Ahh, the first day of class – the day I am reminded that my school does not believe in holidays. That’s right – I’ve got class on Labor Day! Luckily, my first class isn’t until 4pm.
After stepping off the plane last week, I ran around to take care of all the paperwork needed to let me go to class today. This included finally making a decision about my financial aid dilemma. Aside from the usual chastising myself to look for more scholarships, the question really came down to the Federal Loan, a Private Loan, or a Lending Club Loan.
After much talking and deliberating and looking up of interest rates, I decided to apply for the federal loan again this year. This loan will have negative consequences for my parents no matter what – if it’s approved, they will be the ones on the hook for the loan, and if it’s denied, then I will be awarded a Unsubsidized Direct Loan, and they’ll get a black mark on the credit report for being denied the loan.
Even so, we decided this was the best move. Every year we go through this, and every year we decide it’s the best option… which really, in a word, sucks. But it’s the best option because no matter what, I get the loan I need, and the interest rates aren’t too high. My parents just wish I would go ahead and graduate already, so that this stops happening every year!
I can’t wait for the loan to go through (whichever loan that may be) so that I can stop thinking about this for the rest of the year.
I bet I’m poorer than you. I earn minimum wage and can’t even get financial aid.
Minimum Wage,
Nearly all of my financial aid is either “need-based” or a merit scholarship – in other words, my financial aid is assessed based on how poor my family is, or how hard I worked in high school (and I have to keep my grades up to keep the scholarship). I also earn minimum wage at my on-campus job.
Also, if you’re interested in the story behind the name of the website, it can be found on the About Poorer Than You page.
I had a National Merit Commendation, which didn’t make the cut to be a semi-finalist. I also had a New York State Regents Scholoarhsip, but those were a dime a dozen. I also had a dysfunctional family sitation where my father was providing support while I lived with relatives who claimed me as a dependent. My father couldn’t claim me because he was living underground at the time. The relatives I lived with had a lower middle class income in NYC and earned too much for me to qualify for aid.
Your reasoning right here is why I do not have a college education more than I could afford to pay at the time and the reason I went into the Army first.
My parents would not release there financial information to the colleges, so I basically was barred from attending. I would probably be a zoologist right now had all happened as planned. LOL….
Minimum Wage and Jennifer,
I’m glad you shared your stories, because they’re perfect examples of how financial aid does not take into account the particulars of a family’s situation.
Another example is a friend of mine: his parents diligently saved to help him and his two younger sisters go to college. But when financial aid looked at his situation, they saw a boatload of money set aside for college expenses. They didn’t take into account that the money was for THREE kids, so they counted it all against him.
If you ask me, there needs to be some serious reform in the need-based financial aid system in this country.
At least that’s one less worry to worry about. So peculiar, though, that your parents had to apply for a loan just so you could get an unsub loan. My school went through Direct Loans too, and only an unsub loan was what they offered me (in addition to a plus loan for the parents, which they didn’t take). About the FAFSA, it bugged me that the ‘expected financial contribution’ from the student/family was something like 30%. As if! I had to pay for rent and food! The parents weren’t going to pay for that….
It’s all behind me now, but it really upset me then. I was lucky enough, however, to have a boyfriend with a good job. And optimism that in the end, I’ll have a job to pay for it all. And also, I did my first two years at a community college which the parents DID pay for, so really, I only had 2 years at the public university to worry about.
Geez…that does stink. It is amazing how hard we make it at times for someone to get an education. hang in there, it is worth it!
Just reminds me how much I need to go back to school….shame I stopped at the sophomore level… Good Luck!