I have no idea what to do

Paying for College
1

<p>Now that I've been accepted to the college of my choice (KU), I'm going to have to figure out how in the world I'm paying for it. I was never under the illusion that my parents would be paying for any of it, but now that it's time to really start figuring things out, I'm getting scared.</p>

<p>My parents have the worst credit ever. EVER. And they're in hardcore debt, with two other children younger than me. I don't think I can even begin to rely on them to help me get a loan, but I don't know how in the world to get a loan by myself, where to go, how to do it. Anything. I'm clueless.</p>

<p>Also, I have no scholarships yet. None. I don't have a GPA, just a diploma with test scores (Missouri Options Program). Granted, they're pretty epic test scores IMO, but still. Not something I can go to Fastwebs with and find scholarships for, because I don't have a GPA.</p>

<p>Can anybody help me? I don't even know where to start. I have SOME money saved away for college, but I doubt it'll help me past even one semester. I've been applying for scholarships that don't require a certain GPA, as well as one or two I've found for GED recipients. So far, I haven't heard anything. </p>

<p>My FAFSA hasn't been filed yet. My parents JUST got their W2 stuff back, and went to their accountant on Saturday. As soon as all that is back, they're going to help me all they can. At the same time, I have small hopes for the govt. giving me much. My parents make a combined of about 95-100k a year, but with all the debt we're in, they're living paycheck to paycheck. My brother is 13, so the year after I graduate from college, he'll be starting out, and we need to think about him, too. </p>

<p>So, like I've said, I'm on my own. I've been reading about getting loans, but I don't really understand any of it. I need some help, advice, anything.</p>

2

<p>Even though KU is your dream school you may not be able to attend. Did you apply to a financial safety? What would be your COA for KU? What is your EFC? You need to look in-state if costs are really that critical.</p>

3

<p>Thing is, it is in-state. I live in Kansas. Well, maybe. I know that doesn't make any sense. I live in Kansas, and have for some time, but my parents don't. They live across the border in Missouri, while I live with my grandmother. I never had my legal guardianship changed. So they might not give me IS tuition. If they do, it'll be hardcore cheaper for me to go there than anywhere else.</p>

<p>KU is the cheapest way for me to go outside of a community college. And I'm not going to CC. Nothing wrong with it, I'm just not going.</p>

<p>And really, the problem isn't tuition, so much as it is college in general. I don't know how in the world I'm going to afford to go ANYWHERE.</p>

4

<p>Your EFC will probably be too high to qualify for much in the way of need based aid at a State U (FAFSA does not take debt into consideration). You will qualify for Stafford loans even if your EFC is too high to qualify for need based aid. These are loans in your own name. For a freshman the maximum is $5500. If your parents apply for and are turned for a parent plus loan you are eligible for an additional $4000 in Stafford loans. These would be offered through the school.</p>

<p>Are you eligible for any scholarships at your school? If not, and your parents are not going to contribute at all, you may be better off considering a CC for the first couple of years to keep your debt down. </p>

<p>Your residency is that of your parents. Is there any reciprocal agreement between KS and MO?</p>

5

<p>What is the reason you live with your grandmother? I am not trying to be nosy just to be nosy - I do have a reason for asking.</p>

6

<p>Problems. I just couldn't live with my family anymore. Not that I don't still love them or see them, I just had to get away. It was more for my mental health than anything.</p>

7

<p>On the off chance that it helps, have a look at:</p>

<p><a href="http://www.kidscounsel.org/dependency%20override.pdf%5B/url%5D"&gt;http://www.kidscounsel.org/dependency%20override.pdf&lt;/a>
FinAid</a> | Professional Judgment | Dependency Overrides</p>

8

<p>You can look at those overrides for dependency and also check out if you qualify for state residency in Kansas. In NY if you can document that you went to high school here for 3 years, you get state residency regardless of where your parents live or if they are even legal. There are about 10 states that have this provision, I believe.</p>

<p>Otherwise you are dependent on your parents' financial statements and state of residency. You can get up t $9500 in Stafford loans yourself if your parents do not qualify for the PELL, even if you do not qualify for financial aid.</p>

<p>Also look at some private local colleges where you can commute from your grandmom's house. I know several kids here who commute to such schools and with merit money (and one school offers a commuter discount on tuition), they pay less than they would if they went away to an instate school If your grades and test scores are high enough , that is a possibility.</p>

9

<p>
[quote]
You can get up t $9500 in Stafford loans yourself if your parents do not qualify for the PELL, even if you do not qualify for financial aid.

[/quote]
I think you mean the PLUS loan.</p>

10

<p>If you gradaute from a KS HS that may help with the residency thing</p>

11

<p>Requirements for Resident Classification: Individuals enrolling in one of the state educational institutions in Kansas listed above are residents for fee purposes if they, or their parents if they are minors, have been residents of Kansas for twelve consecutive months prior to enrollment. For students under eighteen or not emancipated, residency is determined by the parents.
<a href="http://www.collegeboard.com/about/association/international/pdf/sr_KS01.pdf%5B/url%5D"&gt;http://www.collegeboard.com/about/association/international/pdf/sr_KS01.pdf&lt;/a&gt;&lt;/p>

12

<p>Dependency overrides are generally given only with documentation of a complete breakdown in the relationship between parent & child - usually requiring outside documentation (police, clergy, counselor, etc). That is why I asked. The intent of the law is that parents bear the primary responsibility for their childrens' education. There are cases in which a student is unable to provide parent information due to extenuating circumstances. I certainly don't want you to reveal personal details here, but if you are in such a situation, you can talk to your college aid office. On the surface, it doesn't sound like this is the case for you, though. Just get your info in as soon as you can. Estimate for now & update when your parents finish their taxes. Try to find a school that is not ridiculously expensive - because you can only borrow $5500 in Stafford loans as a freshman. Get your parents to apply for a PLUS loan - sounds like they'll be denied & you can borrow another $4000 unsubsidized Stafford, instead. This is still a lot to borrow for a year - keep trying to get scholarships. Make sure you have a financial safety in case no scholarships work out. Best of luck. Don't borrow too much - you can get a fine education for a decent price.</p>