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So what exactly do I do if I can't get a loan??

NLTisLOVENLTisLOVE Posts: 73Registered User Junior Member
I'm in a school that does a direct program and well apparently I can't get approved for any loans for this upcoming school year.

I need $20k (I already got 6k from the unsubsidized (or subsidized, IDK) loan)
and my parents' credit is REALLY bad and so the loans I applied to denied me and when I tried with my cousin as a cosigner I got denied again (she probably didn't have enough credit built up yet)



So I'm quite unsure what to do, because I really don't want to leave my school because most likely I won't be able to do my intended career otherwise.

Right now all I'm doing is praying and I'm just really lost at this financial stuff. And my parents don't know what to do either because I'm their first kid going off to college.


Help?
Post edited by NLTisLOVE on

Replies to: So what exactly do I do if I can't get a loan??

  • cptofthehousecptofthehouse Posts: 24,940Registered User Senior Member
    Well, you can get a bit more if your parents are indeed denied for the PLUS. But that still leaves a gap. You can look for several shifts of work this summer and plan on working during the school year.

    What a young man we know did when his parents hit a bad financial streak, was take a leave of absence for a term and work. If you do that, you would need half of what you do now, for that second term, or $10K. You should be able to make that working this summer until the second semester starts. You would get some extra Stafford money if your parents were denied PLUS which reduced the $10K further. Look for work on campus to make up even more of a gap. Also think about taking inexpensive local college courses to take up some of your general requirements so that the semester is pretty much made up and you don't have to stay in college longer. Take an extra course that second semester over the average load. Maybe you can do this again the next year and if you take a lot of courses and plan your major carefully, you may be able to chop off a year in getting your degree.
  • thumper1thumper1 Posts: 37,123Registered User Senior Member
    Did your parents apply for the Plus loan? Is that what you were denied? Or did you apply for private loans...and were denied?

    If your parents applied for a PLUS loan and they were denied, you are eligible for additional Stafford loan monies.

    BUT before you opt for a LOT of loans, think about the implications of paying these back. How much in loans do you need for the upcoming year?
  • NLTisLOVENLTisLOVE Posts: 73Registered User Junior Member
    My school's tuition is a set standard. The cost isn't per class, it's just per semester.
    And they won't let me transfer in any science/math (I'm in pharmacy school right now)
    credits so I'm screwed on that.


    My parents already paid as much as they can for me to go to school this past year and for summer school right now.

    I applied to private ones, I guess I'll tell my dad to look into the PLUS loans.


    This is just all very crappy because I still have 4 years after next year to get loans for because I can't pay it off.
    And I can't get a job because it's too much work for me throughout the school year and I am going to apply for workstudy. I would get one this summer but I'm in summer school and I won't be home until late June so I can't get a position anywhere that would like me even as a temp.
  • cptofthehousecptofthehouse Posts: 24,940Registered User Senior Member
    His Stafford amounts do not include extra from a PLUS denial. What year are you, NLTis? How much do you have in loans from previous years? How have you paid for your college earlier? Have you discussed this situation with the financial aid office?
  • NLTisLOVENLTisLOVE Posts: 73Registered User Junior Member
    I'm going into my second year right now.
    I already have $25k in private loans from this previous year.

    And I haven't talked this with the financial aid office yet. would it be better if I just talk to them after I apply for the PLUS loans, because most likely they'd tell me to do that I guess
  • NLTisLOVENLTisLOVE Posts: 73Registered User Junior Member
    Kay I just talked to my dad and he said that my parents probably won't be able to get the PLUS loans because their credit is really bad.


    So....AHH. I guess I'll just go to the financial aid office tomorrow
  • cptofthehousecptofthehouse Posts: 24,940Registered User Senior Member
    If they are denied the PLUS, then you will get some extra Stafford. About $4-6K depending on what year you are in college. I don't remember the exact amounts. Still not enough to pay your $20K gap.
  • NLTisLOVENLTisLOVE Posts: 73Registered User Junior Member
    Yeah most definately not.
    :/
    I guess I'll have to try to find a family member that'd be willing to help me
  • cptofthehousecptofthehouse Posts: 24,940Registered User Senior Member
    Or work yourself and take off a year.
  • thumper1thumper1 Posts: 37,123Registered User Senior Member
    The eligibility for a PLUS loan is much more liberal than for most other loans. Folks who don't THINK they will qualify sometimes do.
  • NLTisLOVENLTisLOVE Posts: 73Registered User Junior Member
    Okay thanks you guys! I guess I'll have my dad to apply anyways for the PLUS loan

    and I can't work and take a year off because I might not be able to transfer back into my school. Me taking a year off is just really going to hurt me overall than anything else I think at the moment
  • sk8rmomsk8rmom Posts: 5,746Registered User Senior Member
    Are you in a 0-6 program? How long will you be considered an undergrad? I'm somewhat baffled why you chose this school if it was clearly unaffordable since you can certainly take your prereqs at any college and then apply to pharmacy school with a decent PCAT score. Most of the pharmacists in the country are doing exactly that and are not incurring huge debt until the professional phase because they're doing their prereqs at their public school or CC. Imo, no "guaranteed seat" is worth an extra $60-90K, especially with the plethora of pharmacy schools available now! Btw, when you do hit the grad portion of your training you'll be eligible for GradPlus loans but there is a cap on the total amount of Stafford loans you can take.

    Most schools will allow students to take a leave of absence, but it might have to be for a year due to the structure of pre-pharmacy requirements. They may not let you transfer in math/sci credits but do you have other prereqs like ethics, econ, public speaking and gen ed courses that you must take? If taking a year off becomes necessary due to the lack of funding, I would ask them if it's permissible to take a few other classes at a CC and check their transfer course articulation with your local school. This will help free up your time when you're back in school so you can work part-time - I would suggest you become a pharm tech as the pay is better and it will give you the experience/references to help your app if you decide to apply to more affordable schools for your PharmD.
  • mom2collegekidsmom2collegekids Posts: 62,635Registered User Senior Member
    Are you in your second year of pharmacy school or are you in pre-pharm?
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