<p>Here's my situation. My household income is about 50 grand, and next year we'll be sending 2 kids to UCs (I'm transferring, my brother will be a firstyear.) We have what I consider to be extenuating circumstances (medical debt,) but this is not the only reason my parents will not be conbtributing to my educational expenses.</p>
<p>At an ideological level, my parents are opposed to paying any amount of my tution. They are supportive of my brother and I going to college, but they feel expenses shouldn't be a parents' burden. Because of this objection, they refuse to co-sign anything for me- they won't sign for a PLUS loan or a private loan, and they won't co-sign a lease for an off campus apartment. There is no swaying them. </p>
<p>Due to the same circumstances that caused my parents debt, I was late on payments for 3 or 4 lines of credit last year (where I continue to carry balances,) and my credit rating has dropped to a low of 650. I'm concerned because I don't know how I'm going to get loans in my name to pay for school and living expenses. What are my options? Will any private institutions lend to me? What about my brother, who has never had a job or a credit card in his life?</p>
<p>Thanks,</p>
<p>Can you live at home and go to college?</p>
<p>No, all of my transfer options but one are far away, and I had a hard time convincing my parents to let me live with them this year while I finished community college. :(</p>
<p>I think you need to have someone like a counselor either at a college or at your brother's school explain the situation with college. The whole ball of wax is formed on the premise that your parents are responsible for the payment of college. If they really don't want to you to go to college, that is one thing, but they need to know exactly how things are from an adult who has good knowledge of the system. If they do know and still feel that way, you may have to take a "sophomore year aboard" meaning instead of junior year abroad, you work sophomere year and earn the money for the next year, and work on your credit rating as well. That is what it is going to take if you guys are responsible for totally paying for college. I don't know too many places that will give unsecured loans to young people. You guys will just have to put off college until you are age 24, work and save what you can till then because that is how financial aid methodology works.</p>
<p>Thanks for the input. A counselor has spoken to my parents, and their only response was their disgust with the system. I've thought about waiting till I'm 24, but I'm pretty sure I wouldn't come back, and I have plans for grad school. I guess all I can do now is talk to fin aid officers and hope that they re-assess my EFC after documenting the medical debt. I'm still waiting on admissions decisions from most of the schools, but I've sent an "extenuating circumstances" letter to one campus, and they've told me they will re-evaluate my record and probably offer me more aid. Till then, I'll anxiously wait!</p>
<p>". I've thought about waiting till I'm 24, but I'm pretty sure I wouldn't come back, and I have plans for grad school. "</p>
<p>Why wouldn't you go back to college if it's important to you?</p>
<p>almost_there: </p>
<p>Do you understand by co-signing for you, that your credit reduces your parents credit rating and thereby making for higher interest for them and for your brother. Your singular problem thus becomes a problem for everyone. If you default on anything, - they are left holding the bag and you are off the hook. Nice for you but not altogether ethical no matter how you feel. </p>
<p>Sorry to be blunt. But thats the facts of life. Get use to it.</p>
<p>Yes, I know what co-signing means. I know how credit works, and that's why I realize there is a problem. I don't know why someone feels the need to tell me to "get used to it." I really don't see the need for your label of "not altogether ethical," either; I'm not upset with my parents for not wanting to do it.</p>
<p>Anyway, the reason I'd be worried about not going back is because most people who leave don't come back. It's a lifestyle change and it's a financial thing. I've just spent a year out of school, and all I could think of every day was how much I wanted to go back to get to achieve my goals. I'm not making excuses, I'm just being honest about what I fear might happen.</p>
<p>Thanks everyone for the input, but what I really need is suggestions on ways I can finance my education (if any options exist.)</p>
<p>Almost-There, have your parents completed FAFSA and any other necessary financial aid forms? With their income at that level, you and your brother are eligible for financial aid, but the forms do need to be completed and your parents are front line. Perhaps, they do not want to pay and feel that you two should pay for your own education, but filling out FAFSA will make you and your B able to borrow some money at favorable rate without a cosigner. You may even get some federal grants.</p>