Underwhelming FA, Need Help With Grants/Loans! PLEASE HELP ASAP!

<p>Hi there,</p>

<p>To make a long story short, my family's income is too high for the typical loans, but extreme out of pocket medical expenses means my parents have zero funds to spend on my college.</p>

<p>I've taken 2 gap years to try and get a better financial foundation, but it's only gotten worse. I won the Presidential Scholarship at USC for this coming Fall, which covers half of my tuition, but the FA package they provided was incredibly tiny. I'm basically short about $30k.</p>

<p>I know I am running out of time, but I'm looking for any help/advice/suggestions on unusual grants/scholarships as well as info on the best loans to get and where to get them from. My parents are filing for bankruptcy, so I don't know whether it will be best for the loans to be in my name or theirs.</p>

<p>If there is any info you may have or knowledge based on experience regarding student loans, as well as any grants/scholarships I may not be aware of, I'd be super grateful if you would share it with me.</p>

<p>Changing schools is not an option at this point, so I just need to find the best way to keep my costs as small as possible for USC.</p>

<p>THANKS IN ADVANCE!</p>

<p>You're in a pickle. You can't borrow that much. You would need your parents to either borrow the amount or co-sign (which isn't likely going to happen.)</p>

<p>Is USC aware of the medical bills? If not, you need to bring documentation to them.</p>

<p>Can you live at home or with a relative and commute by bus?</p>

<p>I've sent in all documentation. I am past the point of sending in more forms, or trying to find alternate ways to live/commute.</p>

<p>Right now, I just need info on loans/grants, and what the best way for me to fund my education would be.</p>

<p>My parents are fine taking out the loans, I just didn't know if there were any advantages to me putting them in my name.</p>

<p>If your parents are doing a bankruptcy, how would they take out loans or co-sign loans. Do you realize that they have to QUALIFY for these loans - this year and for the subsequent years?</p>

<p>If their credit is in such a state that they are filing bankruptcy, how can they help you with loans.</p>

<p>It doesn't matter if the loans are in their names or yours. You need for them to qualify to co-sign. You can't get the loans only in your name.</p>

<p>However, after your parent file bankruptcy and get rid of their debt, why can't they help you pay for college? Their debt will be gone then.</p>

<p>Is it absolute that your parents will be filing bankruptcy? If that is the case they will be ineligible for a parent plus loan. Also, you will not be able to take out any loans in your own name without a credit worthy cosignor.</p>

<p>The parent plus loan would be the best bet for you especially if they have a high income. Did they look at all other solutions as to not file bankruptcy?
You really need to have this conversation with your parents.</p>

<p>You REALLY need to have a conversation with USC financial aid. If you have documentable medical expenses, the financial aid folks there could consider a special circumstances consideration...and they can make adjustments to your family contribution taking those medical expenses into consideration.</p>

<p>BUT you have to be able to dcocument the medical expenses, any insurance that paid parts of these bills, and the necessity for these expenses. Special circumstances considerations are at the discretion of the schools but necessary and high medical expenses are one reason that a special circumstances review MIGHT be considered. Your parents will have to be willing to provide the necessary documentation of the expenses, and lost income (if any) due to the medical issues.</p>

<p>You need to call USC...find out what to do to document medical expenses and request a special circumstances consideration.</p>

<p>If your parents are denied a Parent Plus loan, you will be eligible for additional Stafford loan monies but they will not cover the balance you indicate.</p>

<p>We already sent in all info, and I've already discussed this all with my parents.</p>

<p>My question doesn't really have to do with my parents financial situation....I'm mainly curious about the best loans/where the best place to get loans is, and if there are any special grants/scholarships that I may not be aware of.</p>

<p>If anyone has any info regarding the above, I'd really appreciate it!</p>

<p>This website seems to help students find the right kind of loan, with and without cosignor and gives the interest rates.
Compare</a> Student Loans Side by Side and Find Financial Aid Information</p>

<p>*</p>

<p>My question doesn't really have to do with my parents financial situation..*</p>

<p>OK....you don't seem to "get it." Your question DOES have to do with your parents' financial situation. You're asking where YOU can get a big loan. YOU cannot GET a big loan without your parents help (either as co-signers or as primary borrowers.)</p>

<p>You seem to think that there are banks out there who will loan big amounts to young people who don't have nice incomes. Banks lend large amounts to people who can demonstrate the ability to pay the loans back. You can't do that.</p>

<p>That's why you can only borrow the little amounts of federal loans.</p>

<p>And, it's June...a short time before school starts. You can't get loans/grants in time for Fall.</p>

<p>I think you can get the $5,500 Unsubsidized Stafford loan (available to any student) anytime up until September or so. Contact USC to find out how to do this.</p>

<p>He can get half of $5500 for the first semester, and the other half for the second semester. Unfortunately, that's not even close to what he needs.</p>

<p>You are short $30k. Your parents are not able to co sign or take out PLUS for you because they are in a bankruptcy situation. What I see is that you can get the $5500 Stafford, and if your parents are turned down for PLUS, you can get an additional $4K. That, with some scraping the pot brings you $10K closer, You need $20K more. You can ask USC if they will lend you the money through any of their private loans. You are hopefully working and have been working and have saved something. Can you do a huge garage sale and get some money that way? Then you can work during the school year and possibly make $5K. If you really work at it, those things can get you another $10K closer.</p>

<p>OP, I'm confused. I did a search and it looks like USC is Univ of South Carolina. How do you have $30K left to fund if you're getting a half-tuition scholarship? Even if you're out of state, it looks to me like you would have about $20K left ($12K of which would be tuition) plus living expenses. Can you show us the breakdown? And, if you're out of state, was school is instate for you? That might be more affordable, especially if you can live at home.</p>

<p>OP, Please ignore my post. I shouldn't post when I have insomnia. The school is Univ of Southern California so, of course, your post makes sense. Sorry! </p>

<p>Out of curiosity, is there a possibility that an instate public would be more affordable? I'm afraid that even if you are somehow able to swing USC for one year, you will have trouble with funding it through your undergraduate education.</p>

<p>I'm not a bankruptcy expert, but I was corrected by one on these boards in the past, regarding the credit-worthiness of a bankrutpcy filer. Apparently, such people are considered by some lenders to be good credit risks, because they are banned from filing bankruptcy again for 7 years or so. Anyway, maybe parent loans are not out of the question for this student. It would be worth looking into.</p>

<p>I think the OP has already included the $5,500 unsubs Stafford in coming up with still needing $30,000. USC's COA is ~$55,500 and the Presidential Scholarship is ~$20,000/year. That leaves $35,500 to cover, less the $5,500 unsubs Stafford would be $30,000.</p>

<p>I also am pretty sure the OP has already gone through the fin aid appeal process and has been turned down by USC.</p>

<p>Borrowing $35,500/year for an undergraduate degree would not be a good idea, but you didn't ask that question, so... Parent PLUS loans are probably "easier" to qualify for than other loans, but if your parents are facing bankruptcy, they may not qualify. If Parents PLUS loans is your plan, they should apply as soon as possible so you will have time for alternate plans if they are turned down. If they are turned down you are eligible for another $4,000 in unsubs Stafford, which will leave you $26,000 short.</p>

<p>You mentioed a while ago that you planned to apply for a "single" in USC housing - one of the most expensive options. If you haven't already, contact USC Housing, tell them you cannot afford that housing option, and ask for the least expensive housing option available.</p>

<p>If you do manage to matriculate to USC, sign up for the RA pre-requisite. Becoming an RA is very competetive, but if you are selected you could receive free housing in future years in exchange for the work (and there is a LOT of work associated with being an RA).</p>

<p>Good luck.</p>