so I was admitted in 2018 as a freshman to a decently regarded uni in the DMV . A few months into the semester, my father was in and out of the hospital with serious health problems. As a result, their business suffered and was ultimately permanently closed. Long story short- my parents could no longer pay, the financial aid office failed me (wouldn’t talk me through getting a loan, wouldn’t allow me to make a payment plan, etc) & I’m 60k in debt with no way to pay except file for bankruptcy (can’t take out a loan bc no one to cosign for me). Once I can get my transcripts (soon hopefully) I plan to transfer.
Ive been out of school now for 6 months. I’m a first gen minority, had a 4.0 gpa in high school, took AP and Dual enrollment but was homeschooled, 27 ACT, 1250 SAT, started my own food truck business, became manager at my job, interned for the mayor and courthouse, over 500 hours of community service, clubs, etc. In college I had a 3.7 GPA and had an internship with a senator and job both semesters, was in greek life, clubs, etc.
What are my odds of transferring to another good university? preferably an ivy… or other options? pls help
The problem is that you used up your federal loan maximum $27,000 ago. It probably doesn’t matter where you go. You really don’t have any other choice but to find a co-signer if you want to finish your degree. Students can’t be discharged from bankruptcy either. You can hope for a transfer scholarship at a state university, but I wouldn’t hold my breath.
filing for bankruptcy gives you a four month period where anyone u owe money to can’t take action against you, and holding my transcripts is a form of action (words from my lawyer)
Somebody had to sign for the $60K loan, and the bankruptcy will involve them as well.
But back to your actual question…
To recap:
- you have completed one year of college, and are in the middle of a year off.
- you have a 3.7 GPA for the 1 year of college, an ACT/SAT that is solid but out of range for super-selective colleges, and a HS 4.0.
- you want to go to a new college b/c you can't afford your own college now that your parents have no money
and you want to know if you can transfer to a “good” college, “preferably an ivy”.
With only 1 year of college under your belt colleges will look at your HS record, including your test scores. Given how low the acceptance rates are for the ‘ivies’ (or similar), I don’t think that’s likely to be a runner. You need to look at colleges at about the same tier as the one you are in- and that you can afford…which brings us back to:
How are you going to pay for college? If your parents have no assets, and you have declared bankruptcy, where will you get the money? The short list of “meets full need” schools should be at the top of your list.
If you were a freshman when this happened, the maximum federal loan you could have accumulated would have been $9,500. That is $5,500 in the standard student loan, and $4,000 in extra loan for an independent student or a student that the college/university financial aid office determines to be independent. Any debt above and beyond that would be loans that your parents borrowed or co-signed for you.
If you are saying that you owe $60,000 to the college/university in question because your tuition/fees/housing/meals were never paid for due to your parent’s job loss, then the only way out of that is through negotiating with the college/university itself. What your lawyer thinks about this is immaterial. You need to work with the college/university in question to come up with a plan that will allow them to release your transcript.
When you do have your transcript, your admissibility will depend on your HS GPA, your college/university GPA, your test scores (if that institution asks for them), and your letters of recommendation. Yes, your profile is good, but so are the profiles of scads of other students.
Even if admitted, you may find that your options are unaffordable. Have you communicated with your former college/university about readmission? Would they now meet your need? If so, that might be your easiest path forward. If not, be sure to have some readily affordable options on your application list. If your business is still going, one option in the DMV would be to live in MD, and finish off your degree part-time at one of the Universities at Shady Grove. https://shadygrove.umd.edu/
I never took out any loans, which is why I tried numerous times to try and find a solution with my uni. they told me there is nothing they can do for me, regardless of my situation. they refused to even discuss a payment plan until I pay off half of the debt. I definitely think that how highly my previous uni is regarded will play a factor, right? I also made a typo and my SAT is a 1450. I feel like I have a story, does that matter to colleges?
If your tuition wasn’t getting paid, why did you stay a whole year? How did you stay a whole year? Any college I know would have dropped you from your courses before the end of the first semester.
Your bankruptcy plan won’t work. I’m confused how you owe a full year. The school should not have allowed you to register for the spring. Something isn’t quite adding up about this whole situation.
why won’t it work? and yeah, I’m aware of that. I didn’t know my parents weren’t making payments until I went to register for fall 2019. my financial aid counselor was also confused on why I was allowed to continue in spring of 2019 and why I was never notified so she petitioned to have my debt erased but was denied.
That’s odd. In that case, bankruptcy may work to discharge the debt and release your transcript. Obtaining the financial aid you need to attend college may not be easy. Apply widely to schools that 100% need. Good luck!
Truly, you need to work with your parents and with your former university to sort this all out. Have you worked your way up to the Dean/Ombudsman/President? They are the ones who will determine what your options are.