<p>Okay, the bottom line is that I can't and don't want to pay loans. My family income is really low (<8.5K) so it's simply absurd to consider it. I know that the projectonstudentdebt has a list of colleges that have financial aid pledges where they pretty much cover the CoA for students whose family incomes fall below 60K. </p>
<p>However, I'm not considering many of the colleges on that list.</p>
<p>But in order to repay loans, you must at least make 25K. And consolidation won't make a difference for me.</p>
<p>Your student loans would be paid for by YOU, not your low income family. Hopefully, you will be earning at least $25k a year when you graduate. Why wouldn’t you???</p>
<p>Borkbork…your screen indicates you are from Florida. Are you going to receive Bright Futures? If so, that and the Pell Grant and the Stafford loan should just about cover your college costs. The Stafford loan is in YOUR name and doesn’t get repaid until after you graduate from college. The loan rates are favorable. Are there any other grants for low income students in Florida for which you might be eligible?</p>
<p>You have a choice to make: 1) pick a college that covers COA for very low income students or 2) take loans or 3) find a job (such as military) that can get you to the point where you can pay as you go or 4) don’t do college. </p>
<p>Alas, there is no magic wish fairy to provide more options. That said, it is a very horrible situation right now. For years a determined person could mush through an assortment of small jobs and earn a college degree without racking up too much debt. That is rarely the case any more. There aren’t many jobs and college costs are too high. </p>
<p>Please look into community college options – sometimes that can be a way to get started and not be ruinous in cost. Good luck.</p>
<p>If this student’s family income is really ,$8500 a year, then they will be eligible for the full Pell Grant, I believe ($5500) and a Stafford loan ($5500). That’s $11,000 which will pay for year at a community college. If the student is going to receive Bright Futures (under screenname, location is Florida), then this student probably will be able to attend a four year public residential college in Florida.</p>
<p>Well you see, I kind of made this account over the summer vacation, so I put Florida. But I reside in NY. So no BrightFutures for me, unfortunately.</p>
<p>That being said, I want to apply to a school out of state, and I do NOT want to go to a community college.</p>
<p>Your student loans would be based on the fact that you will be working AFTER you graduate.</p>
<p>You may want to apply to a school OOS, but unless you have the stats for a free ride or to get into a school that meets need without loans, you will have loans. </p>
<p>Just curious…if your family’s income is really $8500 per year, how were you able to vacation in Florida?</p>
<p>You need to find schools that you will be able to pay for. Most out of state public universities do not meet full need. And they typically meet less need for out of staters than instate residents. Out of state college costs at most public universities are very high compared to instate.</p>
<p>Private universities are a mixed bag. They are mostly quite costly. Some very competitive schools do meet full need. Are you a top student who has a chance to be admitted to one of these VERY competitive schools that meets full need? If not, you could find yourself with not enough aid to attend a private university if you are consideing ones that do not meet full need.</p>
<p>I have to ask…what is wrong with the instate public universities in New York State? The SUNY schools are well regarded and are a great bargain price wise for instate students. Plus if you received a TAP award and the Pell grant, again, you would be well on your way to being able to fully pay for school (adding in the Stafford loans).</p>
<p>If you live in NY, a full TAP grant will cover the current tuition at any SUNY school, which is likely to be your most affordable option.</p>
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<p>I’m afraid that it often doesn’t work that way for low income kids who really don’t have the same options that exist for the general population as they have no financial “safety net” at home. What schools are you applying to? You have to target any schools you apply to from both an admissions and financial standpoint. Meanwhile, try to get a job and save as much as you can to cover books, transportation, and personal expenses. </p>
<p>Apply to some NY schools with guaranteed scholarships that will be affordable with only the Pell ($5550) and TAP ($4900) if you don’t want to take loans. If you can apply to some instate schools that offer scholarships or have the stats to get a full tuition scholarship at a private school, you might be able to afford to live on campus with a small loan or a job. But make sure you apply to at least one SUNY/CUNY as a financial safety! </p>
<p>Why would you assume you’re going to be unemployed after graduation? What is your intended major?</p>
<p>Under IBR, I believe it’s possible to have 0 payment due…but that would extend the life of any loans.</p>
<p>OP, you want to go to an out-of-state school which will be expensive. You state you have no family money to help. You’ve ruled out CC as am option. No loans And you have no job. </p>
<p>These things are mutually exclusive. Why are you not working? There is no money fairy that will help. You need to compromise.</p>
<p>*Okay, what if you don’t find work after you graduate; what if you are unemployed for a few years? Then how would you pay off the loans? *</p>
<p>A new grad would really have to be quite lazy about finding a job if he/she is unemployed for a few years. People with college degrees have the lowest unemployment rate in the US. The high unemployment numbers - especially amongst the long term unemployed - that we are seeing these days are largely those who don’t hold college degrees. </p>
<p>A new grad often has the luxury of relocating to where the jobs are…which many established families sometimes can’t do.</p>
<p>**What is your likely major? ** If you’re concerned that you won’t find employment, then pick a major that is employable! </p>
<p>To echo above…there is no money fairy. Either you have strong stats for big scholarships or full-need schools or you’ll have to use Pell/Tap and go to school instate.</p>
<p>What are your stats?</p>
<p>Are you a PetE major? Why limit yourself with that major? I may be wrong, but aren’t some schools dropping that major because it’s becoming less needed?</p>
<p>*What is your likely major? If you’re concerned that you won’t find employment, then pick a major that is employable! *</p>
<p>You’ve gotten good advice- I would suggest that loans of $20,000 or so at graduation are not onerous. A subsidized Stafford loan means your interest is covered while you are in school. A pretty good deal! Another way to limit costs is to take AP tests/classes that can be used for college credit to reduce your expenses ( depends on the college)</p>
<p>Many, many students find that instate public universities are a far better option than incurring unneeded/unwanted expenses. ( they also work during the summer to save $ for school & accept workstudy during the school year as well as taking on loans)
It can be a smart way to go.</p>
<p>Making accommodations in order to achieve your goals is part of life- yah, we get you want to go out of state- we understand you don’t want to attend a community college- but very few students & families get everything they want, for the price they want to pay.
It’s called reality.
;)</p>