Too late to get a student loan?

Paying for College
1

<p>I need to pay my school $5,000 before 9/2. I don't have the money. I think I need a loan. Is it too late?</p>

2

<p>[Student</a> Aid on the Web](<a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp]Student”>http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp)</p>

3

<p>Since you’re an incoming freshman, you can only borrow $5500, but only half is available for the first semester.</p>

<p>Didn’t you get Pell? Are you commuting or living on campus? What happened to your funding?</p>

4

<p>Do you mean a Stafford loan or another loan in addition to Stafford? What is your estimated cost of attendance and how much do your FA awards total?</p>

5

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<p>This is how much I got in finaid:</p>

<p><a href=“http://i535.■■■■■■■■■■■■■■■/albums/ee353/Jerzey_Jon/FA.png?t=1282854819[/url]”>http://i535.■■■■■■■■■■■■■■■/albums/ee353/Jerzey_Jon/FA.png?t=1282854819&lt;/a&gt;&lt;/p&gt;

<p>Kean’s tuition is $10k. I’m also dorming, so I’ll have to pay an additional $10k.</p>

6

<p>Sorry, it’s not going to happen. They gave you only pell grant $5500 + stafford loan $5500 for 11K total. No grant money from the school. Total cost is 20K per you (tuition + dorm). You could only get parent plus loan if you’re parents have the credit to get it. Even then, total loans would be well over $60K by the time you graduate. Time to start looking at taking Community college courses and living at home. </p>

<p>BTW can you live at home and commute to Kean? Dorming isn’t cheap at $10K/yr</p>

7

<p>Well you already have the maximum $5500 you are eligible for in Stafford loans. </p>

<p>Other loans would either have to be federal PLUS loans that your parents would have to borrow or private loans that you would have to have a cosigner with good credit for (this would normally a parent because as a cosigner is responsible for the loan if you do not pay it). </p>

<p>If your parents apply for and are turned down for a PLUS loan then you are eligible for an additional $4000 in unsubsidized Stafford loans.</p>

<p>How were you planning to come up with the money before now? It seems late to be realizing you are $5000 short.</p>

8

<p>Jon, </p>

<p>I don’t get this…Kean was supposed to be your financial safety school. What were your plans to pay for this? </p>

<p>Can you commute?</p>

9

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<p>I don’t know. I’m an idiot. I thought my parents would help me pay for my college. Instead, they are renovating the basement, and planning trips to Panama and Utah. When it comes to education, my parents just don’t care.</p>

<p>I think I’m going to need a private loan. How can I get one?</p>

10

<p>You will need a credit-worthy co-signer. Usually your parents. Maybe a generous family friend or relative. Start there–no use in going to the lenders without your credit-worthy co-signer already on board.</p>

<p>Your parents might care about education, but believe in going to cost-effective routes, such as a local community college while living at home. Or they may believe that their now grown adult can earn/finance college on his or her own. It is not impossible to earn 5K over the summer and 5K during the school year to cover that 10K gap. However, you would have had to start about a year ago to have a running start.</p>

<p>You can take gap year and get that going (5K/5K)–sure beats taking out that last 10K each year in loans in terms of overall student debt.</p>

11

<p>You’re going to have this problem next year as well and so forth.</p>

<p>You really need to start at a CC. </p>

<p>Did your parents say they were going to help pay and then change their minds?</p>

12

<p>Ok, my mom just said that she would co-sign on a private loan. She has decent credit.</p>

<p>Should I do this?</p>

13

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<p>I doubt this will happen every year. I plan on doing great in college, and get scholarships, so that this doesn’t happen again.</p>

<p>There’s no way in hell I’m going to CC.</p>

<p>They said they would help, but never said how. We never had an extensive conversation about it.</p>

14

<p>Well, that’s a conversation that’s long overdue…I would suggest having it tonight. Your parents are going to have to do something very quickly in order for you to start school next week!</p>

15

<p>“I doubt this will happen every year. I plan on doing great in college, and get scholarships”. </p>

<p>Don’t count on that… Most scholarships are given to incoming freshmen and then they continue for the next 3 years… Very limited new scholarship opportunities starting in the sophomore year… Another reason to consider a gap year…</p>

16

<p>I’m thinking he may have missed their priority deadline - no Perkins, work study, SEOG or NJ state aid for a 0 EFC kid? Kean’s COA is $30K…he would have been better off at a SUNY!</p>

17

<p>Guys, should I go with the private loan? Also, how long will it take for me to receive the money?</p>

18

<p>What other choice do you have? Check the interest rates and terms of the private loan vs. a Plus loan (if your folks will apply for one). You’ll have to go through the approval process and the school will receive the funds.</p>

19

<p>I doubt you’ll be able to get $30k ($10k per year) in scholarships after your freshman year. </p>

<p>I suggest that you get a part-time job during the school year and during summers to minimize this problem in future years.</p>

20

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<p>I’ll try to get a job during the school year, but getting a job during the summer will prevent me from studying abroad this summer…yet another dream likely crushed because of money.</p>

<p>Why couldn’t I just be born rich, like some other kids here? So unfair. :frowning: Kinda makes me wanna be a communist…</p>