<p>I'm new here and needed some advice regarding issues about college. I'm a 20 yr old, and finished 2.5 yrs as a Gov/Econ major at a great liberal arts school in PA. I've had decent grades but, due to family problems, we couldn't afford the tuition after my first year. I turned to my family members, who said they would cosign a loan each year but, in the fall of 2011, they refused to with almost no notification. Since I couldn't pay the tuition, I took a leave of absence from the school in January 2012. As much as I want to go back to my previous school, it became fiscally impossible, even with the assistance of financial aid. Since then, I've been sitting at home doing nothing for, mainly because we owe the school some money for the Fall 2011, therefore, they aren't releasing my transcript so I can send it to another college to continue my academic career. I've tried to talk to them and explain that we don't have the money they're asking for, but they aren't budging; as many of you know, education is a business, first and foremost. In addition, the student loan I took out for the 2010-2011 has gone into repayment because I stopped going to school, enraging my cosigners (an aunt, who continually harasses us to pay, even though we can't, and I told her that the loan would be pushed into repayment if I had to drop out of school because she told me she would cosign a loan, and then didn't). I guess my question is does anyone have any advise for me? The way I see it, I have to start college over again as a freshman, but it is even worth it at this point (I would most likely be graduating at 24)? Should I spent money at a state school or try to get an online or correspondence degree (I don't know how helpful those will be, especially if I want to go to graduate school)? Or maybe I should study in India or Australia (I have family in those countries) and then come back to the US when I graduate? Or should I just get a job, which I've been trying to do but has been really hard in this economy, and forego a college education? Or is there another avenue I've been missing? I'm not sure this is the right forum for this, if it isn't I apologize and would appreciate it if someone let me know. If anyone has any advice, it'd be greatly appreciated. I've tried to find a solution but it's been pretty difficult so I thought I'd ask on here. Thanks a lot for listening haha.</p>
<p>Your transcripts will not be released until you pay your outstanding bills at the first college.</p>
<p>You cannot transfer anywhere else until you have access to your transcripts.</p>
<p>This means that you need to get a job so that you can pay the college. You will also need to put some money toward your student loans, but the college bill is first priority.</p>
<p>I hope that others who are considering this route will read this thread. It’s not uncommon for relatives to say that they’ll co-sign, but then the realities of how their credit it hurt, the total amount borrowed over a few years, etc, is realized, and then they change their minds. </p>
<p>How much do you owe the school? they won’t release the records as long as you owe. When your aunt refused to co-sign in Fall 2011, why did you attend that semester and rack up debt to the school???</p>
<p>I guess if you go to school in another country, that would work, but you’d still owe the money for the loan payments that your aunt is annoyed about (bet she’s learned her lesson).</p>
<p>I owe the school a good amount, upwards of $10000. Well the thing is, all throughout the summer and the fall semester, she continually said that she would cosign a loan. Then, all of a sudden, in November, she changed her mind. There was no change in her finances or personal life (we used to be very close, I would know if anything changed). From what I’ve heard, another one of my aunt’s told her not to cosign a loan for me. I told her how this would be detrimental to her and I tried to explain the ramifications of me not going to school, but she wouldn’t listen.</p>
<p>I don’t really plan on transferring schools, but rather, attending a different school as a freshman and starting over. But, at the same time, I’m wondering if its really worth it to do so and spend another four years at school and graduate when I’m 24.</p>
<p>You can’t sit at home and do nothing. Get any job you can and keep looking for better. </p>
<p>I think you need to face the fact that you can’t pay for college right now. Even if school #1 magically releases your transcript, you can’t pay what you owe them, can’t pay on the loan that came due (must be under $125/mo) and can’t pay for the next schools costs. There’s a “Duh” in here. Counting on relatives to cosign, when you aren’t working and admit “doing nothing” doesn’t add up. </p>
<p>If you head for another country for school, how do you expect to pay for that? The problem isn’t that Auntie is refusing to save your butt.</p>
<p>Sorry, this is not a unique problem. Over on the financial aid forum, it’s a common issue: “I stiffed my previous college, now I can’t get my transcripts.”</p>
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<p>No. But educational institutions have bills that must be paid, just like every other organization. They extended you the loan in good faith. Now they have a reasonable expectation that you will pay it back.</p>
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<p>So why did you continue?</p>
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<p>Why haven’t you been out looking for a job, to earn some income and pay back what you owe?</p>
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<p>You can’t do this, at least not in this country. There is a clearinghouse that colleges use to determine whether students applying as freshmen actually are freshmen (i.e., no previous college other than dual enrollment). You might get away with it overseas.</p>
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<p>Suck it up, get a job, pay back your debts, resume your college career at a school you can afford. Oh – and make amends with your aunt.</p>
<p>Your family made an unwise decision to go with private loans (likely in addition to fed loans). That would have been too much debt to begin with.</p>
<p>Not only do you have to pay back the school, but you have to make payments on the private loan that your Aunt co-signed. She is likely making those payments to keep her credit from being hurt. While it hurt you greatly to have another relative talk her out of co-signing more loans, the whole idea was risky to begin with. </p>
<p>Something with this story isn’t adding up. If your family had a change in financial circumstances, then you should have waited to qualify for more aid…maybe take a gap year. </p>
<p>You need to get a job to make the monthly payments to co-signed loan (first priority), and to make payments to the school. Since you’re living at home, even if you get a lowish paying job, nearly all your pay can go towards these debts. Try to get a job as a server…that can pay quite well without an education.</p>
<p>thanks for the advice everyone. obviously i’ve been looking for a job but as I mentioned in my first post, its been hard to find a job in this economy. I’ve found some work, but not more than a freelancing gig. trust me, sitting at home doing nothing is not by choice; I really want to find a job but theres nothing available. I’ve even asked local restaurants and grocery stores but they aren’t hiring. </p>
<p>@looking forward. going to school abroad is a lot cheaper than going to school in the US obviously. so thats why I thought that would be an option.</p>
<p>^ If you don’t have $125/mo to repay a college loan, how will you pay foreign college tuition? No one owes you loan co-signs to get you educated. You need to handle this just the same as most kids who are financially strapped. Get a job, live modestly, pay debts, save for the future. The issue is not that Auntie backed out of the arrangement. She should not have been in it, to begin with. And, you should not be leaving it so she either pays the monthlies for you or messes her own credit. That’s not mature or grateful. It’s not nice- and it sure wouldn’t get another penny out of me. (Maybe those aunties did talk- and decided you are high risk. You either prove them wrong…or you prove them right.)</p>
<p>I understand what you’re saying but I have a family trust in India that is enough to pay for an education there. Honestly, I do think some of this is her fault; she continually told me that she is ok with cosigning a loan, and then all of sudden changed her mind. If she had told me in August instead of September, then I would be able to transfer to a cheaper school by now. But thats neither here nor there. Is it not possible to restart college without saying you went to another school?</p>
<p>Agreed with the latter in that the aunt should not have offered to begin with. However, backing out when she did (as opposed to after the semester was completed and paid, or before the semester started) may have made things worse for both her and the OP.</p>
<p>The OP should have stopped attending the unaffordable school as soon as it became unaffordable after the first year and looked at less expensive options like transferring to a lower net cost school, or completing the rest of lower division courses at a community college to save money (perhaps from working while attending community college) to return to the more expensive school for upper division courses. The course that the OP took just dug the OP and family deeper into a hole that is now very difficult to get out of.</p>
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<p>Well, she overpromised and underdelivered, which is always a bad thing to do. But you should not have gone down that path in the first place – even if she made good on her promise to co-sign for that semester and the remaining three semesters, you would likely graduate with large amounts of debt that would be extremely difficult to pay off.</p>
<p>“I have a family trust in India that is enough to pay for an education there.”</p>
<p>Then how about you get the money from India, and use it to pay down your debts here. It may not be enough to cover every single cent, but certainly it is likely to make a difference. If it happens to come to a full 10k, it could liberate you from the debt you owe your old college, and you would be able to get your transcripts so you can go back to school somewhere affordable.</p>
<p>OP did say, “I turned to my family.” Not, they came rushing to my side, with generous promises. Small difference- and maybe they never should have agreed. Or, maybe they did put limits on it all. We don’t know. But I really think every question we put up will have some creative answer.</p>
<p>“But I really think every question we put up will have some creative answer.” </p>
<p>What are you implying? That I’m lying about this situation? Because I’m not, this is my life and I’m trying sort it out. If you don’t wish to help me, then you don’t have to keep replying. </p>
<p>UCBalumnus-you’re right I should have transferred schools earlier. But hindsight is always 20/20. I didn’t want to leave a great school and go to a mediocre school, thinking that it would hurt my future endeavors. Not saying that it makes sense but that was my rationale at the time. </p>
<p>Also, at the time, it was mutual, I asked for help and she heartily agreed. Nothing really changed for her to change her mind. My grades stayed relatively consistent (slightly improved) and I was still as appreciative as ever. Sorry if that answer is or is not “creative” enough, but thats the truth.</p>
<p>No, I think you are seeing this from one perspective only. That’s not uncommon. </p>
<p>Let me say I think this is a terribly tough situation. Somehow, you thought it could work out. We know very little about the particulars. Being at a good college is something most of us would want to maintain. We don’t know why you lost your original funding or what roadblocks added to the screw-up. We also don’t know where you, yourself, may have made some faulty decisions or assumptions. Or, whether the original decisions you and your family made (cost of college, how to pay for it, etc,) were wise. But, at a certain point, when the s hits the fan, I am a firm believer that we have to swing into crisis management mode, make the most solid decisions we can, eyes fully open, and take positive action. Whether or not I agree with your aunt’s rationale (not sure if I do or don’t,) she left you holding the bag. At this point, what will help, that “positive action,” isn’t focusing on her. It’s putting your energies into getting work, paying debt, and getting back on track. We all love a good success story. I believe you can do it. </p>
<p>Crap happens, whether it’s financial, illness, betrayals or more. I have two college kids and have to tell them, all the time, “Ok, now what are you going to do about it?” Because what you do, how you respond, how you overcome, are all life lessons. Find a way to pay the current debt; if it’s a fed loan (not private,) you may have options to suspend payments for a while. There may be a way to take an official break from the college, work through the debt, build some financial strength and return there. Make a solid plan and get it rolling.</p>
<p>What are your PARENTS saying? What solutions are they offering? </p>
<p>Did your parent(s) lose their job? What changed during frosh year so there wasn’t money for soph year? I don’t understand why the school either didn’t offer more money for an income change or a gap year wasn’t requested to sort things out. and why couldn’t your parents co-sign or do a Plus loan?</p>
<p>Was this a situation where you didn’t apply for FA your frosh year to get an admissions edge, and later found out that you couldn’t apply for aid for later years? Something isn’t right? </p>
<p>Again, I really hope other students are reading this thread. This is likely a student who had very good stats (got into a very good LAC), family funding changed, and then, wham-o…desperation led to some very risky decisions when “taking a breather” and thinking things thru probably would have had a more positive result. </p>
<p>I know that some of us are scratching our heads about even turning to relatives to co-sign loans. Many of us would never dream of asking aunts, uncles, cousins, or even parents or grands to co-sign because it’s too risky for them, but I know that other cultures do seem to think that’s ok.</p>
<p>Co-signing seems like a bad idea in the first place in any situation, since (from the lender’s point of view) the borrower is likely to default on the loan – if the relative is able and willing to help, s/he might as well gift the money (or pay the school bills) instead of co-signing the loan that s/he will likely end up paying off after the borrower defaults.</p>
<p>sorry for misunderstanding. I do apologize for getting aggressive. I’ve been looking at all of these options and will continue to do so. </p>
<p>As for my parents, they lost their jobs and are struggling to make ends meet right now. I did ask the school for a larger FA however, they didn’t really listen and kinda blew me off. The schools financial aid didn’t really help me out as much as I thought they would. They weren’t able to cosign my loan because their credit was poor. When I first entered college, I didn’t think that I would need a private loan to pay for school. </p>
<p>I agree that people can learn from this. You’re right, I did have great credentials and worked very hard to get into the best college I could. It sometimes seems like it was all for naught. </p>
<p>Yeah I also agree that some people wouldn’t agree with turning to family when trying to find a cosigner. But education is important in my family and we’ve all supported each other in the past with endeavors such as these.</p>