<p>It's the oldest story in the book, I have absolutely no way of paying for college.</p>
<p>To make a long story much shorter, my mom didn't allow me to have a job until now - September going into my senior year. I have a few colleges picked out, all of which are similar in tuition. My single mom is refusing to pay for my college, and she also is not allowing me to live in the house after high school. We have a very sour relationship, and she is on unemployment which makes it even worse. </p>
<p>The real reason why I am making this post is that I do not understand how to pay for college. If I start saving now I can probably make about 5,000 by June, but I don't know how I could possibly fork up the first semester's bill at around that time.. which would likely by 15k (most schools I am interested in are 30k a year..net price after financial aid and federal grants and loans..I used the calculators on their sites). I understand that private loans are an option, but I was wondering if someone could answer a few questions for me?</p>
<ul>
<li>Do you borrow all the money for all four years at once? </li>
<li>Is there a limit on how much you can borrow from private loaners? Would borrowing 120,000 be worth it if I know I'm going into a field where I'll be able to pay it back?</li>
<li>How would I know how much I would need to borrow? If I get a job during school and make X amount of money can I change the amount of loan I need for next year?</li>
</ul>
<p>Also, I'm quite confused on how schools offer you money. Is that estimated in when you do a net price calculator? </p>
<p>Thank you for reading and thanks in advance to those who help me! I really need the information!</p>
<p>If your mom will give you her financial information, you can run the Net Price Calculators and get a general idea of what a college/university is likely to cost you. </p>
<p>Even if your mom will not help pay for your education, she can help you greatly by filing the FAFSA with you in January. That will make you eligible for federally determined aid such as student loans and Pell Grants. Without her information, it will be much harder to get financial aid. Please note that this is just her information, she is not obligated to spend one cent. Until you are 24, a military veteran, married, responsible for your own child, etc., you will be considered to be dependent on your parent(s) for financial aid purposes. That means that you will need your mother’s cooperation in filing the financial aid paperwork every single year.</p>
<p>The amount of money that you can borrow each year is limited to: $5,500 freshman year, $6,5000 sophomore year, $7,500 junior year, and $7,500 senior year. That is it. For more loan money than that, you will need a qualified co-signer, or for one of your parents to take out a parent loan.</p>
<p>If you are clear that there is no way whatsoever to repair your relationship with your mother, and it is certain that you must move out the second you turn 18 or graduate or whatever her cut-off date is, then that is a bigger problem than how you will pay for college. You need to have somewhere to go, and some way to feed and clothe yourself after that date. Have a nice long chat with your guidance counselor and/or some other trusted adult(s), and start figuring out how you can live if your mom won’t let you remain with her.</p>
<p>Claud: Happy Mom is right, you have more problems than being able to pay your tuition. When you turn 18, you’re out.<br>
You are looking at $30K schools when you wont even have a home?</p>
<p>Try the CC route first and transfer to a state college. You might be eligible for some kind of funding. Loans require a cosigner with a stable financial history. Being on unemployment isn’t necessarily a good financial risk. Your personal loan of $5500 is for 1 (one) year. That’s $2750 for one semester. Not a whole lot of money.</p>
<p>My husband and I both work and we can barely afford to pay for our dd’s college at $32K; how will you do it on part-time minimum wage income?</p>
<p>Unless she has tons of savings it is unrealistic to expect an unemployed single parent to pay out of pocket for your college. She may be having trouble keeping a roof over your head. </p>
<p>Loans available to you are very limited. You will need your mother’s assistance in filling of the FAFSA to get any money based on need or merit. </p>
<p>You need to start looking at other cheaper options. CC or in state schools included and you need to do it quickly. </p>
<p>What state do you live in and what are your stats?</p>
<p>I live in NJ and I currently have an 1800 on the SATS but am taking them again in October as that was my first time with absolutely no prep. Around a 3.5 GPA. I just wanted to be able to dorm at college and live a normal life there, working part time to put money toward college while I’m in college, and working off my student loans once they’re done. They are 30k a year with room and board - so I wouldn’t be out on the street the second I turn 18. My mom is depressed and just can’t support me anymore… it’s not her fault but I want to do better than she has done. I have a family friend with outstanding credit who will cosign for me, except he isn’t related to me. Is that an issue or will I be allowed to take out private loans with im as a cosigner? I am extremely optimistic about being able to pay them off after college because my aunt offered to let me stay at her house rent free for three years so that I can put ALL my money earned from my job to my loans. I have lived off of less than 500 a month with my mother my whole entire life(I budget the money in this family) and I honestly think it would be worth it to go and get my bachelors or do the 5 year bachelors and masters program my top school offers for my major (Software engineering). Does that affect anyones opinion or is it still stupid to want to go to a real college and dorm there and not just community?</p>
<p>Thank you to everyone who answered too - it means a lot more than you guys think. Having no advice from my mom is a killer</p>
<p>You need to get your mom on board with doing the FAFSA. If your family lives on $12k a year you will have a high “need”…the problem for you is that not all schools will give enoughFA to cover all your need. </p>
<p>I undertand you want to go away. I understand why. </p>
<p>Go to one of the schools on your list and fill in the (easy peasy) net price calculator to see what it tells you. </p>
<p>I don’t know if a cosigner would allow you to get enough loans…someone else will have to chime in…I will say that I would not “count” on that even if that is what you have been told…cosigning is very risky even if they love and respect you very much…</p>
<p>Edited to add: I was a first gen college student myself and I ended up not going to several great schools for lack of money myself…NOT knowing and underatnding the system is something you can fix.</p>
<p>On “borrowing $120k” …I think very few degrees are worth it anymore. I’m a lawyer and our recent state bar journal did an survey regarding student loans and many many MANY lawyers said their debt greatly effected their life…who they could marry, houses they could buy, jobs they were tied to. You have no idea how fast the interest racks up. You start with $80k and several years later owe twice as much.</p>
<p>A co-signer will have to qualify for a new loan every year. Sometimes co-signers qualify in years 1, 2, and 3, but not for year 4 which means the student is unable to finish college and owes a boat-load of money. Also, if you were to die or become permanently disabled, or just have great difficulty in finding a job, your co-signer will be held fully responsible to pay back your debt. For that reason, I would advise that you speak with a good insurance agent to find out what kind of coverage you should take out on yourself so that your co-signer will never be left holding the bag.</p>
<p>Also it could effect what your cosigner can do…buy a house etc…and if they are married/have kids of their own you might run into issues due to that…</p>
<p>/just be realistic</p>
<p>Claud: I’m glad you’re optimistic but you also have to be real.
The college bill comes early and has to be paid before you even get your schedule. Who is going to loan you 30K per year? You can’t just “show up” and expect to be housed. </p>
<p>You NEED your mother’s cooperation to fill out the FAFSA for your college, if you don’t fill out a FAFSA, your university will not have anything to base your financial aid and will not provide the funding information for your $30K university or dorm. You might qualify for federal loans and other aid, if you fill out the FAFSA with her. Your GPA is good, but your SAT scores need work, so at this point you probably won’t get merit aid until those scores go up.</p>
<p>It is unrealistic to expect that your school job will cover your tuition of $30K. Additionally, a loan for 4 years is $120K. These excessive loans accrue interest and are very difficulty to repay-no matter what major you’ve graduated with at the end of 4 or 5 years. You’re assuming that you will immediately find a high-paying job and that your aunt’s situation will not change. Things happen and things change but your loan wont.</p>
<p>On of the major student loan lenders is Sallie Mae…their interest rates right now are 5.75-11.87% and they load on the fees.</p>
<p>Go to the stickied threads at the top of this forum. Look through the list of full tuition scholarships. You may qualify at some schools. A higher SAT will certainly help.</p>
<p>
You need to mend your reslationship with your mom, because you need her tax returns to file FAFSA early next year.</p>
<p>Since you need to live somewhere, are there community colleges in your state with dorm options? You’ll need your mom to fill out a fafsa, but you may be able to swing that if you are eligible for the full Pell and take out a direct loan. It’d be doable where I live, but I think NJ probably has higher costs.</p>
<p>As others have mentioned do the net price calculators. Also if you can dorm at any community college that could be an option. As for loans, only some loans are good. Those being the direct loans from the government which is around $30,000 or whatever it is now. </p>
<p>Here’s the problem with a friend as a cosigner: What if after a year they decide they don’t want to cosign anymore or something else happens?</p>
<p>The only reason the family friend wants to cosign for me is because he has a yearly salary of 2 mil. plus a bonus. But after everyone is said I’m seriously looking at community colleges now! Thank you guys for the advice 
</p>
<p>The family friend would do you and himself a bigger favor by lending you the money for college at a comfortable interest rate you could agree on together, if he makes that much. Why borrow from someone else/ a big, stingy business?</p>
<p>Please check out the college match application at Questbridge.org (see thread on the financial aid board). It is for low income families. Your stats could be better though. </p>
<p>I hope things improve for you and your mother.</p>
<p>Good luck.</p>