<p>I'm planning on transferring to another school (I've applied to six) and all of them are OOS because the degree I want to pursue is not offered anywhere in my state. I'm confident I will get into at least one of the schools I want to transfer into. HOWEVER, the financial thing is what I think will prevent me from transferring.</p>
<p>My parents don't want me to transfer for obvious reasons (absurd costs) but it's not like they're paying for my current schooling anyway. I have a part time job and got private student loans to pay the difference of what my parents won't pay. They're cosigning the loans though. They won't cosign once I transfer schools. What should I do?</p>
<p>I'm 18 and thinking of getting a student credit card from my credit union to build credit so maybe I have a higher chance of getting loans but I really have no clue how this whole thing works.</p>
<p>How much have you borrowed so far with student loans and private loans?</p>
<p>What is this unique major that can’t be found in your state? What is your intended career?</p>
<p>Some states have agreements that if they don’t have a major then you can get instate rates or reduced rates elsewhere. </p>
<p>What state are you in?</p>
<p>edited to add:</p>
<p>*I want to major in Industrial Design and am going to be a transfer student. I was looking at some safety colleges for ID and I’ve seen Auburn in AL but I’m rather iffy about the location… *</p>
<p>Your state doesn’t have anything in ID or similar? </p>
<p>BTW…Auburn is not a safety unless you’re instate and can pay. And there’s nothing “iffy” about its location.</p>
<p>I think you’re borrowing waaayy too much considering what you’ll be earning as a new grad. How much do you think you’ll be earning upon graduation?</p>
<p>Where are you going to school now?</p>
<p>I’m currently a college student (first semester freshman).</p>
<p>If you’re taking out private loans now, then finish this semester and go to a local CC for your first 2 years.</p>
<p>“Absurd costs” - that says it all. If it’s for ID, plenty of kids make great money in that after college. But, you will compete with kids from the major programs in the country, who had internships and whose profs and schools could lead them to their job opps. And, you have to pay back all those loans.</p>
<p>Not to be a downer here, but I honestly doubt you will be able to get private loans on your own - I have a good credit score for being 20 (mid 700’s), pay for all my own living expenses (so banks see I pay rent, util, etc all on time) , and pay for all my own school expenses…but I don’t get any Fin Aid because my family income is very high… When I applied for private loans, I couldn’t get it without a cosigner. Guess what? Even with my dad co-signing, since he makes a low yearly salary, STILL couldn’t get it with his 40+ years of solid credit (He’s 58 now). Only when ME, My dad, and My step mom with a high salary all signed would they give a private loan to me…SO I would just caution in betting on getting one yourself. (oh, but I was picky and refused to get any Sallie Mae loans, Idk about them)</p>
<p>Sallie Mae now requires co-signers for good-sized loans. It may not require them for very small loans (but not sure). Sallie Mae caused a lot of problems a few years ago by letting kids borrow large amounts without co-signers. And, they now require “interest-only” payments while in college (to prevent interest from further jacking up the debt)</p>
<p>I can’t imagine having a student take out private loans to pay for college but especially to pay for the first 2 years…that’s just so unnecessary for a student (and risky).</p>
<p>You’re a New Mexico resident. Did you get any scholarships or aid for your current school? If so, how much?</p>
<p>This is more than a bad idea. Interest rates on credit card debt are HUGE…at least double of what a loan would be…if you could even get loans in the amount you are saying. AND the likelihood of you getting a credit card with a limit that is high enough to fully fund your college costs is MORE than unlikely…think impossible. My kids had credit cards in their own names in college…the LIMIT was $500…that’s it. </p>
<p>I can’t believe you can’t find a similar major…at least one that will get you headed in the right direction…that will fulfill your ultimate goal.</p>
<p>I’m sorry but in this case, I’m going to vote with your parents. They don’t want to see you in debt up to your eyeballs. That is what you will have if you transfer to an OOS school. Your financial plan is flawed in many ways. Try to find an inexpensive way to complete your undergrad education and then look to grad school to round out that industrial design component.</p>
<p>Even if you get a credit card to build your credit rating, it is still highly unlikely you will be able to borrow large amounts of money without a cosigner. First, A good credit rating takes more than a few months to build up. Second, lenders will want to know your income as well as your credit rating. My husband and I have excellent credit ratings (in the 800s) built up over many years (and I do mean many many many years - we’re old!). When we bought a car last year we still had to provide income information - and a car is collateral for the loan. Student loans have no collateral, hence the need for a cosigner they can go after if you do not pay.</p>
<p>You will not be able to borrow large sums of money without a co signer. Which is a very good thing. Your parents are in the right here.</p>
<p>I looked at the industrial design major at Auburn. It looks like a combination of some art classes, some computer science classes, and some engineering classes. I bet in consultation with a competent advisor, you could design a curriculum at one of your state’s public institutions that has many of the elements from this major.</p>
<p>It sounds like you have 1) wise parents and 2) entitlement issues. </p>
<p>Sorry, but it is THEIR money and they are putting their necks on the line when they cosign ANYTHING for you. I know, I know, you feel you are a hardworking person and you have every intent of paying for loans yourself – but many, many students rack up 100K in loans and then are staggered to learn they now are supposed to pay $1500 a month for the next 25 years. When they can’t do so, they (or the banks) turn to the parents for payment. </p>
<p>I think you should look at some of the four year graduation rates at the six schools where you have applied (I hope one of them is NOT that San Diego college that has “fashion design” as a major – I forget the college’s formal name, but it basically is a “party on the beach and get high” school for very wealthy kids. Their four year graduation rate is something like 6%. </p>
<p>So, dig into the statistics before putting your head on the financial chopping block. What are the four year graduation rates at the six colleges you’ve applied to? How many spring 2011 graduates of the degree program you like are now employed? (Call or email the dept. head. Either they will have a stellar rate and will zip you a quick reply or they will be very, very slow or say “we don’t keep those numbers” because the recent graduates are flipping burgers. </p>
<p>When you are 18, it can seem like the local burg is Nowhereville and there can be a burning desire to go, go, go to a big city. If that is you, consider how you might do that without being a student. Can you go work in one of those OOS states? If you went to work as a dogsbody in your field of interest and worked for three years, then you’d
know if you really like the field
have in state residency
have connections in the industry to steer you the right direction for internships, etc. </p>
<p>Many, many people work their way through the back door – particularly in fashion and theater.</p>
<p>Have you looked at the WUE (Western Undergraduate Exchange) schools? I believe North Dakota State U has ID and is very reasonable for OOS, even without the WUE tuition pricing. Do you qualify for any federal financial aid?</p>
<p>Also, you might look at schools that offer co-op educuations as those can be very helpful in securing employment and giving you a chance to earn while you go. Rochester Institute of Technology in NY has a highly regarded ID program and is a co-op school. I believe they offer transfer scholarships but admissions will be competitive. How are your stats and your portfolio?</p>
<p>And just a quick note to the OP…your situation is NOT a “very complicated financial situation”. There are many students who want to either attend or transfer to schools they cannot afford to attend. There are thousands upon thousands of students whose families have financial limits on how much they can pay…and there are THOUSANDS of students who figure out a way to get to their desired career choices without going into significant debt.</p>