I Think im Screwed:Urgent Help!

Paying for College
1

<p>Heres the breakdown: </p>

<p>Im a transfer student at Southern Illinois University Edwardsville, and have filed my FAFSA for the 2007-2008 School Year. </p>

<p>The Financial Aid dept. put together an aid package with $1,700 coming from a Stafford unsubsidized loan, and 18,000 coming from a Direct Loan .My EFC is 28,000.</p>

<p>Problem is, the Direct loan requires a credit check on my parents, who are in worse credit shape than I am ( and my scores in the 600's) for this reason: </p>

<p>in 2005, my Dad inherited real estate properties from my grandparents,in addition to the family home my parents bought a year prior ( with an ARM :() . With the income from these two properties, plus the annual income from his insurance agency and my ma's day job, we were doin' ok. Pops paid for my freshman year tuition at SIU-Carbondale that year out of pocket, using the money from the real estate to do this. </p>

<p>fast forward to 2006. Housing market implodes. Dad's tenants move out, and he can't find buyers. Bank forcloses on house 1 at the end of my Spring 2006 Semester. I take classes at a community college from fall 2006-spring 2007 and work part time. The experience was a soul-sucking adventure for both me an my folks, as I was living at home at the time. </p>

<p>Bank forecloses on house #2 in April of 2007. Needless to say, my parent's credit is shot until 2014 at the earliest, because of the two foreclosures. So no co-signer for me . </p>

<p>With my credit score being a 625 , my chances of getting a private loan are virtually zero. I know because I have already tried. Myrichuncle declined me due to my TransUnion credit report, which Ill be recieving a copy off in a week,which should make for some interesting reading.</p>

<p>here it is , November 28 , and the balance I owe for tuition minus the credit for the Stafford loans comes out to $6500. and change. Due Dec. 14th. If I don't pay I can't register for Spring Semester. </p>

<p>My mom is going to fill out the Direct Loan paperwork tomorrow, but with the above history both she and I think its one step above a waste of time. I know they'll up the stafford amount if the request is declined, even so its still gonna leave me about $4K short. </p>

<p>The rent's are having a hard enough time keeping up with the bills and the Mortgage hikes, so they cannot help me out of pocket either. </p>

<p>So, I ask: Is there ANYTHING I can do to fix this? Ive never felt at home at college before SIUE ( trust me, ive been to two other ones lol) , and gettin booted for nonpayment would , on so many levels and reasons, suck hard.Heartbroken would be a promotion compared to how I would feel gettin kicked out after all the work from this semester. </p>

<p>It happened to my ma when she went to college. I certainly hope this is not a family curse. </p>

<p>Anyone whos got anything helpful to add, please, share. I'm out of options. </p>

<p>BTW: Ive heard that in the event of a denial of Direct Loan funds I could file an appeal with the SIUE financial aid office and request more aid given extenuating circumstances ( such as my lack of co-signer). Is this a viable option or a pipe dream?</p>

<p>Thanks in advance for reading this far, and your replies </p>

<p>Sincerely, Silversmok3</p>

2

<p>It sounds like you are an out of state student at Southern Illinois. I know you really are happy at SIU and you really want to be there...but is there a program at a university in your home state where you could get instate tuition? You can appeal your finaid award, but as an out of state student, you most likely won't get much of an increase. Most state school funds are used for residents of that state. If your parents truly don't qualify for a parent PLUS loan because of bad credit, I believe you can qualify for a Stafford loan up to the cost of attendance. BUT I would strongly advise that you NOT take almost $20,000 a year in loans to attend college. That is simply too much debt.</p>

3

<p>Thumper.my apologies</p>

<p>I am an in state Illinois resident. I guess I forgot to add that little detail lol..
so I wouldn't be paying $20K per year. </p>

<p>Im inferring from your post that since I am an in state student,Id be able to get finaid to cover the difference?How would I go about processing or requesting such a thing?</p>

<p>Im simply in a situation where I need $6k by December, and with the PLUS loan at a strong risk of denial, I need some other way to pay for school. Since this is for Fall 2007 tuition, It wouldn't matter where I would go to school after this. Id still be on the hook for $6K no matter what. </p>

<p>Thanks for the advice. This is good to know, as the financial aid office is too disorganized/understaffed to be anything but a hinderance.</p>

4

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<p>I didn't say that and I'm sorry if I implied that. Most state schools award their finaid to instate residents. You didn't qualify for need based aid, apparently, from your description of your award. If your family's financial situation has dramatically changed, you need to sit down with a finaid official at your school and discuss this with them. Your family can write a special circumstances letter detailing their financial change. It's worth a try. The school may reconsider your financial aid award and they may not. Remember that state school budgets run year to year and funds may have already been allocated...and most state schools do not have large endowment reserves from which to draw extra money. I think you need to have a talk with finaid...IF your family's income has dramatically changed. If your family EFC is $28,000 you would not NEED any need based aid because that is well in excess of the cost of attendance at your school for the year. AND I don't think SIU takes home equity into consideration...so your award would be based on income and assets like bank accounts only. Were these rental properties generating a significant income that you no longer have? That is the change you would need to outline to the school.</p>

5

<p>OK </p>

<p>I spoke to the financial aid office, and here is their verdict:</p>

<p>They cant( or won't ) do anything.There exists no form to appeal or modify any amount of financial aid. What they put together seems to be what I get , and Im stuck with it. There's no form for adjusted income either, just a polite suggestion to apply for a loan, which is a joke given my folks credit and my (lack) thereof. </p>

<p>Am I stuck with their stonewalling, or can I go to the dean or dept. head?
And im not dissing my financial aid staff, it just seems like the dept. as a whole is , ahem , unmotivated. I tell them my circumstances and all I get is an invitation to the door. </p>

<p>What options do I have? The bursar cannot or will not remove the hold from my registration even with the above circumstances ( the excuse given is because of 'a new computer system). </p>

<p>Funny , its like they don't care about their students out here. :(</p>

6

<p>I know this is the hard way, but could you alternate a semester of work with a semester of school?</p>

7

<p>I may not have a choice in the matter.Problem is, Edwardsville apartment values are expensive, and my job does not allow me enough $$ to pay for living expenses without going into more debt.</p>

<p>I know what its like using credit to pay for necessities. Its a trap I'd like to avoid at all logical cost. </p>

<p>Worst case scenario, I enlist in Air Force ROTC ( which has relevance in my Major, Info Systems/Computer Science).But the military is an option of last resort.</p>

8

<p>"Am I stuck with their stonewalling, or can I go to the dean or dept. head?"</p>

<p>Try to find out the reporting structure of financial aid. At a lot of schools, it will be to a vice-president, perhaps the chief financial officer or a vp for operations.</p>

9

<p>If the military is "an option of last resort," don't join ROTC. AFROTC is about producing leaders. If you think it is not a first choice, it is probably not for you.</p>

10

<p>How long have you known about this shortage in your monies? You should have received your finaid package in the spring. I hate to say it, but maybe some of the problem here is the last minute appeal for additional funds. When you enrolled in the school for the fall term, you knew your costs and your finaid. I'm a little confused...your OP sounds like the downturn in finances happened in the spring, well before your enrollment at your current school. Any chance you could get a full time job and go to school taking less credits? Do you have any other relatives who could help you with this shortfall for this year...explaining that this is just for this year? You can go back to the bursur's office and ask to speak to someone higher up on the food chain...but the reality is you need a plan to pay the costs. Maybe someone there can help you devise one.</p>

11

<p>You just can't "join" an ROTC unit and get a scholarship day 1. You can join ROTC, but you have to be chosen for a scholarship. It is not need based. Only a percentage of ROTC cadets have the scholarship.</p>

<p>If you don't have a calling for military service DON'T go ROTC. If you know you want to be a leader in the military and put yourself in harms way for your country there are other options besides ROTC. The Delayed Entry Program for one.</p>

<p>If you ask yourself if you want to be a military officer and you hesitate for a millisecond then it is not for you.</p>

12

<p>Yes, I was made aware of my financial aid arrangements in August, as I , for the first time on my own, had to complete all my school-related paperwork on my own. </p>

<p>So , I applied for my FAFSA, went to financial aid something like ten times because they couldn't find me in the computer, then on the 11th visit, I completed entrance counseling and recieved my financial aid package.</p>

<p>It came out to about $3000 in Stafford Loans ( unsubsidized ) and the difference was covered by the FFELP PLUS Loan. </p>

<p>Problem is, I didn't know the PLUS loan was to be in my parents name until two weeks ago when I got the tuition statement. Now, yall probably are wondering how come I didn't know this sooner. Its because, well, I was an idiot. I didn't know that the PLUS loan was completed by my parents, and not myself. I signed the promissary note for both the Stafford and the PLUS loan, and assumed I was set for the year.</p>

<p>Since I was not informed by the SIUE fin aid office that the PLUS loan is done by the parents, im about 6K short, and its due in less than a week. </p>

<p>Because of the time, I realize my options are rather limited. Unless I can secure funding that does not involve a credit check for my fall and spring semesters, and do so fast, Im afraid ill be packing my bags. </p>

<p>I realize responsibility is important ,and am also ready to accept the fact that I may have to leave SIU for a community college. And work until I turn 24 and get independent status. </p>

<p>But im trying to see if there is some other way that I don't know about that can solve this problem. </p>

<p>Again, I offer thanks for those who have contributed so far.</p>

13

<p>If your parents have been denied a PLUS loan, then you would qualify for an additional, unsubsidized Stafford loan, of $3500-$5500, depending on the year of college, in addition to the Stafford loan you already have.</p>

14

<p>Sliver:</p>

<p>Can you pull out the FAFSA sinfo you originally submitted last January, run it through the EFC calculator, then redo it with the changes in your situation, the reduction in assets due to the RE forecolosures- this will tell you what you might expect. I fully understand the problem with values declining 25% or more.</p>

<p>Then make an appointment with a long time employee/supervisor in the office and explain that this is a significant change in FAFSA circumstance and you have/are reporting it as suggested- see what that experienced person can do to help you.</p>

<p>Also, your parents credit is not nesc. "Shot" for 7-10 years, I know people who went BK and had foreclosures in the RE crunch 15-20 years ago who were "okay" credit wise within a year or two AS LONG AS that foreclosure was the only bad mark on their record. They paid every bill on time, every credit card, every everything on time, no late payments, etc except the real estate which was foreclosed upon, so when they applied for new credit (mortgage) it was believeable that the RE was their only problem and they "proved" their way out of the mess. Encourage your folks to do the same and not give up, even though it may feel hopeless and is incredibly disappointing that what should have been a way to increase long term wealth and net worth instead has ruined so much.</p>

15

<p>Thanks for the responses so far. </p>

<p>The biggest enemy I have right now is the school bureaucracy. I left a message for the Financial Aid director and haven't heard back.Nor do I expect to , im afraid. Ill probably have to march into the office at just the right time to get any help. </p>

<p>As far as credit, well, forget it. Keep in mind there were TWO foreclosures. I understand that in a year things might be better, but if Im going that route, I may as well pack my bags right now. </p>

<p>Im just depressed about the idea of waiting 3 years to go back to school because of a classification system. Yuck
Times like these I wish I could afford to 'contribute' to a few political campaigns<br>
:(</p>

16

<p>SIU does not guarantee to meet the full financial need of its students. That being the case, the school could still leave you with a significant gap between your EFC and their cost of attendance...even with increased aid.</p>

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<p>Silversmok, is the program at this school worth it for you to go into debt for that amount? How much in debt will you be when finish school? I have seen kids go into debt for $20K a year, and when they get out, they can find jobs only marginally over what their annual college cost was. Which means they are going to be on the financial treadmill for a very long time. UNless this program is so very special to you, and if it is, do keep in mind its cost, or if the program is going to make a big difference in career options and pay, it may be a lot wiser to look for something closer to home and get that degree. I don't think a local school and the one you are choosing is so very different. </p>

<p>I went through this with my older son a few years ago when he wanted to go to a certain school to finish up after he left his original college without a degree. That was well and good, but as far as I was concerned, neither husband nor I wanted to pay for it. He could go to a local school here which was just as good to get that business degree. It would not make an iota of difference in his career outlook. If he could pay his own way, then fine, the decision was his. But I would have told him that borrowing that amount would be very foolish. He was already suffering the pain of paying back some loans, and knew how it felt. So he finished up locally. If it had been a school or program with a definite return on such an investment, I would have maybe considered it. But one state school for another; a few blips on the selectivity chart means nothing to me.</p>

18

<p>The program that I am (or was) studying for was Information Technology/information systems. </p>

<p>I was then going to take my degree and join Air Force OCS(officers candidate school) , then become a pilot.
Ive been searching for a way to fix this over the past month, and what ive come up with is that I have to drop out. Ill just work full-time and take some single classes until I turn 24, then try again...maybe. (sigh)</p>

<p>Its somewhat disconcerting to have to bail on a school I fit in at because of financial aid policy. I understand that parents are the ones responsible for saving money for college, but until 4 years ago I only had one parent all my 20 year old life. And she was far too busy working two jobs just to pay the rent and car,much less saving for anything. </p>

<p>Yes mom did remarry, but coming up with the $56K (for a full 4 year degree assuming 16,000 per year at SIUE ) for a college degree in 4 years for two people who just recently married and such is difficult under the best of circumstances. </p>

<p>So heres what ive done:
Talked to the bursars office ( Their advice? Just pay us.No extensions, exceptions, or remorse. Just hand us a check)
Talked to financial aid( They did give me extra aid, but im still 2K short. Their advice was to talk to the bursars office for a solution? :( ) </p>

<p>Now , Im packing my bags.Community college for a couple of years, then maybe transfer when I turn 24 and see what happens?
Its not so much that I have to transfer ,its the fact that youre told from the time you graduate high school that you can go to college, and if you work hard you'll succeed in school. </p>

<p>Turns out you also need a lot of money too.Friggin' sucks.
But thanks for your advice nonetheless, guys. Im sorry that I have not kept up with the site recently, as ive been running around trying to sort this business out.</p>

19

<p>if you want to go into the airforce, is there an ROTC program you could get into to help???</p>

<p>U.S</a>. Air Force ROTC - College Scholarships and Careers</p>

20

<p>Good question:</p>

<p>About ROTC: I was going to apply for Officers Candidate School rather than going through ROTC ,as id be able to make a better decision about where I'd like to pursue an aviation career with my college degree than as a freshman, as it were. A lot can change in 4 years.</p>

<p>So,coming back to the present issue, because the selection criteria takes time , I would have had to apply last spring and been awarded the AFROTC scholarship for any money to apply this year.</p>

<p>So, I could SIGN UP, but theres no way the detachment commanders gonna put the paperwork though AND have the money by the Jan 25th deadline.So im still on the hook for what I owe this year.
Which means im gonna have to work, pay this off over two or three years, wait until I turn 24 and am considered independent, and then try again.Yuck.</p>