<p>My parents don't want me to have loans for school, but they also don't want help pay for college.</p>
<p>However, after receiving my financial aid package, I will still need some money to cover the rest of tuition, room, and board. It's not that much, my first loan and about $5,500 for the year, subsidized and it's my last year of undergrad so it will be the only debt I have upon graduation.</p>
<p>But, like I said - the parents would be furious if they found out I took out a loan. </p>
<p>If I took out a Stafford loan would they have to know? Do I need someone to cosign? And will they ever send mail to my house?</p>
<p>Is there a sympathetic relative/family friend that can explain to them that Stafford loans are necessary for you to go to school without their financial support?
They may listen to someone who understands and can assure them you are making a good decision to take out the Stafford.</p>
<p>Are you Muslim, by any chance? We have many Muslim students who do not borrow due to their religious beliefs. I would not want to advise you to go against your religious beliefs if that is the case, so you may need to get creative. Does your school have a payment plan? Would you be able to work & pay off the balance during the year? Or would your parents be willing to help you do that?</p>
<p>If it’s not a religious thing, then here is the deal: The Stafford loan is a STUDENT loan. It’s in YOUR name, and YOU make the choice whether or not to borrow. That said, I think less debt is best … so perhaps if you explain to your parents that you don’t have enough to cover your costs unless you borrow - and if they really don’t want you to borrow - they will maybe help you out?</p>
<p>The reason there is no way for them to be talked into getting a loan is because I only need one if I live on campus, and I’ve lived at home with them for the past four years. Since it’s my senior year, I feel like moving out would be a good step in becoming more independent and prepared for the “real world” since I will not be babied by my parents.</p>
<p>I have a family friend who has offered to help me cover the rest of the costs of school, but I don’t feel comfortable accepting that when there is a subsidized Stafford Loan readily available. </p>
<p>This family friend would also be willing to cosign the loan if necessary, but I don’t know if the Stafford loan requires a cosigner or if it does, if it can be a non-parent.</p>
<p>kelsmom, I am Muslim and this is why my parents do not want the loan in the first place (along with not living on campus). Will my financial aid office understand this, or am I out of luck? </p>
<p>My school does offer a payment plan and I would be able to cover about $2000 of the remaining $5,500 if I chose this option.</p>
<p>I have filed the FAFSA (With my parent’s information).</p>
<p>ETA: The more responsible thing to do financially and in regards to my family would be to just live at home this final year and not take out the loan, but I really want to explore all possibilities for living on campus before I decide.</p>
<p>What some of our Muslim students do is take out the subsidized loan & not the unsubsidized. That loan does have interest connected with it, but the interest doesn’t accumulate until it’s in repayment … and quick repayment can minimize the interest owed (I think some of our students repay it before it’s due, so they never have to pay any interest).</p>
<p>This is absolutely your call. The FAFSA is completed, and if you aren’t selected for verification (or if it’s already complete), your parents are no longer involved in your aid for the year. You can decide whether or not to borrow, and you don’t need anything from them in order to do so. </p>
<p>I understand how you feel about wanting some independence. However, this is something only you can decide for yourself. You are an adult, and you do have choices. You have to balance these with the reality of your family and the situation. I know that this is difficult for you, but none of us can tell you what you should or should not do … this is one of those grown-up decisions you have to make for yourself. It can be very hard to live in two cultures, and you will have to decide how to balance your life.</p>
<p>My kids both have subsidized loans. I know about my daughter’s loans because she chooses to let me keep track of her FA to make sure she is getting what she is eligible for (thanks to this forum I am fairly knowledgeable). I am only aware of my son’s subsidized loans because he told me about them. We have never received anything in the mail regarding either of their loans - all correspondence is sent directly to them. As far as IO can tell the only way your parents would know is if you have allowed them access to your FA page at the school or if you tell them.</p>
<p>I believe there is a statement that comes from Direct Loan Servicing once or twice a year. It is mailed to your permanent address. Payments can be made online and you can elect to have your statement delivered electronically or not. Here’s their website…all Stafford loans will not be Direct loans, but I’m not sure if this is the servicer for the schools that used to be under FFEL:</p>
<p>Yes, you are an adult under most definitions. But for college payment purposes, you are still a dependent student. You NEED their cooperation to get ANY financial aid even their loans since it is their financial info that generates the EFC. Also, are they paying anything towards your college costs? If they are, they certainly have say in this matter. THey may be breaking their backs to pay what they are so you don’t take out any loans. It may be a very important thing to them. Important enough that they may withdraw their financial support if they find out you took out loans.</p>
<p>This is a moral issue, and you have to make the decision, but there are also potential consequences that may leave you sitting in worse shape than before. The answer to your question is NO, there is NO WAY to absolutely guarantee that your parents do not find out about the loan. You can reduce the probability of discovering by hiding the evidence, but things can happen where the info somehow gets to them. I’m not saying that it will 100% happen, but it can. It’s rare you can be guaranteed that something you do does not come to light in the future as many sorry folks can tell you.</p>