Transferring schools, how can I get loans if parents have bad credit?

Paying for College
1

<p>Hi,
I just found out that I might have to move suddenly in a couple of months. I currently live in Florida and I might have to move to Rhode Island in May.
I am currently attending the University of Central Florida but I would have to transfer to a new school in Rhode Island. I don't have a lot of time to plan this and I also don't have any money.</p>

<p>I am only 20 years old and I can barely afford the school I attend right now.
If I move I would have to pay out of state tuition in Rhode Island which is about $25,000 a year. Currently I am paying $5,000 a year and so that is a major change for me.
I depend on financial aid to pay for my tuition/housing/books.
I am classified as a dependent student but my parents only help me by paying for my car and my cell phone bill.</p>

<p>I have to move, there is no way I can stay in Florida, so I need to figure something out.
I am thinking of going to Rhode Island Community College for a year because I still have a year left before I can get my AA Degree so I could do that there for $10,000 a year.
Then I would have to go to Rhode Island University for 2 years before I can get my degree in either Anthropology or Environmental Studies.</p>

<p>I only qualify for about $10,000 in financial aid right now. So if I have to move I would have to take out a loan of somewhere between $25,000-$30,000 dollars per year in order to attend the school.</p>

<p>The problem is that I am only 20 years old and I haven't built up any credit. I would probably need a co-signer, I think? My parents have low credit because they recently went bankrupt so they probably won't be able to co-sign for me.</p>

<p>I am asking anyone who has some information or some experience in this are to help me. I feel really lost and I need to figure this out soon because I would have to move in a couple months.
Can I take out such a large loan without a co-signer? Or if my parents have such a low credit score, is there anything they can do in order to help me take out this loan?</p>

<p>Should I consider filing to become an independent student instead of staying dependent? Would that give me more financial aid, enough to cover what I need? And how could I go about doing that? How do you become independent? I don't know if that's possible unless you're over 24, am I right? I would be interested in this if it could help me pay off these expenses?</p>

<p>It's either this, or I was thinking of doing an online program at the school I currently attend.</p>

<p>I am currently studying Anthropology but I was thinking of changing my major to Environmental Studies.</p>

<p>However, I just found out that my school offers online programs that I would be able to do out of state. But then I don't have to apply to a new school and I will probably have the same tuition I have now. It would just be online.
I would only be able to take a Political Science major or an Interdisciplinary Studies major because they are the only things I would be interested in taking.
I would much rather study Environmental Studies but what if I can't take out a loan? I wouldn't be able to afford the tuition. </p>

<p>Should I study something that I don't really want to study but be where I want to be? Or should I study what I want but be unhappy in Florida? Because if I stay in Florida I will be unhappy.
Since I don't have much time to plan Are online programs worth it? Or are they a waste of time?
If I stick to going to a school in Rhode Island then I have to probably take a semester off because I don't see how I will figure all this out in time. Is taking time off from college a bad idea? </p>

<p>I am very stressed out about all this because I have to figure it out so quickly. If there is anything you can help me with and if there is any advice you can give me then please do.
I would appreciate it so much.</p>

<p>I am just worried about being able to pay for it and not getting enough loans due to my parents poor credit.</p>

<p>I know this was very long but I just had so much to say, if you read everything I appreciate it so much!</p>

<p>Thank you for your help.</p>

2

<p>* So if I have to move I would have to take out a loan of somewhere between $25,000-$30,000 dollars per year in order to attend the school.
*</p>

<p>that’s waaaaayyyy toooooo much debt anyway. You won’t earn enough as a new grad to pay that much back. You won’t be able to make the payments.</p>

<p>I only qualify for about $10,000 in financial aid right now.</p>

<p>What do you mean by that? What is your EFC?</p>

<p>You may need to take a gap year and get residency in your new state with your parents.</p>

3

<p>I’m not sure what my EFC is but my parents only make $36,000 a year combined so I feel like I should receive more. I am currently attending the university of central florida where financial aid offers me $5000 in grants and $5000 in federal loans a year. I don’t know if they would offer me more if I switch states?</p>

<p>I know it’s a lot of money to take out, but I don’t know how else to pay for my education.</p>

<p>Also, how do I get in state residency?
My parents won’t move with me.
I’m on my own.
They would co-sign a loan for me but they have low credit due to going bankrupt about 2 years ago so I don’t think they could get approved.</p>

4

<p>I don’t understand the rush to move.
Moving is $$$$.
Are you on the run? :wink:
Why the urgency?</p>

5

<p>I just found out that I might have to move suddenly in a couple of months.</p>

<p>???</p>

<p>I misunderstood…I thought you were having to move because your parents were moving.</p>

<p>you need to stay in Florida. Why do you have to move?</p>

<p>It sounds like your current aid is a Pell Grant and a Stafford loan. You won’t get more if you move…even if the school costs more money.</p>

<p>Did you qualify for Bright Futures in Florida?</p>

<p>*
I know it’s a lot of money to take out, but I don’t know how else to pay for my education.
*</p>

<p>You don’t do it by making a WORSE decision. Stay in Florida…continue going to UCF. </p>

<p>Do you live at home???</p>

6

<p>I didn’t qualify for bright futures because I didn’t take one of the required math courses. I was misinformed in high school.</p>

<p>I don’t live at home. I live on my own.
I am planning on moving because my boyfriend has to move due to a job opportunity that just came up for him.
I really want to make it work with everything so that is why I am planning on doing this.</p>

<p>My question is, would I be able to take out private loans by myself? Or since my parents credit is bad?
I don’t know what to do money wise.</p>

7

<p>* I didn’t qualify for bright futures because I didn’t take one of the required math courses. I was misinformed in high school.</p>

<p>I am planning on moving because my boyfriend has to move due to a job opportunity that just came up for him.
I really want to make it work with everything so that is why I am planning on doing this.</p>

<p>My question is, would I be able to take out private loans by myself? *</p>

<p>Ok…harshness alert (but imagine that I’m a loving mom telling you this):</p>

<ol>
<li><p>you can’t borrow that much without qualified co-signers. so, that’s not an option…nor should it be. You’re already on track to borrow the max Stafford…and that’s PLENTY of debt…especially for your intended career/major.</p></li>
<li><p>it’s a BAD idea to get yourself in financial distress over a boyfriend.</p></li>
<li><p>Imagine this VERY LIKELY FUTURE SCENARIO - You move with the BF and find some (crazy) lender to loan you the $100k+ you’d need to go to college. You break up with the BF at some point. YOU are stuck with these awful life-strangling loans all because of some boyfriend that you’re no longer with. HE would be under NO obligation to pay for those loans. They’d be your albatross.</p></li>
</ol>

<p>Think about doing this: </p>

<p>Stay in Florida.</p>

<p>BF moves and establishes residency after living there one year.</p>

<p>if he really wants you there, he can THEN marry you. I think at that point, you may get immediate residency in HIS state (check with that state…many give instant residency to a new spouse of a current resident.)</p>

<p>By then your new H may have the credit or income to help you pay for college.</p>