<p>Hello all, first time poster. I am a 24 year old dependent student with 67 credits. I am currently unemployed and independent so I qualified for the max grants (5,500). I would like to transfer to Florida International University and currently have a 2.5 GPA. The cost of attendance to FIU is roughly 17k for an out of state student. So that leaves about 12k. Is it possible to take out over 12k in student loans for one school year? Are there any extra scholarships available to transfer students with little money? Are there any special grants that I can apply for? I know Ohio gave me 888.00 for a school year, will Florida match that? Any help will be greatly appreciated.</p>
<p>You can probably take out a combination of federal and private loans. Depending on your interest rate and your credit score, you might want to take out more of it in a private loan from a Sallie Mae since the federal limits are so low and the interest rates are (in my view usuriously high). If you can get a low fixed interest rate from your bank or credit union, you might actually earn money on that by taking more than you need and depositing the rest in high-yield CDs and moderate-risk money market accounts for the 2 - 4 years you will be at university. Some of the interest payments will go towards paying off your dividends, but it can be a nice little earner that can go towards qualified expenses such as books and other supplies to take the edge off the debtload and perhaps even get a headstart on paying back the loans before the variable kicks in and you end up amortizing on the debt.</p>
<p>I have no credit…I have never opened a credit card or borrowed money.</p>
<p>Do you have anyone willing to cosign for you? Unfortunately, without a credit history, your ability to get a decent fixed interest rate is less than 75% as likely as with one. Your best bet is if you don’t have a cosigner is to talk to your local banker. They usually have a rep who can tell you, based on your financial situation (income, assets, etc.) and your actuarial background whether or not you will be able to receive a loan for any amount.</p>
<p>My parents might co-sign for me. They are well off and have amazing credit. Does their credit or my credit hinder on the interest rate? How much can I possibly borrow? This will be a one time thing since I will go to school for free once I establish residency.</p>
<p>It’s not easy for an OOS student to establish residency because it’s rather obvious that you’re in the state to go to school.</p>
<p>What’s wrong with the state schools in your own state?</p>
<p>What is your major?</p>
<p>What is your home state? Ohio??? If so, there are great schools there…OSU, OU, Miami, Ohio, etc. Doesn’t one of them have your major?</p>
<p>Borrowing $24k isn’t necessary if you have cheaper options in your own state.</p>
<p>You’re already 24 years old. By the time you graduate, you’ll be 26/27. Do you REALLY want to be paying back $24k in loans until you’re 37 years old? Won’t you want an adult life that won’t have that burden well into your 30s???</p>
<p>I am a psychology major. Ohio does indeed have some great universities, but I would prefer to take my studying elsewhere.</p>
<p>Is there really a reason for that? I’m not questioning your logic, but I’m questioning your logic; attending an OOS school is way more expensive and you have to forfeit any state aid that you might have qualified for. Do you have a plan for establishing residency at FIU? For most states, you can’t become a resident unless you’ve lived there independently (and they can be strict about what that means) for one year BEFORE starting school. Does FIU have a special program that will let you become in-state?</p>
<p>As far as the credit score; yes, your credit score does impact your interest rate on a loan. If your parents cosign, your bank could be more predisposed to giving you an interest rate that’s easier to live with, but any private loan is a bad option if it’s at all avoidable.</p>
<p>Spend a year going to a CC in Florida before applying to a Univ as OOS. It’s NOT worth it!!! You WILL regret it!!! They will also not allow you to apply as in-state residency after a year either. You will need to pay two years worth of OOS tuition!!! So first go to a CC to establish residency.</p>
<p>I doubt that you can establish Fla. residency by going to a Fla. CC for a year. Check the rules at the Fla. publics that interest you.</p>
<p>
</p>
<p>Then YOU should move to Florida, and establish residency there. This means you will need to rent a place to live (or buy one), get a job which will fully support you, and demonstrate that you are a resident of Florida…change driver’s license, car registration, voting, car insurance, health insurance, etc. AND you will need to live there for a full year prior to enrolling in college to establish residency. Then you will be eligible to pay instate tuition.</p>
<p>You can change the name of the above state to most any state…that’s what it takes to establish residency. </p>
<p>You are over 24 so this should not be an issue for financial aid or eligibility for instate tuition IF you establish residency yourself.</p>