Comments on: Financial Aid Dilemma http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/ Money issues for college students and 20-somethings, without being boring. Fri, 12 Mar 2010 04:36:08 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Stuff Worth Reading, Because It Beats Stripping Your Way Through College | Punny Money http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15295 Stuff Worth Reading, Because It Beats Stripping Your Way Through College | Punny Money Fri, 24 Aug 2007 15:33:22 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15295 [...] Than You needs cash for tuition and is considering some alternative sources of educational financial aid. Not on Stephanie’s list but still an option for some: college girls make excellent [...] [...] Than You needs cash for tuition and is considering some alternative sources of educational financial aid. Not on Stephanie’s list but still an option for some: college girls make excellent [...]

]]> By: Stephanie http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15264 Stephanie Thu, 23 Aug 2007 23:43:25 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15264 <b>Ashley,</b> Thanks for the heads up about Sallie Mae not needing a co-signer. It's rates like that though that I called "as bad as credit cards" (although those aren't <b>terrible</b>). <b>Trish</b>, I do, currently, have several federal student loans. I have maxed out my Perkins loan (you can only borrow up to a certain amount, I think it's $25,000 or so) last year, and I've had Subsidized Direct Loans every year (including this upcoming one). Thank you for all the scholarship links, those will help! <b>Давид</b>, Thanks for the link, I love NPR! <b>Barbara</b>, My aid package does, in fact, include federal loans. And grants. And several scholarships from the school itself. And like I said, <b>technically</b> work study should help bridge the gap, but since I won't start seeing paychecks from that until school starts, it doesn't help me pay the first $1200 bill. And in the end, it's all still not enough - even <b>with</b> everything, including work study, I'm $500 short (plus the cost of textbooks!). My school does participate in the Federal Direct Lending Program - my federal loan is the Subsidized one. When I asked about getting an Unsubsidized one, they told me that I absolutely had to apply for, and be denied, the PLUS loan. Ashley,
Thanks for the heads up about Sallie Mae not needing a co-signer. It’s rates like that though that I called “as bad as credit cards” (although those aren’t terrible).

Trish,
I do, currently, have several federal student loans. I have maxed out my Perkins loan (you can only borrow up to a certain amount, I think it’s $25,000 or so) last year, and I’ve had Subsidized Direct Loans every year (including this upcoming one). Thank you for all the scholarship links, those will help!

Давид,
Thanks for the link, I love NPR!

Barbara,
My aid package does, in fact, include federal loans. And grants. And several scholarships from the school itself. And like I said, technically work study should help bridge the gap, but since I won’t start seeing paychecks from that until school starts, it doesn’t help me pay the first $1200 bill. And in the end, it’s all still not enough – even with everything, including work study, I’m $500 short (plus the cost of textbooks!).

My school does participate in the Federal Direct Lending Program – my federal loan is the Subsidized one. When I asked about getting an Unsubsidized one, they told me that I absolutely had to apply for, and be denied, the PLUS loan.

]]> By: Barbara http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15220 Barbara Thu, 23 Aug 2007 20:50:42 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15220 Hey Stephanie – I blog about student loans for Wells Fargo, and your situation has me a little confused, specifically what you said about federal loans. Did your financial aid package not include loans to begin with? Usually if scholarships, grants and work study aren’t enough to cover your cost of attendance, your school will include federal loans in your award letter. I'm assuming from your post that your school participates in the Federal Direct Lending Program. You should be able to qualify for a Federal Direct Unsubsidized Stafford Loan without your parents needing to apply for a Federal PLUS loan. It’s true that if they are denied a PLUS loan you may be eligible for more Unsubsidized Stafford funds, but you should still qualify for some amount without going through the process you described. Hey Stephanie – I blog about student loans for Wells Fargo, and your situation has me a little confused, specifically what you said about federal loans.

Did your financial aid package not include loans to begin with? Usually if scholarships, grants and work study aren’t enough to cover your cost of attendance, your school will include federal loans in your award letter.

I’m assuming from your post that your school participates in the Federal Direct Lending Program. You should be able to qualify for a Federal Direct Unsubsidized Stafford Loan without your parents needing to apply for a Federal PLUS loan. It’s true that if they are denied a PLUS loan you may be eligible for more Unsubsidized Stafford funds, but you should still qualify for some amount without going through the process you described.

]]> By: Давид http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15215 Давид Thu, 23 Aug 2007 16:51:01 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15215 Heard this story on NPR this morning. http://marketplace.publicradio.org/shows/2007/08/23/AM200708234.html Heard this story on NPR this morning.

http://marketplace.publicradio.org/shows/2007/08/23/AM200708234.html

]]> By: Trish http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15212 Trish Thu, 23 Aug 2007 15:42:29 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15212 The best thing for you do to would be to try and get a federal government loan. Do NOT get a private loan because they have high interest rates and you will wind up paying them back for the rest of your life. Apply for a Federal Perkins or a Subsidized Stafford Loan because the government will pay your interest for you as long as you stay enrolled in school. You can also try to get grants or scholarships. Here are some good sites to check out: http://www.fedmoney.org/ http://apps.collegeboard.com/cbsearch_ss/welcome.jsp http://www.freegovmoney.net/ http://www.educationplanner.com/education_planner/paying_article.asp?sponsor=2859&articleName=Grants_and_Scholarships http://www.studentawards.com/ http://www.college-scholarships.com/ Good luck! The best thing for you do to would be to try and get a federal government loan. Do NOT get a private loan because they have high interest rates and you will wind up paying them back for the rest of your life. Apply for a Federal Perkins or a Subsidized Stafford Loan because the government will pay your interest for you as long as you stay enrolled in school.

You can also try to get grants or scholarships. Here are some good sites to check out:
http://www.fedmoney.org/
http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
http://www.freegovmoney.net/
http://www.educationplanner.com/education_planner/paying_article.asp?sponsor=2859&articleName=Grants_and_Scholarships
http://www.studentawards.com/
http://www.college-scholarships.com/

Good luck!

]]> By: Ashley http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15169 Ashley Wed, 22 Aug 2007 22:45:26 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15169 You can get a sallie mae private loan without a co-signer. However, I would try to avoid private loans as much as possible and only use it as a very last resort. I had a co-signer for my sallie mae loan and it didn't help anyway. I have two and now they are between 8-9.25% and are variable. (They had started out at 7.5% or so). You can get a sallie mae private loan without a co-signer. However, I would try to avoid private loans as much as possible and only use it as a very last resort. I had a co-signer for my sallie mae loan and it didn’t help anyway. I have two and now they are between 8-9.25% and are variable. (They had started out at 7.5% or so).

]]> By: Stephanie http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15163 Stephanie Wed, 22 Aug 2007 19:50:38 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15163 <b>AC,</b> Actually, I did just that, yesterday. I asked the financial aid office why I'm not receiving some of the same loans and grants I got last year, and they responded by telling me to go with Option 2 (the federal loan that hurt my parents' credit). <b>Давид</b>, Thank you, as always. After talking to my parents and the financial aid office, a Prosper loan is looking more and more like the way I might go. If I do decide to, there will be a post about it here, so that you and any others that might be interested in funding the loan can have a chance at it. AC,
Actually, I did just that, yesterday. I asked the financial aid office why I’m not receiving some of the same loans and grants I got last year, and they responded by telling me to go with Option 2 (the federal loan that hurt my parents’ credit).

Давид,
Thank you, as always. After talking to my parents and the financial aid office, a Prosper loan is looking more and more like the way I might go. If I do decide to, there will be a post about it here, so that you and any others that might be interested in funding the loan can have a chance at it.

]]> By: Давид http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15147 Давид Wed, 22 Aug 2007 17:19:24 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15147 Loans are harder to get now, ever since the credit crunch. If you go on Prosper, I will sign up for it (through you) and fund a portion of your loan. Loans are harder to get now, ever since the credit crunch.

If you go on Prosper, I will sign up for it (through you) and fund a portion of your loan.

]]> By: AC http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15125 AC Wed, 22 Aug 2007 13:36:34 +0000 http://poorerthanyou.com/2007/08/21/financial-aid-dilemma/#comment-15125 There is another option. Beg. Go to the financial aid office and tell them you don't have the money and you don't know what to do. Odds are, they will give you some subset of the options you just listed, but you never know. They might have something up their sleeve. There is another option. Beg. Go to the financial aid office and tell them you don’t have the money and you don’t know what to do. Odds are, they will give you some subset of the options you just listed, but you never know. They might have something up their sleeve.

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