stohare2010

I was going to figure that out when the time came...

Ugh. Okay I was doing some research and the Chase Select Undergraduate Loan says:

COA $120,000 cummulative... 3M LIBOR + 4.15%
3M LIBOR + 12.00%... no fees... up to 25 years.

Would I be able to get this with a co-signer with good credit?

swimcatsmom

If your parents can't cosign your loans (which they can't if they are declaring bankruptcy) they you probably don't have a choice. No one will lend you the money without a cosigner. It is unlikely that anyone other than parents would be willing to cosign. Being a cosigner is an enormous risk - a cosigner is responsible for the loans and can have their assets, including their home, taken to pay the debt and can have their credit ruined if you miss a payment or make one late.

stohare2010

Okay, I have two sets of parents...

Mom and stepdad: filed bankruptcy, $90,000/year

Dad and stepmom: normal credit

could i maybe get it with my dad and stepmom (who i dont live with)?

mom2collegekids

I can't imagine anyone wanting to co-sign a long term loan. They would be responsible for such a loan for the entire duration. That is a huge risk. Plus, it could prevent them from getting credit when they need it.

How much do you see yourself borrowing for undergrad PLUS law school?

What do you think that your monthly payments will be after borrowing for undergrad and for law school?


You need to add all that you'll need to borrow for undergrad and ask your dad. He needs to know the entire amount for 4 years - it won't do you any good to get a co-signer for only your first year. The sooner you find out the answer the better.

How much will you need to borrow for both undergrad and law school?

stohare2010

I know it would be a lot. But right now I just need to concentrate on Undergrad, I can always go back for grad classes if needed.

Should I ask my dad and step mom to apply for the plus loan? I havent said anything to them about this at all... they might be able to co-sign (he is my dad so he does need some responsibility).

I also emailed NYU and told them that we were going through a bankruptcy (they didnt know this when i filed the financial stuff for them in november)... so i could get more money from them...


but, an $800 non-refundable deposit is due in 2 weeks. should i send this in... get my REAL financial aid package when i do the fafsa, and then see?

mom2collegekids

First you need to talk to your dad...

Find out how much he'll contribute towards your education and find out if he'll co-sign for loans for years - give him the amounts.


There's no point to sending in any money until you get THAT answer. Make the call and then come back here.


I don't think NYU is going to give you more money for a bankruptcy. Personal debt is considered a personal choice to FA offices.

stohare2010

I'll keep adding info, lol.

my mom filed bankruptcy in 2007... ends in summer 2011.
they have money ($90k a year) so they told me they can pay 10k a year for me. but, i still need to apply for the $35k loan because they told me to? idk why.

also, i'm planning on working all this winter, spring, and summer to get more money to help pay next year.

stohare2010

@mom2collegekids

since NYU offered me an "expected" package, and not an actual one (since it was based off of money made last year), and they didnt know that we had bankruptcy... do you think they'll give me more institutional aid?

edit: i saw what you said.

but they told us to tell them if we had a change in finances that wasnt shown on the fafsa or something.
also, my stepdad (our only income) may be laid off in february...

mom2collegekids

So, you'll need to borrow around $30k per year (all of your earnings can't go to college costs; you'll have weekly expenses that your job will also have to pay for.)

So, ask your dad if he'll co-sign for 4 loans of $30k each for a total of $120,000 (do you really think he will???).

BTW...the monthly payments for these loans will be about $1400 per month.

stohare2010

He will only have to pay the 120k if I cannot do so when I graduate. Which I am certain I will because of the job field.

$1,400 is like a house mortgage, so I don't think its totally undo-able...

mom2collegekids

$1,400 is like a house mortgage,

Yes, it's like a SECOND mortgage...in ADDITION to your own housing costs.

How much do you think you'll be earning when you get your undergrad degree?


BTW...I really doubt your dad will agree to co-signing $120k in loans, because his wife (your step-mom) will also be legally obligated since it will be a debt responsibility incurred during the marriage. That isn't a risk that many step-parents (or parents) are willing to accept.

Even while you are paying, this will negatively affect your dad's credit.

swimcatsmom

probably more unless you are planing to pay the interest every year as you go along. In 5 years $30,000 a year loan at 8% will have accumulated an additional $25,000+ in interest making the $120,000 grow to $145,000. So plan on more like $1700 a month in payments just for undergrad.

stohare2010

I really have no clue how I am going to do this then...
Unless I get tons of outside scholarships that add up to like $25k a year. BUT, all the ones I applied for I dont find out until like March.

I've told everyone that I'm going here. They didnt mail me my financial aid package until a week after I got my acceptance... how annoying of them.

Should I just try and see what I can do? I have been accepted to three other schools, so come May I have options if worse come to worse.

mom2collegekids

^^^

Excellent point Swimcat.

This is such a bad plan. What rather new grad has an extra $1500-1700 a month to pay for a student loan AFTER paying for all of their own living expenses.

swimcatsmom

I thought with ED you have to withdraw the other applications once you accept the school.