<p>I'm on my second year at an out of state school. My financial aid package came in and I'm $6,000 short. However I can't get approved for a private loan to save my life. I have had a credit card with a decent credit score(660) but I've only had it for a little under 1 yr. I also have federal loans from last yr. I don't have anyone to cosign a loan plus my mom doesn't have very good credit (she had a bankruptcy a few years ago). I don't know what to do.</p>
<p>You may try to see if your school has a tuition payment plan, and work and pay it monthly. That must have been a real shocker to see your 2nd year FA Package come in $6k short. I feel for ya.</p>
<p>Note: selling plasma will only net you about $20 per week (maybe more by now???)</p>
<p>Have you talked to your college's financial aid office?</p>
<p>if your mother can't get approved for plus loans, you can borrow the same amount of stafford loans as an independent student -- are you already doing that? I think it is an additional $5000 or so over and above what a dependent student can borrow.</p>
<p>Has your Mom tried applying for a plus loan? If she is turned down then you may be elligible for an additional unsubsidised Stafford loan of $4,000. Talk to your financial aid department about it. </p>
<p>Even if you do get the additional loan you need to think carefully about how much debt you are taking on. If your total debt is going to be really high you may need to consider transferring to your State school though it is probably too late for this year. Good luck.</p>
<p>She applied for the plus loan and got denied. They said she needed a cosigner. My mom still claims me as a dependent for taxes. So as a dependent would i still be eligible for the $4,000 Stafford loan? They actually haven't told me exactly what I would owe yet but it should be around $6,000 for the year. Also what would be the reasonable limit in loans for an engineering student? I estimate that i would have somewhere between $25k-$30k.</p>
<p>bizump 10 char</p>
<p>If she applied for a plus loan and got denied you should be eligible for the additional stafford loan. Go and talk to your financial aid dept about it.
from <a href="http://www.finaid.org/loans/studentloan.phtml%5B/url%5D">http://www.finaid.org/loans/studentloan.phtml</a>
[quote]
ndependent students and students whose parents have been turned down for a PLUS loan can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years
[/quote]
</p>
<p>If the $25k - $30k is for the entire 4 years that is not too unreasonable in my opinion. If you can work and reduce it a little that would be even better.</p>
<p>We were turned down for a Plus loan, and I called the FA office, and my sophmore daughter got an additional Unsubsidized Stafford Loan of $4000. (she also miraculously got a little more need based grant). They asked me to fax them a copy of the Plus rejection - the 'only line' denial was sufficient.
I am on a monthly plan for the rest. </p>
<p>We think she'll be about 35-40000 in debt. It's going to be tough, but I'm a single parent (with bad credit) and there is no other way for her to go to a private liberal arts school. She's doing well with the smaller classes and special attention (for her ADD) at gets good grades at the more expensive school (Dean's list) . So we've decided, better to borrow and excel - then go to a CC or state school and maybe not do as well.</p>
<p>ahoo2u -- </p>
<p>It seems like you and your daughter have really thought about what you are doing and that is excellent. I would suggest that you both do whatever you can to decrease the debt as she goes through school -- the less debt she has, the better. Work-study is a good way to earn money (although don't do it if it will jeapordize her grades). Summer work, departmental scholarships available for Juniors and Seniors and working as an RA at the dorm. And of course, the best way to save money is not to spend it -- ordering books online and really watching the pennies while she is at school works well. You have probably already thought of these things -- but I at least wanted to mention them. Best of luck to you daughter.</p>