Alright guys, so I’m about to transfer to another university and my biggest fear is figuring out how to pay for it. I am an independent student with an EFC of 0 but pretty much across the board I am roughly 20-25k short. My credit and my parents credit isn’t great, it’s actually bad to put it bluntly. I’ve applied for maybe 45 scholarships which I haven’t heard anything back from. Just wondering if anybody has any ideas outside of scholarships, maybe bad credit private loans or something like that? And just to put it out front I have my heart set on where I’m transferring and I want to make it work so considering cheaper schools isn’t an answer I’m looking for. Thanks ahead of time!
There is no magic tuition fairy. There are loans and there is work. If your parents do not qualify for a Plus loan, you become eligible for an additional $4-5k in direct loans (but parents not qualifying isn’t dependent on credit score).
The money just isn’t there.
You’d need a co-signer, and no one is likely to co-sign that much in private loans for an undergrad. You will need a cheaper school, even if that’s not what you want to hear.
Perhaps if the scholarships don’t come through, you can take a year off, work and save money towards tuition.
Trust me, I’m aware that there’s no magic tuition fairy. It’s going to end up being a situation where unjust have to figure it out and find a co-signer.
Nope. You don’t need to just find a co-signer. You also can pursue this degree program part-time while working fulltime. It will take longer, but you won’t end up past your eyeballs in debt. Look for a job at that college/university that comes with tuition benefits, and you might even be able to finsih your degree for free.
If you end up going the loan route, make certain that you also pay for a life and disability insurance policies on yourself for the value of your loan so that your co-signer doesn’t get stuck with your loan if you are unable or not around to pay the loan off.
Well obviously there is more to it than just finding a co-signer. But being able to attend full time would be great so that is something I could start with.
Twenty five thousand dollars is an awful lot to be “short.” What’s your plan for making up the shortfall? And that’s total, not per year, right?
Harshness alert. I’m going to be blunt. You and your parents have bad credit. That suggests a pattern of impulsive spending, overspending, and or not living within your means. You may have been taught some bad habits of turning to credit when you want what you want. That is the cycle of having debt and poor credit. And you are on the path of continuing that cycle.
Please answer the following questions
What is your major and career goal?
How much school and other debt do you already have?
What do you expect your income to be as a new graduate?
What college can you commit to from home?
I know that you want what you want and that is to go away to this expensive college even if that means racking up a lot of debt. Please realize that the REAL dream is getting your degree, working in your career, perhaps raising family, buying a home, and enjoying middle-class lifestyle or better. Racking up a bunch of debt is just going to strangle hold you for 10+ years after you graduate
Major: Human Biology
Career goal: physical therapist which means I have graduate school in my future as well
Debt: 16k in student loans and nothing else
Income: Dependent on many variables and if you are talking when I am completely done with school, potential anywhere from 75k to much more, I’ve seen 180k in Northern California
College: the college I am talking about is 2 miles from my home so it’s not necessarily about going away to some prestigious, expensive university. I haven’t seen the official aid numbers yet for my number one choice but assume it will be similar to the other packages I have received
I just can’t see borrowing this much for undergrad when PT school will likely be another 80k in tuition alone at 7% Plus loan interest rates.
Have you been going to a CC or 4 year college ? Why the transfer?
But you’re looking at adding 70k more debt for undergrad plus probably 150k debt for DPT school. That is too much debt.
If you’ve been attending an instate public unv, how was that funded?