst other degree plans and it’s a route that was unfathomable to me.
With that being said, I don’t know what I can do at this point. I can acquire a job, which puts more strain on my course-load, but is doable, but the job would (if lucky) pay for my life bills at bare minimum (rent/food).
There is no tuition or life-bills magical fairy or giving tree.
What you are expecting people to come up with for you?
If you have no relatives who will co-sign, have already taken max federal student loans, don’t have a job, have no savings or other assets you can liquidate, then you cannot currently afford this school at this time.
Did you collect unemployment? Do you get ‘food stamps’ (SNAP)? Did you switch from a smart phone to a cheaper phone/plan? Did you cut off cable or satellite TV and internet? Do you use school library books and internet instead of purchasing? Do you sell your plasma? Did you get another roommate or find a cheaper place to live? Apply for departmental scholarships?
What all have you done to cut costs and bring in money?
You are not commuting from your parent home. You are renting an apartment near the school…is that correct? Any chance you could just rent a room someplace…or get a roommate?
Could you live with your family and finish college?
I will be speaking to them tomorrow, I'm not expecting too much from the financial aid folks there, as I've spoken to them before, but I will definitely be seeing them tomorrow.
I am pretty sure I am taking out the max direct loan, I took out everything they initially offered me. They might be able to change it via a sheet saying that I am not unemployed, which would help.
I have a dad in a different state who would welcome me in, but this would require me to transfer schools… and get a car. Quite a difficult task. (At least the car element of it).
I am renting for ~$600 everything included with roomies.
That number could go down, but it’s not necessairly the rent $$ that is hurting me. I am open and eventually should be able to get a job that covers the rent and food (minimums). Admittedly, I was giving suggestions to stay out of the job and take the “loans” and focus entirely on my schoolwork, but it seems since there are no loans, that I will have to work.
I guess, if I were to get a job again, work to cover rent/food, then I’d just be in a position where I need say $3000 this semester, $3000 next semester, and so on throughout college.
Unfortunately, I still have 3 more years of college left. This is my first sophmore semester.
I believe I do not get a pell grant because I had it before in my life when I went to community college. I may have used it all up?
I am not sure what my EFC is as of yet. But it is to note that I did have a high-paying job prior to me deciding on university. I know that caused weird fluctuations in my financial aid to begin with, but since this is a new tax year, it should be better.