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Need help with loans and financial aid - Aid/Loans 101

24

Replies to: Need help with loans and financial aid - Aid/Loans 101

  • dreamer103dreamer103 Registered User Posts: 39 Junior Member
    I don’t think I’ve elaborated myself clearly, sorry guys.... I absolutely don’t plan on enrolling until I get my green card.. I graduated in 2016 with an associates(paid it all myself) and am waiting for my green card in order to continue junior year at uni.. I’m only planning now because I could be getting my green card at any moment now since I’ve already done my interview.
  • twoinanddonetwoinanddone Registered User Posts: 18,922 Senior Member
    Then yes, once you have your green card you can borrow at least $12,500 per year. You may also qualify for some grants.
  • dreamer103dreamer103 Registered User Posts: 39 Junior Member
    Is that public loans alone? Because I might need some private loans. I’ll try to check with the bank
  • twoinanddonetwoinanddone Registered User Posts: 18,922 Senior Member
    You just said you needed $24k for your final 2 years, now you are saying you want more in private (student) loans. You can borrow more but I think you will regret it.
  • mommdcmommdc Registered User Posts: 10,540 Senior Member
    Find out if the school considers you an international student now.

    The tuition will be more expensive then.

    We all want things and it's hard to wait.

    But it would be better for both of you to live at her parents while attending school, or live together and both work and save up money for school.

    When I got my green card it was conditional for two years. We had to prove that we were living together, having joint bank accounts and such.

    You can't really afford to live apart to go to school.
  • dreamer103dreamer103 Registered User Posts: 39 Junior Member
    Like I said, I don’t intend to enroll until I have a green card...and @twoinanddone I don’t know how much I’ll be paying.. I haven’t applied yet, I’m just being hypothetical but that looks like the correct amount based on calculators(which aren’t very reliable in the first place)
  • dreamer103dreamer103 Registered User Posts: 39 Junior Member
    Like I said, I don’t intend to enroll until I have a green card...and twoinanddone I don’t know how much I’ll be paying.. I haven’t applied yet, I’m just being hypothetical but that looks like the correct amount based on calculators(which aren’t very reliable in the first place)
  • happymomof1happymomof1 Registered User Posts: 28,095 Senior Member
    http://www.finaid.org/ has a lot of useful information for you about student loans and federal financial aid.

    You also should visit the financial aid offices at the universities that are on your short list, and have conversations about what an aid package will look like once you are a permanent resident. You also need to verify information about in state residence. In most cases, if your wife is a state resident, you will be too.

    Some colleges and universities don't like to put married people into dorms with regular undergraduates. So if you were thinking of living in a college dorm, find out if that would be possible for you. You might be required to live in married student housing or with the grad students. Of course, if you planned to live off campus then that is a whole different situation. But do be careful with your living situation. As pointed out above, living on campus while your wife lives with her parents can make it look like this is not a real marriage. When you go to that next interview in two years, be sure that the two of you have clear rationale for living separately.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 83,913 Forum Champion
    edited October 12
    I'm not sure if I could afford could afford rent and utilities with just her salary since she makes only about 22k a year working full time. I have absolutely no idea how loans work, but she does have a decent credit (710+). Would I be able to have only her as my cosigner and pay everything (including room and board) after college ? I really don't know how loans and financial aid work


    Your wife may have a nice credit score but her income isn’t high enough to be a qualified cosigner. As you noted, she doesn’t make enough to pay for rent/etc by herself, so obviously a bank would say, “sorry, her income isn’t high enough to guarantee your loans”.


    You’re looking at this wrong. Between NOW and the time you enroll, you need to be earning/saving as much as you can.

    ALSO....while you’re going to college, you need to be working as well. Nearly all students with money issues WORK while going to college....even with challenging majors. There’s no reason why between summers and part-time school year that you can’t earn $6k or more.

    The others are right. If you borrow the $12.5k per year for junior and senior years, you will regret if you borrow more than that...too much debt.

    Too many are short-sighted and just want to have the “money issue solved” with a quick signature (big loans). Then after they graduate and time comes to pay back those loans, they’re regretting all of this.

    By the time you graduate, you and your wife will likely want to be moving on with your lives....perhaps buy a home, start a family, buy a couple of decent cars, etc. The burdens of outstanding substantial loans will get in the way......big time.
  • twoinanddonetwoinanddone Registered User Posts: 18,922 Senior Member
    Not sure he can work until he has the green card.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 83,913 Forum Champion
    edited October 12
    if she can finance a brand new Mercedes with her credit why can’t she finance my 24k for school??


    Because a car loan is a SECURED loan. If you miss payments, they quickly take BACK the car. If you don’t pay back school loans, the bank has little recourse....they can’t cancel your degree. Lol.
    Student loans are unsecured....so LOTS of risk.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 83,913 Forum Champion
    she can finance a brand new Mercedes with her credit why can’t she finance my 24k for school??

    That said, it would have to be some SHADY dealership who would finance a brand new Mercedes with someone with only a $22k income. The rate would be crazy high and they would grab that car back as soon as a payment was missed.

    You think that your wife can afford a $700 per month MB car payment for 8 years???
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 83,913 Forum Champion
    edited October 12
    Not sure he can work until he has the green card.


    Maybe...depends on his current visa situation.

    How do all those with ITINs work?

    absolutely don’t plan on enrolling until I get my green card.. I graduated in 2016 with an associates(paid it all myself) an.


    How did you pay for your AA? With what money? Did/do you have a job? And who paid for your rent then?

    Something isn’t adding up. How is your rent being paid now if your wife doesn’t earn enough???
  • apraxiamomapraxiamom Registered User Posts: 660 Member
    If he lives apart from wife and she’s living with/getting mail at parents, are they considered married?
  • blossomblossom Registered User Posts: 8,942 Senior Member
    OP- don't do anything to risk your immigration status. That's rule number 1, 2 and 3. So as others have pointed out, a plan which involves you living apart from your wife (for more than a couple of days at a time) where you both have established residences is not a good idea.

    Both of you living with her parents? Fine. You living in one city and her living with her parents? Probably doesn't pass the smell test.
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