<p>So, My estimated cost of attendance is 24k After filling out the FAFSA, PHEAA, etc, I have 19k. I need to get the last 5,000 but I just got denied by 4 private loan companies without a cosigner- I have no idea who to ask, because my moms credit is awful, and dad's in jail. I mean $5,000 isn't that much compared to other college prices, it's not going to stop me dead in my tracks from going, is it?
What can I do now? I'm looking for a cosigner right now in my extended family, but if that falls though the cracks, am I fucked? </p>
<p>Well you need the 5k each year so that will be 20k. do you already have the full Federal Direct loan of 5,500? If you are taking that then your college debt would be 27k plus 20k =47k which is a bit rich. But if your mom is turned down you will get 4k per year extra if you want to go there–or are you already doing that? Perhaps that will cover your billable costs and you can scrimp on the non billable costs. If you want to lay your financial package out here we can give better suggestions, alongside the COA for the college.</p>
<p>If your parent(s) are denied a PLUS loan, or the school’s financial aid officer believes that they will be denied, you’re allowed to take out a larger Stafford loan, up to $9,500 for freshman year, so that’s $4000. HOWEVER, that money has to be paid back, so you need to think through your capacity to do that after graduation.</p>
<p>Thanks for all the help, I’m going to look into the stafford again. I didn’t really expect any replies, I’m glad there’s a community to help with stuff like this.
Thanks again!</p>
<p>Can you make up the difference by working p/t? Or are you already counting work income (work study or not)?</p>
<p>How much are you earning’saving from your summer job?</p>
<p>Okay, I’ll lay out all the aid i’m getting. </p>
<p>Federal Pell Grant: $5,730
PHEAA Grant: $3,414
Fed. Supp. Edu Opp Grant: $1,300
Estim. PHEAA State grant: $0
IUP Grant: $2,000
Perkins: $1000
Fed Subsidized: $3,500
Federal Unsubsidized: $2,000 </p>
<p>If I copied those all right, my total is $18, 944 per year. </p>
<p>I’ll copy my estimated COA bracket in the next post. </p>
<p>Cost of attendance: </p>
<p>Estimated Books/Supplies $1,100
Fees: $2,532
Estimated Meals: $3,200
Misc: $0
Estimated Personal Expen: $1,802
Estimated housing expen: $7,846
Undergrad Stafford Fees: $100
Transportation: $500
Tuit: $6,820 </p>
<p>I was thinking I could completely wipe out transport costs, since I sold my car a while ago. That’s all I really have to go on though. </p>
<p>If your mom applied for Plus and was turned down, then ask for the extra 4k in loans. However, try to minimize that by working.</p>
<p>You can also minimize personal expenses.</p>
<ol>
<li><p>OK you are living at college. Transp can include cost to go home. Will you need money for that? Those textbooks are just an estimate. Buy used, see if any can be rented etc. Keep your personal expenses low.</p></li>
<li><p>I don’t see any work/study award. You can email your fin’l aid office and see if they can award you any W/S. If so you are first in line for a p/t job. Try for 10 to 15 hrs a week. If you don’t get that you can try for a job on your own. Some colleges have them listed on the website, campus jobs and sometimes off campus. Almost always there is cafeteria work and you get a meal with your shift. Work summers, you should be able to make 3k at least during summer so that would pretty much pay for your shortfall. </p></li>
</ol>
<p>First semester Billable cost is 1/2 tuition, fee, room, board = 11,000 + stafford fee = 11,100
First semester aid = 9,742</p>
<p>So you are going to get a bill for 1,350 For your Billable Costs. Then you are going to have to buy books pretty quickly. They estimate $550, but try to buy everything used, look online etc for cheapest. There are rentals now too. So you need about 1,700 right away for your bill coming up. Your p/t job can fill in for your monthly expenses.</p>
<p>You can go online and have your mom apply for the parent Plus loan. When she is declined, you email the school and ask for the extra Federal Loan of $4,000.</p>
<p>Be aware that you are graduating with 28k minimum loan. If you take this extra, then 32k–extra for all years then $44. So it is really important to work in the summer so you can avoid the extra loan each year. It is really a burden to pay extra when you start out. You don’t want every cent of extra money going to a loan. It is estimated you need a 38k salary to service 28k loan, but you need a 60k salary to service a 44k loan. So don’t put that kind of pressure on if you can help it.</p>
<p>When you are in upper division, you can see if it is cheaper to move off campus, often it is and you can go on reduced meal plan or off meal plan and save a lot on food costs if you make some yourself. At least easy breakfast and sandwiches and a few simple things to make.</p>