<p>Hello,
I am a 2012 High school graduate. Basically took a year off, and this fall I started taking online classes at a local community college.</p>
<p>Here is some background...
My parents did not go to school, dad is from England and my mom is from San Antonio, Texas with just a HS diploma. I am the oldest child, which usually means the one who they learn from. We are all basically clueless as far as affording school. I filled out a FAFSA, and it turns out my family makes just enough to not get any financial aid at all. My parents have been very open with me and can simply not afford any part of my schooling. They are not being selfish, just going through a tight time. I am only taking two online classes currently, History and Business Management, and I pay for them myself. </p>
<p>I am wanting to go to Austin Community College next fall. I understand I can live in the private dorms that are mostly housed by UT students. I know that the only way to do this would be to take out loans... but how? Which ones are the best ones interest wise to take? I honestly just want to get a good education and a college experience. </p>
<p>Thank you in advance for any help. I honestly know next to nothing about this!</p>
<p>Since you filed a FAFSA you are eligible for Federal direct loans, so you can borrow this for each 4 years: 5,500 6,500 7,500 7,500. That is all you can borrow on your own, unless your parents are denied Plus loans, then I think you can take an additional 4,000. Otherwise no bank will lend a kid money.
[Applying</a> for Federal Direct Loans](<a href=“http://www.direct.ed.gov/applying.html]Applying”>http://www.direct.ed.gov/applying.html)</p>
<p>Your parents would have to borrow the rest of the money for you; they can apply for Plus loans.
[Direct</a> Loans?Parent PLUS Information](<a href=“http://www.direct.ed.gov/parent.html]Direct”>http://www.direct.ed.gov/parent.html)</p>
<p>The problem is that any time you don’t attend school full time, you have to begin to replay the loans. So if your parents credit won’t allow for the plus loans in year 3, you won’t have the money to attend a sleep away school. Do you not have a local community college you can attend until you can transfer for your last 2 years at a 4 year?</p>
<p>Did you read the pinned threads at the top of the forum that discusses how financial aid works?</p>
<p>Frankly, it’s often silly to borrow/live in dorms to go to a CC. And, you probably can’t borrow enough to pay for the dorm, food, tuition, etc, anyway.</p>
<p>What CC is close enough to your home that you can commute to? What state univ is close to home?</p>
<p>You do NOT want to borrow a lot for undergrad. Thankfully, you can’t borrow much by yourself. </p>
<p>You may need to work 15+ hours per week, plus go to school in order to cover many college and transportation costs.</p>
<p>MOST kids in the US commute to their local CC or state univ. That is how most people afford college. Going away to school is a luxury. Most who do that have parents who pay.</p>
<p>Mom2collegekids is right. By living at home, your parents are essentially giving you $7-12K a year in terms of a roof over your head, some meals, necessities and whatever handouts that they can. You can focus on taking care of the tution, fees, books, supplies that you can’t scrounge up from around the house, and transportation. They might even be able to help a bit on that. When time comes to get that actual bachelor’s degree, if there isn’t a 4 year state school to which you can commute, you may want to borrow and live at a school to do so. BUt you should get as many of your credits that you can locally as inexpensively as you can.</p>
<p>If you live in a remote location, you may have no other option than to attend a college/university that is not within commuting distance. However, if you have a decent local community college that you can commute to, two years there will save you a lot of money.</p>