<p>So i know we are not supposed to do these unless it is a last resort... and well, that is what it is. a last resort. I was at a private school last year and decided to move instate to save on costs b/c two of my sisters were going into college and my tuition was both of theirs combined plus a nice car.. Well my dad was forced to resign from his job... long story, he owned a mortgage company and the way the market went he decided to leave while he was ahead... regardless, i don't want my parents to have to struggle for paying my education and i want to pick up the slack, but all my money i have put into investment for the long term. I have no credit cards... nothing that shows i have credit - cell phones, insurance anything that would constitute a credit check are done through my parents so i have nothing. Where is the best place to go through for private loans - especially in this market, where i can get the 5,000 or maybe a little more to cover college for this year?? i need help before December to finish off this semester first.!!!</p>
<p>Why don’t your parents take out a parent PLUS loan? The terms are better. They should be able to pass the credit check. And if they don’t pass, you can get extra unsubsidized loans.</p>
<p>i could do that… But i want to pay for school… not my parents. it is my schooling and the only benefit it serves them is when they are old and senile they hope i will be there to take care of them… haha.</p>
<p>It’s the fact of me wanting to pay for it… and that i have 8 other brothers and sisters. All from my parents, no adoptions etc etc… Irish catholics, what would you expect. Now we are by no means a low income family. We live in a very well of area and my dad does well… my mom is retired. </p>
<p>So they have enough to deal with and i don’t want them to have that coming off on them if i ever default since they would then have that possible burden 8x more.</p>
<p>Have you filed FAFSA? You should be able to get a Stafford loan in your own name. All students are eligible for Stafford loans. The maximum for a freshman is $5,500, Sophomore $6,500, third year and beyond $7,500. Even though no ‘need’ has to be shown you must file FAFSA to be able to get a Stafford loan.</p>
<p>“i want to pick up the slack, but all my money i have put into investment for the long term.”</p>
<p>So sell your investments. You need the money now.</p>
<p>Well there’s no way in hell a bank is going to give you a private loan without any credit. Especially not now after the credit crisis. Plus, there aren’t too many places to go for a private loan anymore. I got a private loan too because I felt the same way you did about my parents. But I had almost four years of credit history and that was before all the ***** really hit the fan.</p>
<p>Why won’t you pay for the loan after you graduate? The payments can be deferred until you graduate. And you can just give them the money to pay for it. I’m not sure if you can consolidate a plus loan that your parents took out for you (anyone know?). Check the direct loan consolidation web site to clarify.</p>
<p>I suggest looking for a job (which is tough in this economy). I’ve been looking since March and I’m in graduate school. Thank God for wonderful parents. An on campus job preferably. Does your school have a payment plan? Be sure to use that.</p>
<p>I have a question…</p>
<p>What exactly does a FAFSA form do? does it tell you if you are able to receive scholarships at all?</p>
<p>So if your FAFSA says your family makes too much to receive scholarships, that means you are basically ineligible for ANY scholarship that require a FAFSA?</p>
<p>that would suck so much</p>
<p>Some schools use the FAFSA for scholarships, but like you said most are need-based. I don’t know if they use it for merit scholarships.</p>
<p>so a combined 100k family would probably be too much?</p>
<p>…</p>
<p>Most merit scholarships at my daughter’s school do not consider need just merit. Her merit awards were offered before she even filed FAFSA.</p>
<p>You need to fill out FAFSA for government money including the unsubsidized Stafford loan that is not need based. FAFSA does not just calculate the Expected Family Contribution for you; it also screens you for federal eligibility. Many states also want that screen and some colleges require you to fill this out even for merit money. To be eligible for financial aid, almost every school requires FAFSA. Some schools also require their own fin aid app and there are a number of schools that require PROFILE as well. </p>
<p>The Stafford has a decent interest rate, you can put off payment until you are out of college though the interest does accrue, and you don’t need credit for it. You don’t need an adult to co-sign either. That is your best bet. With 3 kids in college, your family may be eligible for financial aid, especially if your dad is out a job and is income starts to reflect this.</p>
<p>Re: FAFSA and scholarships…again…this is VERY school specific. Some schools require that the FAFSA be completed for all aid. Some schools do not require it for merit aid. Some schools require it for some merit aid and not for others. You need to check each college website.</p>
<p>Example…Boston University requires no FAFSA or any other financial aid form for their Trustee Scholarships and Martin Luther King Scholarships. BUT these scholarships do have a rather lengthy separate application process for consideration. BU, however, requires that the FAFSA AND the Profile be completed for all other financial aid including both need and merit based awards.</p>
<p>snwrider, why would you pay more for loans than your investments are likely to make? If you do think you’ll get more out of your investments by letting them sit until some later time, you need to carefully consider how much money you will really be paying out on your loans to decide if it’s really a better deal. I can’t think of many alternative loans with a low interest rate. Also, please realize that you aren’t able to borrow more than your cost of attendance, even with an alternative loan. Your COA (school’s financial aid budget) - scholarships - grants - work study - Stafford loans = your eligibility for PLUS or alternative loans. I know some students want to borrow more than the COA with alternative loans, but the school can’t certify them. You’d have to do a bank loan, not an education loan if this is the case.</p>
<p>I Hope UT, you need to go to finaid.org and research your questions. This website has some great info & it’s easy to understand. 100,000 per year isn’t necessarily “too much” to qualify for aid. It depends on your family situation & on the school. If the scholarships are strictly merit based, your family income won’t even play a role in the scholarship decision.</p>