Student Loans And Fafsa

[PhuturePriest]

Now that I'm 18 I figured it's time I learned about them.

 

Is there a way to get FAFSA loans on just you and not your parents? My parents are unwilling to take on any more debt, but I want to apply to Benedictine (I'm not necessarily going, but I'm applying as a back-up). I am planning on possibly going, but I can't if my parents are required to shoulder the loans.

[Basilisa Marie]

The fafsa calculates what your parents' expected contribution is, but that rarely means they actually contribute that much. Plus since you're 18 you might be able to file independently of them? It's been a while since I did mine, just go through the online app at fafsa.gov and see what it says, it's free to file.

[AveMariaPurissima]

I would say fill out a FAFSA anyway.  Even if they do award you a loan or grant, you're not required to accept it.

[blazeingstar]

The fafsa calculates what your parents' expected contribution is, but that rarely means they actually contribute that much. Plus since you're 18 you might be able to file independently of them? It's been a while since I did mine, just go through the online app at fafsa.gov and see what it says, it's free to file.

 

 

This is almost true.  The government calculates what it expects the family (which includes you) to contribute towards your education in a year.  This is highly dependent on your parents, meaning if they make a lot of money the government won't give you diddly, no matter how much they are really giving you.  If your parent's don't make much, or you have a big family, you're in luck, money money!  Even if they have a tax-defered savings for you, you'd still get a pretty penny.  Their material support is what the government is looking for.  The FASFA will tell you what grants you are eligible for, and grants you don't have to pay back.

 

The loans may need co-signers, and that's where things get tricky...but most often federally subsidized loans do not need a parent signature once you're over 18.

 

However, to be accepted as independent, you have to not live with your parents and have some sort of legal documentation proving that you are not dependent on them.  This would be until you are 25 or married.  Most of these cases involve domestic violence and have a long track record of social services.  It's pretty much impossible to get unless you're living on the street.

[PhuturePriest]

This is almost true.  The government calculates what it expects the family (which includes you) to contribute towards your education in a year.  This is highly dependent on your parents, meaning if they make a lot of money the government won't give you diddly, no matter how much they are really giving you.  If your parent's don't make much, or you have a big family, you're in luck, money money!  Even if they have a tax-defered savings for you, you'd still get a pretty penny.  Their material support is what the government is looking for.  The FASFA will tell you what grants you are eligible for, and grants you don't have to pay back.

 

The loans may need co-signers, and that's where things get tricky...but most often federally subsidized loans do not need a parent signature once you're over 18.

 

However, to be accepted as independent, you have to not live with your parents and have some sort of legal documentation proving that you are not dependent on them.  This would be until you are 25 or married.  Most of these cases involve domestic violence and have a long track record of social services.  It's pretty much impossible to get unless you're living on the street.

 

My parents make little money. They're below the poverty line, even though from what I've seen of my upper-middle class friends, they basically have the same luxuries as we do and there's not much difference in lifestyle. American concepts of "below the poverty line" are truly fascinating indeed.

 

But yeah, after taxes, the income is pretty low, so according to what you've said I should qualify for tons of money, which is good since literally I nor my parents can pay for pretty much any of the money right now.

[Lilllabettt]

whatever you do, do not take out private loans for school. friends don't let friends take out private loans for school.

borrow from the feds to your hearts content. the feds will always negotiate and there are a ton of repayment options. absolutely no reason to default if you know how to use a telephone and call them. One year I made payments of "$0" every month, and those "payments" qualified under a debt cancellation program where if you make 10 years of income adjusted payments whatever is leftover gets wiped out.

[Slappo]

whatever you do, do not take out private loans for school. friends don't let friends take out private loans for school.

There's no problem in taking out private loans for school. It depend entirely on circumstances. There's no way a doctor or lawyer could get through school without private loans unless they were rich to begin with.

 

Don't take out private loans for a bachelor's degree in a low paying field (unless you are going for a master's in the field and the master's is high paying). If you want to get into petroleum engineering, take out as much private loans as you want since starting wages out of college with a bachelor's are 100k+ and the field is only growing.

 

 

There are pretty low dollar caps for federal student loans, and they won't cover the cost of a private college tuition 90% of the time. Franciscan University is roughly 30k a year now I think, and federal loans cap at 27k over a 4 year period. That's 93k left of a degree that needs financing, grants, or scholarships.

Edited October 7, 2014 by Slappo

[Lilllabettt]

There's no problem in taking out private loans for school. It depend entirely on circumstances. There's no way a doctor or lawyer could get through school without private loans unless they were rich to begin with.

 

Don't take out private loans for a bachelor's degree in a low paying field (unless you are going for a master's in the field and the master's is high paying). If you want to get into petroleum engineering, take out as much private loans as you want since starting wages out of college with a bachelor's are 100k+ and the field is only growing.

 

 

There are pretty low dollar caps for federal student loans, and they won't cover the cost of a private college tuition 90% of the time. Franciscan University is roughly 30k a year now I think, and federal loans cap at 27k over a 4 year period. That's 93k left of a degree that needs financing, grants, or scholarships.

 

I attended what was then the most expensive undergraduate school in the world  ---  and they met 100% of my demonstrated need between grants and federal loans. When my federal loans went down they upped my grant.  Basically my experience is that private loans come in for students whose parents make too much money (and so have low demonsrtated need) but didn't save enough of it for their kid's college education and are either unwilling or unable (because of credit) to take out a PLUS loan for the kid.

I think its appalling that a reputable school wouldn't meet 100% of demonsrated need.

although I guess catholic schools are notoriously stingy.

 

if you are going to take out a private loan for school you better be hellfire sure you are going to make the money back, because you are a future engineer/surgeon/ etc. because those cant be discharged in bankruptcy, they have higher interest rates, they are not always willing to negotiate, and they will ruin your credit. its a tick better than putting it all on a credit card.

 

no one should take out private loans to become a lawyer, unless they are going to one of the T-12 schools.

[KarenJoanna]

...the student must satisfy at least one of the following criteria to be considered independent:

• The student is 24 year of age or older by December 31 of the award year.
• The student is an orphan or ward of the court or was a ward of the court until the student reached the age of 18.
• The student is a veteran of the Armed Forces of the United States.
• The student is a graduate or professional student.
• The student is married.
• The student has legal dependents other than a spouse. (Dependent means receiving more than half the individual's support from the student.)

From http://www.finaid.org/otheraid/parentsrefuse.phtml

[LouisvilleFan]

What is your first option for college? It's a good idea to include one or two public colleges in your list, and apply to Benedictine just to see how much aid they offer. Community college and trade schools are excellent alternatives to consider (and it's a lot easier to receive aid for financial necessity). You could also join the workforce at a company that offers tuition reimbursement.

[blazeingstar]

My parents make little money. They're below the poverty line, even though from what I've seen of my upper-middle class friends, they basically have the same luxuries as we do and there's not much difference in lifestyle. American concepts of "below the poverty line" are truly fascinating indeed.

 

But yeah, after taxes, the income is pretty low, so according to what you've said I should qualify for tons of money, which is good since literally I nor my parents can pay for pretty much any of the money right now.

 

No offence, but you're in the mid west.  Your idea of povertly line is really skewed becuase of coastal cities.

 

There's a huge difference between 25k (family of 4) in the midwest where you can rent a house for $500 a month and spend less than $80 on groceries a week and New England where studio aparments in gang areas start at over $700 and even with rice, beans and home cooking its hard to keep it under $150.  My husband and I eat very, verly cheaply and shop at the discount grocer, and I cook everything from scratch and still we average around $50 weekly for food, without eating out.  If we get any treats (chips, cerial, canned sauce, meat for more meals etc) then it's about $70 weekly for 2 people, nevermind a family.  Pay for heat?  Forget it!   Heaven forbid you're in one of the run-down areas in an affluent state....there are so many poor people...so many buildings without proper insulation....it's crazy.  The povertly line should really be 30k for a single person.

 

The good thing for you is that when it comes to the FASFA the goverment dosn't care if you're struggling in LA/NYC or fairly comfortable in the midwest.

 

In another rant, I'd really wish they'd develop a "taxable region line" which would define each communities poverty level by cost of living.

[PhuturePriest]

No offence, but you're in the mid west.  Your idea of povertly line is really skewed becuase of coastal cities.

 

There's a huge difference between 25k (family of 4) in the midwest where you can rent a house for $500 a month and spend less than $80 on groceries a week and New England where studio aparments in gang areas start at over $700 and even with rice, beans and home cooking its hard to keep it under $150.  My husband and I eat very, verly cheaply and shop at the discount grocer, and I cook everything from scratch and still we average around $50 weekly for food, without eating out.  If we get any treats (chips, cerial, canned sauce, meat for more meals etc) then it's about $70 weekly for 2 people, nevermind a family.  Pay for heat?  Forget it!   Heaven forbid you're in one of the run-down areas in an affluent state....there are so many poor people...so many buildings without proper insulation....it's crazy.  The povertly line should really be 30k for a single person.

 

The good thing for you is that when it comes to the FASFA the goverment dosn't care if you're struggling in LA/NYC or fairly comfortable in the midwest.

 

In another rant, I'd really wish they'd develop a "taxable region line" which would define each communities poverty level by cost of living.

 

The thing about economic class and college tuition is that if you come from a upper-middle class family, you're screwed on financial help. If your family is generally well-off, you can't get nearly as much financial aid, even though your parents technically can't afford it, and neither can you. It's almost a blessing to live under the poverty line, and it certainly is one to live under the poverty line in a place like Kansas, as you have explained.

[PhuturePriest]

What is your first option for college? It's a good idea to include one or two public colleges in your list, and apply to Benedictine just to see how much aid they offer. Community college and trade schools are excellent alternatives to consider (and it's a lot easier to receive aid for financial necessity). You could also join the workforce at a company that offers tuition reimbursement.

 

Benedictine is the only college I'm interested in going to. I've looked into many others all over the country and do not care for them.

[veritasluxmea]

Do you have to have applied to a college to fill out the fafsa? Or can you fill it out just to see?

[blazeingstar]

Do you have to have applied to a college to fill out the fafsa? Or can you fill it out just to see?

 

You can fill out the FASFA but it's the college that calculates what you're eligible for.