Lost! Where to get loans

My kid is accepted and awarded about half the cost of a private college. There is 20K left that I have no idea where to turn for the loan. She has to take it out in her name.

The college is approx 42K
They awarded 19K

I need to come up with the rest.

Where do we go???

Please help?

Did they award her 19 k in grants and scholarships or does her also include the federal loans ("Stafford ")?
She can’t take that amount in her name. She can take on 5.5k from federal loans.
If you don’t have the money from Income and savings, don’t borrow that much. That college 'gapped ’ your child and is unaffordable.
It’s called an ‘admit/deny’ they pretend to admit you but really deny you because they don’t provide you with enough ugh aid to attend.
Where else did your child apply? Did you run the NPC on these other colleges?
What are her stats?

What’s your EFC? How much can you pay if it’s different from EFC?
Some colleges are still taking applications so if need be there are still possibilities.

There is 20K left that I have no idea where to turn for the loan. She has to take it out in her name.



Is there already one of two Direct loans in the FA pkg of $19k? If so, how much?

No one is going to lend your daughter that much without a qualified cosigner.

Not only can your DD NOT take out the rest in only her name (you would have to qualify and co-sign), but that is TOO much for a student to borrow!!

What is her major and career goal and how much do you think she’ll be earning upon graduation?

$80k+ of student debt is WAY TOO MUCH. Likely she won’t be able to pay it back and since you’d be the cosigner, you’d be responsible.

How much can you pay per year?

This schools sounds to be unaffordable. Where else did she apply?

We had one of those too. If you can’t afford to pay the difference out of current income and/or savings, it’s time to move on to other options.

Students can take the federal student loan ($5500 as a freshman, $6500 as a soph, and $7500/year as a junior and senior), but that’s all. Does she have any affordable acceptances yet? What state are you in?

Thank you for your answer. NPC? What Stats? EFC was about 10K but I can only afford about 5K How the heck am I going to help her now?

It looks like this:

blue Award 7500

Where has she applied? Where was she accepted? What is your home state?

It looks like this:

blue Award 7500
Grant 2225
Fed Perkins loan 750
Fed Sub Direct loan 1750
Fed unsub direct loan 1000

School is 42344

I am so lost. She wants to play on their golf team. its D3 so no scholarships.
She has to go out of state because she did not pass math by just a smidge.
GPA 2.9 and ACT 22


What do you mean 'she has to go out if state because she didn’t pass math '?
Isn’t still time to get a tutor and pass math ?

Where else has she applied ?
What state are you a resident of?

The school is not affordable.
There has to be schools where she can play golf where she won’t be gapped like that.

She got a D on her math and in California, its unacceptable to go to state without a C or better!

They go first semester and she got a D

It’s time to sit down with your daughter and talk about how we can’t always have what we want. Every year, I see some of my freshman who came to my employer because they really wanted to continue a sport (and the NAIA can give scholarships), but leave after a year because they just don’t have the money. It is heartbreaking for the student who must now find somewhere else to go and who now has to try to get aid as a transfer. Neither you nor your daughter should even consider this level of debt. Four years of golf will not be worth 100k in debt (80k in addition to the federal loans in the aid package). Do not do this.

If your in-state system is not an option for the 4 year schools, what are the requirements for community colleges? Many are open enrollment. All are going to be much cheaper than 42K a year. Some even have residence halls and sports teams.

She applied to all the instates, but they denied her acceptance because of her grade. So now she was accepted only at BVU in Storm Lake Iowa. I mean there were a couple other out of states, but no golf!

I am so confused and at a loss. Here is this great kid! And not good enough for California State. because of that oen grade. Her ACT is better than half the nation, I read, IDK for sure, but its not terrible.

Sounds like she needs to start at a CC.

You can HELP her by NOT getting her swallowed up with a ruined life with huge debt! That’s how you help!

You’re looking at $100k of DEBT!!!

Why would you think that a newish grad could afford to make the payments on a $100k of student loan debt??? You’re an adult and can pay $5k towards college, so why would you think a newish grad could pay $1200+ PER MONTH of loan payments???

You know Storm Lake is a town of 10k in the middle of nowhere? Nearest small city is 70 miles away. Just look and see what it takes to get there from wherever you are in CA (I’m thinking nearest airport is 70 miles away, too, and that airport has just one carrier–3 flights a day). You are going to be paying a lot more than the 42K of the directly billed items (tuition, room and board). There are books, personal expenses, transportation …

You are going to be paying a lot more than the 42K of the directly billed items (tuition, room and board). There are books, personal expenses, transportation …



Exactly…add another $10k to that cost…plus maybe insurance if your insurance isn’t good in that state…which often happens.

This school is NOT worth it!!

What is your DD’'s major and career goal???

@ucbalumnus What Calif CC’s have golf???

OK, with this info we can help. Thanks for providing it.

What level math was it? Algebra2? Precalculus?
Is she passing math this semester?
If so:
Have her guidance counselor update all CSU’s about it.

If push comes to shove, you’re lucky you’re living in CA where there are many CC’s and they’re, overall, rather good.
She could apply to a community college, you’d bank the college loans for her junior-senior year so she can go to sleep away college, and use some of the savings to buy her a subscription to play golf in a club?

Other possibilities:

Use WUE - check the conditions.

She can apply to NAU in Flagstaff, lots of Californians there. And they have a golf team!

Colorado State still accepts applications for these majors:

University of Arizona is still accepting applications.
As are Montana State Bozeman (really nice town, lots of Californians), UMontana Missoula, U of New Mexico, New Mexico State, New Mexico Tech (lots of Californians), North Dakota State, Dakota State, South Dakota School of Tech, Oregon institute of Technology, Southern Oregon University, U Utah, Southern Utah U, Central Washington State U, U Wyoming.

Other universities where she can apply that may be affordable include…
Truman State (it’s a reach academically though, but affordable)
Mankato State
UMN Duluth

Not sure about affordability but they still accept applications…
Concordia Moorhead
Georgia College
UMaine Farmington
UMaine Fort Kent
Midwestern State University Texas

NPC = Net Price Calculator. It is available on every colleges web site. Enter the info it asks for and you will get an estimate of what it would cost for your D to attend that school.

I understand this is upsetting.

MYOS1634 has given some great options. She could also take a gap year. Then she can apply to CA schools this fall with a full transcript. She’ll have to raise her math grade, so make sure she takes advantage of whatever resources are available to do that.

Every college has a Net Price Calculator (NPC) on its website. They can give you a good estimate of what a college may cost (unless you’re divorced or own a business). Freshmen get the best grants, so if you think you can afford a 4-year school don’t let your daughter take classes at a community college or many schools will consider her a transfer. Transfers don’t generally get much aid.

With an EFC of $10k you won’t qualify for federal grants. She can borrow ~$5500/year if you file the FAFSA. If she works summers she can probably raise ~$3k. You can pay $5k. That gives you ~$13k/year. If she qualifies for any state aid, your budget may be a little more. You need to communicate whatever that budget is to her and make sure she knows that part of it entails her getting a job to save for it. And before she applies anywhere else, run their NPCs. If the school seems unaffordable, don’t let her apply.