Help with aid!!

So here’s my situation, I’m 21 and I’m going to a college in pa. Personally I can’t get any loans because of credit besides the FASFA and neither can my parents. I would have to pay 2700 in 3 months out of pocket with a part time job up there and I’m just sitting here wondering if there is any advice on to go to the big school or just go to a small school near home and work full time. I just don’t know what to do

First, FAFSA isn’t a loan. It’s a form that helps you qualify for federal loans. If you are a freshman, it will enable you to borrow $5,500 for the year; sophomore, $6,500; junior or senior, $7,500. It’s my understanding that if your parents apply for a Parent PLUS loan and are denied because of bad credit, you are eligible to borrow an additional $4,000 per year.

It sounds like you’ve gotten the federal loan for this year. Did your parents apply for Parents PLUS? If not, they should do so – that would give you another $2,000 for the semester.

Beyond that, your options are financial aid from the school (which you should have already received), private loans (which you indicate you can’t get) and work earnings.

eventually your borrowing power will decrease as there is a limit on how much you can borrow.

If the smaller college closer to home has what you need and is a more affordable option, than that is where you need to attend.

Attend the more affordable school.

Sybbie719- what do you mean by the borrowing power will decrease? A limit on what?

My parents have done the parent plus loan already and I’m still 2700 short. It’s crazy I know. I’m just in a bind of what to do espically being 21 not 18 like a normal student. The smaller school has a similar major but not the exact same, thank you guys for your info

Which is less expensive? What year are you in?

The school that I could live at home would be less expensive because I could live at home. But it’s not ideal when coming to a academic stand point because the more expensive school (IUP) had the exact major I’ve been going for And my sophomore year.

What is this special/exact major?

It doesn’t really matter if IUP is an exact match for your major, the most perfect situation in the world. If you can’t afford it, you can’t afford it.

I don’t think it is possible for you to earn $2700 in 3 months unless you have a skill that is high paid, like welder or truck driver. It’s possible if you could be a bartender or waiter in a high end restaurant, but not on a regular student wage of $10 hr.

I have a job waiting tables at a country club in Indiana. And its not really “special” it’s just it’s the only school that I got into besides a small school around my house.

So, you know your answer: how will you come up with $2700 on your own, in 3 months?

Not going to happen at this late stage.

You need to go to an affordable school.

My 20-year-old commutes to our local state school and loves it. He travels with his friends & is looking forward to getting an apartment in a year or two. Don’t over extend to go to a residential college. Attend the affordable one and pack in as much as you can during your time there.

There is a limit on how much you can borrow. there is an overall cap on the amount of money you can borrow.

If your parents applied for a PLUS loan and was turned down, you can borrow an additional 4k unsubsidized (at this rate you will reach your borrowing limit).

Do you have any outstanding student loans?

Did your parents GET the Parent Plus loan or,were they denied?

If they were approved, the could have taken a loan out up,to,the cost of attendance.

If they were denied, YOU can get $4000 in additional Direct Loans.

But how much in loans are you taking to attend this college this year?

I agree with above advice…go to the affordable school. Even IF you get this covered this term, you will be facing the same issue semester after semester after semester.

What is your major? What schools are you looking at?

Also, if you are 21, have you worked for several years and saved money?