The Plus loans are on your parents, not your brother/the student.
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Not entirely true. I took out PLUS loans as a student. If your parent gets denied, you receive more unsubsidized loans through the PLUS program
I believe in people finding careers they are passionate about. And my monthly student loan payments have never exceeded $250 as someone who took out $60k in loans, did a year of unpaid internships, first job paid $1500/month, and now makes six figures. But when you come from not much in means, that degree is what opens doors.
That’s true, the student can take out another $4K per year in unsub fed direct loans (not a plus loan) if the parent gets denied for a Plus loan.
Your parent(s) could also get a cosigner for the parent plus loans if denied, but the student can’t access parent plus loans.
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Unfortunately not. It’s an hour drive for him. Also even if he could, it would be more stable for him not to
Thank you. I would do anything to support his dreams.
He actually can borrow more than $30k if PLUS loans are denied. I know bc thats what I did. But there would still be more to get covered and he is not doing private loans.
I’m not expecting a financial aid fairy and am well aware NYU is not likely to happen. But i came to a forum of many people with diverse experiences to see if anyone had an idea i had not yet thought of. You miss every shot you dont take - so why not shoot
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For some, but not the vast majority. That’s the definition of a setup for failure.
$200/month is student loans is not suffocating. And it gave me the ability to support myself. You can choose that that is above your comfort level but you cant decide that for others.
I literally did it myself. They give you more in loans when your parents get denied PLUS loans.
This is directly from Student Aid and is the most recent information. The right column is for students whose parents were denied Parent Plus Loans.
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I’m not sure where that $200 a month payment is coming from, but I can almost guarantee it’s going to be much higher than that…not a good comfort level if you’re working at Safeway out of college, like most prospective actors. I would highly recommend thinking this through. Assuming you could even get the loans, you would hate your life afterwards. It would be especially difficult to change careers with a pile of debt to deal with, because you’d need more debt to go back to school and get something more marketable. Trust me, I hear about situations like that on this forum almost weekly.
That is the average of what i have paid with $60k in student loans. Its private loans that kill you, not the public ones
Plus Loans are NOT taken out by the student. They are taken out by the parents.
What kinds of loans can HE take out that are not private loans?
Honestly, it doesn’t look like NYU is affordable anyway.
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Please tell us where this student can get an additional $30,000 a year in loans…without a cosigner…that are not private loans?
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So. Third year student whose parents are denied a Plus can get $12500… total in Direct Loans. You said they needed $30,000…where is the rest coming from??
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I’m well aware. But when your parents get denied PLUS loans they give students more. I dont know why this has gotten so hostile
If you read my post that is literally the point of this thread. I was asking for inight and advice on the gap of what is left to cover.
The MOST a third year college student can get is $12500 in Direct Loans. That’s it. That includes the extra amount that is included because the parents were denied a plus loan. Otherwise, it would be $7500.
The federal government is not going to give this student $30,000 a year in federally funded loans.
With the full Pell grant, and that $12,500 in Direct Loans (the larger amount because family is denied a Plus), this student would still be short about $70,000 a year to pay for NYU Tisch. Where is that money coming from?
I can’t think of any 11th hour funding that will cover these costs.