General chatter - Student Loans




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xpinkglowx2
05-29-2009, 07:30 PM
So, i'm not sure how many other college students are on here, but i'm having a bit of a problem. It's almost time to pay for my tuition.. and it happens to cost around 40,000. (I'm attending Purdue Univeristy). I have no idea where i am going to get this kind of money. unfortunately i am only 20, and there for considered dependent on my parents. My parens make "too much money" for me to receive any grants from the government. Good thing they arent paying for it right? gotta love the government. I do not get a single dollar of financial aid. With the economy the way it is, i have no idea who is going to give me this big of a loan. Does anyone know of any loan companies that are still giving student loans? Dropping out of school because of money problems is NOT something i had listed on my "agenda-for-life"


krp28806
05-29-2009, 08:04 PM
Have you gone to your financial aid office...they usually have a wealth of information on how to pay for tuition. You can also go to finaid.com; this website has a lot of info about loans, etc. The FAFSA website also has information about loans and other options for paying tuition. Hope this helps.

icandoallthings6613
05-29-2009, 08:13 PM
You could also look into merit scholarships, either through your school or your local area, since merit scholarships aren't dependent on your parents' financial situation.


dark phoenix
05-29-2009, 08:54 PM
One thing I did when looking for student loans is I went back to my high school counciler. She told me before I graduated that they help alumni with finding scholerships. I got lots of help from her and I did not apply to collage until I was 24, out of high school 7 years. And make sure that you triple check the fine print on any student loan before you sign. Also be extra weary of loans offered by the school you want to attend. Many of them are not in the best intrest of the student.

Good Luck

junebug41
05-29-2009, 09:06 PM
Man, if I could go back to the year 2000 when I graduated, I would've said, "Hey, stupid! Get the best bang for your buck, get in, and get OUT!".

...but I didn't do that. You DO qualify for aid- government loans. Fill our your FAFSA, apply for work study, and if dropping that much money is truly worth it for you, look at private loans via banks- Sallie Mae, Wells Fargo, Us Bank, etc...

My advice- try to get as much through government loans as you can.


...and look into cheaper schools. (and just because you can't cough up a private education doesn't mean you can't get a GREAT education publicly)

ETA: Also, after you start attending school, look into the grants and scholarships your program offers. My school had some nice scholarships up for grabs for currently enrolled students.

xpinkglowx2
05-29-2009, 10:00 PM
Purdue isnt a private school -it is just out of state for me, thats why its so expensive. ive taken out private loans before im just afraid that at this amount they wont approve me. as far as fasfa, i have filled it out - and i will not receive any money through that. and unfortunately changing schools is not an option because i have just spent two years talking to people everyday and night and keeping a 3.6GPA to transfer IN to purdue. lol so i cant transfer out. i only have 2 years to go.

i never thought of going back to my high school, ill have to try that. my counselor was great to me all through high school. perhaps she can help

kiramira
05-29-2009, 10:41 PM
Try these:
http://www.top-colleges.com/blog/2007/07/16/how-to-qualify-for-a-student-loan/
http://www.salliemae.com/
Got my fingers crossed!!!

Kira

janellody
05-30-2009, 11:29 AM
I got a Sallie Mae loan about a year ago.. however it was for a much smaller amount. All you can do is apply and see what happens.

bacilli
05-30-2009, 12:15 PM
Have you considered switching from the Lafayette campus to the Indianapolis campus? IUPUI is considerably cheaper, with the same degree, and they have dorms also. When I switched, my tuition was about 1/2 what it was at Lafayette, I'm not sure what the difference would be for you since you're out of state.

I work in the student loan industry, and I would apply for government backed loans, stay away from private loans if you can avoid it. Your financial aid office can help you locate loans available to you. Private loans aren't regulated the way government loans are, so they can charge you 9-12% interest. You may also want to consider Parent Plus loans, if your parents will go for it.

kelly315
05-30-2009, 01:27 PM
I had a similar problem when I was 19. I went to NYU, which is around the same price. I managed to get loans for the first year, but my mom's bankruptcy left me unable to get a co-signer for the second. I ended up working & saving money for almost two years before I got back to school. Now, I have a year left at OSU, which is only about $8k a year.

So I think your only option is to take out a $40k loan and have your parents co-sign it (hopefully they'll be able to for all 4 years).

xpinkglowx2
05-30-2009, 01:42 PM
Have you considered switching from the Lafayette campus to the Indianapolis campus?
i attended the hammond calumet campus for two years and im just now switching to the lafayette campus, so i havent even been there yet, and it took FOREVER to just switch to lafayette, by the time i transfer to any other school, ill have graduated.

im almost done. i guess ill have to talk to the financial aid office next week when i register for classes. its ridiculous how expensive school is.

elle w 19
05-30-2009, 11:11 PM
I'm in law school now and my lender Suntrust just sold all my loans to the government so they could get out of the education lending business.

My school hooked me up with Bank of America for my Stafford and GRADPlus loans and they are backed by some company called Great Lakes.

My parents made too much money too, but I was still eligible for Stafford loans as an undergrad.

The only way to start is at your financial aid office...report back and let us know how it goes. Good luck!

Samantha100
06-07-2009, 05:46 AM
I teach for a living and advise students all the time. My first recommendation is always, "don't pay to much for your college education!" Find a new college, one in your state that offers instate tuition. In NC, if a student attends Duke, it will cost $38,000/year and if they attend NCSU, it will be about $7,500/year. Unless Perdue has a degree that you can't get anywhere else, find a new school. But don't stop your education.

xpinkglowx2
06-07-2009, 11:24 AM
well, im almost done as i said - and ive worked very hard to get where im at, at purdue and i havent even gotten to attend purdue yet because im just now transferring there, also as i said, by the time i transfer anywhere else i will be done. its a long drawn out process and took two years just to transfer from a purdue campus to another purdue campus, so by the time i do all that, i will have graduated. so. im not changing schools, that is not an option. so if anyone has any other ideas, other then changing schools, they would be greatly appreciated. thanks.

nelie
06-07-2009, 11:45 AM
You can get an unsubsidized stafford loan as well as other loans if your parents make too much. My husband paid for most of his law school with cash but had to take loans for stuff he couldn't cover immediately. Did you actually do a Fafsa? I thought that you needed to do that if you needed an unsubsidized loan.

I believe there is also a parent backed loan for education as well. Another option is getting a job on campus. I got a job as soon as I transferred from one school to another and that helped pay for my living expenses.

I also have to say I transferred from a school because of a number of factors including my parents increasing income, my dwindling financial aid without huge loans and the fact that another school was much cheaper. I ended up graduating with about 11k in loans total.

bacilli
06-07-2009, 12:06 PM
The parent backed loan is a Parent Plus loan, it's a good option if your parents will go for it.

I wasn't suggesting you change schools, rather look into going to the much cheaper campus. When I changed from Lafayette to Indianapolis it wasn't a hassle at all. Granted that was years ago, but it would take 5 minutes to ask about it.

If everything else fails, there are always private loans.

You shouldn't have issues taking out subsidized Stafford loans, even with the financial fiasco the student loan industry is in currently. It's a low risk loan for lenders, so they're still lending large quantities of cash.

harrismm
06-07-2009, 04:01 PM
Sallie Mae for me!!Just payed off my loans today........after 15 years!!!Just had to share.Good luck!And I think a new school(cheaper)is ALWAYS an option.I know you say it isnt but 40000 a year is quite a bit.I am a nurse that works with nurses from many different educational backgrounds.We all do the same job, make the same money.....Some of us payed 10,000 for our education and some payed 100,000.There are so many college grads right now unable to find any employment.It would suck to be 100,000 in debt making min wage.

murphmitch
06-07-2009, 06:11 PM
You shouldn't have issues taking out subsidized Stafford loans, even with the financial fiasco the student loan industry is in currently. It's a low risk loan for lenders, so they're still lending large quantities of cash.

You have to qualify for the subsidized. If you or your parents make too much money, you can borrow an unsubsidized one but there are limits to the amount.

xpinkglowx2
06-07-2009, 08:53 PM
You can get an unsubsidized stafford loan as well as other loans if your parents make too much. My husband paid for most of his law school with cash but had to take loans for stuff he couldn't cover immediately. Did you actually do a Fafsa? I thought that you needed to do that if you needed an unsubsidized loan.

i'll have to try the unsubsidized. and sally mae, i have a couple through them already- and yes i filled out the fasfa. but i dont qualify for a single dollar of aid. kinda sucks. thanks for all the ideas though, :)

kiramira
06-07-2009, 09:04 PM
Can you go to the Bank of Mom and Dad? And by this, I mean, talk to them, explain the situation, and see if they can borrow the money for you? You can make a legal agreement with them to repay the $$$ through a lawyer, so they will be assured that you are taking responsibility for this...
Just a thought...
Kira

xpinkglowx2
06-07-2009, 09:08 PM
if my parents had the money - they would pay for it. they make a lot on paper, but they owe more then they make in bills. and they have no credit to borrow anything.

net knee
06-07-2009, 09:09 PM
I used campus door... www(dot)campusdoor(dot)com . They offer private loans and i got GREAT rates on mine- as low as 4% FIXED! some are as high as 10% but still it's a pretty good deal. The website has TONS of info on it... my parents had no money and i maxed out my government funding-- I did 10 semesters in 4 1/2 years and am now a whopping $60K in debt... ugh and i went to a public university IN STATE! Good luck and I hope you figure it out- i would switch to a cheaper school BUT i understand that it is NOT an option for you. I hope the best for you!

xpinkglowx2
06-07-2009, 09:09 PM
well i actually should say they have BAD credit, not NO credit.

xpinkglowx2
06-07-2009, 09:10 PM
thanks! i will most def. check out campus door. i know im going to be in debt forever... but im hoping to attend law school and eventually make enough money to pay it all back. im about 30k in debt so far. i hav 2 yrs to go.

net knee
06-07-2009, 09:20 PM
good luck w/law school... i remember the days i dreamt of going to law school-- i still do to this day but i dont have the grades to get accepted... i did Criminal justice administration in college and thought about going but i was told if you dont have a 3.9 or above gpa chances of getting in are slim to none... *squish* there went my dream.... oh well good luck to you! work hard for what you want and you will get there!

xpinkglowx2
06-07-2009, 09:40 PM
what law school were you looking at that required a 3.9? most law schools want a gpa of 3.5 and a LSAT score of 167-172

kiramira
06-07-2009, 09:43 PM
I think there might be a difference between minimum acceptable GPA and a competitive GPA. I know that, for my faculty, your application was tossed out if your GPA was less than 3.5, but the reality was that those who were accepted had a GPA of 3.8 or higher. Just another screening tool!!!
Kira

nelie
06-07-2009, 10:37 PM
My husband went to law school but afterwards decided he didn't want to go into law (despite initially working for a good law firm). My brother in law, went to law school and did well, passed bar first time, etc etc and has been having trouble finding a full time job. He does side work here and there while maintaining a non law related job.

Unfortunately it doesn't seem as he is the exception. I've recently read stories that it is rough for lawyers out there because law firms have found it cheaper to hire out work than to hire full time lawyers. There are some instances (like patent law) which seem to be the exception but I've heard from so many entry-level lawyers that they can't find jobs.

Not to scare you but its just I've heard from so many of "if I only knew". My husband doesn't regret going to law school as he liked it and he was able to afford it.

xpinkglowx2
06-08-2009, 12:11 AM
im hoping by the time i finish law school the economy will be better, im only half way done with my first degree so it will be like five years before i graduate law school, i will be going into family law and helping with adoptions and divorces and foster homes.

Momofsteel
06-08-2009, 06:20 PM
I returned to school at 40 to pick up my elementary ed certification. I hesitated to do so because I have two other kids to send to college in about 10 years.


My loans are $36K - I qualified for bupkus free money but I did complete a FASFA and picked up an unsub. loan. I have dollars via Great Lakes and one other company that went bankrupt and now another company is servicing the loans. I am hoping they lose my stuff :D

You should talk to financial aid pronto - they want cash and will help you secure it. If Octomom can get a loan, you should be able to as well.

nelie
06-08-2009, 06:51 PM
im hoping by the time i finish law school the economy will be better, im only half way done with my first degree so it will be like five years before i graduate law school, i will be going into family law and helping with adoptions and divorces and foster homes.

It is good to know what you want to do and to have a passion for what that is. The lawyer effect isn't really a result of the economy because it has been happening for many years, it just seems there is an oversaturation of people graduating from law school.

I was thinking about a change of career into a saturated field and I know its very doable but it just takes quite a bit of effort to put you above the rest in the field. Internships (paid and unpaid), contacts, research, etc can all give you a boost. I'm sure you are aware :)

elle w 19
06-08-2009, 09:14 PM
im hoping by the time i finish law school the economy will be better, im only half way done with my first degree so it will be like five years before i graduate law school, i will be going into family law and helping with adoptions and divorces and foster homes.

You'll be happy to know that there are loan forgiveness programs for public service attorneys. It doesn't apply now, but it's nice to know that you may not have to pay back all of the debt that you will eventually accumulate.

http://www.salliemae.com/NR/rdonlyres/25697B22-A39D-4D9B-BDFE-9ADC70169E94/0/FINALGCR1809_loan_forgiveness2.pdf

http://www.equaljusticeworks.org/files/studentloan_checklist_6-19.pdf

net knee
06-11-2009, 12:41 AM
I think there might be a difference between minimum acceptable GPA and a competitive GPA. I know that, for my faculty, your application was tossed out if your GPA was less than 3.5, but the reality was that those who were accepted had a GPA of 3.8 or higher. Just another screening tool!!!
Kira

EXCACTLY what my college advisor told me... mine was only 3.3! boo