<p>I'm going to be attending the University of Arizona in the fall. I received financial aid in the form of grants and scholarships that will cover half of my tuiton and such, and I'll need to take out loans for the rest. Since I'm coming from out of state I'm looking at about $38,000/year. I recieved $18,000 in grants and scholarships, and the other $20,000 will be in loans. I'm not too familiar with how student loans work, all I know is that they're relatively low interest and you don't have to pay them back until a couple of months after you graduate. So my question is, when I go to take out my student loans, would it be possible to take out a little more than necessary for school? I'd like to have some extra money in case of any emergencies, and maybe to get a cheap car and an apartment (I'm only looking to dorm my first semester, as dorms are more expensive than apartments in AZ). I do plan on working, but I'm taking the max amount of credits and I'd like to get involved in some school activities, so I don't expect that I'll be earning too much, and my parents aren't giving me anything. Is this allowed? And is it a good idea, or should I figure something else out?</p>
<p>You can borrow up to $5,500 for your freshman year through the Stafford Loan program. Anything beyond that will be a private loan and will require a co-signer. Do you have anyone who is willing and able to do that?</p>
<p>Even if you could manage to find a co-signer, $20,000 is too much to borrow for one year of college. It is roughly four times what you should be limited to! You cannot afford the U of AZ. Sorry. You can’t. You need to find a less expensive option. Ideally you should be able to attend college without borrowing anything at all, but if you must borrow, you should do your level best to keep your debt within the Stafford Loan limits (Freshman year $5,500, Sophomore year $6,500, Junior year $7,500, Senior year $7,500).</p>
<p>and the other $20,000 will be in loans</p>
<p>For one year? That is toooo much! </p>
<p>Who is taking out those loans? Do you have a co-signer?</p>
<p>You will have $80k in debt by the time you graduate…that is waaaaaaay too much!</p>
<p>* my parents aren’t giving me anything. *</p>
<p>What cheaper alternatives do you have?</p>
<p>My mom has to take them out, but she isn’t going to pay them off. I don’t have any cheaper alternatives either. I’m already submitted my deposits and made my schedule. It sucks, but it is what it is…</p>
<p>Well, the horse isn’t out of the barn yet, so if it sucks DON’T DO IT.
Seriously. Go work on a cruise ship for a year or something and sock away some cash. Defer your acceptance if you can. Reapply to better financial fits next year. Do anything other than just knowingly with your eyes wide open walk into a DEBT TRAP.</p>
<p>Seriously. It’s not too late. You’ll thank us one day ;)</p>
<p>Make sure your mom figures out what her payments will be if you are unable to make the full payments.</p>
<p>There’s no way that I’m not going to college in the fall. That’s not an option at all. I’ve already turned down all of my other offers, and they weren’t any better anyway. I didn’t have too much luck with financial aid. The loans for UA wouldn’t be so bad, but since my parents aren’t paying the parent plus loan it’s on me.</p>
<p>Are there no clear-thinking adults in your household? </p>
<p>What career do you see yourself having? How much do you think you’ll be earning as a newish grad?</p>
<p>If you borrow $80k, how much do you think your monthly payments will be?</p>
<p>Also, do you have regular Direct student loans in your FA package as well?</p>
<p>It isn’t lack of clear-thinking, it’s my mom who’s disabled and out of work for the last two years, and my step-dad who barely makes enough to keep the lights on. They didn’t go to college. They don’t know too much about any of this and don’t have the means to help anyway. It’s kind of a bummer, but there’s not much I can do about that.
As for the loans, I have Fed Direct Subsidized Loan, Fed Direct Unsubsidized Loan, and
Fed Direct Parent PLUS Loan. I have no idea what kind of career I want. Something in government I think. I’m majoring in political science and minoring in linguistics. I don’t have a career in mind yet though. But I’m thinking the loans are going to come out to less than $80K because I don’t plan to live on campus after the first semester, so I’m going to try and get resident tuition. I don’t really know how that will go, but it’s worth a shot.</p>
<p>So basically you aren’t getting any parent plus loans, your folks won’t qualify. If they qualify somehow this year, they won’t get any more. You also won’t get in-state tuition in Arizona. You are in NY, there are still SUNY schools that are accepting applications., also CC’s. In NY you can live home, attend school for almost nothing and get just as valuable a degree as you can from AZ.</p>
<p>If you continue with your plans, you will either be terribly in debt with your parents holding the bag or at least in debt without the hope of continuing.</p>
<p>Be smart and rethink this course of action.</p>
<p>
Living off campus will not make you eligible for instate tuition. Your residency is based on where your parents live.</p>
<p>
Except for the subsidized Stafford loan, education loans are not low interest at all. The Unsubsidized Stafford loan is 6.8% and the parent PLUS loan is 7.9%. The interest for the unsubsidized Stafford and for the PLUS start accruing the day the loans is disbursed. If the interest is not paid each month then it is added to the loan and capitalized (meaning the debt increases and you pay interest on the interest). Your debt will be considerably more than $80,000 by the time you graduate.</p>
<p>
No. Student loans are limited by the COA of your school. You cannot take out more than the cost of your school less any other grant money/scholarships you receive.</p>
<p>This is way, way to much debt. You will really regret it when you are struggling to make payments of over $1000 a month every month for 10 long years.</p>
<p>getting in-stte tuition soundss like it might be tricky:</p>
<p>[here is the link that i found](<a href=“http://registrar.arizona.edu/residency/aborest.htm”>http://registrar.arizona.edu/residency/aborest.htm</a>)</p>
<p>my S considered an OOS univ two years ago but it turned out to be an unrealistic option for many reasons. </p>
<p>it’s too hard to get good aid, it’s pretty much impossible to enter as a nonresident and later obtain in-state rates even if you move off campus, and the quality of education in an OOS public isn’t appreciably better than at your IS public. </p>
<p>my advice – find a more affordable school. Your parents probably can’t manage $20k/year loans, and if they don’t pay them the responsibility stays with them if they’re PLUS loans – it doesn’t go to you.</p>
<p>This is so unnecessary and risky.</p>
<p>The student will barely have enough money…no money for a car…and no money for transportation home…he won’t get instate rates…and his family would be unable to help him with any costs. A family who can “barely keep the lights on” will not be a source for emergency funds …and yes, there are emergency expenses while in college…from having a computer crash, to an illness, to whatever.</p>
<p>What is likely going to happen is that the student will get these loans for ONE YEAR (maybe two). Then mom will either realize how risky this all is to her and her child, or she won’t qualify again…and then the student will have to come home, graduate from a local school…and still have the big debt from UA with no diploma from UA. </p>
<p>It’s very risky to have this situation while being across the country. </p>
<p>This is just a nutty plan. This student needs to either do a gap year, work (buy a car!), and reapply…or start at the local CC and then transfer.</p>
<p>This is like watching your kid make a horrible mistake and not being able to stop them. OP, we’re only thinking of you. Please, rethink this.</p>
<p>adding one more voice of reason-- do NOT do this. it would be a big mistake. a very big mistake.</p>
<p>
</p>
<p>WHY? You don’t even know what you want to be yet. There are limits to loans. You’ll be maxed out at this rate and not even be able to complete a degree. No degree =no gov’t jobs.</p>
<p>THIS IS CRAZY. YOU ARE ABOUT TO RUIN YOUR LIFE AND POSSIBLY YOUR PARENTS’ LIVES FOR NO GOOD REASON WHATSOEVER.</p>
<p>Do you actually understand this?</p>
<p>Work or go to CC for two years and THEN spend to go to a 4-yr. Seriously. No joking.</p>
<p>
Can you say why not? What is it about your post-college life that is better with crippling debt that can be avoided?</p>
<p>One more chiming in that you will NOT qualify for in-state tuition. This is posted on the U of A web site:
The two years of financial independence will do you in.</p>
<p>Just to clarify, my mom is an Arizona resident…I live with my grandparents in New York. And before the suggestion comes up, living with my mom is out I’d the question bc UA is 2 hours away from her. Thanks for the advice. I’ll figure something out.</p>
<p>Is your birth dad in the picture at all? Can he help?</p>