I saw the Stafford loan for $5500 but I need more than this or I’m going to be on the street. My parents have terrible credit and are trying to go bankrupt but make too much income… Just in a lot of debt. So due to that I don’t know if a Parent Plus loan will work. But they are pretty much kicking me out next year. I applied for a community college that has resident halls… Called Siskiyous and it’s in Weed, CA. They offer a meal plan and a dorm for the year at $7,900. I only have $2,000 saved up.
I applied for fafsa. I’m still a dependent student even though my parents can’t really help me at this point. They said they can do what they can though. I only received a BOG assisting with $1,104 for the year. So in total… $5,500 + $1,104 = $6,604. Plus I have $2,000 Saved up so in total I have $8,804. That being said I still do need to pay for books and tuition costs.
Even though I have a meal plan and a place to sleep. I’m assuming I’ll need money for clothes and hygiene stuff.
At this point it’s either I go to school full time or it’s just not going to happen. I know i’m going to be a labor slave if I don’t do this. Life is getting in the way. I need to do this now.
Also these people at the financial aid office are worst than the DMV… I can’t stand them and they don’t give me any direct useful information no matter how hard I try to articulate my questions to them.
You need to drop the attitude regarding your financial aid office.
You are eligible for a $5500 Direct Loan. If your parents apply for and are denied a Plus, you can get an additional $4000 in Direct Loans.
You are trying to do things in a very expensive way. Living in dorms and going on meal plan is expensive. It would be better to go to a CC where there are lots of jobs nearby and fairly inexpensive off campus student housing, shares, rooms for rent. Going to school in the boonies when you have to work your way through is pretty tough. Taking big loans doesn’t make too much sense.
If your parents apply for a plus loan and are turned down, then you can borrow at the independent rate, which is an extra 4k a year. But that is going to make for really high loans. It makes much more sense to try to avoid that.
Dependent/Independent
freshman 5,500 / 9,500
sophomore 6,500 / 10,500
jr 7,500 / 12,500
sr 7,500 12,500
I figured it would be cheaper and easier to live on campus. $7900 for food and rent(utilities) would be a cheaper way to go.They have job fairs the first week of fall. I plan on working there too.
Also would my stafford loan be able to help me with rent if I live off campus? How is the money distributed?
Your federal loans will be disbursed to your college a couple of weeks into your term. They will be used first to pay any billable costs to your college. If there is any money left after the school takes money for the billable costs for that term, you should be able to request a refund, or have the money remain in your bursar account for the following term.
Your college will have a process for requesting a refund of extra money each term. I thin most now prefer to do this via direct deposit into a bank account. You would need to contact your school regarding their refund process.
You won’t have this money when the term begins.
So you are saying I won’t be able to request a refund for off campus housing?
You can get a refund if your billable costs are less than the amount of the aid you receive.
However, it might take a couple of weeks after the beginning of the semester for you to actually get the check or direct deposit into your account. For off-campus housing, you probably need to pay for some things up front such as a security deposit, rent, etc. so it’s hard to say if the money will come in time to be used for those early expenses. (I’m assuming you would want to secure and move into an apartment before the beginning of the semester.)
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They said they can do what they can though.
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But they’re kicking you out? That makes no sense.
There’s no room on my house at this point. I think then saying that is just them trying to say that and not actually meating it.
Your loans will be sent to the college. Let’s say you get the extra $4000 so your total is $9500. that would be $4750 per semester in loans.
If your college bill is more than $4750, the loan will be used to pay that first…and any balance will be up to you to pay (actually, when you get your bill, your approved loan amount will appear on your bill…and the balance of what you owe will be there as well).
If your billable costs are less than the loan amount, then the costs will be taken first, and any balance will be available to you as a refund.
HOWEVER, you will not get the refund until well after the term starts. You will not have this refund money before the college term begins.
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There’s no room on my house at this point.
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Where are you staying now in that house? Why is there suddenly no room for you?
I’m not trying to explain my life story here. But we have had another family member move in my home. bottom line is my parents are not ‘kicking me out’ but rather nudging me out due to circumstances. they said if they can they will help me out here and there.
Ok, so if your parents aren’t kicking you out, then you need to stay there, at least to sleep at night, and commute to a local CC. You don’t need to be home much. Go to class, study in the college library, join clubs, work a job, and then just use your parents’ home as a sleep and shower and grab a bite to eat place.
You can’t afford to move out. And it’s silly to borrow for room and board…particularly for a CC… You’ll regret it later when you have to pay that back.
As optimistic as I would like to say they would accept that I don’t think they will. I’m not going to be somewhere as a burden. I don’t care if share an apartment with 4 other people. I have to do what I have to do.