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    #1

    School me on student loans

    I am in a situation where I think I need to get a student loan for this coming quarter and then for next year. For the first three years my mom has offered to pay my tuition and books expenses if I was independent regarding everything else. I earned enough to buy a house as long as I had the two other bedrooms rented. I am contracted by the state transcribing legal documents, and they have slowed down their work a lot as of late. It is now a stretch to pay the mortgage, utilities, food etc. And my mom hasn't worked since May, so she informed me that I need to start helping her with tuition. I don't have a problem with that.

    Long story short my mother used to have a very well paying job, so when I filled out the FAFSA form I had to put that I was a dependent of a parent that made >250k. So when I go to get a loan they offer me $7500 for the school year at 6.8% and it is unsubsidized (interest accumulates while I'm in school). That isn't even enough to cover my tuition and books for a year, and I think it is bullshit that I pay interest while I'm in school).

    So I know there are a number of college students here. Did you get your loan through the school? What interest rate? Subsidized or unsubsidized? If you didn't get it through the school, where did you get it from? I've been to my bank to inquire about it but BoA doesn't do student loans anymore.

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    #2
    Yeah, youll get raped because your mom makes that much. Go to the financial aid office and fill out a special circumstance form though. Typically if someone lost a job, got divorced, etc. or otherwise lost a significant amount of income, they will reevaluate your need based on the new income (i.e. if mom made 250k, and lost a job, now makes 50k, they will evaluate your need at 50k).

    Go talk to Financial Aid

    Comment

      #3
      It's funny because I just went and talked to one of the counselors. That's where I got back from before I posted this thread. She said that there wasn't really anything I could do about it until next year. Shitty thing is my mom didn't get laid off, but resigned and got a severance package, so it will actually show her income about the same the next time I fill out the FAFSA for next year.

      I think I will just ask her not to claim me as a dependent when she files her taxes. She'll take a small hit there, but can't be too bad. My income is more like $25k so I'll be able to get financial aid that way I guess. I'm just starting to realize this whole system is kind of fucked up.

      Comment

        #4
        dont you love how when it comes to aid for shcool you are tied to you parents till you are 25, but when it come's to anything else you are cut lose from them at 18 or the day you graduate HS. Kinda funny huh. I have been on my own for the most part since I was 17, but still tied to my parents till I was 25 for anything resembling school, which was BS and why I did not go.
        Originally posted by Fusion
        If a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
        The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money. -Alexis de Tocqueville


        The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken

        Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
        William Pitt-

        Comment

          #5
          How old are you? I only ask because I tried to declare myself independent, and I still can't, even though im 23, not claimed on their taxes, in the military, etc. I still have to use my parent's income on the form. Plus, my tuition is $34k/year, and the only time they have given me money was the first quarter of my freshman year to buy books. Im a senior now.

          The criteria for claiming yourself as "independent" from your parents is insane.

          Comment

            #6
            Originally posted by mrsleeve View Post
            dont you love how when it comes to aid for shcool you are tied to you parents till you are 25, but when it come's to anything else you are cut lose from them at 18 or the day you graduate HS. Kinda funny huh. I have been on my own for the most part since I was 17, but still tied to my parents till I was 25 for anything resembling school, which was BS and why I did not go.
            Yeah, it is crazy. I could be in Iraq getting my ass blown off and FAFSA still wants to attach me at the hip with my parents in terms of college funding.

            Comment

              #7
              I'm 22. My step dad said that when he went to college his parents didn't claim him on their taxes and he claimed that he had no communication with them. Then they considered him independent and gave him a grant to cover much of his tuition, and a loan to cover the rest. I doubt that would work for me though. Even though I talk to my dad once or twice a year, I should call him and tell him that he can claim me as dependent. He'd get a small tax break and I could get a better loan because he makes much less than my mother.

              Comment

                #8
                Originally posted by TwoJ's View Post
                I'm 22. My step dad said that when he went to college his parents didn't claim him on their taxes and he claimed that he had no communication with them. Then they considered him independent and gave him a grant to cover much of his tuition, and a loan to cover the rest. I doubt that would work for me though. Even though I talk to my dad once or twice a year, I should call him and tell him that he can claim me as dependent. He'd get a small tax break and I could get a better loan because he makes much less than my mother.

                You have to weigh your options, because if they find out you are lying on that form, it is a pretty serious federal offense. Trust me, I thought about doing the same thing too.

                Comment

                  #9
                  I am 28 and I make a good living, But I have worked hard for it. Yeah my dad went on disablity with is SS when I was 17 and a senior in HS (he died in 2000) and I got a small amount (385 a month) from SS as i was a dependent on my father still, even though I lived across the state finishing HS. The month I graduated (in 1999) it stoped. I tried to go to school but and applied for Govt grants and loans and all kinds of stuff, and had to include my mom earnings and dads, my mom in AZ and what not. I was tied at the hip to them till 24 as they should be saving 1/2 their income to pay for my secondary education. I think its BS.
                  Originally posted by Fusion
                  If a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
                  The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money. -Alexis de Tocqueville


                  The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken

                  Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
                  William Pitt-

                  Comment

                    #10
                    Originally posted by mrsleeve View Post
                    as they should be saving 1/2 their income to pay for my secondary education. I think its BS.

                    I agree. I'm not so mad about them not even offering enough to cover tuition. I'm just pissed at the interest rate and the fact that it starts accruing immediately.

                    So other than my bank, where can I get a private loan?

                    Comment

                      #11
                      Originally posted by TwoJ's View Post
                      I agree. I'm not so mad about them not even offering enough to cover tuition. I'm just pissed at the interest rate and the fact that it starts accruing immediately.

                      So other than my bank, where can I get a private loan?
                      Check with Great Lakes? They are my loan company, as well as for tons of other people. I dont know if they give you a loan directly, or there is an intermediary.

                      Comment

                        #12
                        sorry man I cant help you on where to get a loan, I am looking at a mortgage in about 8 more months if I am lucky.
                        Originally posted by Fusion
                        If a car is the epitome of freedom, than an electric car is house arrest with your wife titty fucking your next door neighbor.
                        The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money. -Alexis de Tocqueville


                        The Desire to Save Humanity is Always a False Front for the Urge to Rule it- H. L. Mencken

                        Necessity is the plea for every infringement of human freedom. It is the argument of tyrants.
                        William Pitt-

                        Comment

                          #13
                          No i didn't mean a loan from you if that's what you thought.

                          I'll have to look in to it more I guess. Thanks for the pointers guys.

                          Comment

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