I’m in a bad spot right now where I need to consider taking out a sizeable loan(s).
A little background…
I lost my restaurant job a few months ago, and while it wasn’t great, it got me by.
I’m applying for Junior transfer to uni from my CC these next couple months.
I am somewhat familiar with the FAFSA and the monetary awards it can offer. I have only a vague knowledge of loans.
Realistically, grant-wise I would not receive very much, and so the focus will be on loans and/or jobs.
I am not academically outstanding or personally special in any way, so I do not expect any award or scholarship that aids the disadvantaged.
I have no financial support (or any other kind of support) from family and am currently living off of my dwindling savings.
I need to consider living costs and school costs, plus transportation. Loan amounts that I’ve seen always seem rather small, as if to cover only a portion of just school costs ----- so I’m assuming there’s the other half of school costs and living costs to consider.
I live in a big city where living costs are life-ruining, I mean, expensive. I will be staying in-state… hopefully same region too. Don’t want to pay for moving!
I’ve put off school long enough now due to financial difficulties and family responsibilities… But I’m ready to move on.
I very much want to focus as much time and energy on schoolwork itself instead of just another job (which will suck up all my time and school will take a backseat… I don’t want that anymore!)
I will be filling out my FAFSA.
So, there’s the low-down.
I’ve come to see that loans might be the only way to go, and am painfully aware of the financial death/burden/slavery it entails, which I’m so afraid of.
I’m wondering if there’s any advice out there, any stories of personal experience to share, or any other options I could consider for financial aid.
Remember, my goal is to focus primarily on school… although, I will most likely end up having to work.
I have heard/read of some students who do it all and take on so many hats just to pay for school and living, but would like to know/hear more. Sometimes, just hearing about someone’s experience is helpful.
Please, if you have any good advice or experience with this kind of scenario, do write back. Thank you.
Here are the amounts dependent students who are US citizens filing a FAFSA can personally borrow (if you need more than this you need a cosigner if you have no assets/job):
Sorry I forgot to add: I am 24, will be 25 in January.
I wouldn’t have any ideas for a co-signer (certainly, not my parents – they’re “out of the picture”).
I have good credit.
I have no assets.
I have never received financial aid. I’ve been paying out of pocket.
Would having a job boost my chances of receiving a loan/increasing the loan amount?
But,
It looks like you’re saying there are caps to the federal student loans then, am I understanding correctly?
Yes, there are annual/total caps to the federal student loans.
With no cosigner and no assets you are going to be limited in your options.
Where do you want to transfer to, what is the cost of attendance, what is your intended major?
Are you in school now? If so you could file the FAFSA now if you have not already done so to see what aid you could be receiving now such as Pell grant (free money!) and subsidized loan (take it and bank it for when you transfer).
Have you tried the net price calculator on the university’s web site to get an idea of what financial aid and net price you may see from the university?
The school may offer work-study, which basically creates an incentive for on-campus employers to hire you over a non-work-study student.
Hi all,
Thanks for the feedback! Looks like I need to get a job. I know I won’t be able to rely on the minimum wage, but if it increases my credibility I’ll need to do it. Is part-time okay?
Considering I do secure a job, even one that has low wages, will that be good enough to accredit me??
Do student loans, private or federal, still require that much collateral? I thought they slap on a hefty interest rate. Please tell me more!
I’m looking to boost my aid, without deferring education any longer.
Madison,
I’m looking to transfer to a state school, hopefully local. I’m in Los Angeles, so either UCLA or CSULA, or nearby, wherever my GPA takes me. I am studying psychology, and this is just my undergraduate degree.
Tuition will look like $15000-$25000. Living expenses will be at least $15000, but very likely more.
UCs and CSUs do give financial aid grants to in state students. Go to each school’s web site and use the net price calculator to get an estimate. Low income students who file FAFSA and list a school in CA first can get significant grants.
They will expect you to contribute work earnings and federal direct loans, but you may not need any cosigned loans or huge amounts of work.
How about you look into getting a job at a college which offers its employees tuition remission? It’ll take you a little longer but you would probably be able to graduate without any debt at all. I’m not familiar with LA colleges, but I would think there are lots of them. I know around here nearly all the colleges offer their employees at least two free classes each semester. There are lots of jobs on college campuses. Unfortunately, they’re often pretty low paying, but sometimes there is even some flexibility during the work day to leave for a class.
<<<
Considering I do secure a job, even one that has low wages, will that be good enough to accredit me??
[QUOTE=""]
[/QUOTE]
Are you asking if that will enough to qualify for a loan beyond the Federal $11,500 per year loan for juniors and seniors who are independent?
No.
You need to work as much as you can so that you can borrow as little as you can. Student loans are appealing but you’d end up with $25k in debt…and that’s not easy to pay back.
What is your major and career goal? What will you likely be earning upon graduation?
The net price is what you need to come up with from student loans (federal direct loans can be up to $12,500 with no co-signer for independent juniors or seniors; see https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized ). You can also receive federal Pell grants, which would be included in aid estimates from net price calculators.
@mom2collegekids Yes, it’s the debt the scares me. I want to do this smartly and borrow as little as possible, but some personal circumstances (such as struggling to pay rent, or violent/dangerous family members) have made me want to stick to college and quickly move away. I hear stories of other graduates’ debt and it sounds terrible.
I’m a psychology major, and this is only my bachelor’s degree. Unfortunately psych is one of those fields where you really need to go to graduate school. Jobs with a psych bachelor’s degree are limited, but if I can at least complete this first degree I will be much better off than the situation I am in now.
Earnings with this bachelor’s degree is dependent on the job, such as consultant or counseling, HR, advertising… and all will not pay very much at my level. I will keep looking into it. These are great questions. I definitely want to go to grad school eventually, and work in research.
Note that you can also add work earnings to cover part of the net price, so that you need lower loan amounts.
Be sure to read all of the financial aid information from the campuses and the California Student Aid Commission and make sure that you file the FAFSA on time and correctly.
