<p>This is most likely going to sound childish and unprepared, but I desperately need some answers. </p>
<p>I am paying for college by myself. I know I should aim to avoid loans, but it's just not feasible. I've found a relatively low cost option (in comparison with other schools) but I still won't be able to pay the entire cost. Please, can someone explain to me the student loans process? Do I need a parent to sign or something? How does this even work? I tried Google, but I'm just confused and desperate, and frankly a little scared. Could someone please help me out?</p>
<p>Federal student loans do not require a parent to cosign and do not require a student to have a credit history. They do require that you complete FAFSA. Once you have completed FAFSA, the loans are offered to you through the school you attend. The loan limit is quite low - $5500 for a dependent freshman.</p>
<p>Thank you so much for the info. How do I go about applying for these? Just fill out FAFSA? Is there a way to get more in loans? I’m looking at needing around $12-13k per year.</p>
<p>You have to fill out FAFSA (assuming you are n eligible US citizen or permanent resident) and list the school you are going to attend.</p>
<p>No, you can’t get more than the annual limit in federal loans. For a dependent student the freshman limit for a direct federal loan is $5500. For an independent freshman student (one who is over 24 or married or can answer yes to one of the other dependency questions) one of the other or a dependent whose parent was turned down for a PLUS loan, the limit is a little higher at $9500. Other loans would be parent PLUS loans which must be taken out by parents, or private loans which would either be in a parent’s name or would require a cosigner with a good credit rating.</p>
<p>First of all, as a dependent student, some parental involvement is usually necessary for FAFSA. You can file as a student whose parent refuses to cooperate, but then you may miss out on some provisions. You need to first get a PIN for yourself and for a custodial parent to start with FAFSA. You also need your parents 2011 tax returns, and a list of their assets as of the day you are filling out the Form. Make sure you pick a day after the bills are paid so that you don’t have extra money sitting in the accounts. Pay day is not a good day to complete FAFSA. Better to pay your bills and have as little sitting there as 20% of your assets and about 5.6% of your parents over their allowance will go directly into your Expected Family Contribution, or EFC.</p>
<p>All EFC guarantees is PELL grant money if it is below a certain number (~$5K) and maybe make some of the $5500 in direct student loans that you are allowed to take out on your own have interest deferred and be of a lower rate. But that is a start. If your parents’ have terrible credit and financial woes, they can try to get PLUS (Parent DIrect loans) and if turned down you can get another $4500. Unless your state or school has other funds, that is about all that is guaranteed. With the FAFSA on file, you could also be eligible for other monies including work study jobs.</p>
<p>You won’t be able to borrow that much without a QUALIFIED co-signer.</p>
<p>You can borrow the following amounts:</p>
<p>Frosh: $5500
Soph: $6500
Jr: $7500
Sr. $7500</p>
<p>Edited to add…</p>
<p>I see that you’re a rising senior in high school and have applied to Bama. Which scholarship do you qualify for?</p>
<p>Is your family low income? If you fill out FAFSA will you have a very low EFC and qualify for Pell Grants, etc?</p>
<p>Since you’re still in high school, you have time to work during the school year and summer so that you don’t have to borrow so much.</p>
<p>Can your parents pay anything?</p>
<p>GPA: 3.610 UW, 4.000 W.
SAT: 2180, CR/M/W - 710/780/690 (CR+M = 1490)
SAT IIs: US History (700) and Math II (710)
APs: World History (4), Psychology (expecting 4 or 5), and US History…</p>
<p>Ok…and a Technical Theater major.</p>
<p>With your very good stats, Bama will give you free tuition.</p>
<p>I see from your posts that your parents don’t like your major or don’t want to pay for it. If you get a full tuition scholarship, will that influence them to pay for some costs? What are they saying about the scholarship???</p>