Hi! I've decided to commit to a college, who's estimated COA of about 17,220 ( although I did call the financial aid office and they gave me a different number of closer to 13,000 so I'm immensely confused) I have 5,500 unsubsidized federal loan from fasfa and a scholarship of 5,000.
The issue is this isn't enough to cover all of my college, and I've decided to attend a summer program (which will enable me to graduate sooner by grabbing some college credits now) so that'll add to my coa. The scholarship is split between the summer program and my first semester.
Should I be looking into private loans? I can't stay home and go to a community college because I have no transportation and I'm pretty far into the process of attending and put in money for the deposit and orientation. Tuition is also only 500 for me since I'm in state.
My parents haven't been to college in years and essentially said that I need to figure this out myself. I'm a bit all over the place, it's all incredibly daunting for me.
Any help is appreciated.
How to take out loans for college
byu/Ackrinu inStudentLoans
Posted by Ackrinu
2 Comments
With a manageable total debt number of $12k per year, or $48k over four years, your best mo e would be to have one of your parents take out a Parent PLUS loan to cover the needed extra funding. You can commit to them that you will pay the loan back when you graduate (payments will be deferred until then, and the Credit check is that your parents need pass only looks for negatives like bankruptcy or charged off accounts. Your parents combined can borrow a total of up to $65k for you, and none if yours affects any siblings you might have. These parent Plus loans have better protections than private, so they are your best bet.
Hope this helps you.
1. Is this scholarship going to extend the length of your degree or just your first 2 semesters? If only first 2 – why? Can it be renewed?
2. COA includes ALL living expenses, and would higher than 17K for a person living on their own (because it’s below the poverty line). Are you saying you ARE or ARE NOT living at home?
3. What do you mean you are already “far into the process of attending”? How many credits? How many left? For what degree? At what type of school?
4. Why only unsubsidized loans and no subsidized? I suppose it’s possible but I personally haven’t seen this before.
5. “Tuition is only 500 for me” – for what? Each credit hour? A semester?
6. How are you getting to school now without transportation? Do you live on-campus?
7. How old are you?
8. Do you work? What is your credit situation? How much debt do you have currently?
It’s almost impossible to help without a clearer picture with these details. I would add them to the original post if you can.