<p>OK…I will point out the obvious. Did you know about this school and it’s (rare) designation of not receiving any federally funded need based aid funds? If so, did you have OTHER options for college that might have been affordable for you given you would have qualified for part of the Pell and the full Stafford loans? </p>
<p>You describe the process of a school using these funds as “onerous” and yet the very very VAST majority of colleges take part in these federally funded programs. I don’t know the number that don’t…but I’m going to guess that it is VERY small…VERY.</p>
<p>I agree with others. Since the school doesn’t partake in federally funded loans, they might have some other way for their students who NEED them to get monies from other sources. Contact the school. That is probably your best bet.</p>
<p>I was mostly unaware. I tried to fill out the FAFSA while applying, and of course I couldn’t. I did not figure out why I couldn’t until later. Admittedly, I should have asked and looked into it at the time, but I didn’t think much of it until later.</p>
<p>This was the most affordable option. My parents wanted me to apply to more schools, but if we are struggling to muster the 2 or 3 grand necessary to put me through a year at a school where I’m getting a full-ride (tuition, room & board) I don’t think anything else would have been even close to manageable. </p>
<p>My backup was attending CC for two years and then transferring. I have a grant from AmeriCorps (or I will after June) that I was planning on using either to fund CC or college. However, you can only use the Segal grant at…Title IV institutions (or to repay Title IV, VII, and VIII loans).</p>
<p>I do not have a credit score. I checked. I’m also under 21 so getting a credit card would be rather difficult. My parents would not be able to support another series of payments on top of everything else.</p>
<p>Plus, when you add it all up, this does actually become relatively expensive:</p>
<p>-$800 (Deposits)
-$300 (First Term Texts)
-$800 (2 Airplane Tickets, There and Back)
-$100 (1-Night Hotel Room)
-$100 (2 Bus Tickets, There and Back)</p>
<h2>-$1200 (Textbooks, Rest of Year Estimation)</h2>
<p>~$3300</p>
<p>And that’s operating under the assumption that I won’t come back for any breaks.</p>
<p>Which brings me back to the original point of this thread. How do I find a good private loan? My current search is rather intimidating and often yields suggestions that I take out Federal Loans first. Very few sources go into the details of taking out private loans.</p>
<p>I’ve learned a bit about the LIBOR, interest capitalization, borrower benefits, and the chance of being screwed by a variable rate during repayment. I even have an old set of amortization tables! It’s just hard to actually do comparisons without applying for a bunch of loans, and applying for a bunch of loans would surely damage either my nonexistent credit score or my parent’s already limping one.</p>
<p>Sorry, OP. There are no private loans for you. You do not have any credit history and zero income for repayment. Your parents cannot afford another payment. They are likely not going to be any help. No lendor will make an un-collateralized loan to you without a credit-worthy co-signor.</p>
<p>And , not to put too fine a point on it, but your chosen school is (or at least appears to be) run by major league idiots. How can they justify putting their students in this situation?</p>
<p>I’ve been working full-time for a full year. I’ve been paying my own rent, bills, and general life expenses. Does none of this translate into some sort of credit history? I’ll admit that the last time I checked was only a few months after my lease began, so could it have changed? </p>
<p>I was under the impression that student loans were generally without collateral, but that’s just because I’ve never heard of needing collateral for one. Would I need collateral even for a small loan? If I secure the $3000 or so that I need for this year I could make up that difference and then some next summer.</p>
<p>You are correct. I apologize for not clarifying. I last checked my credit score in November when I tried to get a cell phone with Verizon. They would not let me start a contract because of a lack of sufficient credit. I checked, and indeed I did not have a credit score.</p>
<p>Truth be told I have no idea what contributes to a credit score aside from loans and credit cards. I’ll admit a general ignorance in that area.</p>
<p>Look specifically for credit cards for college students. Bof A, Citi, Chase, Discover…most will grant a $1000 credit line if not a little more. It will establish credit, and pay it off every month.</p>
<p>With credit card you can buy your texts used from Amazon.com, half.com, and ebay.</p>
<p>Can you get a small part-time job on campus or in the town the school is located in to pay said credit cards. You can look for tickets on hotwire.com, or priceline with the cc’s.</p>
<p>And formally ask your school to lower your deposit if not waive it since it will be such a hardship for you. If you dont ask the answer is already no.</p>
<p>Some schools can advance you some of your award funds prior to matriculation, our family did, and the school did advance some funds.</p>
<p>Does the school do its own private lending? Have you asked?</p>
<p>I don’t understand why clarifying the reasons why you can’t work this summer and during the next school year would identify you. Generally… is it a health reason? Has the school placed a restriction on students working during their freshman year? Is the program so rigorous that you can’t work? Do you live in an area where there are no jobs to be had? Are you participating in some other activity all summer that keeps you from working? You said you have been working full time for the past year… will you still be doing that this summer? Any chance of getting a 2nd job to earn a little more cash, or saving some of your income for this purpose?</p>
<p>There is an assumption here that the poster is male… (“find this fella some moola”)…not sure what he/she has posted to give this impression.</p>
<p>Start Monday a.m. with a call to your chosen school. Somebody has to have been in this situation before. Can you seek out help from any local organizations/scholarships/benefactors? I know in my town I’d have you sitting in front of a couple of guys who might have a way to help.</p>
<p>I would also like to preempt attempts at identifying my school. If you have suspicions about what school I will be attending please refrain from posting them. It’s nothing against anyone personally, I simply would like to remain as anonymous as I still can.</p>
<p>If you think that you could provide far more assistance if you knew the name of the school, I can PM it to you.</p>
<p>I’m not the best with financial assistance, but… I think you need to contact the school (assuming that is where the free ride is coming from).</p>
<p>If the support is offered to you because of need, then explain your situation and see what they say. They already know you have no money and this won’t be a surprise to them.</p>
<p>If the support is offered to you because of merit, then explain your situation and see what they say. They already know that they want you. See what they can do to make it happen.</p>
<p>Is there a way to reduce the costs? For example, by taking a cross-country bus instead of a plane, by camping out instead of staying in a hotel? (For one school that has been mentioned, such economies would be well in the spirit of the school.) If you have a free ride, why do you need to pay a deposit-- a deposit on what? You’re not the only low-income student to go to this school, so what do/have the other such students done?</p>
<p>I don’t think that a cross-country bus is in the picture. I have very limited time between the end of AmeriCorps the start of my summer ventures, and most of that time will be spent getting check-ups and whatnot.</p>
<p>The school requests deposits in order to ensure that funds are on hand in the event of a collegiate catastrophe.</p>
<p>I do not know what other low-income students have done in my situation.</p>
<p>Most likely, I will take out a private loan to cover the remaining costs for this year. Then I will work hard next summer to pay for the next year. My parents will be going to their bank to see if they offer any options for which we are eligible.</p>
<p>That being said, are there any excellent options in the private loan arena? Everything that I can find about private loans simply says, “Don’t do it unless you have to.” Well, I have to and the internet is surprisingly mum on the “Which private educational loans are least likely to screw me over?” front.</p>
Jeez. I’m 0-for ever on this thread. What a maroon. </p>