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LSUgirl07
07-23-2007, 07:22 PM
Through a series of unfortunate events, my family and I have realized that it's not going to be possible to pay for everything included in college out of pocket. (Let's just say, when my mom saw the difference that we were expected to pay by August 23rd, there were shouts of me not ever going to college and 'she just can't go' :blush:) After we all calmed down a bit, I realized- I'm going to have to take out a student loan. I'm going to an in-state school, I recieved about 3000 a year from TOPS (a program in Louisiana that helps pay for tuition) and then another 2000 a year from other academic scholarships, but it's not going to be enough.

This is all really scary for me right now. I know nothing about credit or what I should look for in choosing a lender or how I'm ever going to pay it all back after I graduate. Can anyone offer any advice? I've looked online at a couple of different places (the 'MyRichUncle' website looks promising) but I can't be sure. Any thoughts? Oh and I definitely know we don't qualify for any of the federal gov't loans- like the ones you have to apply for through your FAFSA. Apparently my dad makes enough money not to need those...funny how that works huh? Thanks!

Emily

AuntDJ
07-23-2007, 08:14 PM
LSUgirl07

I actually work for a student loan corporation, and due to all the current goverment legislation, I cannot give you specific advice.

However, I feel that the best advise anyone can give in this situation is to get to the Financial Aid office of your college and ask to speak to a Financial Aid counselor. They should be able to tell you what your options are....

Also, almost ALL types of student loan require that te FASFA be completed, so if you have not, go online and do so immediately.

Good Luck!

DJ

LSUgirl07
07-23-2007, 08:36 PM
DJ- thanks!
I have completed my FAFSA- I was just talking about the loans like Pell Grants I think they're called? Basically the ones that deny you automatically if your family makes a certain amount of money. Do all loans do this? I thought it was based more on your credit history.

Emily

AuntDJ
07-23-2007, 08:47 PM
No, the FASFA is used to determine the amount $ your family is expected to contribute. It is used for the Pell Grant, but the Pell is funds that you do not have to pay back not a loan.

Once you Financial aid office has reviewed your FAFSA you should get an "Award" letter, this will tell you your options. There are three types of stafford loans: Subsidized; Unsubidized and Private loans. Subsidized are loans, but the government pays the interest while you are in school; unsubsidized are loans, but you are responsible to all interest that accrues. I do not know alot about private loans but these are mostly based on credit as the other are not.

There is also a PLUS loan, this is a loan that your parents apply for. It is credit based, but on your parents credit, not yours.

DJ

BelleBeauty
07-23-2007, 09:30 PM
I second going to your school's Financial Aid office. They will be able to point you in the right direction, and will know the specifics about how certain loans and grants can apply to your education at that school. Also, when you use programs they are familiar with, they can help answer questions as you go along.

I also suggest applying for any and all small scholarships that you can find. Anything - on the internet, at your high school, in the community. It never hurts to try. I remember my mother absolutely FORCING me to sit down and right an application essay, 30 minutes before we had to send it in to make the deadling. I never wanted to because I thought there was NO WAY that I could possibly get the scholarship. Well, I got it, it made me choose the BEST school, and it was probably the best thing my mother ever forced me to do :mickey:

MsMin
07-23-2007, 11:10 PM
I'm glad you did your FASFA. My dd didn't have to borrow any money and she just graduated last May (LSU ;)) She did move back home to help keep her bills down b/c she quit her job and went to work for a lower paying one for experience in her field. I think my middle dd had the performance tops and I think the other two had regular TOPS which covered all tuition but not fees. I guess I'm a little confused b/c TOPS should cover a large portion unless you are paying out of state rates or have dorm fees.
The financial Aid dept is great and of course they can't help until you get your FASFA complete but in the past the TOPS isn't credited until FASFA is complete. That's why I wonder if the bill is correct?? Are you an incoming Freshman? sometimes all the money isn't applied until you get a 1/2 semester under your belt.

hooberry
07-23-2007, 11:52 PM
You should definitly go to the financial aid office so they can point you in the right direction, I also was unable to get financial aid because little did I know my parents were rich. :confused:So somehow that must have meant I had money too. :confused:I never took out student loans but I worked a full time job and any odd jobs I could find to make money. I also worked all holiday breaks and summers I had 2 jobs. I still managed to graduate with honors but it did take me 5 and 1/2 years, but now I have graduated and have no student loan debt. It can be done just hang in there:thumbsup:

Lizzie
07-24-2007, 02:43 AM
I agree go to your financial aid office and they will help you find the loans you need.

My husband and I are still paying off our student loans. We had no help from our parents paying for school. But this is one thing I don't regret doing. We went to a private school and will be paying them off for a while be we have no regrets. Your education is important. Go for it.

Disneyatic
07-24-2007, 10:28 AM
I totally agree with everyone that the best first step is to go to your financial aid department and talk to them.
I live in Texas and when I started college my EFC (expected family contribution) was high and I didn't qualify for standard types of aid but I was still able to elect to take out a Federal direct student loan. These loans are not credit based..The amounts you are eligible for depend on your hours completed. This loan worked great for me, it helps with extra expense, books and whatever else pops up.
So I would think that you should be able to request this also to help cover the rest of the costs and books, etc. Most financial aid offices are so helpful so the sooner you go see them the better!

LSUgirl07
07-24-2007, 07:31 PM
Thanks for all the replies!

I did contact my financial aid office and found out that I'm able to defer my payment until later- which works out great. Getting the money isn't so much the problem for my parents, it was getting the money to LSU in like...2 weeks.

MsMin- I did recieve regular TOPS and another 2000 in academic scholarships, but then you add in my $4200 a year dorm fee and my $2000 meal plan that all freshman are required to have, it got to be more than TOPS or anything else I got could cover. Oh, and did I mention I have an older sister who is also in college? So that's 2 tuitions to pay for...eek! But I know it will all work out in the end, whether I need to get the loans or not.

It's kind of funny...what we have to pay for 1 semester at LSU is the total cost of what my parents are paying for a year at Northwestern State (In northern Louisiana, where my sister goes) As my mom said yesterday..."Well, I guess someone has to pay for that tiger's house!" (Talking about Mike the Tiger's 1.something million dollar habitat haha) But hey, it's where I want to go!

Geaux Tigers! :number1:

DisneyDudet
07-25-2007, 05:37 PM
I just graduated college and have a loan.

I gut a subsidized student loan, because my parents made too much to qualify for other funds. I only got a loan for my last semester, as I had bonds for the other years, as well as a scholarship.

One good thing about a loan is, as you pay it back (after you graduate), you will gain your own credit. You need enough and good credit for a lot of things (cars, house, even apts now). Loans aren't always death, but they are something that will keep you grounded.

Also, depending on your employer after school, they may also pay back your loans (something to look into).

Become friends with those at the Financial Aid Office and always look for those scholarships!