<p>I know there have been many threads about this in the past, but currently I can't find any. Anywho...</p>
<p>What am I supposed to do? Are there any loans or anything I can get even though I'm under 18 years old? I'm very willing to take high interest rates because I'm going for a fairly lucrative profession for which it will only take 4 or 6 years to complete school. And it's also only going to be at an in-state public university. Also, Does it help at all that I'm one of the top students in my class and have high test scores?</p>
<p>I'm really stressing about this. I read in Kiplinger's that the best choice is to work and go back to school when I'm 24 (when I'll be considered independent and get better loans I think), but that's 6 years of my life down the tube at some unchallenging job I don't like and a dingy apartment I'd hate.</p>
<p>clove, if you're going to an in-state public university and you are a top notch student you should be able to get a very large scholarship and if you are very very good then I'd imagine that you'll be offered a full ride.</p>
<p>I'm not like, top top top student with a 1500 (old scale) SAT's (unfortunately, because that's the only way I'd get a full scholarship). Rutgers, the school I'm thinking of applying to, has a lot of smart students with scores a lot higher than mine, and the most I think they'd give me is $5,000.</p>
<p>Also, I'm thinking of either biochemical engineering (B.S) or pharmacy (Pharm.D), which, in my area of NJ (which has many biotech and pharmaceutical industries), is about $60k and $90k starting pay, respectively. I hope the banks notice that. I'd only be borrowing about $5,000/year anyway..if they would allow me to do so.</p>
<p>And racnna -- rules are getting stricter for what's considered dependent and what's not. I hear marriage doesn't have any real effect... plus, I'm gay, so that'd be impossible for me.</p>
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<p>I'd only be borrowing about $5,000/year anyway..>></p>
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<p>Is this the only loan you are anticipating needing? If so, most of it will be covered by a Stafford Loan which would be in your name. It would be less than that for your freshman and sophomore years, but very close in your jr, and sr. years. The amounts have recently changed...maybe someone else here can post the annual stafford loan amounts.</p>
<p>It is unlikely that a bank will grant you a loan based on a possible future job. Simply put, even with the best major, there is no guarantee you will be working. Banks grant loans based on CURRENT assets, not future ones.</p>
<p>You could possibly get a private loan with a co-signer.</p>
<p>That's a tough road ahead if you're not getting any financial assistance. Sounds like you're from NJ. If so, and you're in the top 20% of your class, consider going to a Community College. You can go for free (NJSTARS). After 2 yrs, you can transfer to Rutgers. NJ guarantees that NJ 4 yr colleges MUST accept all your CC credits. If you do well at the CC (I forget the requirements), you can finish up at Rutgers (or another 4 yr NJ college) for free tuition as well (think they call it NJSTARS2). </p>
<p>You're right about the scholarship at Rutgers. My son got the Presidential one (free tuition, R&B but doesn't cover $2000 worth of fees) and it does require 1500 and top 5% maybe. It's gotten much harder to get the scholarships. I think TCNJ cut back and you get maybe $8000 tops and you have to meet the requirements and write an essay. NO guarantees based on stats.</p>
<p>It is going to be tough if parnets not paying for college. I guess one way out is first go to your local community college for two years then transfer to state schools for the last two years. Reality is a private college will cost $50,000 a year, state one probably cost under ten thousand. Good luck.</p>
<p>We put a definite limit on the amount we are willing to hand over to the kids for college. While not nothing, it is certainly not $50K/year. My kids (will) have loans, and have to work their behinds off at jobs and in school to get the best merit aid they can. Wow. They will so appreciate their degrees.</p>
<p>I love jerzgrlmom's plan. Why not do that? If you can't pay and think you don't qualify for any other kind of aid, what's wrong with her solution? Don't let your pride stand in the way. Get all A's at CC, then get all A's at Rutgers. Make $90K a year and then help your younger siblings or cousins, or go on to grad school. I would definitely counsel my children to do the same if this was an option for them.</p>
<p>May I ask what your GPA and test scores are? The reason I ask is that if they are high enuf (I know you said that they aren't Top Top, but what are they? And are you taking any tests again? Also, did you take ACT? Some do better on ACT than SAT - especially if you are science oriented), we may be able to locate some schools that will give you merit $$$ scholarships. </p>
<p>I would avoid taking out too many high loans - especially as an undergrad - cuz you may still have Pharm school to pay for. </p>
<p>Will you be able to live at home? Or will you have housing costs to also cover?</p>
<p>Also, are your parents willing to pay for anything? Such as food? or books? or at least something??? Ask if they will at least take responsibility for one or two things - such as food and books.</p>
<p>Talk to your parents about the neccessity of completing FAFSA even if they are not willing to pay for college. I don't know your families financial situation but you may qualify for some financial aid - if you have financial need you may qualify for subsidised federal loans which means you do not pay interest or start repaying till you graduate or cease attending college. But your parents must provide the info for FAFSA for you to be eligible. Finaid also has EFC calculators which will give you an idea of whether you will be eligible for aid.
<a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a></p>
<p>Stafford loan limits are $3500 freshman year, $4500 soph year, $5500 the next 2 years with a cumulative limit of $23,000. If your parents apply for a plus loan and are turned down you can get additional Stafford loans. Good luck.</p>
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<p>Stafford loan limits are $3500 freshman year, $4500 soph year, $5500 the next 2 years >></p>
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<p>OP said she/he would only need to borrow $5000 per year. Even for freshman year, seems like some overtime work in summers and vacations (and maybe some graduation from HS money) should take her into that $5000 range with only a Stafford loan. I guess my big question...where is the rest of her/his cost of attendance money coming from? There aren't very many colleges that only cost $5000 per year.</p>
<p>^^^
I was wondering the same. I was wondering whether OP had considered "all" college expenses (not just tuition) when coming up with the $5k amount to borrow (tuition, fees, books, room & board for even state schools can be 15K and up per year)</p>
<p>Unless OP is going to live at home, go to a very inexpensive state school (a few do exist), and work to pay the rest, maybe $5k is all that is needed to borrow.</p>
<p>If his parents refuse to pay for college, I highly doubt they'll let him stay in their house while he goes to CC. I'd advise you apply to Rutgers, and if you have another family member (uncle, aunt, grandfather), beg for them to take out a loan and promise to pay them back.</p>
<p>FredFredBurger: How do you figure that? Letting your kid live in your house (as long as you're not paying for them) is much less expensive than college tuition...</p>