So my top 2 colleges are both 7k a year above my budget after I received automatic schollarships. I have no way of paying the extra money. Does anyone know of any schollarships svaloable. I do not receive financial aide because of my parents income so that is not an option. Would it work if I contacted the colleges asking for a bigger schollarship?
You can take a $5500 Direct Loan (was that already in your financial aid award??)…and earn $2000 a year by getting a job…now and planning to work during the school year as well.
Would that work?
Adding…one school is apparently Michigan State, and the other Miami Ohio. Are you instate for either?
These are your stats…I’m going to guess that additional scholarship money is not going to be a reality…but sure, you can ask.
I looked at your other threads, and you applied to some pricey schools. What was your plan to pay for them if your parents income doesn’t qualify you for need based aid.
I am OOS and my parents are against the idea of taking out a loan but I will consider the work/study option!
If you don’t have financial need, you will not get work study. You will have to get a regular job. Some colleges do have on campus jobs, but the reality is…you won’t be earning $7000 a year.
The Direct Loan is in YOUR name, not your parent name.
Since you are OOS, really, don’t count on getting additional money.
Did you apply to any of your own instate options? Do you have an affordable acceptance?
I applied for 2 schools that were very expensive and reach schools but the majority of colleges were in my parents budget or slightly above. I do have other option I am considering if these schools don’t work out; however since these are my top 2 I thought I might as well try. Thank you for the help.
Yes! I do have other affordable options that I am still considering
Your parents may be against the loan, but the schools aren’t going to give you and extra $7k just because you don’t want to take the loan. Everyone would prefer to get a grant to taking a loan. Everyone
Your parents don’t have to agree to your taking the loan, your signature is all that is required. If they don’t want you to take it, they can pay.
@Wall1111 Speaking as a parent, I wanted my son to take a full merit scholarship to a regional public because we’re strong no-debt folks. But then I did some deep thinking and realized that the $8k gap at another school was actually the better deal. The parchment from that school will work a lot harder for my son because said school has a stellar alumni network, good internship pathways, and a solid career services department. What I’m saying is that in the end, we decided to meet our son half-way; he’s taking a $3,500 subsidized loan, and we’re going to cover the rest of his gap, as well as his travel expenses to/from home. His summer job will pay for books and the fun stuff. You may find that your parents are willing to do the same, so long as you have some skin in the game and don’t expect everyone else to do the heavy lifting. At the end of the day, $7k/yr isn’t that much for a good degree from a good school. And I say this from the perspective of a low-middle class family, so you know that we’re not rolling in it. This will definitely represent a sacrifice for us, and presumably it would for your parents, too. Hopefully it will work out for you.
I think Miami of Ohio would be the better choice financially, since they promise to freeze costs at freshman year rates for four years.
At Michigan aid would be need based which could fluctuate every year and upperclassmen pay more for tuition as well.
If you can’t come up with the extra $7 k by taking student loan and working in summer and at school part time, then you might need to take a look at the other affordable options.
Have you been accepted to any college that is within your family’s budget?
In terms of “Your parents don’t have to agree to your taking the loan, your signature is all that is required. If they don’t want you to take it, they can pay.”
Keep in mind that there is no way to discharge the student loans without paying back every penny even if you or your parents declare bankruptcy. In that way, the loans are a real scam. You can get rid of debt without paying it back by declaring bankruptcy if you spend too much money on clothes, wining and dining and partying or if you invest poorly. Billionaires can get rid of debt related to businesses that were poor investments. But poor people who took out loans to get an education can never ever discharge them without paying back every penny (except for occasional federal programs, most of which mandate you work in a certain place doing a specific task).
A better idea would be to see if your parents are willing to lend you the money. They can draw up a contract and make if official. But then they would have control over whether or not you get some wiggle room and/or if you have to pay it back completely. They can also forgive a certain amount each year (not sure the limits) if they choose without tax consequences.
Did you submit FAFSA? If so, then you can take the loan. You don’t even need to tell your parents. And probably it may be a good idea not to tell them that you’re taking the loan. Just call the FA office and ask them to add it in.
In the meantime, get a summer job and work/save for the balance.
How much are your parents paying each year?
I don’t think student loans are a scam at all. You borrow the money, you have to pay it back. Period. They are unsecured loans with a lot of risk to the lender, usually the federal government. If the private lenders didn’t have the guarantees of not being able to discharge the debt in bankruptcy, very few would lend the money.
Debt you can dismiss in bankruptcy requires more qualifications to get the debt to begin with. Even credit cards require more to get than a student loan from the government.
I remember when I first started school I was talking to a grad student who was quite serious when he told me he was buying a stereo and some other things while he was in school because as soon as he was done he was going to file for bankruptcy and he might as well get a stereo and some other benefits. This was an intelligent guy but he just thought why not? everyone else is filing bankruptcy on their student debts. AND THEY WERE! I was about 18 so I thought that was reasonable. Later when I learned more about debt and bankruptcy, I thought that’s just stupid (plus I didn’t have any loans at that time because I couldn’t qualify).
So when they rewrote the bankruptcy code, they did away with this practice and I think that was a good thing. If they didn’t, people really wouldn’t think twice about borrowing $100k and then dischargine it.