<p>Hi, I was admitted into Clark University and got a lot of financial aid (including two federal loans for $1000 and $2000). However, I’m still about $5,500 short each semester. I’m thinking of getting a loan since my parents can’t pay for it, and I don’t want to have them make another payment. I want to pay for this myself, but I don’t want to be in huge debt. </p>
<p>What would be the best and lowest rate loan to get right now, at least for one semester while I look for a job? he payment deadline for my tuition costs is July 22nd. I’m also thinking about whether to get a Sally Mae monthly one, or the one where I pay after graduating. However, I want to be in the least debt possible.</p>
<p>You will need to find a cosigner if you want to borrow more than allowed by the Stafford (and Perkins if it is offered by your college) loans. Who do you know who is willing to accept responsibility for $11,000 each year x four years = $44,000 if you can’t pay it back? </p>
<p>I don’t want to be negative, but it looks like you can’t afford this college right now. Can you defer enrollment for a year while you sort out your money issues?</p>
<p>Well, the thing is that I really messed up with the financial aid deadline. Applying was kind of last-minute, so I thought I wasn’t going to get any financial aid. Then I got in, and was told to apply late anyway. I’m hoping the school will give me more next year when I do apply for financial aid on time (the application automatically makes you apply for the school’s scholarships as well), but I’m not sure if that’s how it works. Please correct me if I’m wrong on this, as like you said, it wouldn’t be a good idea to go into a huge debt when I can get a good education somewhere else (and maybe even closer).</p>
<p>Usually, the best financial aid offers are made for Freshman year. After that they sometimes get worse. I don’t know the situation at Clark. The only people who can tell you whether or not your aid package would be better in another year, are the people in the financial aid office at Clark. Email them and ask about your situation. Get any statements that they make in writing, rather than just over the phone.</p>
<p>Right now, you are looking at $14,000 in loans for just one year of college. That is half of what you should limit yourself to for debt for all of your four years. This is not good. You really do need to be thinking about other options fro yourself.</p>
<p>You are very right. Today I went to Barnes and Noble and read a book about how to get out of college debt-free, and it kind of scared me. It said that loans shouldn’t even be an option, since I’d be in debt forever. What I’m doing doesn’t sound good at all. The book suggested taking a monthly payment plan (which is available at Clark but I’d have to ask), which means I’d have to work a lot and get help from my parents. And even if I work, it would probably affect my FAFSA.</p>
<p>You are completely right, I should be thinking of other options:/ I might only be able to go for one year and will definitively consider other options, both for financial aid and schools. At my other school, I actually had $3,000 leftover for personal expenses, textbooks, etc. What a change of reality for me; I hope I can do something to not be in debt.</p>