So I’m hoping I won’t need to take any loans out for college, but if I don’t get enough financial aid or scholarships then it’s likely I’ll consider loans. I know some schools like UCLA offer big loans as part of the financial aid award, but I’m wondering which 3rd party companies are best for college loans. I’ve heard of Sallie Mae, but everything I read online about her is terrible, so I’m wondering if you guys know other options. Is it best to go to Banks? Companies? Just what is the best way of doing it. I wouldn’t borrow over $25,000/year and hopefully won’t have to do that, but need to find out before April. Thanks!
UCLA offers loans? The Univwrsity itself? I don’t think so…UCLA is not a lending institution. It is possible that the suggestion of a parent plus loan is given. These are loans taken out by parents.
Student loans for freshmen are limited to the $5500 Direct Loan…taken only in the student name.
Anything above and beyond that will need to either be taken by the oarents…or cosigned by them.
Really $25,000 a year in loans is too much.
Are you saying your parents are qualified for and willing to co-sign for $100,000 in loans?
On the UCLA net price calculator I remember that it said I could get quite a lot in loans but I think it was a parent plus loan. What exactly is a parent plus loan, is it long term?
Is there any way I can take out a loan of up to $25,000/year and pay it back when I graduate myself? In England they have a system like that where you can, but I doubt I’ll find anything that lenient.
I don’t know if my parents are qualified. What would make them qualify
Can you answer my question instead of telling me that it is too much. I don’t want to do it. I just want to know my options
I did answer. But I’ll do so again.
Parent Plus Loans are loans take out by your parents (assuming you file the FAFSA). They can be taken out by your parents for up to the cost of attendance.
You can take a private college loan cosigned by your parents from any number of places…a bank, Sallie Mae. But your parents will need to be qualified cosigners.
You, the student, will NOT be able to take loans out in your name only in excess of the direct loan amount. As you will be a transfer, you will be a second year student and eligible for $6500 in loans.
Are you planning to again apply to all,the Ivies, and your original list (don’t apply to Princeton, they do not take transfer students)? If so, those colleges meet full need for all. Are you saying that your parents don’t have financial need?
If you are not a US citizen, it will be hard to find a US backed loan. Your parents may not be able to cosign a US loan. US loans need a US cosigner who would be willing to sign and repay the loan.
Did you take a gap year or are you a transfer student?
From reading other posts…it appears that this student is a U.S. citizen or green card holder who,went to HS in the UK…and is currently in college there.
To the OP…have you applied to transfer to these schools yet for fall 2016?
For UCLA, since you are not a CA resident, you should plan to be a full pay student at $50,000 a year…or so. Do,you have that amount of money available to you from your mom (you are the one with the non-custodial parent who won’t pay…right?)?
Did you apply to colleges with higher acceptance rates than last year? Did you apply to affordable schools?
How much can your family pay for you pay annually?
To,qualify for a Loan issued here in the U.S. your parents would likely need to also be U.S. citizens. In addition, they would need to have sufficient incime and assets as collaterol to qualify for the loan amount you are seeking. And they would need to requalify for each year.
Are your parents citizens or green card holders?
If your parents don’t live in the US, then they may not qualify for cosigning.
Your posts are confusing. In one you say your dad will pay what he can but in another you say he won’t pay at all and you want to file a noncustodial income waiver. Since your parents aren’t married and you live with your low income mom, her income is all that will be considered at FAFSA only schools. Colleges that require the CSS Profile may not care that your dad never paid support or that he’s married with other children; if you know how to reach him and have a relationship, they may expect him to pay. They will probably want to know who paid for the private high school you attended too. Net Price Calculators won’t be accurate for your situation.
How much can your mom afford to pay/year? You may qualify for a Pell grant of up to $5k, and you can get a federal student loan (~$5500k/year), but that’s all. If your parents don’t live in the US, I don’t think they can cosign any loans for you here. If your mom is low income, she wouldn’t qualify to sign for you anyway. A better option is to look for merit awards for your stats. There are some guaranteed awards, but you may have to take a gap year and apply next year. If you haven’t started college in England yet, don’t enroll during a gap year. That will make you a transfer at most US colleges and make you ineligible for freshmen grants. Transfers usually don’t get much aid.
I have posted a lot about different things. Some were for friends who don’t have an account… so can we just focus on this thread. I am a green card holder. My mother is also but my dad isn’t, but he wouldn’t sign anyway. I am on a gap year and have applied to many schools that are less competitive than the ivies. I have already got into UVA, USC and some others but waiting on aid/scholarships.
I’m just trying to understand the loan option, even though I hope that I won’t need to do it. So, ignoring my other posts, and ignoring the fact that loans are bad, what would be the best way for me to get a loan of up to $25,000/year?
My mum is low income but I have other family who may cosign, but they are not green card holders. If my mum earns roughly $50,000/year would I be able to get a parent plus loan for up to $100,000? We do not own significant assets as collateral but our house is worth over $200,000.
If I did take a parent plus loan, how long is it until it has to be payed off and what are the interest rates like? I get that this will vary a lot depending on how much I take out etc.
If my mum cannot cosign, is it as simple as taking out a loan from the bank? My English family might cosign that. What the interest rates going to be like compared to parent plus?
Thanks
also, The reason I’m asking about loans is that although I have financial need I might not get aid due to my waiver being rejected, which seems likely, and also cause places like UT Austin don’t give much to non-texans
I thought UVA met need.
You can’t take out a parent plus loan. It’s a parents loan. Hence the name. There is a lot available on the web to read about it. Am on a tablet so it’s not easy to link. But you can easily research it.
If you have relatives who can financially support (and will) your education, they can provide your $. It doesn’t matter where they take out their loans, if that is necessary.
A Parent Plus loan is a PARENT loan so the PARENT OWES the money back, not the student. Many Parents will not take those out because even if the child “promises” to pay the money back, the child legally does not have to…and the parent is stuck.
Your British relatives cannot cosign a US bank loan. Not allowed.
Forget about borrowing large amounts for OOS publics. That is FOOLISH. UTexas, while a very good school, is simply a state school and not worth debt. Your own flagship or top publics are fine.
Which Florida schools did you apply to? Do you qualify for Bright Futures? Have you been accepted to any FL schools?
What is your major and career goal?
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know some schools like UCLA offer big loans a
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UCLA does NOT offer loans. In their FA pkg, they include a federal Parent Plus loans.
You can get a good general idea of how most private student loans are structured in the U.S. by reading about them on just about any major financial institution website (Chase, Discover, etc.) You’ll find that the consistent requirement across all of them is that they require a credit-worthy signer who is either a U.S. citizen or permanent resident (green card holder.) That can be the student if he/she has a credit history and a good credit score (which requires a credit history, btw) – this is usually rare for a 17 year-old, which is why they almost always require a cosigner. From the bank’s perspective, they have to be able to enforce the loan repayment through the cosigner, which they cannot do if that person has no legal ties to the U.S.
You can read about the federal Parent Plus loans here:
https://studentaid.ed.gov/sa/types/loans/plus
@Madison85 UVA does meet need…but the Profile is required…and the NCP Profile.
Please clarify…are you currently residing in the UK and attending college? Or is that a friend??
Do you live in the U.S? With your green card holding mother? If so…where? Where did you graduate high school? How long have you resided in that state.
Your friends can easily open their own CC accounts. When you write “I am____” the assumption is you are talking about yourself.
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That can be the student if he/she has a credit history and a good credit score (which requires a credit history, btw) -
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You’re missing an important point. That is only HALF of what’s needed. The other half is showing that you currently have the INCOME to support the repayment.
The exception is some loans for Professional schools (like med school).
Everyone seems to be avoiding the obvious answer here. Your mom can borrow the money you need, regardless of ability to repay, through the Parent Plus loan program. Need to have decent credit but that it all. Everyone here will tell you it’s a terrible idea (and I’ll agree) but the option is out there.
The parent has to [url=https://studentaid.ed.gov/sa/types/loans/plus]qualify[/url] for the loan every year, so it’s possible a parent might pass a credit check the first year, but not qualify in later years. A Parent Plus loan for low income families isn’t a viable answer at all.