School I’m looking into is about 35k a year OOS. I’m 26 years old and will be a community college transfer student.
My income is less than $15k a year. I have one asset and that’s my vehicle. Looks like I can get $12,500 Stafford loan as an independent student. That still leaves me with $22,500 a year to cover.
I’ve never taken out a loan before. I don’t know how much is typical. Is this doable?
Thank you.
Who will agree to be liable for your debt if you don’t pay on the $22.5k private loans per year?
In other words, who is your co-signer?
You can get a federal Pell Grant entitlement for whatever you are eligible for, use the FAFSA4caster. And your loan. You won’t be able to get a loan for more than that federal entitlement, I don’t believe. Anyway that is a good thing because the whole amount as loans is not do-able. You can use student loan repayment calculators to see what the payments would be on various amounts.
Transfer students don’t get aid at many colleges. Out of state colleges public don’t often give any aid if you are not instate. So it really depends on the college. You can use the Net Price Calculator if there is a box that indicates you are a transfer
Usually people look for colleges they can afford. Your max loan amount is a lot to take but it is better than not graduating. I think you should look at colleges with lower price tags in case this one doesn’t pan out.
Also look at your own instate schools, you might qualify for a state grant, Pell grant and together with the loan and some part time work earnings it might be doable. The instate tuition is often $10 k lower than OOS. Also you would graduate with only about $25 k in debt versus $70k !
Why are you looking OOS?
And what about your room and board costs?
That is too much to borrow and you probably don’t have a willing/qualified co-signer anyway.
What is your major and career goal? How much will you be earning upon graduation?
What is your FAFSA EFC?
I would strongly suggest you talk to the transfer advisor at your community college. These folks might be able to help you identify schools with articulation agreements with 4 year schools…and even some that offer need based aid to CC transfer students.
If you stay where you are, can you continue to work? Is it possible that you could find a college with a co-op program whereby you would work one semester (and earn money) and attend college the next?
No.