Private Loans- ODU- No Cosigner or Credit

<p>I will hopefully be attending Old Dominion in the next few months but I am having trouble with financial questions and since no one in my family has been to college I havent gotten much help (no support, no visits and of course no money). I'm not sure if I am doing anything right. My total coast of attendance for ODU is 35,800, my award package came to 17,050. Leaving me to need around just about $19,000 in private loans for the first year. However I do not have a cosigner and have no credit. I am 18 though and have had the same job for 3 years and 3 months. I have applied for numerous private loans and all decline me because of my lack of cosigner and credit history. I know I cannot be the only person to ever go to college without the funds and need a cosigner. Im just not sure how to go about finding a bank or if their are even anymore out there. I am not necessarily worried about paying the loans back at this time my main concern is just getting them at least for the first year and then if need be I can transfer, instate. I've never actually been to the school etc so its hard for me to even get an idea of everything I'm getting myself into!</p>

<p>No one is going to lend you the money without a cosigner with a good credit rating. Lenders want to minimize the risk that the loan will not be repaid, and they do this by requiring a cosigner that they can go after if the student pays the loan late or does not pay it.</p>


This is a very bad idea. Why waste the money and spend years paying off this debt to attend an expensive school for one year then transfer? The name on the diploma will be the school you graduate from, not the school you started from. </p>

<p>You should be worried about repaying it, you have 4 years of school to pay for and should try and minimize your debt unless you want to spend the following 10 years struggling to repay it. Even if you could find a cosigner, I am guessing you already have the max direct federal loans included in your FA package, which means you are talking about $24,500 in loans - for one year. That is about the average debt for the entire 4 years of school. At that rate, and with interest accruing throughout the years you are in school, you would owe between $110,000 - 120,000 at the end of 4 years and wold have monthly loan payments of $1250+ a month every month for 10 very long years. it would be a crushing debt.</p>

<p>Do not start there thinking the money will magically appear. It won’t, and once you start classes you will still owe them the money whether you are able to continue or not. You can not afford this school. You need to look for a more affordable option. Now, not in a year. </p>


<p>* My total coast of attendance for ODU is 35,800, my award package came to 17,050. Leaving me to need around just about $19,000 in private loans for the first year*</p>

<p>What is in your award pkg? What is the breakdown? I’m guessing that you already have a good number of loans in that pkg.</p>

<p>Are you OOS for ODU?</p>

<p>Are you a frosh? If so, then you’re going to end up with about $100k in loans? Do you have any idea of what your payments will be???</p>

<p>What do you mean by saying that you’re not worried about paying the loans back??? </p>

<p>What is your career goal? How much do you think you’ll be earning upon graduation???</p>

<p>If you’re a frosh, then you need to start at a CC or nearby state university. </p>

<p>What do you mean by…go there for one year and then transfer instate??? that is nutty. You’re going to rack up $25k in debt for ONE year at ODU, and then transfer/graduate from another cheaper school??? That’s crazy.</p>

<p>I realize that you don’t have college people in your famiy, that’s why you’re not getting good advice.</p>

<p>What was your GPA and test scores?</p>

<p>What is your home state?</p>

<p>It might be best for you to take a gap year and then apply to affordable schools.</p>

<p>I agree with the others, OP. Check out your local community college (some will let you in even with this late an application) and get those basic courses all students have to take out of the way cheaply and buy yourself some time to investigate your best bet for the following three years. Otherwise, take the recommended gap year (it does not work against you - you will still be eligible for freshman year aid and you can still look for more outside scholarships during that year). Please don’t saddle yourself with crushing debt - you are going to need a credit rating to rent even some apartments on your own without a cosign, and you will want to buy a car later! You will need income and a credit rating and overwhelming debt can stop a lot of things for you in your life for a long time. I know it is hard to do at your age (I have a college son), but take the long vision and come up with a game plan you can live with and be glad about in five years. Good luck, and really, really think about this! Hugs!</p>

<p>“I am not necessarily worried about paying the loans back at this time my main concern is just getting them”</p>

<p>Any lender is going to be very worried about you paying the loans back. That’s why no one will lend you the money. You are not a good risk. The most likely candidates to lend you this money are your parents. If they are willing and able to borrow the money, via PLUS (DIrect Student Loans for parents to take out for the benefit of their children) or other places where they might get a better deal, they can then strike a deal with you on repayment terms. If your own mother or father won’t lend it to you, who do you expect will do so? A bank or other lender needs someone on the hook with a proven credit record to co sign with you. If not your parents, any other credit worthy adult.</p>

<p>You are fortunate, yes, lucky, good lucky, that you can’t just take out those loans. To borrow that amount of money for just one year of a private school that instaters are paying a quarter of that cost is really not a good deal for you. Not one bit. At your age, it is natural that you are not thinking about repayment of that amount, It is a lot of money and it is only going to get you through one year of college. </p>

<p>Look for public options near you. Are you living with parents? Even if they won’t give you a dime, if they are letting you live with them, that’s worth quite a bit of money each year. Rent is expensive. If you have a job, keep it. Work part time or go to school part time and pay as you go. That is the way most people get a college degree.</p>

<p>And, there’s no way that ODU is worth $35k per year for someone who can’t easy pay the bill. I’m not slamming ODU, it’s a fine school. But, when you don’t have money, then paying OOS rates is crazy. no one should borrow to pay OOS rates.</p>



<p>I think you have outlined your primary problem–you have not gotten any real guidance on how to attend AND afford college. Many students (and their families) do not understand that getting an acceptance from a college is often the easiest part. Having the ability to pay for the said college is as important if not more important.</p>

<p>You are probably qualified academically to be accepted to literally THOUSANDS of colleges around the US and overseas. However, there are probably only a handful that you can actually afford. These will be either schools that give you an insane amount of financial aid in the form of freebie monies (grants) or schools that are in-state, probably local so you can live at home and save the cost of dorms, and possibly also community college the first two years.</p>

<p>Take the advice of the members here on CC–these are parents who have guided their own children through college and have offered this same help to the students here on CC. Some of these members have posted for 4+ years and 10,000+ posts and know their stuff.</p>

<p>At this point not going to ODU for at least a year would be taking a loss as I’ve already have paid for the admission fees and deposits. My family situation is not very good making it very impossible for me to go to community college or take a year off. So that’s why I’m not worried about the money right now just to get out and then fix myself later. I plan on studying sports management and minoring in exercise sciences. Picking ODU was a rash desicion to get away from my family and now I must find a way to pay for at least a year of it.</p>

<p>Better to take the losses you already have, than to compound them by collecting a bunch of debt.</p>

<p>Your best chance at good financial aid is if you enroll as a freshman. A year at ODU will ruin those chances for you.</p>

<p>You’re not thinking clearly. The loss of the amount of your deposits (some may be refundable) are SMALL compared to the impact of those loans.</p>

<p>You can’t just fix things later with a transfer. If you qualify for any kind of scholarships as an incoming frosh, then you’ll lose that as a transfer. </p>

<p>Your major isn’t likely going to result in a highly paid salary…especially during the early years after graduation. Even borrowing a lot for frosh year only is a very bad idea. </p>

<p>Your plan is to borrow $19k for this year…along with student loans (about 5500 or so)…so for frosh year only, you’d have $25k in loans. PLUS your loans for soph, jr and sr years even if you go to a cheaper school…</p>

<p>So, even if you transfer to a cheaper school later, you’ll have the $25k debt from frosh year…PLUS another $20k+ from Stafford loans for all 4 years. That’s a MINIMUM of $45k in loans. That is tooo much.</p>

<p>Besides, NO ONE is going to loan you that additional $19k…so you do need a Plan B. </p>

<p>So, start working on Plan B…what will it be? </p>

<p>Why can’t you take a gap year ? Are your parents kicking you out? If so, do you have a friend you could live with this year while working?</p>

<p>What was in your aid pkg at Old D?</p>

<p>I’m not really being kicked out but I don’t really get along well with my mother and me going to college was supposed to be the good thing to get me to leave. I have been literally working my ass off in high school all ap classes and an almost full time job so I could go to college. I don’t want to turn out like my family. My aid package for old dominion was $17050 including my loans from the government and my scholarship from the school and the pell grant. I have lots of friends but none I could live with for the year because they are all going away to school. I got into Towson almost all paid for but my parents wouldn’t even take me the 45 minutes to visit so I just chose ODU to get away my guidance counselor told me I would be able to get loans but she was wrong. My original plan was to go to NYU but I was wait listed so that’s when ODU just made sense… But now I regret everything</p>

<p>I also had to borrow all the money for the deposits… So it’s not even my loss it’s my cousin… The only one who supports me who now I have to find some way to pay back. I know it seems like I’ve done everything wrong but it’s because I had to try everything out as a guessing game…</p>

<p>OP, not all schools admit students in the fall only. Many schools take students in either Fall or Spring, ODU being one of them, for example. Listen to other parents here. Step back and assess your situation.</p>

<p>“I got into Towson almost all paid for”</p>

<p>Pick up the phone.</p>

<p>Call Towson.</p>

<p>See if that aid package can be reinstated for the fall or for second semester.</p>

<p>If it can’t, pick up the phone and find out what your local community college can do for you. What county are you in? Some of the MD CCs have honors programs that come with serious scholarship money.</p>

<p>Are you in-state for Towson? That is a much better deal than ODU OOS. Comparable schools academically, but in state at Towson with (what sounds like substantial scholarship?) Towson, MD is a great downtown area, not too far from Baltimore and DC. Agree with others … call on Monday to see if they still have a place for you with aid package.</p>

<p>Also explore in state CC. If you take a gap year look to see if you could find a job that would allow you to live on your own and save money. It may be difficult, but possibly an option. </p>

<p>In the meantime, what are your HS stats? Depending, you may qualify for merit aid at some schools. High merit is generally reserved for new freshmen.</p>

<p>You are working hard to do the right thing for your future. Continue to think of longer term goals to ensure current decisions don’t lock in future choices as much as possible.</p>


<p>Sent from my DROID RAZR using CC</p>

<p>Yes, call Towson and see if you can still get that deal.</p>

<p>Also…be sure to call your GC (or send her an email) and tell her that her advice was WRONG. She needs to know that so she doesn’t grossly mislead others (omg, there are too many idiot GCs out there.)</p>

<p>You can work this summer to pay back your cousin. How much are the deposits? </p>

<p>Also…since you’re a Pell Student, many schools WAIVE deposits…so when you call Towson, ask if they’ll waive deposits since you’re a Pell Student. </p>

<p>BTW…NYU wouldn’t have worked out either…it gives lousy aid as well. You wouldn’t have gotten the loans for NYU either.</p>

<p>What was your GPA and ACT/SAT scores?</p>

<p>The only thing is I won’t have the money to pay for the deposits and etc for Towson even if they let me in. I had pretty good grades all through high school and took all ap classes. I’m going to call Towson Monday. The only problem is that I literally already have two jobs I work now to support myself and help my family so digging myself out is not going to be easy at all I’m still hoping to find some way to at least get in for the first year or semester so I don’t miss out</p>

<p>And with the deposits I tried getting them waived and or extended or rolled into my tutition when I couldnt afford the original deposits, Towson wasn’t very willing to work with me, ODU gave me time which is another reason I ended up choosing them</p>

<p>But I will still need around 4000 in private loans a year for Towson… I know that’s much better than 19000 but do you think I would have a chance of getting approved?</p>