The Energon Pub

The crap has hit the fan today. I just found out through the financial aid department at my college that my Federal Student Loans are all used up.

Still, everyone was optimistic as I was told to apply through the private sector for a student loan on-line. Then I found out that they rejected me.

So then I was told to go see my local banks and see what my options were there. Once again, denied.

So I am sooo screwed at the moment. I have 1 year left of school, and no way to finance it currently.

I think the big problem with trying to get approved is that I just bought a car a month ago ('02 Sunfire for $7100.00) and that loan will be over the next 5 years with payments of $160.00 (approx).

Combine that with $112.00 per month insurance, $335.00 rent, and $100.00 in utilities and I'm already pretty stretched to limit in expenses. That's about $700.00 per month alone, not adding food and gas.

I don't even know how much my income is going to be per month as I just switched jobs. I know it will be more, but I don't know HOW MUCH more. My previous job earned me about $800.00 a month.

To put on top of that, my parents need to co-sign on just about anything and their credit is, in a word, pathetic.

According to my bill from school, this coming semester is going to be $3535.00. So if I don't get a loan, then I'd have to pay it in cash, which, at the moment, I do not have.

I am so pissed off at the moment, partly because of how this affects me (and my sister as she is in the same boat), but mostly because of the fact that they waited till the last minute to tell me my financial aid is gone.

So, has anyone else had this kind of problem before in their lives?

Sorry to hear all that bad news.
You could always watch Van Wilder for some tips
on how to pay your tuition.

Been there. I can not tell you how I got my tuition covered. I do not wish to incriminate myself anymore than I already accidentally do.

Prowl76 wrote:Been there. I can not tell you how I got my tuition covered. I do not wish to incriminate myself anymore than I already accidentally do.

I won't tell nobody says the Homeland Security and Public Safety Student....

Fender Bender wrote:

Prowl76 wrote:Been there. I can not tell you how I got my tuition covered. I do not wish to incriminate myself anymore than I already accidentally do.

I won't tell nobody says the Homeland Security and Public Safety Student....

I don't feel so bad for you now.

Yeah, I've been there FB. Paying for college was one of the hardest things I've ever had to do in life. Almost drove me bonkers.

I hate to say it, but you may have consider taking a semester or two off to pick up a second job and bank the cash. I know that it sucks to lose momentum like that, but it worked out in the long run for me.

Otherwise...if your grades are good, maybe apply them to a scholarship or grant?

Is the school really tapped out on loans or are they being stingy? I've been in your situation before and if I whined loud enough, the school usually managed to scrape something up.

What happens if you drop down to part time status and take like one or two classes instead of a full load?

O_o...what a disgusting government we have sometimes.
They say no one with a lack of education can move up in the world (true). They say crime rates rise when people have no education (true). So...why continue the trend?!

No Child Left Behind does nothing but leave children behind.

Now college students who actually are in need of support can't get it?

Where the hell are our tax dollars going?

Oh that's right, we're using the funds to get our own personal oil fields. I forgot.

Well, I don't want this to turn into a political crusade really. I was told by the Financial Aid director that the Federal Government is supposed lend only up to $23,000 towards college education per individual.

For some reason, they never stopped funding me when they were supposed to. I'm up to $32,000 in loans from the Government.

I'm not really mad at the government, I'm mad that nobody will loan me the cash to finish the school so I can get my degree. I personally feel confident enough that I could swing paying another $100.00 payment on another loan for school. It's just that the lenders are all really skittish with the market and stuff that nobody wants to risk any money on me it seems.

Yes, I was in a very similar situation when I went to College. The loans and the grants I was eligible for were no longer covering me being a full time student. Most of the costs were picked up by my step-father, who died suddenly. After that, I either had enough money to live on campus, but couldn't pay my tuition, or pay my tuition and live in my car.

It's not really the government the blame per se, unless I'm completely missing the que, it's still a bank that loans the money, it's just the government who subsidizes it. In other words, they're covering the interest during the time that the student is in college.

So that may or may not leave you with a whole lot of options once those loans run out. Sometimes, you can still go for completely unsubsidized loans - which sound like you've already tried doing. There are some College Loan business you can apply to directly. Sallie Mae is a major one (they bought my college loan and are the ones I'm currently paying back). They're really good about loaning money to students, and repayment schedules. The fact that you recently took out a loan to buy a car may hurt you in the short term, but making those payments is going to help you in the future by building up your credit. It will also help if you can get someone with good credit to co-sign.
Also try for every grant you can get your hands on, and look up every possible scholorship you may be eligible for. Don't just go by what the finacial aids office says, half the time they don't know what they're talking about. They certainly didn't give me ANY options for staying in school.
Unfortunately as it may sound, you may want to consider taking a semester or two off and working full time. Put some money away and reapply for more unsubsidized loans. Interest will accumulate during college but it's better than nothing.

Fender Bender wrote:Well, I don't want this to turn into a political crusade really. I was told by the Financial Aid director that the Federal Government is supposed lend only up to $23,000 towards college education per individual.

The Federal Loan cap is 100k. I went to a private school as an undergrad and 23k wouldn't even cover a year there let alone a full four years.

Fender Bender wrote:I personally feel confident enough that I could swing paying another $100.00 payment on another loan for school. It's just that the lenders are all really skittish with the market and stuff that nobody wants to risk any money on me it seems.

So basically YOU know that you can meet the repayments it's just no one's willing to take the risk?