<p>Hello, I am starting college this fall as a freshman at a university. I'm the first one in my family to attend college so I'm a little confused as to how all the financial aid side of things work. Yes I have filled out the FAFSA, and my EFC was too high so unfortunately all I was offered was $5500 combined from unsubsidized and subsidized loans.... Are these considered stafford/direct loans? And now I need a student loan of at least $12K to cover all other expenses for the whole academic school year. My parents are not willing to help, so a parent loan is not considered. What other loans are out there for me? How do I even apply for them? </p>
<p>I'm sorry and I know this is such a vague, over asked question but I really need some clarification and help as to the fact that I am very confused. Any help would be greatly appreciated. Thank you. </p>
<p>Yes, 5.500 is the Federal Direct Loan (formerly Stafford) that the student can take in their own name and you are eligible if you fill out the FAFSA.</p>
<p>There are no other lenders who will loan to students unless you have a good credit history, like any other borrower, or some property as collateral. You will not get 12k a year without a cosigner.</p>
<p>You wont qualify for any other loan. Unless you’ve been paying off charge cards and have had a good paying job for the past couple of years, you probably don’t have a credit history. What will you do when the bill is due in August? I suggest that you look into your local community college because you do not have the funds to attend this college unless your parents put up some money. </p>
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You may want to check with your schools if they could offer you the Perkins Loans.</p>
<p>You can ask the school. BUT Perkins loans have limited finding per school, and are awarded on a first come/first served basis. It is very possible that the school no longer has any Perkins money left. And even IF you get a Perkins…it will NOT be for $12,000. Usually they don’t exceed. $4000, and that is actually a high Perkins.</p>
<p>Will anyone cosign a loan with you?</p>
<p>^ yes I have a co signer so is there any other type of federal loan I can apply with my signer? Is Perkins loan my only federal option? Do I need to look into private loans? Also what fees are due in august from my federal direct loan?</p>
<p>Can you count on the co-signer for four years? Is it a grandparent?</p>
<p>That would give you 27k for her student loan and 40k+ from private loan =0k debt = 800 loan payment for new grad doesn’t seem do-able. You will likely default on the private loans and stick the cosigner, even assuming they can qualify for total of 40k. Then the cosigner will have to make the private loan payment or their credit will be damaged.</p>
<p>But if you are going to do that, you can try Sallie Mae.</p>
<p>Do your parents no want you to go to college or are you just picking one that is too expenisve for your family?</p>
<p>^my parents just don’t want the responsibility of a parent loan, they have their own financial difficulties to take in. My college is actually pretty affordable with $6K tuition it’s just the remaining $12K I’m having trouble coming up with for </p>
<p>Well there isn’t any Federal program with a cosigner so you have to do a private loan, that Sallie Mae link is to the private loan.</p>
<p>Hopefully you are working now to contribute to the year’s expenses. Try to find some p/t job at school–did you get a work study award? Ask for one. Ask for a Perkins loan so the private loan is lower, but likely it is too late. See if the college has an online student jobs board so you can line up something ahead, if you get a work/study award or not. Buy your books used or rent them. Look out for summer opportunities. After your first year look for off campus cheaper housing where you can also go off meal plan and make some meals yourself to save money.</p>
<p>OP - If you are borrowing 5500 in Stafford and another 12K in private loans, your out-of-pocket COA would be 17,500 per year. As far as college costs go, I agree that is generally considered “affordable.” The question is whether it is affordable for you given your circumstances. COA is likely to increase over those 4 years. Also, the unsubsidized Stafford and Sallie Mae loans accrue interest from the date of disbursement. If you defer payment while enrolled in school, that unpaid interest will get added to your loan balance so you will owe roughly (depending on interest rates, etc) 80k after 4 years.</p>
<p>I know you came on here to ask how to borrow the money, not whether you should borrow the money. However, it sounds like you don’t have much guidance from your parents, and a lot of debt can be crippling. Where are you going to college and what do you intend to study?</p>
<p>"“My college is actually pretty affordable with $6K tuition it’s just the remaining $12K I’m having trouble coming up with for”"</p>
<p>I can see why your family has financial difficulties and the leaf doesn’t fall far from the tree. when you have to borrow all college costs, it is not affordable.</p>
<p>commute to a local school, start at a cc, or do something else. this school is not affordable since you will unlikely be able to make the payments when you graduate.</p>
<p>what is your likely career and future income?</p>
<p>Starting at a local CC seems like the right option in this case.</p>
<p>Your college is not affordable if you can’t come up with $12,000 for living expenses. Any chance you can attend a college and commute for home?</p>