<p>Fafsa states my parents make too much money for any grants, but that is certainly not the case. I went to community college for 2 years and paid out pocket. I can't get any other private loans either because both parents have bad credit history, what do I do? I'm looking to go to ODU which is about $18k per year. What do I do?? What about plus loans? I am really stressed out and I do want to go to college, but it looks lie I can't afford to do so.
The school says they will let me know if I qualify for any additional loans but when they see the EFC I don't think I will get anything.
This is crazy..</p>
<p>Fafsa states my parents make too much money for any grants, but that is certainly not the case.</p>
<p>Did they file a 1040A or 1040ez?</p>
<p>Talk directly to the financial aid office. They are probably going to have the most accurate information for ODU. See what options they can give you. Did you do well at CC to be able to get a merit award at ODU, I know that perhaps not many transfers get merit aid but there is always a possibility.</p>
<p>If your EFC is really $40,000 per year, then your family makes a high income…over $100k per year.</p>
<p>Are you saying that your family can’t contribute anything for college?</p>
<p>Plus loans won’t work if your parents have bad credit.</p>
<p>If your parents have bad credit then they won’t be able to co-sign loans for you - which actually isn’t bad because too much debt is bad as well.</p>
<p>Is there a 4 year school that you can commute to?</p>
<p>As a junior, you can borrow 7500 per year. If your parents apply for Plus and get denied, then you can borrow an additional 4000. You’ll have to work during the summer and during the school year to pay for the rest…unless your parents can help some.</p>
<p>Are you saying that you think your EFC is incorrect? Then print out this <a href=“http://ifap.ed.gov/efcformulaguide/attachments/010512EFCFormulaGuide1213.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/010512EFCFormulaGuide1213.pdf</a> and work through it on paper with your parents to see where you went wrong on the electronic version, then go back and correct the electronic one.</p>
<p>No, I am not saying it is incorrect…combined my parents make a little over $100k, however my parents don’t have $18k to pay out of pocket each year. We’ve really been struggling financially and they seriously can not afford that amount.
On paper it seems as if they make a ton of money, but that seriously is not the case.</p>
<p>koffinb -</p>
<p>The EFC is not meant to be paid out of pocket. It is meant to be paid from a combination of savings, current income, and borrowing against future income. I take it that your parents have no savings, and are in no position to borrow against future income. What you need to know is whether or not they can contribute anything at all out of current income. If they can, then how much. Once you have that figure, you will be able to consider your options.</p>
<p>
Sorry, they DID make a ton of money. They may have obligations/debts but those are based on choices. Follow Happymom’s advice.</p>
<p>I honestly don’t think they have much, if anything at all right now to contribute. Aren’t there any loans that I can apply for on my own?</p>
<p>so its looking like if I am not eligible for any loans from the school then I have to come up with the $18k Cost of attendance out of pocket?</p>
<p>Yes. Sometimes there are scholarships by departments for upperclassman, read the website carefully to see if there are any scholarships for majors and if so, check the deadlines. Also do go back over your FAFSA with your parents and make sure everything is accurate…$40,000 EFC indicates either a pretty high income or a bunch of assets. Although it is entirely possible your parents are up the yin yang in debt and every penny they have is already spoken for which is unfortunate for you.</p>
<p>The only loans you can take are Stafford loans which Mom2CK mentioned ($7.5K this year for you). Any other loans would have to be cosigned and I don’t recommend going that route.</p>
<p>combined my parents make a little over $100k</p>
<p>Is that their gross income or their net income?</p>
<p>If that’s their gross income, then your EFC shouldn’t be that high unless they have lots of assets/savings.</p>
<p>If their gross income is about $105k (and they don’t have a lot in assets), then your EFC should be about $25k. </p>
<p>You can’t borrow much by yourself. Is there a state school that you can commute to?</p>
<p>From your school you can get a $7500 federal loan.</p>
<p>so i can get about $7.5k from stafford loans just this year? why wouldnt u recommend getting a loan with a cosigner if this is the only way I can get a college education?</p>
<p>how do I get the $7500 loan? from stafford?</p>
<p>You file the FAFSA, and then you talk with the financial aid office about the process for the Stafford.</p>
<p>Since you have not asked for a Stafford yet, talk with the financial aid office at your CC about applying for one for THIS SEMESTER. It may be possible. If so, you could stash the money to use in the fall along with next year’s Stafford money.</p>
<p>Generally speaking, the parents in this forum recommend that you get a job and study part-time instead of taking out private loans with co-signers just so you can attend full-time. First off, you have to find a co-signer, and except for parents or well-employed siblings, that is usually impossible. Secondly, over the years borrowing with private loans has time and again proven to be a very bad choice for many people. Lots of fun reading about it right here: [Project</a> on Student Debt: Voices](<a href=“http://projectonstudentdebt.org/voices_home.php]Project”>http://projectonstudentdebt.org/voices_home.php)</p>
<p>The school will include the $7500 Stafford loan in your FA package (it may be called a Federal Direct Loan or Direct Unsub Loan). If you don’t see it then contact the FA office. You’ll have to do the mandatory loan counseling online and e-sign the Master Promissory Note (MPN). Then it will be disbursed to the school in equal payments each semester. They will apply it toward your costs. The rate on unsubsidized Staffords is 6.8%/year and interest will start accruing after the loan is disbursed. You don’t have to make payment while you’re enrolled at least half-time (summer/breaks don’t count) and will have a grace period once you graduate before repayment begins. If you can at least pay the interest on the loan while you’re in school, you can keep your debt to the actual amount borrowed (aka the principal).</p>
<p>If your parents apply for a Parent Plus loan and are denied, you’ll have to contact your FA office to see if they can award an extra unsubsidized Stafford loan for that year. The limit on that extra loan is $4K/year and you would have to go through the same process each year.</p>
<p>Since you have no debt so far (yay!) and only have 2 years left, I don’t think it would be excessive to take $11K/year…you’ll end up with slightly less than the average student debt and the payments would probably run around $250/month for 10 years. But, that still leaves you with $7K/year to come up with out of pocket. Can you and your parents handle that? Is there any way to cut back on the discretionary expenses (room, board, etc.)? I think most students are able to cover books, transportation, and personal expenses with a part-time job. So, if you can work full time during breaks and summer it’s possible you could save a significant portion of the remaining amount needed.</p>
<p>If you’re still at the CC, I second happymom’s idea of taking this year’s Stafford loan ($6500) and putting it away for next year…there’s no guarantee you’ll be able to get the additional $4K Stafford though so keep saving!</p>
<p>ok, I guess I should have said I am a full time student, and employed full time. But I can not afford to pay out of pocket either</p>
<p>If you are going to go to college, and your parents make 100K a year, then someone is going to have to pay out of pocket, or take out a loan. That’s all there is to it. You need to call your financial aid office and find out what else they can offer you, if anything.</p>
<p>thank u zoo much for the vital info sk8rmom. I think 7k a year is do-able for my parents, but my only problem is due to their credit I don’t know If we could get the loan for $11k, we will try the plus loan too though. Is it best to wait until I hear back from the school’s financial decision before we do anything with the plus loans?
I had no idea we get an automatic $7.5k from stafford loan</p>