<p>I just got accepted ( or found out I was accepted ) into college yesterday. I'm pretty sure the FAFSA deadline for the school and my state was in March. I hadn't really filled it out before, so I didn't know you could fill it out before you got accepted into college, so needless to say, I was very upset.</p>
<p>What I need to know is if I fill it out will I still be eligible to get student loans at all or am I just out of luck? Without the loans, I won't be able to attend college, period, and I need the money in three months to cover books, tuition and living expenses.</p>
<p>Also, how much can I get from a Sallie Mae loan? I've estimated I need around 40,000 dollars for college. 20,000 for the schooling itself and 20,000 for living expenses...</p>
<p>You can still complete FAFSA. The deadlines are more for institutional aid and certain State and federal grants that are limited in funding so run out. Other grants such as Pell are still available if you qualify (very low EFC required) and loans are still available.</p>
<p>I sincerely hope you are not talking about $40K a year in loans.</p>
<p>Not 40K a year. Just 40K this year. I don't know what I'll do in the following years, but me getting accepted into college was so abrupt that I didn't have enough time to collect all of the money needed. </p>
<p>Hopefully, 40,000 will be all the money I need from loans. Next year, I'll have enough time to apply for grants and scholarships.</p>
<p>I really have no idea what I'm doing. I hope I can even take out 40,000 in loans and get the disbursment before school starts so I can rent an apartment...</p>
<p>Congrats on getting accepted.</p>
<p>"I really have no idea what I'm doing."</p>
<p>Part of the college search and application process should be learning how the financial aid things work, what might be available, and what the deadlines are. Your statements indicate to me that you really do need to educate yourself on what you reasonably might be able to get in the way of aid, and then decide whether you can even afford to go to this college. As you said, this should have all been done before you even applied. </p>
<p>I think you misunderstand a few things. First, you won't be able to get student loans for 40K to fully finance your first year of college. Typically, an aid package will include some grants, some student loans, perhaps work study, and it will leave a significant portion of the Cost of Attendance for the family to pay somehow out-of-pocket. Nobody is going to give a student 40K in unsecured loans.</p>
<p>Second, you seem to assume that in subsequent years you can finance your 40K annual education through grants and scholarships. This is very unlikely-- if it were that easy, everyone would do it, ya know?</p>
<p>You may very well not be able to afford this school, and need to look at less expensive alternatives.</p>
<p>This discussion board (some of the threads pinned at the top) is a good place to start learning, as is the financial aid section of your college's website. College Board will also give you some idea of the aid that your college typically gives to students (grants, and loans) in their financial aid packages.</p>
<p>Good luck.</p>
<p>" As you said, this should have all been done before you even applied. "</p>
<p>This is true. I have already agreed with it.</p>
<p>" I think you misunderstand a few things. First, you won't be able to get student loans for 40K to fully finance your first year of college. Typically, an aid package will include some grants, some student loans, perhaps work study, and it will leave a significant portion of the Cost of Attendance for the family to pay somehow out-of-pocket. Nobody is going to give a student 40K in unsecured loans. "</p>
<p>I can't get grants. Apparently, my overworked mother and laid off stepfather make far too much for me to qualify for one of them. There is no way my family can pay my tuition. They can barely afford their own utilities let alone worrying about my own 18K tuition.</p>
<p>" Second, you seem to assume that in subsequent years you can finance your 40K annual education through grants and scholarships. This is very unlikely-- if it were that easy, everyone would do it, ya know?"</p>
<p>I was under the assumption that everyone didn't do it because they had alternative means to pay their tuition and didn't want to be in debt up to their eyeballs. XD</p>
<p>" You may very well not be able to afford this school, and need to look at less expensive alternatives."</p>
<p>This is where I will respectfully disagree. I need to go to this college, there are no alternatives. College should never be only for the rich or extrodinarily smart. I think that everyone should have a chance to prove that they can make something of themselves and get a college degree. Not just those who are more financially well off.</p>
<p>I'll look through the threads and I'm going to be calling the financial aid office at my school. </p>
<p>Thanks for your reply.</p>
<p>It doesn't help very much to talk about things that shoulda woulda coulda been done. Your situation right now needs some action. Could you make an appointment with the FA office at the college and ask them what to do? Since you just found out about this now, it seems likely that they would be able to give some advice. Begin by filing the FAFSA now. You are not past the deadline to do that, just to qualify for federal aid, which, from your post about your family's income you may not have qualified for anyway. Then go and speak with someone at the school. They would be much more able to help than an anonymous thread like this one! Congratulations on your acceptance, and good luck!</p>
<p>I am confused about your expenses. Purdue's (I got your school from your earlier posts)tuition alone for instate is $7900.00 and room and board on campus is another $7500.00. According to the school's website, the total expenses for a full-time student (including books, travel, entertainment) is well under 20K. The total for out-of-state with all included is 34K. I can not think of any legitimate college loan service that would allow you to have more than 20K. Be careful. There are 18-25% loan sharks who would love to feed on you, especially with debt not related to school.</p>
<p>Most grants are determined by family income. Therefore if you were not eligible for grants or Pell this year, it is unlikely you would be next year. Additionally, colleges typically do not increase aid (aside from federally determined need aid) or offer scholarships (non-need) once you are attending. </p>
<p>If there some debt you need to clear? If so, consider taking courses at Purdue through distance ed online as a part time student this year while you get rid of your 20K debt (which is what I assume you need the extra 20K for). Another option is to stack courses on two days, drive to Purdue for two long days and live at home. I teach at a community college and many of my students with families and jobs (and can't move) do this (often with a car pool). It makes for a tough couple of years but they do get the degree from the well-respected flagship in my state.</p>
<p>Another thought. As an earlier poster suggested, do talk to Purdue's financial aid folks and do apply for the FAFSA. You can apply for FAFSA at any point but it can be held up if you are late. The FAFSA is your starting point for government loans, school grants and Pell.</p>
<p>Secondly, Purdue has an excellent student finances guide on their website that you can access through their financial aid link. It is one of the best, most practical guides I have seen. That suggests to me that their financial folks should be very helpful. Good luck.</p>
<p>Wolfsong - if you do not qualify for grants this year because of you parent's income you will not qualify in future years (unless their financial situation changes). Also the largest institutional scholarships tend to be reserved for freshmen at most schools. Most outside scholarships are for graduating high school seniors and are very competitive. There are some for ongoing students but it is unlikely you will be able to find anything near $40k a year.</p>
<p>
[quote]
College should never be only for the rich or extrodinarily smart. I think that everyone should have a chance to prove that they can make something of themselves and get a college degree. Not just those who are more financially well off.
[/quote]
</p>
<p>Make that appointment with the FA office and get a realistic idea of what aid you may be eligible for this year and future years. If you find that you are going to have to take out $40k a year (though you are unlikely to find a lender that will lend you that amount) I hope you will consider a different school. Yes everyone should have the chance to go to college. But no one should go $160k into debt to do so. If you are not paying the interest as you go along the debt will have grown to over $217k before you graduate. Such a debt is horrendous and will be very difficult to pay off. You will spend the 10-20 years after you finish college struggling to pay it off.</p>
<p>Finaid has a loan calculator that will show you the monthly payments to pay off a loan and the annual salary recommended to be able to make the payment.</p>
<p>A debt of $217k at 8% a year paid off over 10 years would mean a monthly payment of $2600 with a recommended salary of over $300k a year (highly unlikely). That is $31,000 a year in loan payments that you must make before you can pay your rent, buy a house or car or food or clothes. Even if you pay it over 20 years you are looking at $1800 a month.
FinAid</a> | Calculators | Loan Calculator</p>
<p>However much you may want to attend this school there are alternatives all of which are better than going into this sort of debt.</p>
<p>Think long term rather than just how to go to this school. Good luck.</p>