<p>Run your potential debt through this calculator (and some of the others at the same website) and think long and hard about how difficult it is going to be to get the loans paid off: [FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)</p>
<p>I can sympathize with your desire to attend a 4-year university and to live on campus, but to be blunt, you can’t afford that right now. If your dad can’t pick up the tab, you need to commute and/or attend a community college for the first two years.</p>
<p>I am also considering CC, only as a last option though… Also, another question. How much is the “average” student loan taken out from a private lender annually [yearly]? Is 15,000 to much?</p>
<p>Virtually all private loans are “too much” for a student to be responsible for. The fed loans that you’ll be given will be hard to pay back. To borrow more is dangerous.</p>
<p>With your fed loans, you’ll graduate with about $30k in debt. That is a lot right there. That will be hard to pay back.</p>
<p>I doubt that having someone else do your FAFSA will bring a different result. It sounds like your mom’s info is not complicated. You may not agree with the EFC, but it sounds like she has a decent job and therefore, you will end up with an EFC that is beyond Pell. </p>
<p>The fact that your household only has one adult actually raises your EFC. A household with only one adult and 2 children with a decent income will have an EFC beyond Pell. I know that it always sounds “needy” to use the words “single mother”, but those words alone don’t get people a lower EFC. </p>
<p>Your EFC is $7,000. That suggests that your mom earned roughly about $60,000.</p>
<p>Thank you guys for all your responses. I will consider all of them, and will check to see if my FASFA got sent to Bergen Community college if worst comes to worst [It will cover everything, except there is one problem. TRANSPORTATION; For my family cant afford another car right now. That’s why I wanted to board. Also my Dad is against me not living on campus as well for some reason :/] As for my father, he just told me to apply for loans regardless of my mothers credit score [Because they give them out sometimes to people who have low credit, and my Mom’s credit “cant be that bad”]. I will bring up the subject of him not wanting me to goto CC or military, but not putting anything on the table for funding my education. As for my mothers credit, I did extensive research on it, and figured out she has two fair scores, and one with bad standing [This is from Equifax] There all in the mid to upper 500’s range. Do you think I can qualify for a parentPLUS loan, and if denied have my Stafford loan increased, and take out a lower private loan, regardless of higher interest rates/terms? While in the mean time, working with my mother on her credit, to increase it, so that next year I may qualify for a parentPLUS loan OR take a another private education loan with less stringent terms, interest, and conditions? ALSO MUCH THANKS, esp. to momforcollege kids, and cpt.! You really don’t know how much you are helping me… :)</p>
<p>I have a question about being turned down for the PLUS loan. So, if I co-sign and my twins get turned down, they automatically get another 4,000 in Stafford loans in addition to the 5500 they already got? I am asking, because not sure my ex will co-sign and my credit has tanked this past year. Thanks</p>
<p>If lkidby applies for Plus and gets approved, I don’t think she has to accept them. She could decide not to accept. </p>
<p>But your point is correct…just having a lowish credit score probably won’t get you rejected…unless you have things like “90 days late” and stuff like that on your credit.</p>
<p>And one more question, yes you do have a point on transportation costing much less then BB… But do you think I should just Co-Sign with my mom anyway? I CANT APPLY FOR A parentPlus loan until July 1st [Stupid ass Rutgers Rule], and wont be able to increase my Stafford loan until then [That is inferring it will be denied]. My grandmother said Co-Sign with my mother anyways for the loans [Her credit score is around 560, What are the chances of her being approved]. And take it from there. If I do Co-Sign with my mother for all those private loans, and they get denied… Will I be able to Co-Sign again, with a more credit Worthy Co-Signer after being denied with another? I do not want to jeopardize my chances of getting a loan…</p>
<p>I am going to ask him. But Idk about his credit score. It is most likely as bad as my mothers… Can they both Co-Sign? And if one is denied, can I reapply with a friends or my grandmothers credit as a new co-signer [For Private, and Federal Loans]? I mean I AM GOING TO PAY THIS DAM THING OFF! I am shooting for a masters in CS one of the highest paid majors in the U.S, and WILL sign them off as cosigners after 12 months of on time payments [I may go with Salliemae, but I’m scared if I put my mother down, and it gets denied, I will no longer be able to apply, say if I get a new more credit worthy co-signer, Can this happen?]…</p>
<p>Anybody can co-sign on a loan with your kids - my fiance’s grandmother co-signed his private loans. It doesn’t have to be a parent. But you don’t need a co-signer for PLUS loans. Parents borrow PLUS loans, if they are eligible (and it’s pretty easy to get them - my mom got them, and her credit score is terrible. Lower than the 500s.) Students can borrow Direct subsidized or unsubsidized loans. The only thing you would need a cosigner for would be private loans.</p>
<p>Tevincarter, only your bank can tell you whether your mom is eligible to cosign loans for you…but she probably shouldn’t anyway. If her credit is already bad, how is she going to pay back what she borrowed? Rutgers-Newark sounds like it’s too expensive for you.</p>
<p>Ikidby - Yes A parent MUST co-sign because the Parent is the one paying it back.</p>
<p>Juillet - Thank you for the response, and I am a instate student, So Rutgers is as cheap as they come… Also that the only place I really applied for… I will only have to take these loans out now. Because next I will fill out my FASFA with my grandmother, and might not receive as much child support. So my Loans will be higher, also I will be getting more aid due to me being a Freshmen… Also really? Your mom got approved with a credit score of >500!!! It gives me some hope, Also knowing the fact that they do not determine it on credit only… </p>
<p>ALSO has any one herd of the NJCLASS loan? I REALLY WANT THE LOAN TO BE ON ME… Because my mother is ok with finance. But I am pretty with this kinda stuff, and WILL PAY IT BACK!!! I am thinking either NJCLASS, or Sallie Mae… Any one knows how hard it is to get a NJCLASS loan approved? I will probably need $18000 for freshmen…</p>
<p>I’ve read all three pages of responses here and here is what I am hearing people are telling you:</p>
<ol>
<li><p>Any amount of private loan is too much, hence don’t take out any.</p></li>
<li><p>It sounds like your mother is already overburdened with her financial responsibilities, therefore you should not be asking your mother to take out one.</p></li>
<li><p>Since your father insists that you live on campus, don’t attend CC or military school, maybe he should be the one taking out parent PLUS and private loans for your education. </p></li>
</ol>
<p>I don’t understand why you refuse to see this and still investigate the possibility of private loans?</p>
<p>Here is the deal about private loans. You cannot get any unless someone who is deemed credit worthy cosigns with you. When that person cosigns, it goes on his credit record and if he tries to get a loan, that amount is taken into account as money he could owe. It doesn’t matter that you are determined to pay it. The fact is that the cosigner is legally liable and that fact is all that counts. And if you are late or miss a payment when it comes time to pay, the lender will hit up your cosigner. </p>
<p>PLUS is alot easier to get and there are more flexible terms, usually lower interest rates, and easier to apply. Yes, your parent has to apply for the loan, and if s/he does not make the cut, s/he can get a cosigner for it. YOU cannot get a PLUS loan. A grandparent or any other creditworthy adult can cosign, but cannot be the primary borrower. The term that is important here is “creditworthy”. As a rule, it is easier to qualify a parent under PLUS than as a cosigner for you on a private loan.</p>
<p>I don’t think your mother should take out a loan from the situation you describe for her. So that leaves your dad. You can work out a private deal for you to repay him, but he would have to take out the PLUS and unless he has abysmal credit will probably qualify. If he does not, you will get $4K more your freshman year available in Stafford funds. That means you can get up to $9500 in loan for freshman year without any credit yourself which is a pretty good deal, and the terms of repayment are quite flexible.</p>
<p>Ok then I guess you are right… Thank you for pointing this out for me… I will be applying for a NJCLASS loan, and then if that gets denied, the parentPLUS loan… If not, then I will try to get a credit worthy co-signer for both Federal Loans. And leave the private loans as a last choice… I WANT TO goto college, and am willing to take ALL the risk necessary to get my Masters degree in Computer Science… I will do this, the question is just how…</p>
<p>Also I will consider my Father if both federal loans some how get denied… He probably has very bad credit, and a not to high paying job, and alot of kids to “take care of”… But he will still be an option, and will tell him of his wanting for me not to goto CC or Military but not insisting on putting any thing on the table… Anyways Thank you Guys for your help… :)</p>
You really don’t know how much you are helping me… :)</p>