Not enough financial aid...private student loans?

<p>Hi all,</p>

<p>I have a really, really big problem. I'm a rising sophomore in college and I just got my financial aid package a week ago. I got it so late because my mom figured they couldn't send me back to school, so she didn't pay attention to the deadlines. She realizes this was a mistake, but that's beside the point. I have $13,000 that I must come up with on my own and my parents are not able to help me at all. I already have $8,000 in federal loans from last year and $8,000 for this coming year. I cannot decide, and neither can my parents, if I should take out a $13,000 private student loan. I really don't want to take out that much money and get myself into massive amounts of debt when I'm going to school for French. I've been thinking of taking this semester off and transferring to a college I can afford. I just don't know what to do, though because I really want to go back. However, I could go to France through a volunteer program for three months and keep improving my French.
I just really need some perspective on what I should do. Is 13,000 too much? I certainly feel like it is, but maybe I'm just being cheap? I do not want more than 40,000 in loans when I graduate because I want to go to graduate school, so even that much debt is probably a lot right?
ahhh I don't know...help, please?</p>

<p>Thank you,
Alaina</p>

<p>Alaina, I think the idea of going to France for a few months, then transferring to a more affordabe college is wonderful! Your education continues, and has a very practical component, and your need to stay within a realistic debt limit is served. </p>

<p>One other thought - if there’s a possibility you’ll become a French teacher, look into applying for the federal Teach grant when you go back to school. It’s a $4K per year grant that converts to an additional Stafford loan if the teaching requirements aren’t met. It’s a good opportunity to help bridge the gap for those who will teach in high need fields, such as foreign languages.</p>

<p><a href=“http://studentaid.ed.gov/students/attachments/siteresources/4807Teach_FactSheet_v3.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/4807Teach_FactSheet_v3.pdf&lt;/a&gt;&lt;/p&gt;

<p>You are not being too cheap – you are being smart and practical. </p>

<p>Sk84mom likely knows more thatn I do – but I have the Teach grants are not really granst – they are loans which are only forgivien if you teach – ergo if you can not find teaching job, you are stuck repaying loans.</p>

<p>I would suggest you immediately contact your school finaid office. Explain you can not afford. If they can help come up with other sources, fine. If not, you must politely request a leave/or withdraw. You want to make certain you leave on good terms.</p>

<p>You might also want to look for an aupair job in France – not as much free time, but your expenses covered and will improve language. </p>

<p>When you come back, let me suggest Suny Plattsburgh – reasonable cost and a hop skip and jump from [French speaking] Montreal.</p>

<p>

</p>

<p>No, the older loan forgiveness programs were that way, but the Teach grant is an actual grant that only converts to a loan if you don’t fulfill the requirements.</p>

<p>I am not planning on teaching. It’s at the very bottom of my list so a teaching grant isn’t really in the cards for me. My financial aid office already knows of the situation, but there wasn’t much they could do because their financial aid funds had been exhausted. For example, I didn’t get a Perkin’s loan or work study like I got last year.
I think I may just take the semester off and go to France. It really just sucks because my boyfriend transferred to my school for this coming year :
Also, I already go to school very close to Montreal, about 1.5 hours away.</p>

<p>Any more suggestions?
-Alaina</p>

<p>Go to France. It will do much more for your language skills, without the crushing debt – and I think that being away for awhile will give you a chance to think through the finances and come up with a better plan for your return.</p>