<p>Hey, I’m new to the forum, and the sad thing is, I’m already halfway done in my freshman year and I need serious financial aid - why haven’t I started? I went to school in New Orleans and well - you know. I now go to school in Chicago. My dad was going to pay for school but now in our situation he can’t. I filled out a FAFSA ahead of time anyway before all of this stuff happened just in case.</p>
<p>I decided even the interest rate is higher, I was going to try for a credit-based loan, such as the Education Maximizer from Bank of America. It’s just less time-consuming and it’s just easier with the way things are right now. I’m taking 18 credit hours plus working about 25 hours a week at a restaurant.</p>
<p>Problem is, not one of my family members have good credit. I have to ask a distant relative, my uncle, whom I was never close with and if he says no, I’m thinking of asking one of my friends to co-sign. </p>
<p>So my question is,
How big of a deal is co-signing for a loan of 30,000 for student loans? I know the few ways they would have to pay is if I default or die, both of which I do NOT plan on doing, lol, but you can’t promise you’re not going to die in the next few years.</p>
<p>And it’s funny because it doesn’t even cover all of it. With freshman fees and orientation costs plus books, it runs almost to 40,000.</p>
<p>Are you saying that you had a loan from your school in New Orleans but won’t be going back to that school and now you need funds? I don’t see how you could need $40,000. now because your first semester should have been paid for. What other schools did you apply to? Why won’t the school you are now in offer you some financial aid? Have you spoken w/ them? </p>
<p>You must have qualified for some type of financial aid if you submitted your FAFSA…if family circumstances have changed you need to meet w/ a financial aid officer and make adjustments to your financial records.</p>
<p>Everything is just in the air right now. I mean the school I’m going to right now, Loyola Chicago, still doesn’t even know what to with us financially and Loyola New Orleans is clueless also. I call them everyday pretty much and I get the same answer “we don’t know” in regards to financial aid.</p>
<p>I would prefer to stay in Chicago, but word is we won’t be eligible for any types or scholarships or grants until next year as sort of a “punishment” for not wanting to go back to New Orleans. It’s not student rumors, I’ve been meeting regularly with the undergrad admissions here and that’s what they’ve been saying.</p>
<p>Tuition plus Room and Board = 37,800 a year. Factor in books, clothes, essential living expenses = almost hits 40,000. I did put in a request to live off campus because it would be MUCH cheaper, but with the requirements for freshman to live on campus, yadda yadda.</p>
<p>I just realized I didn’t answer your question, lol, sorry.</p>
<p>I had about 7,000 in aid when I first started school back in August, again, I was meeting regularly with my financial aid counselor to help fill out the rest - my father isn’t exactly trustworthy when it comes to paying for college - he would say he would pay for things and then back out of it like he did with my brother and my sisters when they went to college. So I was anticipating that he would not pay for anything - I just wish he would just this once, lol.</p>
<p>Some people refer to a cosigner as a fool with a pen because this person is essentially signing that if you do not pay the debt they will (as a co-signer I think your debt shows up on their credit report).</p>
<p>I do not want to burst your bubble but it is going to be highly unlikley that a distant relative sign that they are going to pay of 30,000 worth of loans in the event that you do not. In the event that loyola does not open next year, is there another school that you can attend?</p>
<p>to add to sybbie’s comment: the cosigned loan amount goes onto their credit report. With that much cosigned, their credit score goes down, which will cost cosigner more in insurance, car purchase, equity loans, credit cards, not to mention a real possibility in losing their house.</p>
<p>Most people that know ANYTHING about co-signing will refuse to do it. It is the cause of many family conflicts and just not worth the potential problems.</p>