Ok so I’m 17 and I filled out my fafsa and got my award letter and applied the scholarships I got but I still need like 20,000 dollars so I need a private loan but my mom won’t cosign is there a way for me to still get a private student loan or am I just in trouble
Edited for language
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You can only borrow $5,500 directly from the government through fafsa. Any other loans must be taken by a parent or co-signed by them. You have no way of making this work I am sorry…but there may be other options out there. Do you have a local school or community college within driving distance?
Your mom is no fool. She knows that a newish grad can’t afford to pay back $80k in loans.
Don’t you already have loans in your aid pkg? If so, those fed loans will be about $30k when you graduation, so it would be insane for you to borrow $80k more.
What school is this?
Do you have any safeties??
What are your stats and your major/career goals?
No one is going to lend you that money because you can’t afford to pay it back
You’re not going to be able to get a private loan unless you can demonstrate you can pay it back (good credit and an income that will support the payments) or you have a credit worthy co-signer. Borrowing that much isn’t a good idea anyway.
Your mom knows how incredibly burdensome huge debt is. And, she may know that such debt would hurt HER credit rating…or she may know that she won’t qualify for $80k of debt.
Obviously, you don’t realize the magnitude of borrowing $80k+ and having that much debt for student loans (likely more because you probably also will have $30k of direct fed loans).
You may not even know what the monthly payments would be and what % of your future income that would be. You don’t even know what your future income will be.
Your mom knows that there is a HUGE chance you won’t be able to afford to make the payments and then SHE would be forced to do so.
Look at it this way…If your mom could afford to make payments on that much student loan debt then she could likely afford to outright pay most/all of that annual $20k shortfall.
What’s your budget, what are your college choices and what’s your net cost* at each?
Congratulations to your mom for not foolishly co-signing loans. There are very very very few situations where that is wise, especially for such a huge amount on top of your federal loans.
*net price = (tuition+room+board+fees) - (grants+scholarships)