<p>My financial status for the upcoming 2010-2011 school year is undetermined. If my parents decide to pay for my university schooling next year then loans will not be necessary, however, if they do not, then I am going to need loans. Anything about the FAFSA can be forgotten, mostly because they will refuse to give me the proper information to fill it out, and because I already know that the EFC will be far too high for any sort of aid. </p>
<p>My real question is how long I can wait before applying for school loans. Is this something that needs to be taken care of before summer? Or can it be taken care of as close to a week before university starting? I am just worried that if I get loans now my parents will come around and decide to pay for my schooling, and I will have needlessly put myself into debt. </p>
<p>So, how long can I wait before taking out loans for school?</p>
<p>Your parents need to give you some answers NOW.</p>
<p>Since you haven’t submitted a FAFSA, you won’t be able to borrow money by yourself. Even with a FAFSA, you’d only be able to borrow $5500.</p>
<p>Any loan that you would get (without a FAFSA) would be from a bank and that would require co-signers and big interest. Not a good idea. You don’t have enough income by yourself to qualify for a private loan. </p>
<p>This is crazy. Your parents need to tell you NOW what they will pay for.</p>
<p>You should take care of it ASAP. You can do it now if you like. You still need to fill out your FAFSA in order to be approved for loans. They changed it this year where you can skip providing your parental information and still be approved for loans. So…you need to do that before anything will appear in your FA awards lists.</p>
<p>Even then it’s almost never enough to pay for the entire CoA. </p>
<p>And what above poster said. They need to tell you.</p>
<p>First, without filing FAFSA you won’t be eligible for federal student loans (or work study, if you have need). Will they cosign or how would you get the loans you need?</p>
<p>My Parents forced me to commute to school my first year as it is only about an hours drive away. I, however, am tired of commuting and i’m ready to live on campus. They want nothing to do with it, and so, if I decide to live on campus (which I have) I must pay for school myself. Although, they have shown signs of coming to their senses, which is why I want to wait as long as possible before getting loans to see their final decision.</p>
<p>I believe XM is right, you can file without your parent’s info to gain eligibility for Stafford (unsubsidized) loans only. This was a change to FAFSA this year. If you’re sure your EFC would be so high that you would have no need, it may not make a difference in your awards. Sit down with an FA person at your school, or email them, to confirm this.</p>
<p>Yes that was a change for this year. My understanding is that the catch is that the parents must document that they are unwilling to provide the FAFSA data. And the only thing it makes you eligible for are unsubsidized Stafford loans.</p>
<p>My understanding is that the catch is that the parents must document that they are unwilling to provide the FAFSA data.</p>
<p>Gee…that might worry some parents… Some might think that will flag the gov’t to look into some possibly shady income tax dealings with that family. I’m not saying that that is what would happen; I just can see some families fearing that.</p>
<p>Plus when it is a situation where there is some family issue going on - parents and kid have fallen out, parent doesn’t want kid going to a particular school etc - that is the reason the parents won’t complete FAFSA (which I would think is often the case except for when parents know they will not be eligible for aid), then they may be as unwilling to provide the confirmation that they will not complete FAFSA as they are to complete FAFSA.</p>
<p>Wow that’s a long sentence. Hope it makes sense.</p>
<p>You definitely need the FAFSA. If in the end you are able to qualify for student loans, you do not actually have to use the money if your parents were to come thru in time. And for subsidized loans, you could pay it back immediately with no interest if your parents gave you the money. So sorry you are having to deal with this- college is already stressful enough!</p>
<p>M2CK: That’s why my mom wouldn’t provide her tax information at first (afraid of being audited). But we finally got everything sorted out. What a hassle. I had to go through a lot of hoops to get my dad’s tax information (whom I hardly ever see) so I could at least get some loans.</p>
<p>Well, I filled the FAFSA out but I will only be able to receive the unsubsidized loan, if anything.</p>
<p>How long can I put off applying for/getting loans? The first quarter begins september 23rd.</p>
<p>Also, I’ve heard that if I meet with a Financial Aid adviser at the University then they will help me out with getting student loans from the university, is this true?</p>
<p>Does anyone know of any other ways to get student loans?</p>
<p>Also, if any additional information helps you to better give adice, I’m a finance major in the honors program with a 3.5 GPA, and next year I will be a sophmore.</p>
<p>Well loans from the school would depend on the school. Not all schools offer loans of their own. My son’s school offered very small loans ($200 for only 30 days). My daughter’s school school offers a short term loan of $300 which has to be repaid in a month also.</p>
<p>So only your school can tell you if they do offer any loans.</p>