What if you can't get a loan?

Paying for College
1

<p>I graduated high school two years ago, and have had quite a few financial aid problems since then. When I graduated, I got into the school of my dreams, but financial aid did not cover enough. I was fine with taking a loan, but my parents have terrible credit, and having anyone else cosign was not an option. </p>

<p>So I stayed at home and went to community college, but am still in the same situation, I have saved quite a bit, but still will need to take out a loan, which I most likely won't qualify for. My parent's have alot of debt and can not help me. My dad works in construction, so his yearly income fluctuates from 40k to 140k depending on the year. Last year happened to be a good year, and his AGI was 140k. </p>

<p>After room and board, tuition at the school comes to around 23k. I received 5k in scholarships and have another 5k saved. That still leaves 13k uncovered. What can I do?</p>

2

<p>Everyone who fills out a FAFSA qualifies for a Stafford loan ($5500 for freshmen, $6500 for sophomores, $7500 for juniors/senior) per year. That brings it down to at least $6500 (I am assuming that you are going to be at least a sophomore when you transfer). If your dad makes 40k this year, you may qualify for a small Pell grant and that might open up more financial aid opportunities at your school. One can easily get 3k a year at most work-study jobs (which you should qualify for), so that leaves around 3k left of a gap for next year (if I’m not mistaken). Your parents could apply for a PLUS loan and if they are denied you are eligible for additional Stafford loans, but I am not sure how much. </p>

<p>It’s some where to start, I hope the finaid parents on here can elaborate.</p>