<p>Hi......</p>
<p>Can some one give me an idea as when we need to apply for the Loans?? My daughter only got subsidize Stafford and will have to apply for the rest of her tuition via private loans....</p>
<p>Anyone going to Penn State that knows banks that are offering those loans to students? and when does she have to apply to those loans? Penn has not send the PN for the stafford loan yet.........</p>
<p>Thanks,
Michina</p>
<p>KeystoneBEST</a> Stafford Loan Program - PNC</p>
<p>This is for PA residents or those going to PA schools. (my son is a PA resident at school in NY)</p>
<p>I got info from my son's school over the summer and was able to choose the lender I wanted. The money went right to the school.</p>
<p>Not sure about private loans, you might want to scout them out and get pre-approved. Depending on if you are going to be on a payment plan or pay all the tuition for one semester at one time, you would want your disbursements differently. Remember that the interest accrues from the time of disbursement, so you don't want to run out tomorrow and get a check for 20K if you don't need to pay for another few months.</p>
<p>Here is the PHEAA web site:
PHEAA</a> - Pennsylvania Higher Education Assistance Agency</p>
<p>the loan programs are listed and how to apply - Keystone educational loans including PLUS and alternative loans</p>
<p>I think the OP stated on another thread they were OOS for Penn State.
PHEAA is for Pa residents only.</p>
<p>Parents from OOS can borrow under keystone. They can get Keystone Stafford, PLUS and alternative. might be a better deal than their home state, but she will have to compare.
PHEAA grants are for in-state residents only.</p>
<p>
[quote]
Special KeystoneBEST requirements:</p>
<p>Be a Pennsylvania resident with a child attending any accredited school, or
Be an out-of-state resident with a child attending any accredited school in Pennsylvania
[/quote]
</p>
<p>Thanks so much for the replies.....</p>
<p>Please if possible explain the following. I went both to the PNC and the PHEEA site...... </p>
<ol>
<li><p>With the Stafford loan she received from Penn.. I have to apply to one of those institutions or is the school going to decide for us when they send us the PN??<br>
Loan = $3500.00
Grant= $1381.00
Other Loan = $ 21,925.00</p></li>
<li><p>The difference that my D will have to borrow is $21,925.00, this will be considered alternative loan? </p></li>
</ol>
<p>Also, if she moves out of campus next year and she becomes an independent student, will she be consider a PA resident and is able to get more financial assistance and able to get grants and state scholarships?</p>
<p>Thanks for your help. This process is very overwhelming and the schools are not willing to guide you through the process...</p>
<p>Michina</p>
<p>she can't become a state resident like you are describing
Undergraduate</a> Degree Programs: General Information</p>
<p>I am not describing that she become a state resident. Keystone loans are available for Parents from OOS who have kids in college in PA.</p>
<p>Go back up and re-read the requirements - they are for PA residents with kids in any college (in-state or OOS) OR for those who have kids in college in PA.</p>
<p>Michina -
The financial aid office can help you get the Stafford Loan - if you find a better deal from another lender you are free to use that.</p>
<p>The $21,925 that your daughter will borrow would be an Alternative Loan (also called private or signature loans). She will accrue interest from the time the money is disbursed - there are some programs where the interest can be deferred until after graduation but the interest will continue to accrue until that time - 4 years in this case. Bottom line - after 4 years she will owe much more than $21,925 on the loan.
Also, she will most likely need a co-signer. Rarely does an 18 year old have enough credit established to borrow without a cosigner.</p>
<p>IMO - think long and hard before you commit to an alternative loan.</p>
<p>the op wrote "Also, if she moves out of campus next year and she becomes an independent student, will she be consider a PA resident and is able to get more financial assistance and able to get grants and state scholarships?"
my comment about pa residency was directed at that statement</p>
<p>ooops - nope she can't. my apologies for not understanding.</p>
<p>Thanks so much for the clarifications.</p>
<p>But can you guys tell me when is it that she will need to apply for the alternative loans?</p>
<p>Also, at this point, I have to guess that I will have to co-sign for the loans as she doesnt have a credit history. I read an article in the Wall Street Journal, where they said the freshman's will have a rough time acquiring student loans and securing a low interest rate this year based on the economy and some lending companies not giving out student loans.</p>
<p>Michina20 - </p>
<p>I have been watching your thread for a while, and I can't help being disturbed by the thought that you and your daughter will most likely end up some $100,000 in debt just so she can go to Penn State. Don't you have any other options? If she just has to graduate from Penn State, couldn't she start out at one of the community colleges in Pennsylvania and then transfer there after two years? Even as an out of state student, the community colleges would not be as expensive as Penn State. Could she start at your local community college and then transfer to Penn State?</p>
<p>Michelle Singletary wrote an article today in the Washington Post about how much difficulty people are having with their college debt. I hate the thought that you and your daughter could be among this group in another year or two.</p>
<p>washingtonpost.com</a> - nation, world, technology and Washington area news and headlines</p>
<p>Wishing you all the best.</p>
<p>I agree. I live in Pa and I think Penn State is a great school. State college is a great town but...... no way it is worth $100,000 in debt.</p>
<p>Most of the freshmen and sophomores in PA go to a satellite campus for two years and transfer up to State college as a junior. My d's bf is doing just that - living at home for the first two years.
My point is - many many kids transfer into Penn State. If she wanted to transfer as a junior then she would be in good company.</p>
<p>Actually I think her d is going to a branch the first two years - and the tuition rises substantially when you get to UP.
Keep in mind there are many students who do not go to their first choice school because of the cost.</p>
<p>Hello to all....</p>
<p>HappyMomof1-
I have searched every and all options for her at this point. All the colleges that she has been accepted to, in or out of state, are not giving her any financial aid due to the lack of fundings.</p>
<p>A little history--
My d has always been an excellent student. She has always attended gifted and talented schools and has a GPA of 3.50. Unfortunately, since the school she is currently attending is funded by the state and is private, they do not give out scholarships. Yes, she will be attending a satellite campus in Hazleton, PA. At this point the majority of the schools are only offering her a small grant of $1400.00. The tuitions among the 5 that had accepted her are between the 22k - 26k including room and board. As you could see they are not doing any better than PSU at this point. Perhaps since she is looking at great schools and fundings are limited she will end up paying highly for education. After all of her sacrifices, I don't know if she would want to go to a Community College.....</p>
<p>Question.... I mean in the event things change, if she cancels her acceptance to PSU and considers another venue, do you guys think she is able to re-apply and be accepted? I mean, I really do not want her to miss out on this opportunity...</p>
<p>Secondly, because she turned 17yr prior to the end of 2007, the IRS has graced me with a nice letter taking out the tax child credit from my return. Is this something I should report to the fafsa? Will it benefit us at all? she holds a EFC of 3304.</p>
<p>Lord, I am so happy that I have found this forum and for the help and advice I've received from everyone.</p>
<p>Thanks,
Michina</p>
<p>Yes you should redo FAFSA to reflect your corrected return which will now show a higher tax. It will probably reduce your EFC a little. As you are eligible for Pell grant it may increase the Pell a little (depending where you fall within the Pell cut offs). </p>
<p>I agree that the amount of debt you are considering taking on is too high. While I understand your reluctance to see her go to a community college - do you really want to see her weighed down by this debt for 10-20 years. Have a look at the loan calculator on finaid
FinAid</a> | Calculators | Loan Calculator
if you enter the loan amount and interest rate it will tell you how much the monthly payments will be.</p>
<p>Tuition at the satellite campuses is not significantly lower than the main campus at Penn State - </p>
<p>If your daughter went to a community college for a year (or two) and did well then yes - I believe she would be accepted by Penn State again easily.</p>
<p>Have you contacted financial aid at Penn State at all? How about a university in your state where you live?</p>
<p>Penn</a> State Tuition and Fees Schedules
If you look at the tuition calculator for this year at Hazelton for an OOS it would be 16,000.
At UP it would be 23,000.
Maybe I am missing something but that seems substantial to me. I know when my son went there he was at UP for all 4 years and when he hit the Upper Division for engineering I was sure surprised at the tuition hike.</p>
<p>I would suggest looking at community colleges in your home state, and investigating the transfer agreements that they have established with private colleges/universities and with your state public universities. You can also look at community colleges in Pennsylvania to see what kinds of transfer agreements they have with Penn State.</p>
<p>For example, my local community college is Montgomery College in Rockville, Maryland. It has formal transfer agreements with the public universities in Maryland, as well as with several private colleges. This means that a student who wants to study Engineering can start out at MC, and after completing a two year sequence of courses with a specified grade point average will be automatically accepted into the Engineering program at the University of Maryland at College Park. There are similar transfer agreements for many many fields of study.</p>
<p>Our community college even has an Honors Program for smart, hardworking students like your daughter! Every year about a quarter of the students from my daughter's high school choose to start out at the community college because it is so economical. Some turn down great out of state schools like Penn State to do so. About a quarter go directly to the University of Maryland at College Park, and the rest of the students go to all sorts of other colleges in other places.</p>
<p>It is really, really tough when we don't have the kind of money we'd like to be able to send our kids to the schools that they really deserve. I'm going to be in a tight situation in two years when my daughter goes to college. I am so very happy that we have a good community college where she can study for her first two years.</p>
<p>
[quote]
If you look at the tuition calculator for this year at Hazelton for an OOS it would be 16,000.
At UP it would be 23,000.
Maybe I am missing something but that seems substantial to me. [/quote}</p>
<p>mea culpa - my apologies all around. I live in PA and have always compared the IN-STATE cost of PSU - University Park and the satellite campuses. They are very similar.</p>