<p>DS transfered to a State U and did poorly his 1st semester and is on academic probation. We told him he has to pay for his own schooling for Spring Semester and if he does ok we will pay him back. He says he can't get any loans because we make too much money for FAFSA. He is 22 (if that matters). Where can he get the money to continue school?</p>
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Direct Loans? PLUS Loans?</p>
<p>If your son didn’t take a Direct Loan for the fall term, he can take a $6500 Direct Loan for,the spring term. You need to complete the FAFSA in order for him to take this student loan.</p>
<p>There is NO loan limit on the Direct Loan. Bill Gates’s kids could take it out if he so desired. So could Warren Buffet’s.</p>
<p>But that is ALL your son can take in loans in his own name. $6500. Period.</p>
<p>$6500 if he is a sophomore…$7500 if he is a junior or a senior.</p>
<p>Anything above that amount you would need to cosign. But so would Bill Gates and Warren Buffet for their kids.</p>
<p>Perhaps your son is thinking about additional loans that are student loans only…no cosigner. The Perkins Loan is such a loan, but if you are not low income, your kiddo would not qualify for a Perkins. Perkins are seldom available anyway spring semester as they are limited funded loans and the money is typically allocated during the fall term.</p>
<p>Will $6500 or $7500 cover the cost of your son’s schooling for the second semester? </p>
<p>Plus Loans are parent loans…not student loans. If the parents want the KID to take out the loan, the only guarantee is the Direct Loan amount. Anything else would be a parent loan or parent cosigned loan.</p>
<p>I’m going to guess that $7500 will not cover the cost of this students full cost of attendance. The parents therefore, have set up an unattainable condition.</p>
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Where can he get the money to continue school?</p>
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<p>This seems like such an odd question. </p>
<p>If the people who love him won’t provide money when he gets lousy grades, why would someone else???</p>
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<p>Thanks. $7500 will be plenty. Is it too late to complete FAFSA for the Spring and get the money in time for when it is due?</p>
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<p>I’m confused. Does FAFSA take into account a child’s grades?</p>
<p>It is not too late to complete the 2014-2015 FAFSA to qualify for the loan funds for the spring semester. Make sure the school is notified that you have completed it, as the school likely isn’t running automatic packaging for already admitted students. </p>
<p>Go to the FAFSA .gov website and complete the 2014-2015 FAFSA form. Submit it to your son’s college asap. Then contact the school and let them know you he wishes to take the full unsubsidized Direct Loan for,the spring term.</p>
<p>Not sure if this will all be completed before your bill is due, however!</p>
<p>FAFSA doesn’t directly take grades into account, but there could be “academic progress” issues that would prevent him from getting federal loans. </p>
<p>Did your son complete FAFSA for this school year already? did he take out a student loan towards Fall semester?</p>
<p>How much money does he need? </p>
<p>What year is he (credits wise)? There is a limit to how much he can borrow. </p>
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<p>No, FAFSA earlier this yr. We paid for everything. </p>
<p>Probably about 6k</p>
<p>He will be a 2nd semester Junior.</p>
<p>File,the 2014-2015 FAFSA.</p>
<p>He can get a $7500 Direct Loan for the second semester because he did not use any direct loan money this academic year…yet.</p>
<p>That is for full time attendance, by the way.</p>
<p>When is your bill due?</p>
<p>^^^ I wish I knew. I need to see if I can find out. </p>
<p>Call,the school bursar’s office tomorrow morning and ask. And ask your son if he has received the bill in his student portal.</p>