HELP!! Dire financial situation

Paying for College
1

<p>I have a major situation that I need all of your help on - offer encouragement please, no negativity </p>

<p>I am a rising junior at Virginia Tech, with a double major in Communication/Political Science. Before you critique my major, understand that I went in as Engineering and found the program to be not something I wished to pursue. I considered Business but found that to not be of interest as well. I am very interested in politics, journalism...hope to do something related with that...unsure of specific career goal. I wanted to stay at VT so I continued with my studies. My grandmother previously paid for my education - $27,000 for a full year of OOS tuition + room and board. Due to recent circumstances, she is unable to pay. In the remainder of the sophomore year, I took out a student loan through the FAFSA that gave me $10,500 (stafford loan + additional stafford loan due to parents denial of Parent PLUS loan), I still have $8,000 to pay on my 2010-2011 account before I can return in the fall.</p>

<p>I have a lease for an apartment there - $300 a month - hoping to move in Mid-August - classes start Aug. 22 - however, I am unable to register with the "hold" on my account and must pay the remainder balance. </p>

<p>My questions for you:</p>

<p>What lies ahead? Years of debt, confusion and procastination? No job? Default status?
How do I pay this remaining $8,000?
For my junior year, I would take the $12,000 federal loan and that leaves me with another $10,000 to pay. (cost is 22,000 a year without dorm living)</p>

<p>I don't feel like messing with the in-state tuition ways - proving independence from parents or establishing residency in state for year - as I feel this still will not guarantee me in-state tuition</p>

<p>I'm from Delaware - near the University of Delaware - it's too late to transfer for the fall semester - if I needed to transfer for spring - cost of tuition would be 11,000 a year - unsure of my housing costs - apartment vs. dorm vs. living at home - I'm afraid of transferring here as I'm unsure in what I would major in - only have Communication interest (must take pre=req before you apply, only 90 in each class accepted) - how many of my credits would transfer, would it be a waste of the $40,000 I've put into my VT Education</p>

<p>Enlighten me with options - thank you!!</p>

2

<p>You can’t register for the fall term because you still owe money for the spring term, which you do not have the money to pay. Even if you could cover that, you can’t cover your junior year expenses without taking on what is a crushing amount of debt.</p>

<p>I think you need to take a year off, get a job, pay off what you owe for 2010-2011, then find a more affordable school to finish your degree. You haven’t wasted your VT education - your credits will almost surely transfer. Both your majors are offered by the overwhelming majority of colleges in the United States.</p>

<p>The above sounds harsh, - it isn’t really meant to be. But I really don’t think you have much alternative.</p>

3

<p>It does sound like transferring to an in state school in Delaware, after you pay the money you owe to VT (they will not release your transcripts until you have paid the 8000 you owe from last academic year) will be your best bet.</p>

<p>It will be easier to earn the money to pay VT if you do not also have to pay living expenses. Can you get out of your lease at VT (or get someone to take it over for you) and live at home and work? If not, you may decide it is best to live in Blacksburg for the year and find a job there. </p>

<p>Unless the terms have changed, your current loans will start needing to be paid 6 months after you stopped taking classes. You should be able to apply for forbearance (I think it is called) or deferment. The interest will accrue and be added to the principal which you owe, so if you are able to make interest payments that would help. Check with your loan provider. My loans were not taken out recently, and the rules may have changed. </p>

<p>If you think that Delaware is the school you will try to transfer to, you may want to contact them to see if they will give you a transfer credit read before you apply. Many of your credits will certainly transfer, but each school’s requirements are different, and you will want to see if you will be able to graduate in just two more years. </p>

<p>I wish I had advice that was an easier road to follow, but until you pay the 8000 you owe to VT your options are limited. </p>

<p>Wishing you all the best.</p>

4

<p>I would suggest you contact University of Delaware…and see what they have to offer you. Once you are able to get an official transcript from VT, UD will be able to give you an honest assessment of what courses will transfer. It’s an excellent school, and I’m quite sure you will find a major that that you will be able to complete.</p>

<p>However, (and I’m not trying to be negative…but just realistic), you will not be able to transfer anywhere until you reconcile your accounts with VT. You will not even be able really to apply because VT will not release your transcript until your accounts are settled.</p>

<p>In addition…how easy/hard will it be to get out of your lease for wherever you planned to live come August 22? You need to consider that as well.</p>

<p>Here is what I would suggest…you need to have a conversation with VT. Ask if you can take a years leave of absence so you can work to pay your bills to them. Ask them if there is some payment plan they will work out with you to do so. Then do that…work and pay the bill to VT.</p>

<p>Once you are able to get a transcript, go and have it reviewed by someone at UDel. They will be able to give you an honest assessment of what courses will easily transfer and which ones they will accept towards a major there.</p>

<p>Since you said you don’t want to hear what NOT to do…I won’t post that…unless you change your mind and indicate you would like that kind of advice. Really…there are some things you should NOT do…so let us know if you want to hear about those too.</p>

<p>Sadly, you are not the first person to have a situation such as yours. You’ll finish college…it just may be a little different than your “original plan”. Good luck to you.</p>

5

<p>PS. You also will want to contact the burser at VT to explain the situation and work out a payment plan to pay the amount that you owe. Also, I would suggest contacting your academic adviser to see if you need to officially declare a leave of absence from school.</p>

6

<p>X-posted the 2nd time with thumper… Fully agree as well :-)</p>

7

<p>annasdad gave you sound advice. Your VT education is not wasted as your credits will transfer and you found you don’t want to be an engineer! But, I suspect U of D has an as good and probably better poli sci and communications department.</p>

8

<p>I know you don’t want to hear any “negatives” but this one is important. Remember that if you decide to transfer, most schools will want you there for two years at least to finish your degree with them…AND they will only allow you to transfer a defined number of credits within your major as if THEY are awarding you a degree in that major, they want most of the courses to come from them.</p>

<p>SO…even if you think you can cobble together your junior year at VT…think twice…unless you are certain you will be able to also cobble together your senior year. Otherwise you may find that you have just too many courses to transfer and the schools either will not accept all of your credits, will not accept you at all, or will still require a certain additional number of credits to be earned at your new school.</p>