Student Loans

Paying for College
1

<p>Hi. I have a dillema. I am a Florida resident looking to study at and moving to California (a state where, based from what two other students told me, has high living expenses of around 20K a year). I intend to go to California and study at a community college and then transfer to UCB (to study for my junior and senior years as well as completing post graduate law school) where the cost of tuition is nearly 50K a year for out of state. I realize this will be expensive to pay in loans so I will be looking for ways to save as much money as possible by</p>

<p>*Working when Im not studying
*Getting cheap housing
*Getting around via a bike or public transport (No car)
*Going to a community college for the first two years
*Looking to take savings anywhere possible
*Establishing Resident Status</p>

<p>Now here is where my dilemma comes in.</p>

<p>Establishing resident status means I would have to exempt myself from the taxes of my parents, so I wonder if I can take out a large loan for my college expenses (100K) for educational purposes?</p>

<p>It is unfortunate that my parents havent saved money for my college purposes even though they have earnings 110K a year joint and therefore denying me the majority of subsidized loans that do not require a co-signer.</p>

<p>Anyways what are some of the sources for loans without a cosigner? I dont mind paying a higher interest if I can use loan money to save myself plenty now, not to mention expend the usage of the loan… With that said a 100K loan (I do not mind if I have to go into heavy debt to be a lawyer ) with a cosigner denies me resident status and probably uses ALL of the money by the time I graduate and does not expand into lawschool according to my calculations…</p>

<p>And I dont think I would get married or join the army by the time I enter UCB. Oh and I would only be 21 years of age at entering UCB.</p>

2

<p>First, You cannot establish residence in CA while you attend school. Second, you will be a dependent of your parents for FAFSA purposes until you are 24 or married or a member of the military (among a few other areas). Living apart from them does not sever that. You need to reexamine your plan.</p>

3

<p>This webpage makes it looks like I can after 1 year.</p>

<p>[Legal</a> Residence Information - Office Of The Registrar](<a href=“http://registrar.berkeley.edu/Default.aspx?PageID=legalinfo.html]Legal”>http://registrar.berkeley.edu/Default.aspx?PageID=legalinfo.html)</p>

4

<p>This webpage makes it looks like I can after 1 year.</p>

<p>[url=<a href=“http://registrar.berkeley.edu/Default.aspx?PageID=legalinfo.html]Legal”>http://registrar.berkeley.edu/Default.aspx?PageID=legalinfo.html]Legal</a> Residence Information - Office Of The Registrar[/url</p>

<p>Oh and I will be sure to complete the below instructions save for obtaining the drivers license which most likely I wont get until my senior year (no budget for car =(). I always wanted to live in california and will have those things (such as finding residence for 366 days (more like two years) and obtaining voters registration as finding employment during those years and reporting my income and filing the taxes (though I will use money through my own loans to pay for some when short on cash))</p>

<p><a href=“http://www.ucsd.edu/current-students/finances/fees/residence/status-change.htm”>http://www.ucsd.edu/current-students/finances/fees/residence/status-change.htm&lt;/a&gt;&lt;/p&gt;

<p>hmm</p>

<p>now that you think about it Im gonna forgo a loan without a cosigner but will sacrifice some loan gain…</p>

5

<p>where do you see 1 year? The link you posted has this</p>

<p>

</p>

<p>other than the difficulty of establishing residency as an undergrad (most schools in CA specify that this is very difficult) your other question was about the loans. It will be almost impossible to get such large loans without a cosigner. You are eligible for Stafford loans without a cosigner. The maximums for those are $5500 for a freshman, $6500 for a sophomore and $7500 for 3rd year and up with an aggregate maximum for a dependent student of $31,000. Even if you are able to establish residency in CA (which is unlikely) you will still be considered a dependent student for FA purposes.</p>

6

<p>Well if I have to do two years, I will do it without difficulty since I do intend to do 2 years of community college in california.
Also, about difficulty, Im willing to go through it, even if it means getting a loan for less and higher interest without a cosigner. (I probably wont need the full 100K loan until I enter the second year of post graduate study).</p>

<p>If anything, the 100K figure was just a wild guess from the total cost of attendance, I am willing to discuss a much lower loan if I can establish a proper budget and get a better figure from a financial advisor.</p>

<p>Edit: ehh financial aid (from what I have seen in actual available aid ) isn’t no where as much as the savings I would get from going to UCB as a instate resident.</p>