<p>When I viewed my financial award letter for UCSD upon being admitted, the net cost for attending UCSD for me (as an OOS resident and with the grants and scholarships I've received) turned out to be a staggering $31,000! UCSD gave me options to pay for the costs such as the work-study option and the different loan companies such as the Perkins Loan. One of the loan options, the Federal Direct PLUS Loan, is able to let students borrow the largest amount of money, at around $22,000. There is a catch to that loan, however: the borrower must not have an adverse credit history. Unfortunately, my parents have bad credit due to my dad's business shutting down and my family becoming bankrupt in the process. Therefore, I will most likely not qualify for the PLUS loan. So this is where I need your guy's advice.</p>
<p>Is there any way for me to either attend UCSD with payment plans that are workable with my family or for me to get the $22,000 to attend the school? I know that UCSD has a payment plan for need-based families called the TRIP program but it won't work with my family because it just means that we have to pay the tuition in full, just with more time to gather the money. Does UCSD have other ways for need-based families to pay the money, such as an IOU-system? Alternatively, do you guys know of any loan companies that are willing to lend $22,000 to either parents with bad credit history or to undergraduate students? I have already posted a similar question on the financial aid forum but people are telling me that the best option is to just go in-state. I know that that is probably the easiest option to take in terms of money, but I really do want to attend UCSD and I want to know if there are any workable options that I am able to take.</p>
<p>I don’t want to just repeat what others have said or be a party-pooper or anything, but why do you want to attend UCSD? Surely, there are other less expensive options that could give you a comparable education in whatever you want to study, and that will afford you with great opportunities. Are you sure you’ve looked at other more affordable options, and that you haven’t become focused on UCSD for extraneous reasons? Even if you do get a $22,000 loan, would you have to do this every year and end up with $88,000 in debt? Would you be able to afford that?</p>
<p>Finding a more affordable school isn’t just the easier option–it’s the option that makes the most sense given your situation. What do your parents think about going into that much debt for this education? Remember that debt isn’t just a financial burden–it restricts what jobs you can take, what you can study, where you can go, what you can do, etc. I went to UCSD and would do it again, but not if I was out-of-state and had to amass that kind of debt. It’s really, in my honest opinion, not worth it.</p>
<p>I don’t think there’s an “IOU” system at UCSD–that’s what loans are for. It’s going to be hard to get such large loans from other companies with bad credit, and I don’t think they’ll give you a loan without a cosigner. The people who frequent the financial aid forum generally know the most about available loans</p>
<p>I really do wish you the best of luck, but I also think you should seriously consider why you want to attend UCSD and what you think it will give you that other schools can’t. Most schools are more similar than they are different when you actually attend.</p>
<p>The State of California is out of money. Most OOS students don’t take that into account. I take it you didn’t know that when you applied. People come from out of state and ASSUME that they can come to the UC’s, become immediate residents and then pay instate tuition. Doesn’t happen. If you come with the intent to graduate from a California university, anywhere in our state, you will be paying OOS tuition and fees for 4 years.</p>
<p>Our state is admitting more OOS students to bring in money. You are what we call an Admit-Deny student. They’ve admitted you and they like you, but they can’t give you ANY money. But if you want to come badly enough, you’ll go into extreme debt to come here. So, if you can come up with the money, you pay. If not, you’re essentially a “deny” student.</p>
<p>We don’t have an IOU system anywhere in the UC’s, they’re called loans. $120K in loans come due really fast, sometimes, while you’re in school. Your parents can’t afford this school and neither can you. Sorry, that’s the “deny” part. </p>