Parents won't cosign student loans-what next?

Paying for College
1

<p>Long story short, my parents won't cosign any loans next year because they're uncomfortable with the idea; their words were "if you miss a payment, we lose our house". </p>

<p>Right now, depending on where I end up, there's a ten thousand dollar gap after I take out my federal loans. They're willing to pay half of that, which leaves me with about 5,000 dollars to come up with. I already have a decent job, and I'm planning on another one this summer, but a lot of it goes towards insurance and possibly rent. </p>

<p>What are my options? </p>

2

<p>Insurance for what? If it’s a car…consider selling the car. </p>

<p>Rent? For what? Can you live at home where there won’t be rent?</p>

<p>Are you saying you do not have an affordable option to apply to for college? </p>

<p>Your parents have given you a budget. What can you do to meet that budget? Attend a community college and commute from home (keep,the car if you plan to do that)? Apply where you will get some merit aid? </p>

3

<p>What rent?</p>

<p>Are you saying that you need $10k more to pay for TUITION ALONE? And you need more to cover room and board? </p>

<p>What schools have you applied to? Can you commute to any?</p>

4

<p>I pay rent at home, I need the car to get to work, and this is my state flagship-it’s actually looking cheaper if I transfer to a private where I was offered significant financial aid, so I’m sending an application there and to another state school that might work out being cheaper. </p>

5

<p>I need 5,000 dollars to cover everything-room, board, and tuition. </p>

6

<p>You are a current frosh at UMass and you’re a nursing major. stay where you are. </p>

<p>As you get into your nursing program, you’ll like the school more. </p>

<p>Right now, you’re dealing with Falll Frosh. They will settle down</p>

7

<p>I plan on finishing the year here definitely, but they’re not cosigning loans no matter what-this is me trying to find out how to pay for next semester</p>

8

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<p>You were offered that aid as an incoming frosh. You may not get that much as a transfer. Until you see the FA pkg at any new school, do not cut ties with UMass.</p>

<p>Your parents charge you rent while you’re in college? Is your family low income?</p>

9

<p>We’re pretty middle class, and they only charge me when I’m home-but still, it adds up quickly when I’m only making $8.50 an hour. </p>

10

<p>It is true that they are on the hook if you can’t make payments. Depending on where you live, landing that first job without experience can take up to a year. So, do they have any suggestion, do they recommend that you not attend college, then? Or would they lend you the money directly if you wrote up a contract?</p>

11

<p>When we last had the financial aid conversation, they said they would give me the $5,000, but wouldn’t lend me any more. They want me in college, but I’m not sure about how to fund it; I’ve been sending out scholarship applications and I’m hoping a few of those go through. </p>

12

<p>Are they giving you the $5000 or lending you the $5000?</p>

<p>I am surprised they charge you rent when you are home. Is it a daily rate?</p>

<p>If they are eligible for the American Opportunity Tax Credit for 2014, maybe they can give you that amount extra beyond the $5000 they are already giving (or lending?) You.</p>

13

<p>It’s weekly, about $100. They’re giving me the $5000, which I’m very grateful for. </p>

14

<p>Your parents are changing you $450 a month for rent? Really? </p>

15

<p>$450? Wow. Maybe this is where most of the $5000 comes from them.</p>

16

<p>$400</p>

17

<p>Even $400. You are a college student. </p>

<p>Are your parents very low income?</p>

18

<p>This sounds nutty. they are charging you $5200 a year to live there and then “giving” you $5000 for college? If so, then they really aren’t giving you anything. </p>

<p>Or are we misunderstanding?</p>

19

<p>Nope, you’re right. I hadn’t thought about it like that</p>

20

<p>I am probably just old-fashioned, but if a student is living at home, working, and commuting to college I would let them stay without rent even if I couldn’t support them in any other way.</p>

<p>Is this school affordable for you? I live in northern VA so I totally understand why selling your car (as some other poster has suggested) might not be practical. Is there any way you can reach out to that other school and see what kind of aid transfer students might be eligible for? I agree with your parents that borrowing and cosigning is risky and I get why they don’t want to do it any more, but I don’t see how you can swing paying them $5000 a year plus your own living expenses like insurance plus college costs.</p>