<p>My dad is pretty set on having me take out loans for my tuition at Binghamton and then having me pay it all back AFTER college when I get a job/career. Since we have an income of $84000, I received almost nothing in financial aid except for loans. However, we can't even pay the beginning bill of $7000 for the first semester(even after the $2000 in loans) because of the mortgage/bills. Has anyone else done this before? I feel like this probably isn't gonna end too well :/</p>
<p>This is a terrible idea.</p>
<p>Your school isn’t affordable.</p>
<p>Go to a CC for two years, work while you’re in college, and then use that money towards your last 2 years.</p>
<p>Sorry to be harsh, but your dad obviously has little clue about money. He has an income of $84k, but can’t pay much/anything, so why the heck does he think some newish grad earning a LOT less would be able to make large loan payments??? Doesn’t make sense.</p>
<p>I would not recommend that. </p>
<p>I’m sorry but you should look into more affordable options :/</p>
<p>I’ll chime in with an agreement to Mom2CK and Ceilidh8.</p>
<p>The max that you are going to get for a loan as a freshman is $5500, which will barely cover tuition (they have probably already given you this in your financial aid package). You still need room, board, books, etc. There is no more that you can borrow without a co-signer (agreeing with others that this is a bad idea).</p>
<p>If he does not have the 7k to pay this semester’s bill, you cannot attend because this school is not a financially feasible option for your family. </p>
<p>Did you apply anywhere else? </p>
<p>If you are from the city did you apply to CUNY? </p>
<p>If you were accepted, you need to contact them and perhaps they can reactivate your admissions so you can attend later this month. </p>
<p>Otherwise, you need to apply for the spring term at CUNY, commute from home (you will need a part time job, since you are getting no help from dad). Save some $$ and perhaps go to Bing your junior & senior year.</p>
<p>I would say the maximum you want to have in loans after four years total is 25k. Less if you plan to go to grad school and will need more loans. </p>
<p>It sounds like you’d be way over that number. Unfortunately, the college is unaffordable for you. You don’t want to spend the rest of your life paying off student loans.</p>
<p>Thanks guys, hopefully showing my dad this thread will change his mind because I’m pretty sure we CAN actually afford this. Also I got accepted in Brooklyn College so there’s always that. We’ll see how this goes!</p>
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<p>You cannot be assured of this. You know what your dad looks like on paper, but you don’t know the reality of your situation. How much money is being paid out each month for taxes, mortgage/rent, utilities, health insurance, their retirement and other financial obligations.</p>
<p>The just may not be in the position to write a $7k check especially if he is not been saving or making a plan for this expense. While you should show him this thread to confirm that you will not be able to borrow 20K/year, it will not make him have $ that he does not have.</p>
<p>School starts in less than 10 days. Contact Bklyn, see if they can take you for the fall. You probably will have to go to your high school to get an official copy of your transcript so you can hopefully start classes. The reality of your situation is that you need to have some place to go in a couple of days and it looks like it won’t be Bing.</p>
<p>As others have said, the amount that you can borrow as a student is limited to the DIrect Loans. Anything else will require a cosigner and would be that person’s loan with you as the back up and affect that person’s credit accordingly. </p>
<p>Let your dad know that your loans pretty much cover the tuition, but the room and board has to come out of their pockets, just as it would be the case if you live at home. You can pitch in with whatever work and pay you may find, but it isn’t going to cover the base cost of living expenses.</p>
<p>However, we can’t even pay the beginning bill of $7000 for the first semester(even after the $2000 in loans</p>
<p>If I’m reading this correctly, your school is costing you about $9k a semester (tuition, fees, room, and board). A $2k loan leaves $7k to pay…yet no one can pay it. And, there are still books and personal expenses to cover.</p>
<p>This means that there is an expectation that you’re supposed to borrow about $80k for college? Ridiculous!!!</p>
<p>Commute to a CC or local state school. If you go to a CC, then work and save money for the last 2 years. </p>
<p>What is your likely major and career? How much do you think you’ll be earning upon graduation? It is highly doubtful that you’d be earning enough to justify having much/any debt …especially when such debt is avoidable by attending Brooklyn College.</p>
<p>Is there an option to make monthly payments? Sometimes that is easier than a huge lump sum.</p>
<p>Ironically all the press about students being so terribly in debt have made people think that there are all these loans available for college. They just skim over the part of the difficulties in repaying and figure their kids can borrow all those amounts. I’ve seen this attitude a few times, “They are just going to have to take loans,” is what they say.</p>
<p>*Thanks guys, hopefully showing my dad this thread will change his mind because I’m pretty sure we CAN actually afford this. </p>
<p>Also I got accepted in Brooklyn College so there’s always that. We’ll see how this goes!*</p>
<p>Your posts contradict each other. in your first post, you say that you have a bill of $7k after loans that can’t be paid. That’s $14k for 2 semesters. </p>
<p>Monthly payments over a 10 month school year would be $1400 a month. It’s unlikely with your family’s income that they could pay $1400 a month for 4 years…probably not even for one year. </p>
<p>If you mean CUNY-Brooklyn as your commuting alternative, then that would be GREAT. Your tuition would be about the same price as a $5500 student loan. </p>
<p>With CUNY-Brooklyn as a cheap option, there is no rational reason for taking on such big debt to go elsewhere.</p>
<p>Sherry, another thing to tell your dad is that if you take out all loans you’ll need a credit-worthy cosigner for anything above the Stafford limits. That would mean that your dad would be cosigning your loans for about $60k of that $80k total. Student loans can’t be discharged by bankruptcy or by death, so he would be on the hook for those loans if you were unable to pay. </p>
<p>Very happy to see that you have your head on straight about this, and that you’ve got a backup plan if Bing ends up being too pricey. Regardless of where you end up going to school, you’re going to end up fine.</p>
<p>Alright so I told him about how unreasonable it would be to take out that much money in loans. After a lot of convincing he realized that he’s gonna have to pay a part of the tuition (which he will) but we’re still taking out $10,000 in loans from the bank, and $20,000 from the loans that FAFSA offered. Also, is it possible to just take out student loans whenever you want them or do you have to do one loan all at once? We want to take out small loans before every bill so that we can actually see how much money we need in loans but if not we’ll just do $10k at one time.</p>
<p>After a lot of convincing he realized that he’s gonna have to pay a part of the tuition (which he will) but we’re still taking out $10,000 in loans from the bank, and $20,000 from the loans that FAFSA offered</p>
<p>???</p>
<p>What is the “$20,000 from the loans that FAFSA offered”?</p>
<p>FAFSA is not an entitiy…it’s just an application. Your school may have put loans in your FA pkg. What loans were you offered? If you’re an incoming frosh, I don’t see how your school offered you $20k in loans???</p>
<p>What is the breakdown of loans in your FA pkg? And who is paying back which loans?</p>
<p>I still think you’re all borrowing WAY too much money.</p>
<p>What is your major? How much will you be earning upon graduation?</p>
<p>If that $20K is not a type for 2K, that sounds like way too much debt. $30K in loans for one year of undegrad, with 3 more to come after that?</p>
<p>I’m guessing that part of that $20k is Parent Plus loans . . .</p>
<p>Op is in-state for SUNY Bing where COA is ~22k/year (direct cost 20,129). </p>
<p><a href=“http://www2.binghamton.edu/financial-aid/pdf/educational-costs-ugrads.pdf[/url]”>http://www2.binghamton.edu/financial-aid/pdf/educational-costs-ugrads.pdf</a></p>
<p>Since dad makes 84k, the family is not eligible for TAP or Pell so their financial aid package consists only of loans for both the parent and the student. </p>
<p>If Op was was given the max of freshmen loans (5500) then dad would have to come up with 15k, just to cover tuition, fees, room and board. </p>
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<p>Dad would be able to borrow this as a PLUS loan, provided he is credit worthy. As a PLUS loan, dad can borrow up to the total cost of attendance- financial aid (direct loans to the student). What is sounds like, if your dad is borrowing 10k, then he does not want you to borrow. Dad would apply for the loan once and it would be disbursed in 2 installments; (fall term and spring term). It looks like that between you and your dad, you are going to have close to 100k in debt to attend Bing, which IMHO, is too much debt. Your dad will be a senior citizen paying off this debt (which is non-dischargeable through bankruptcy).</p>
<p>There is no way you should take on this kind of debt. You need a new plan. Maybe you’d like to stay out of school for a year, work and save money, and have a better plan for college next year, or maybe you’d like to commute from home to a cheaper option this year.</p>
<p>What are your stats? (SAT/ACT/GPA)</p>