Second Semester Woes

<p>Hi. I currently attend a state school in CT. Because my FAFSA was so late, I was given minimal FA - loans and the Pell Grant. As a result, my parents had to pay $4,600 last semester and the same for Spring semester. However, my parents have fallen on hard times (or should I say harder times) and simply cannot pay the Spring tuition bill. </p>

<p>I have two options: withdraw from the university and go to CC for a semester. I was going to apply to the state flagship as a transfer for next year anyway and will do so shortly. OR I can try to get a PLUS loan. The thing is, I'm pretty sure my parents' credit is really bad and they will denied. The FA lady on the phone said that if they are denied, the money goes to me, as another unsubsidized federal loan. I'm already taking out $5,550 in federal loans and do not want to take out any more.
Now, my mom really does not want me to go to CC for a semester - she would prefer the loan. I'm not quite sure this is the right decision and don't want to be home for a semester either but think the best idea is for me to stay home and go to CC.
Any advice ? Please.</p>

<p>As long as your admission with the state U is secure even if you transfer (and you should ask them this before making a final decision), I think your plan is better than your mom’s. If they don’t have the money then more debt is not going to help. I think you’re wise to decline the extra $4K unsub loan that you’d be offered if your folks are denied a Plus loan - there is a $31K limit to Stafford undergrad loans and you may need that loan eligibility in future years!</p>

<p>If a student’s parents are denied a PLUS loan and the student becomes eligible for the additional unsub Stafford, then the student’s aggregate limit increases accordingly (to $57,500 - same as an independent student).</p>

<p>Not that I think it is a good idea for anyone to take on that much debt. I think the CC is a good idea to save some $$s. In some states the State 4 year schools have agreements with the State CCs that students with a minimum GPA will automatically be accepted to the 4 state Us. Also, in our state if you get an associate degree from a state CC before you transfer then you are considered to have met all general ed requirements for the State 4 year. For instance I did not take any sociology classes as part of my associates in business as they were not required. The degrees at the 4 year state U do require 6 hours of sociology but, under the articulation agreement, transfer students with associate degrees do not have to take them as they are considered to have met all their general ed requirements.</p>

<p>I also think the CC is a good idea. This is a terrific way to cut costs while taking necessary classes for degree requirements. Often, CC classes are better than those at a U … smaller size, profs more accessible, etc. </p>

<p>File your FAFSA in January, if possible, and send it to all schools you are considering for next fall. That way, you will receive the best possible aid package you would be able to receive.</p>