No Parent Support?

Paying for College
1

<p>Hi CC.</p>

<p>First off, I SIR'ed to UCLA, expecting to pay roughly ~17k a year due to my EFC. </p>

<p>Issue is, my dad doesn't want to pay for the costs. And he makes up the bulk of our income. (And wants me to go to community college. Sucks though because that's not in my plan at all, and therefore I probably won't get classes at the nearby community college since I didn't plan anything to get first priority choice in getting classes.)</p>

<p>My question: Is it feasible for me to pay off my entire college costs with a private loan? Is it possible for me to take all of the loans in my name, and not in my parents' name?</p>

2

<p>No, you can’t take a private loan without your parents help. (Thank God, because that is toooooo much debt for a young person!!)</p>

<p>Didn’t you talk to your parents before making your college apps and such? What is your mom saying?</p>

<p>I would take a gap year, work, (don’t take ANY classes), and apply where I would get huge merit. </p>

<p>It sounds like your dad had no intention of paying $17k per year, so you need to find out how much he will pay and then apply to schools that will work.</p>

<p>It sounds like UCLA gave you a merit scholarship. How much did it give you? </p>

<p>What is your EFC? What other aid did it give you?</p>

<p>Does your dad know that UCLA won’t likely give you that merit scholarship if you transfer as a junior?</p>

3

<p>To be honest, I didn’t really talk to my parents about my college apps. My mom is all for it, but thing is, she’s working a lot as it is and she’s not really making a high income (~20-30k/yr).</p>

<p>And UCLA did give me a merit scholarship (10k + 5k in a need-based scholarship). And my EFC is at 17k, which is what UCLA wants my parents and me to take out in loans. </p>

<p>I haven’t thought to tell my dad that, and I guess I will when the time is right.</p>

<p>And about the private loans - what if my mom cosigned with me? Right now, that’s something we’re considering.</p>

<p>Also, I know I sound a bit spoiled, and maybe I am, but I really don’t know what to do if I didn’t go to college right away or if I went to a community college. I guess I can take a year off and just work, but honestly, it’s a bit suffocating for me to continue staying at home.</p>

<p>edit: Also, we’re expecting our EFC to go down for the year 2012.</p>

4

<p>Yes, your mom can co-sign. And your mom can take out a Plus loan. however, your dad may put his foot down and say “no”, since legally he’d also be responsible (CA is a community property state). </p>

<p>You didn’t do your homework during your college apps, and now you’re making the same mistake…just going forward without checking the “fine print.”</p>

<p>But, that is beside the point. You’re not thinking long-term. You’re just thinking “in the moment” and that’s what happens when you proceed without checking the bases (such as finding out if your dad would pay!). </p>

<p>You will not likely be earning enough upon graduation to pay back those huge loans. Do you have any idea what your payments would be on $70k+ of loans? Plus the loans that are in your FA pkg? probably about $30k total.</p>

<p>What is your intended career? How much do you think you’ll be earning upon graduation.</p>

<p>edit: Also, we’re expecting our EFC to go down for the year 2012.</p>

<p>Why is that?</p>

<p>How much were you given in loans?</p>

<p>* I guess I can take a year off and just work, but honestly, it’s a bit suffocating for me to continue staying at home.*</p>

<p>If you’re working and doing volunteer work or something, then you’d hardly ever be at home.</p>

5

<p>About the loans - if I’m taking private loans to cover the entire cost of tuition, I don’t think I’d even have to touch the loans offered in the financial aid package.</p>

<p>You’re not thinking long-term.
Yes, I suppose I was doing that when doing the college app process. I guess I didn’t do the homework I was supposed to do, but then again, I was more worried about the apps themselves, whether or not I’ll be accepted, and I failed to lack the insight to predict my dad’s continually shifting decision as to help pay for my college tuition or not. Now I’m considering the possibility of him “putting his foot down.” And if I guess if that did happen, private loans would be costly… or I’d have to face doing nothing for a year, finding a job at a restaurant or something, and in the meanwhile doing volunteer work on the side.</p>

<p>The loans - I’m predicting at around ~1k a month? As for careerwise… I’m not sure (yeah, slap me now). If it helps any, I’m planning on majoring in biology like many other kids.</p>

<p>How much were you given in loans?
17k; 5.5k in student loans, roughly 11k for Parent Plus loans.</p>

<p>EFC will likely go down because simply put, my dad is making less this year - considerably less.</p>

6

<p>One more thing you need to think about. Even if your mom agrees to co-sign your loans, it doesn’t mean she is qualified to do so, now or the next three years. It depends on her credit scores, assets and existing debts. We can’t just borrow as much as we need or want.</p>

7

<p>And my EFC is at 17k, which is what UCLA wants my parents and me to take out in loans.</p>

<hr>

<p>NO!!! This is NOT what UCLA WANTS you and your parents to do. UCLA is simply presenting you with the facts. If you choose to borrow that money, that is your choice. No one expects you to do anything.</p>

<p>Your father wants you to go to CC because he knows it doesn’t make sense to borrow that much money when you have an alternative. It might not be what you want, but it will work. It will give you an education without as much debt.</p>

8

<p>Okay, maybe that’s not what UCLA wants, but it’s what they’re offering. </p>

<p>Thank you guys for your advice and opinions.</p>

9

<p>Ask UCLA if you can delay enrollment for one year to get a better handle on things.</p>

<p>=========</p>

<h1>About the loans - if I’m taking private loans to cover the entire cost of tuition, I don’t think I’d even have to touch the loans offered in the financial aid package.</h1>

<p>----------OK…That alone probably isn’t wise. Some of those loans are SUBSIDIZED, so not taking those would be crazy. And, the unsub ones don’t require co-signers. </p>

<p>===========</p>

<p>The loans - I’m predicting at around ~1k a month? </p>

<p>-----------You write a $1k per month as if that’s NOTHING. That is a very high amount of student loan payments for 10 LONG YEARS. you will be sick and tired of those payments within the FIRST year. It will severely limit your life. You won’t be earning a lot. Within a very short time you will be kicking yourself for not going a less expensive route.</p>

<p>If you think living with your parents NOW is a hassle…well, guess what it will be like when you’re in your 20’s and you HAVE to live at home because you can’t afford rent after paying your TAXES (federal, state, FICA, etc), your car payment, you car related costs (gas, car insurance), health insurance, cell phone payment, food, clothing, etc. etc. </p>

<p>============</p>

<p>As for careerwise… I’m not sure (yeah, slap me now). If it helps any, I’m planning on majoring in biology like many other kids.</p>

<p>There are so many things wrong with that that I don’t know where to start. First, you’re thinking of a major that doesn’t pay well. Secondly, your thinking of a major that, as you said, many other kids are choosing…so guess what…a total glut of bio majors out there looking for jobs. I could go on and on. Your chances of earning enough with a bio degree (and many other undergrad degrees) to afford to pay all of your living expenses AND to pay a $1000 a month in unnecessary student loan payments.</p>

<p>===============
How much were you given in loans?
17k; 5.5k in student loans, roughly 11k for Parent Plus loans.</p>

<p>EFC will likely go down because simply put, my dad is making less this year - considerably less.</p>

<p>---- That’s why your dad won’t consider paying or taking out the Plus loans. </p>

<p>Ask UCLA if you can delay enrollment for a year. Take the gap year and apply where your stats will bring in MORE money. And, with the lower income to report, you may get a better pkg from UCLA and other schools.</p>

<p>Does anyone know if you CAN apply elsewhere if you’ve requested a delayed enrollment? If you aren’t allowed to do so, it’s still better for you since your EFC will be lower next year.</p>

<p>read this</p>

<p><a href=“Student Loans Weighing Down a Generation With Heavy Debt - The New York Times”>Student Loans Weighing Down a Generation With Heavy Debt - The New York Times;

10

<p>EFC will likely go down because simply put, my dad is making less</p>

<hr>

<p>This will not necessarily translate into more aid.</p>

11

<p>Read that article a while back; I’ve already heard of those stories of financial headaches, hardships, etc. Seems like all of CC is commenting on this article when there are already tons of similar stories out there that choose to focus on failure and warnings rather than success.</p>

<p>@kelsmom: Thanks for the input. </p>

<p>Here’s what I’m going to do: talk with UCLA, my parents (my generally supportive mom, and my sometimes supportive dad), friends, and advisers. And most of all, I’ll try to stay optimistic rather than giving up. (:</p>

<p>Once again, thanks for the advice and suggestions.</p>

12

<p>Don’t give up. There is more than one way to get a great education, and you truly do get out of it what you put into it. Your mom wants to give you what you want … parents are like that. Your dad, however, realizes that sometimes parents have to draw the line, no matter how much it s**ks. Please read all the articles about grads who are buried in debt. Take them to heart, because they are very real. Keep a good attitude, work hard, and take advantage of every opportunity put before you. You will succeed, whether you attend UCLA, a CC, or a school “in between.”</p>

13

<p>And just because you start at a community college does not mean you cannot earn a degree that says “UCLA.” Last fall, UCLA admitted over 5,300 transfer students (not all enrolled, of course). The admission rate for transfer students is slightly higher than for freshmen. (All data from the UCLA common data set, [UCLA</a> Office of Analysis and Information Management | AIM](<a href=“http://www.aim.ucla.edu/CDS/cds.asp]UCLA”>http://www.aim.ucla.edu/CDS/cds.asp))</p>

<p>Perhaps you can negotiate something like this with your parents: two years at a CC, working part time and saving up some money, then they’ll help you finish up at UCLA.</p>

<p>Good luck with whatever you decide.</p>

14

<p>Seems like all of CC is commenting on this article when there are already tons of similar stories out there that choose to focus on failure and warnings rather than success.</p>

<p>Why do you think that is?</p>

<p>When people engage in risky (and unnecessary) behavior, it isn’t a good idea to focus on the successes. </p>

<p>Should we warn people not to use drugs, or should we mostly talk about the addicts who later “made good”?</p>

<p>Should we warn people not to drive drunk, or should we mostly talk about the people who do that and get home safely? </p>

<p>Should we warn people not to take out huge student loans, or should we mostly talk about the people who did that and through some miracle won the lottery or were able to land that one-in-a-million high-paying job for newish undergrads and were able to pay the loans off easily? </p>

<p>BTW…if you mean high school counselors when you say that you’re going to talk to your “advisors,” please understand that many/most are clueless about the financial aspects of colege costs and affordability of loans.</p>

15

<p>[Project</a> on Student Debt: Home](<a href=“http://Www.projectonstudentdebt.org%5DProject”>http://Www.projectonstudentdebt.org)</p>

<p>Click on the tab labeled “Voices” to find out what happens if your college debt is out of hand.</p>

<p>[FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://Www.finaid.org%5DFinAid”>http://Www.finaid.org) </p>

<p>Run the loan repayment calculators and take a look at their estimates for the annual income needed to pay off the amount of debt you are considering.</p>

16

<p>Before looking at private loan options, if this is the way you are thinking of going, be aware of the pitfalls. The Staffords that you are entitled to take on your own are money you can borrow without involving your parents’ credit reports. If anything happens to do you, such as death, disability, no income, etc, it involves only you. The loan is gone if you should die. You can get some of the loan forgiven if you participate in certain programs. You can get delays while you are still in school. SO the Stafforeds are probably worth taking.</p>

<p>Though the PLUS has higher interest rates than some outside loans, again, the loans are forgiven if you or the parent taking them out dies. The terms are more flexible. Also if one parent get declined for the PLUS, you can get $4k more in Staffords. If that happens, with just a little financial help from the family, and by taking a job yourself, you might be able to swing UCLA.</p>