I don’t know how I’m going to pay for college!! Please help!!?
So I’m going to college in the fall. Throughout the last year I have filled out many, many scholarships and I have only heard back from ONE $500 scholarship.... I did fill out FAFSA and got $5,500 which I guess that helps a little but I still have thousands of dollars to pay. My family is not poor but we don’t have the money to pay for all of that. This stresses me out so much and I don’t know what to do. Everyone says that student loans are bad and try not to get them but at this point I don’t know what else to do. Also how do I get a student loan? This may be a stupid question but I really have nobody to help me through this so I dont even know where to go to get a student loan...UGH please help me!!!!!!
- dripLv 78 months ago
You need to talk to the financial aid office.
With low income you may qualify for the Pell Grant.
With low income your parents may not be qualified to co-sign for any private student loans.
Rather late to be dealing with this if you are starting in August. If you can not afford to attend this fall, call the admissions office and and ask them to hold your acceptance . They may for one semester or possibly to next fall. Let them know money is an issue.
Different schools give out different financial aid packages. Some school can offer more than others. Private schools tend to hand out more financial aid. Which is why it is impossible to apply to 3-6 universities.
Also look into going to a community college this fall. I would go on a visit there ASAP. Apply and see what financial aid package you get and what you cost would be to attend
- nancyLv 78 months ago
First, you should make an appointment with your school's financial aid staff. Ask if you can appeal your financial aid package. It sounds like you were awarded only the standard $5,500 federal student loans that every freshman gets. However, schools often have funds of their own that they can award at their own discretion. Many schools are struggling to meet their enrollment goals, and often if you tell them that you may not be able to attend without some help, they will simply throw you a bone just to make sure they hang on to you. It may not be a huge amount, but every little bit helps. After that, there are two main sources of loans: federal Parent PLUS loans, and private student loans. The PLUS loan is a loan that your parent applies for. If approved for it, your parent can borrow up to your entire cost of attendance. If denied for it, then your school can increase your own Direct unsubsidized loan by up to $4000. Your parent can apply at https://studentloans.gov. The PLUS has lower credit standards than most private loans, so if your parent has marginal credit, then he/she would find it easier to get approved for that than a private loan. However, it does have a high interest rate (7%) and a 4% origination fee, so it's a more expensive loan than many private loans right now. So, if your parent has good credit, and is willing to take a loan on your behalf, he/she would probably get a better interest rate and no origination fee by taking a private loan. If your parent is not willing to take a loan on your behalf, you can apply for one yourself, but you would almost certainly need a credit-worthy co-signer and the interest rate would be quite high (8-12%). A good place to start looking for a private student loan is with your parent's own bank or credit union. But, do shop around because the rates and terms vary quite a bit from lender to lender. Some reputable lenders that you might try are Citizen's Bank, Sun Trust, Discover, Sallie Mae, and Wells Fargo. You can also ask your school if they have a preferred lender's list or other information about lenders that they work with. Student loans aren't necessarily a bad thing if you look at it as an investment. Most students earn much more over their lifetime as a result of earning a degree, and find that in the long run, the investment is worthwhile. But, you do need to be careful about how much you borrow. If you are borrowing more than 20% of the salary you can expect to earn in the occupation you're studying for, then you may find it difficult to repay those loans and still have a reasonable life. If that's the case, you might want to consider changing your major to an occupation that pays better, choosing a less expensive school (i.e. a community or public college rather than a private) or thinking about cutting expenses by living at home and commuting to a local college. It's always difficult to face the fact that you might not be able to afford your dream college, but it's better to deal with some disappointment now, than a lifetime of debt later on. By all means, work with the financial aid staff at your college--often they can help a lot more than you might expect.
- LiliLv 78 months ago
Address your questions to your college's financial aid office. The people there are the experts on all this.
Loans are probably going to be the only way for you to go. You might think about doing two years at a community college, which would be much less expensive, and then transferring to a 4-year school. That's one way to save a lot of money. You really should have looked into all this BEFORE you applied to college.
I might also point out, just in case you do decide to go the CC route, that when you are applying to transfer, don't hesitate to apply to private colleges. They have much more aid money available than the public colleges do, so it can actually end up being less costly to attend one than to attend a public institution. I attended an Ivy League university on extremely generous aid. The loans I needed were really small.
Note that if you take out loans, whether your parents apply or you do with another co-signer, repayment will be YOUR responsibility. You will be the person benefiting from the education, not your parents.
- Anonymous8 months ago
Take a year off to work and save every penny.
Live at home through college to keep costs down.
Get a part time job during college.
That's what most people do in your situation.
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- Anonymous8 months ago
If you want an education you are going to have to pay for it by borrowing money.