<p>My parents recently declared bankruptcy. I feel like this is partially my fault because I'm in college at USC and I know the fees must be piling up the debt even more. But they've also had a recent string of money problems -- my dad lost his job three months ago and it's been a year since we inherited my grandmother's timeshare, a scam we don't use and have to pay all the fees for. I feel terrible about continuing to go to a private school but I also know I need an education, and I know my parents want me to get one. Does anyone know of any assistance grants (I have Pell already) or anything geared towards this circumstance of bankruptcy that I can apply for? Should I look into transferring to a cheaper UC or Cal state or something?</p>
<p>Redo the FAF and gp talk to someone in financial aid. USC will probably give you additional need based financial aid. You may have to take out a loan but next year you should be ok.</p>
<p>I agree that you should talk to a counselor at the financial aid office asap and advise them of your parents' circumstances. It may very well be that the FAO will increase your award package based upon your family's financial situation. The only real negative that I can see is that your parents will no longer qualify for PLUS or most private educational loans because creditworthiness is a criterion for such loans. But this will actually increase your eligibility for other federally insured students loans and repayment of those can be deferred until after you graduate. I would also think that given your parents' financial situation that any loans that you do receive would be subsidized, so the government will pay the interest for you while you are in school. Above all, don't blame yourself and don't quit school because of the bankruptcy case. Education is an investment in yourself. You'll help your family more by completing your education and becoming financially self-sufficient than you will be quitting. Best of luck to you and your folks.</p>
<p>Whatever you do, stay in school. If you wait and stay in school you'll be able to help your parents pay that debt off faster when you get out. You could look into transferring but keep in mind that that will cost money, too (you'll have to move locations, re-apply, etc). I would keep it local, like UCLA, if you do. Your parents should consider getting a financial consultant of some kind, it might cost a little bit of money but they'll have suggestions for all these things. They could try selling that timeshare or donating it or hiring a company like Timeshare Relief to get rid of it. There are a lot of options out there. And finally, don't be so hard on yourself. Your parents make their own decisions and it sounds like you've got little to do with those. Keep your eyes on your own future, too.</p>
<p>Just renounce the inheritance of the timeshare. In any event, technically, it is the property of the bankruptcy trustee. The estate is responsible for and can renounce the obligation. Rockerdad is right. Amend the fafsa. Call the office of financial aid immediately and ask for assistance. Have your folks check with the bankruptcy attorney as to their rights on the timeshare in bankruptcy. I used to be a bankruptcy attorney but have retired and am not up to date on the law.</p>
<p>If the timeshare is your parents to deal with, have them look up redweek.com on line. They can list it for sale for a very low fee with no commission.</p>
<p>And stay in school.</p>