<p>This is exactly how people get into a stitation where the 20k student loan they took out for college has now ballooned to over 100k. For your mother’s friend, she will be a senior citizen eating dog food and paying off the loan through deductions out of her social security check (yes, she will pay because student loans cannot be discharged through bankruptcy)</p>
<p>Interest and penalties still keep accruing unless you are able to obtain some kind of forebearance. Even then the forbearance is only for 6 months to 1 year and will have to be revisted again. Still the interest still accrues.</p>
<p>Wouldn’t the state school just see my 7k a year, then say “Oh, he can afford 13k a year”? Some friends whose parents make less than mine are paying around 15k a year at UVA.</p>
<p>I don’t get what you’re saying…your EFC is $14k - that figure was arrived at knowing about the $7k. Right? Wasn’t that included on FAFSA? So, a portion of that $7k has already been figured into the EFC. Right?.</p>
<p>Your $7k is no different than a student who earned $7k. A portion would be considered into FAFSA EFC.</p>
<p>So, no, the school would not think …he has an income of $7k, therefore all of it can be used towards schooling. They know that you have your own expenses that some of your money gets used for.</p>
<p>Besides…isn’t your concern about debt? How would you and your parents have MORE debt if you went to a Virginia school?</p>
<p>I just got off the phone with my mom, and she said a coworker of hers has federal student debt, but has been putting off paying it for years and years. How does that work? Has she misunderstood what he said?</p>
<p>First of all, some of the “old rules” about student loans have gone away. So, we don’t know if this person has a deferment for a reason that no longer is available to new borrowers (which would be YOU).</p>
<p>Secondly, this person may be deferring his loans by constantly going to school at night. Student loans can be deferred while continuing one’s education (and taking a certain course load), but some loans will accrue interest during that entire time…so your debt grows while you’re in school. :(</p>
<p>Thirdly, (and I don’t know if this is true), but perhaps some student loans could/can be deferred if the person is in the military reserves. </p>
<p>Fourthly, your mom may have misunderstood or the person is telling a tall tale. He may have deferred his loans for awhile (while pursuing a grad degree), but he’s long paid them off.</p>
<p>The point is…you can’t take what loan conditions may have existed 10+ years ago and apply them now.</p>
<p>Sometimes people exaggerate when they talk. Like when they say, “That meeting was so boring I could die” or “I’m freezing my nuts off out here, shovelling all that snow.” They don’t mean that literally; when your mother’s coworker said “I deferred my student loans forever,” he might not literally have meant “from six months since his graduation until the end of time.”</p>
<p>WM does not reactivate applications (well, they do, but the deadline is Jan 1st…). </p>
<p>VCU, however, does. I left a message on my “application processor’s” voice mail. </p>
<p>If anything, I would much rather do one year at UChicago and transfer to UVA or WM. But then I’m afraid that I’d be in the mindset of “oh man this place is wonderful I never want to leave!” and never actually leave, graudating 27k in debt with my parents 19k in debt, after having paid 53k over four years, brining the total cost of my education to, perhaps, around 99K, not including interest. That is quite unappealing.</p>
<p>Also, after much questioning, I figured out why it has changed so drastically. </p>
<p>Last year, my family forgot to report 36k of untaxed veterans income on the CSS profile, and, I’m sure, the FAFSA, too. So this explains the difference.</p>
<p>Upon further inquisition (of my mother), it turns out we also pay 2200 a month in the mortgage, 800 a month minimum payment on four credit cards (oh boy, I never knew my parents had so much debt), as well as a car payment and life insurance payments.</p>
<p>Just putting all that out there so you all have a more rounded view of my situation (now that I do, too).</p>
<p>The latter. I never considered the former. But now you have me worrying about both.</p>
<p>The lady I talked with at WM was at the front desk, but put me on hold to ask a counselor to make sure she was giving me the right information. </p>
<p>If my parent’s contribution was around 15k per year, then that would be doable, with the Stafford loans, and, perhaps, a small amount of PLUS.</p>
<p>As it is, though, I will be reactivating my application at VCU while waiting for the results of my financial aid appeal from Chicago. </p>
<p>I guess that’s kind of the rub. Even the PLUS loan, which is probably the most generous type of financial aid (as far as the maximum you can get) is not unlimited. Honestly, I can’t see how sticking with this aid package is even possible. Unless the OP enrolls into some kind of loan forgiveness program, the actual debt will be crushing.</p>
<p>And this isn’t even taking account the debt that s/he might accrue from day-to-day living expenses and other things that might occur throughout the year (health care, God forbid) that obviously can’t really be accounted for in the cost of attendance. I’m not trying to be a “downer”, but this family will be down to eating rats in six months.</p>
<p>Jahaba - you are correct in stating that my family will be down to eating rats in six months.</p>
<p>Unless UChicago’s reappraisal of my financial situation differs by a significant amount, I will be, unfortunately, going to VCU. Not that VCU isn’t a good place. It’s just no UChicago.</p>
<p>Did you check out the link about loan forgiveness? If you’re interested in doing any form of public service or work for the government in any capacity, you might be able to get huge chunks of your loan forgiven. If you’re set on UChicago, it’s a great option and it’s a lot less time-consuming than dealing or doing porn.</p>
<p>The lady I talked with at WM was at the front desk, but put me on hold to ask a counselor to make sure she was giving me the right information.</p>
<p>OK…this may be for naught, but it’s worth a try. These aren’t the people who have the power to “bend the rules.” You need to contact the Director of Admissions. Tell them what you’ve been doing the last year…going to high school abroad, etc. Include your stats (hopefully, they are stellar! What are they???)</p>
<p>If your stats are high and desirable, the Director of Admissions may waive the Jan 1 date for you. (maybe???) Be sure to apologize for missing the date. Be gracious and humble in your email. Request an extension of the Jan 1 deadline for re-activation. </p>
<p>You may get a “no,” but at least you’ll have tried…and all it takes is the time to write the email.</p>
<p>My stats:
First gen. college student
34/552 rank
1380 SAT (600M, 780R)
GPA was, weighted, 4.3something
All honors classes except a few art classes here and there. Never had math honors.
7APs (all above 3 except US Gov), got some award from collegeboard this summer, don’t remember what it is
Good, if not normalish, ECs
Did some huge history thesis which took three years</p>
<p>Will try again at WM.</p>
<p>Seriously everyone, thank you for your help. </p>
<p>My mom works for a gov’t agency. She’ll be asking tomorrow if they have a student loan repayment program. Some agencies will pay Parent PLUS loans. Hopefully my mom’s will! If so, that is wonderful news. </p>
<p>I am also aware that Peace Corps only defers the loans. When my scholarships run out next year, I will be given Perkins loans (talked with my UChicago FA counselor about this today). loans loans loans loans. So the PC could be an option to get rid of Perkins loans while deferring my Stafford loans. haha We’ll see.</p>