Maxed out on aid, need ~ $12K more from loans for fall Student Loans |
- Maxed out on aid, need ~ $12K more from loans for fall
- NYT article on one of the first PSLF recipients. The anxiety is relatable!
- UCLA student needing a loan. Is it too late?
- Private loans?
- Student Loans at same APR as Mortgage, do I target loans first?
- Resource for questions about IBR vs Standard Repayment
- New to student loans, taking out private loans while being eligible for federal loans/
- Should I refinance private student loans
- PSLF for loans with different origin years
- Summer Classes
- FFEL vs. Direct?
- Consolidation w/Perkins Loans
| Maxed out on aid, need ~ $12K more from loans for fall Posted: 06 May 2018 11:21 PM PDT Apologies for the longer post, I've been lurking in this subreddit and similar ones for a few weeks now trying to sort out my options. I am still quite new to loans and a lot of the terminology but am trying to learn, please correct me if anything I say seems off or wrong! Background: I am a university student at a 4 year UC in CA who has been financially independent for 3+ years now, and so far my schools offered financial aid package has been able to cover most expenses. My parents have an expected contribution of 0 towards my college expenses, and that will not change, but on the FAFSA due to my age (20) I am still considered a dependent. So far literally everything not covered by financial aid and loans I have paid for myself, from income saved from nonstop part time jobs since 2015, and I have not lived with them since 2016. Unfortunately this upcoming fall quarter (sept-dec 2018) my financial need has increased to be about 12k more than in past years, and my financial aid office has informed me that I am currently maxing out all possible aid they offer. Since this $12k increase will only be for the one quarter, I will provide my current estimated aid I will be receiving for that same quarter (based off of my current aid, which should not change). Cal Grant A Fee Award: $4,210.00 My total cost for the quarter is about $21k. This makes the current difference in aid $11,880, or $12K. I am currently not offered the Perkins loan since my financial aid package covers costs without it, but I am trying to look into it and hope to be offered it for fall if eligible.. I have also tried looking into the parentPLUS loan, but am certain my parents will be denied - they have no income and live off of social security, they'd never be able to pay it off, and their credit is shot having needing to file for bankruptcy themselves from student loans after becoming disabled. I read somewhere that if they are denied I might be offered more in loans, and they have said that they are willing to give it a shot and apply if it might help me out. if for some reason they ARE approved and I can't get that alternative loan from being denied, I would have to pay off the bill in their name. I am not sure if the amount of financial aid I am offered would change much once the fall quarter financial aid packages are processed, since I have been told several times I currently max out the aid they offer. I have to assume they won't change so that I have time to get money in order before the Sept 15 billing date. I plan on working as much as I can these next few months to save up what I can, but there is absolutely no way I can save up $12K, after helping my parents pay for some health issues I only have 2K in savings now (previously nearly 5K just a week ago). Another option I have been told is that I can frontload my loans for the entire year, to be given to me during fall quarter. This would make my aid from loans currently offered $5.5k, but the other 2 quarters tight for money. Understandably, I would rather not do this if it can be avoided. I have been trying to do research on loan options for someone in my situation. This loan of $12K would be put towards tuition mostly, but also housing, food, and classroom materials. I have a checking, savings, and credit card with Bank of America but from my research it seems they do not offer personal loans. I have had the credit card for nearly a year now, and my FICO score is 692. For requesting loans of larger amounts with a minimum wage AND part time income I worry it is not high enough to be trusted. Also due to my parent's credit history if I understand correctly they cannot cosign for me, and so I need a loan that will let me borrow without a cosigner. I am not sure where to start looking with other companies, since I do not have a history with any others at the moment. I admit I know very little about this area though, which is why I am here today. I hope you all can help me sort out what my options are with such limited background and history. If you need more information, please ask, I would be happy to tell especially since this is a throwaway account and it is hard to convey all information needed. (I wasn't sure where to post this so it has also been posted to r/financialaid & r/personalfinance) TLDR; Need a personal loan of $12k by Sept, need advice as to where when I don't have much of an established credit yet. [link] [comments]  |
| NYT article on one of the first PSLF recipients. The anxiety is relatable! Posted: 06 May 2018 08:53 AM PDT |
| UCLA student needing a loan. Is it too late? Posted: 06 May 2018 09:55 PM PDT I declined a subsidized loan, that I currently need. Im in my spring quarter now and would want what was previously offered. Is it possible to obtain this 4500 subsidized loan? [link] [comments]  |
| Posted: 06 May 2018 07:08 PM PDT So I recently just took out some federal loans which will not be enough to cover my summer expenses! What options do I have? I have strongly considered private loans, but everyone is making them sound so scary when all I really need is about $3000 at max, which I can pay off next year with the interest... Can someone help me out? I'm very confused! Thanks! [link] [comments]  |
| Student Loans at same APR as Mortgage, do I target loans first? Posted: 06 May 2018 07:21 AM PDT I'm refinancing my ~$65k of student loans to 4.5% fixed 10-yr (private), and I have a ~$200k mortgage on my condo that is also at 4.5% fixed 30-yr. I also have a car loan that's nearly gone and is at ~3%. I am about to be able to free up some extra money each month that I can throw at either the loans or mortgage or into some other (post-tax) investments. What should I do? Some initial thoughts: If I focus on the mortgage, I should be able to get that money back (barring market crash) when I sell or I could leverage the equity later. Alternatively if something happens and I go bankrupt, the student loan is what I'll be stuck with after picking up the pieces and the mortgage (and condo) would go away. Finally, I could put that extra money into some sort of post-tax investments. What are everyone's thoughts? [link] [comments]  |
| Resource for questions about IBR vs Standard Repayment Posted: 06 May 2018 07:51 PM PDT As the title suggests, I'm debating between two different repayment plans. I've read a number of articles about both but I'm still not entirely comfortable choosing on my own and think I need assistance from someone who really knows student loans. When you all have questions about student loan repayments, who do you turn to? Do you use a financial planner? Thanks in advance, really looking forward to resolving this issue. [link] [comments]  |
| New to student loans, taking out private loans while being eligible for federal loans/ Posted: 06 May 2018 04:04 PM PDT I'm a foreign student in the US who is in the process of becoming a permanent resident so I cannot apply for federal loans yet but I'll be attending law school this Fall semester. I was told I could get private loans and then cover them with federal loans. Just wanted to be sure if that's a possibility. Also, my loan offer for SallieMae is much more than I need for the first semester (while I become a permanent resident). Can I borrow that amount and only use what I need for tuition the first semester without consequences? Thanks. [link] [comments]  |
| Should I refinance private student loans Posted: 06 May 2018 07:21 PM PDT Hello, I have two variable interest rate loans from Sallie Mae. I have 8k on one loan with a 9.75% int rate. The other is a 12k loan with 8.25% int. I've been looking at laurel road which could possibly give me a 6% fixed int rate for the 20k over 10yrs. Should I look to refinance? I will probably have the 9.75% int rate loan paid off by the end of this year. [link] [comments]  |
| PSLF for loans with different origin years Posted: 06 May 2018 12:09 PM PDT I am simplifying details to make my post not too long but basically I have 4 loans that will be eligible for PSLF. For two I've been doing qualifying payments since 2012 and for the other two I've been doing qualifying payments since 2016. However, the FedLoan website estimates each will be eligible for forgiveness in 2026. I've been presuming I could get my 2012 loans forgiven in 2022 and my 2016 loans forgiven in 2026 Is that not right?? [link] [comments]  |
| Posted: 06 May 2018 12:45 PM PDT Hey guys, There are two summer classes that I REALLY want/need to take this year, but I don't have enough money ($3,800 for both). Do you guys have any suggestions on how to get federal loans to pay for these classes (meaning what do I have to do to make this happen?) or any suggestions on private loan companies that would lend to my mom and I even though we're both unemployed? :( I'm really stressed about this because I don't know how I'm going to pay for these classes. [link] [comments]  |
| Posted: 06 May 2018 11:12 AM PDT
[link] [comments]  |
| Posted: 06 May 2018 05:22 AM PDT I'm graduating with a mix of Perkins and Grad Plus loans, and I am interested in obtaining forgiveness via PSLF. My understanding is that Perkins loans are not eligible for PSLF and that I must consolidate those with my qualifying loans. So, my question is: do I consolidate the Perkins loans with all of or just one of my Grad Plus loans, or does it not matter? [link] [comments]  |
| You are subscribed to email updates from Advice, articles, and general discussion pertaining to student loans.. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment