I go to an Ivy League School which doesn’t provide loans in their packages to kids whose parents make under a certain amount. However, because I was unable to get a job this summer (I got an internship after the deadline for the exemption plan passed) and my parent’s pay has been reduced due to medical reasons I want to get a loan so that I can help out, and so I don’t have to be guilted by my parents every time I do something wrong. Is there any way I can get a loan? I have already read up on Perkins and Direct loans and have even completed both counselings interviews and promissory notes.
Any help would be appreciated thanks! Oh and I would prefer to stay away from privatized loans.
“my parent’s pay has been reduced due to medical reasons”
Contact your financial aid office immediately, and ask about filing the special circumstance paperwork. If your parents’ income has been significantly impacted, there is the possibility that your aid package could be modified.
Provided that you have filed the FAFSA, you should be able to borrow a Direct Loan and use that money to cover the student contribution that your college/university expects. If you don’t have a campus job, you should find one. Ask your financial aid office about qualifying for federal work study money. If you don’t qualify, look around for a non-work study job.
Thank you. I submitted the FAFSA and alerted my financial aid office of the pay cuts yet somehow I’m still paying more than last year. I will definitely have a work study job like I did last year, but textbooks and living in a city are expensive so I use that money (60% of it) for myself and that won’t cut it.
Hmm, Yes I guess I’ll just go to the fin aid office when school starts. I really hope it’s not too late for Perkins Loans. Thanks everyone.
@Madison85 I will definitely save up. Last year I had a summer job before starting school and a bunch of scholarships. Unfortunately those scholarships have run out, the majority were 1 year, and I was unable to find a job this summer. All of that along with the medical leave has really put us in a tight spot. But, I definitely plan on saving up this time around just in case. Thank you!
You don’t need to wait for school to start. Document and submit unreimbursed medical costs and provides the dates of medical leave and the change in income. You can get the federal direct loan for 6.5 or 7.5l but usually Perkins are limited and run out.
@BrownParent I have. My fin aid package was revised accordingly, but since we’re already low income I’m guessing they didn’t change much because we’re still paying a little more than they charged last year… However, I’m pretty sure they just don’t include loans as a rule. I don’t have to wait but I live far enough that anything I would have to mail would get there around the same time I will, so it’s just easier. I’ll probably call for info tomorrow though, thanks.
The only thing that this means is that they do not put loans in your need based financial aid package. It does not mean that you cannot take out a loan. IN fact some students take out loans to help with their EFC or if they did not meet their student contribution or other life circumstances kick in. Since your school has meet your need, you should be able to get a direct unsubsidized loan provided that you filed the FAFSA. Contact your financial aid office on tuesday and let them know that you would like a direct loan. they should be able to set you up; you will do the on line counseling and sign your promissory notes.