Hi everyone!
I am going to a university next year and I had to take out a $25,000 loan. My mom cosigned for me and she was approved and the promissory note was received. Today I checked my college mail and they told me that my CAL Loan has been certified and sent to the Texas Higher Education Coordinating Board. Also on my college profile it says that the CAL application is complete. However, I also checked the status of my CAL Loan on HHloans.com and it said this: “Funds currently not available, contact your school for options” this was the status as of yesterday. I am super nervous that I did not receive this loan!! I cannot contact HHloans or my financial aid office until Monday. We already put down the deposit and everything and I feel that I won’t be able to attend anymore because I can’t afford $25,000 in cash every year. Someone please help me ASAP. I need to know whether or not I should worry about the status of my loan and what it means.This is really important to me.
Thank you.
I don’t think we’re going to be a whole lot of help – you’ll need to call the college on Monday.
But, two thoughts:
- Loans aren’t usually disbursed (paid out) until the school term begins, so perhaps the message might be indicating that it isn’t (yet) available because you’re starting in fall (or summer) term, not now.
-$25K in loan is a LOT for one year. How many years will you be in college? Is this much loan going to be needed each year?
Earlier this year you reported that your parents paid no federal taxes and their deductions were greater than their income.
Are you sure that your mom was approved as co signer if she does not make enough income to file taxes?
How will she get approved the 2nd-5th years?
It says, “contact your school for options”. For $25K, you need to wait until Monday to contact the school.
Yes, $25K for each year. I’m going to a private school. The school actually told me to take out this much out from my financial aid package. And yes she was approved as a co-signer and everything
My aunt said that the same thing happened to her and I have to choose a lender or something
That’s too much debt for one year. Total undergrad debt shouldn’t be more than ~$27k TOTAL and you’re talking about taking nearly 4x that. If your family is low income, you risk the possibility of not having the loans approved in years 2, 3, or 4, then you’ll have a lot of debt but no degree.
What other options do you have? Did you apply to any financial safeties?
Um I don’t really have any other options. My mom is the cosigner, and her and my dad will be paying $400-$500 a month for it. I know a lot of people taking out loans, more than what I am.
I’ve been applying for scholarships and my school gives me $10,000 a year for academic purposes.
That just means that you know a lot of people who got really bad advice from their college counselors. It doesn’t mean that it’s a good idea.
Really, think about it. One person going in the wrong direction is lost . . . but a lot of people all going in the same wrong direction are now not lost? I get that being stranded out in the middle of nowhere with company is probably better than being stranded all by yourself . . . but it doesn’t necessarily improve your odds of survival.
I know this isn’t what you asked, and you said you have no other options, but please explain . . . is this a state school or a private school? And did you apply anywhere that would have been less expensive?
I understand that if you have peers who will have debt of * how much a house would be in some parts of the country*, that you might not consider taking out that much debt for an undergrad degree to be concerning.
Even though median household income is in the $46,000 range.
And you will have interest.
The important figure IS NOT what the college says that they will give you in aid, the important figure is the total cost to you.
Even if your family could afford another bill of $500 a month for your freshman yr, and even if they still qualified to cosign for sophomore yr, how will paying * two loans* every month work out for them?
Freshman year they will be paying $6000 a year, with after tax income.
By the time you are a senior, that’s $24,000 a year. It doesn’t all go to the principal, most will go to interest at the beginning.
That is an insane amount to borrow. What was your EFC? who is supposed to pay back that 100k+ debt.
Who cares what the school thinks you should borrow??? They just want suckers to pay…and they hope that they found one.
What is your major and career goal? How much will you be earning upon graduation?
???
Why are you saying that you don’t have any other options??? You’ve been accepted instate for UTexas…that is MUCH cheaper. You can go there. That is a GREAT option…much better than the TCU pricey option.
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Your parents' reported itemized deductions are greater than their reported adjusted gross income (AGI). Please review the responses to these questions (PROFILE Help Codes PI-135 and PI-150) and correct as appropriate.
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Your parents reported that they paid no federal taxes. Please review the federal income taxes paid reported (PROFILE Help Code PI-140) and correct if appropriate.
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How are your parents going to maintain paying $500 a month (soon it will be higher) for a very long time to pay back $100k+ in loans?
I highly suspect that after a year of this, your parents are going to say that they can no longer afford this and that you’ll have to transfer elsewhere.
How much did TCU give you in merit?