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Ik heb... financialaidie?

zvs — Thu, 10 Sep 2009 07:43:21 -0800

NetherlandsFilter: As a Dutch citizen, am I eligible for financial aid for school in the United States? I'm a US-Dutch dual citizen, and I'm starting grad school in the US soon. I was applying for FAFSA when I realized there's probably an equivalent program in Holland.

But I can barely read Dutch, let alone Google effectively in it. Has anyone successfully done this?

Should I stay or should I go?

semp — Tue, 28 Jul 2009 08:33:32 -0800

Should I stay or should I go? I started college a year ago. Since then, I've found two horrible jobs: one which doesn't pay me unless I fight for it, and the other, until recently, was good but due to one small mix-up has taken a turn for the worse. The second company I have a contract with. Quitting that job would result in me paying back a years worth of rent, which I can hardly afford. I can, however, move within the company, meaning that I don't have to stay at this location.

For a while before both jobs took a turn for the worse, I was contemplating moving out to the west coast (namely Seattle) and finishing college there. Don't get me wrong, I'm happy at my current school, I just think that as a computer science major with a part-time commitment to another company (therefore during the summer I have to stay in the area) I would have more opportunities on the West Coast than I would in the Chicago-Indianapolis area. After weighing the pros and the cons I thought that staying at my current school would be the best for me. I'm not the best student here, but I have myself set up for success. I am in a position where nearly every professor in the department knows and likes me, and I have quite a few contacts at companies that I would risk losing by moving.

Then the problems with my job and the college itself started. Something happened at job #2 that was one of those "it's not your fault, but we need someone to blame" issues. Now I've been hit with a level of resentment that makes it impossible to get anything done or feel any sort of comfort in my work environment. At school I found out that for the second year in a row I am being refused the right to file my FAFSA as an independent despite being one on several levels, including taxes (filing as a dependent I am not eligible for any aide, but the idea of my parents contributing to my education is rather laughable). So now I'm back where I started. I need to finish the last year of my lease, but if I decide to move I'm probably going to take the year off of college and just work. I've talked about this all with my boyfriend (he's been my substitute family since I moved out almost, so his opinion does count) and he thinks it's ludicrous that I would give up my advantages for the unknown, especially since he plans to stay here for grad school (I don't think he'll make it in, so I don't know how seriously to take that concern, but that's a different story).

Pros:
Better working environment
Extensive world-wide travel (my contemporaries on the West Coast do world travel frequently)
A chance to see a new place (never been to Washington, and only Southern California)
Better chances at an internship and real part-time experience
Possibly more networking with companies
Different outlook on academics/new teaching style
Small (~$1,500) tuition decrease for out-of-state, Larger (~$5,000) if I can find a way to get in-state

Cons:
Boyfriend thinks I should stay/is staying
Almost have in-state tuition
Already very well established in my current area
Highly thought of despite not being strong academically
Loan companies will probably expect me to start paying them back (since I've been out of school for 6 months)

There are more factors that play in, but those are on an emotional level. I could add them into this, but I think in the end those have to be my choices and it would be pointless to act as if it were otherwise. What do I do?

Going back to school: how do I make it happen financially?

itsacover — Fri, 10 Jul 2009 23:01:48 -0800

I'm trying to go back to school. I have bad credit, some unpaid debt, and cannot afford any classes without help... Help! After 5 years, I'm going back to school to finish my undergrad. My current career is turning into a bust and I'm terribly unhappy with it, so finishing my degree seems like a good way to open new and enjoyable opportunities. I have roughly a year left on the degree. In an ideal world, I would quit my job and go to school full-time since I cannot do both at the same time (my field of work requires a completely flexible schedule). I also cannot afford to take classes without any help, even a class at a time. My income covers my bills and that's about it. I have credit card debt along with a few other things (around $3000 worth) that I am slowly chipping away.

Basically, I need someone to explain to me a) whether it's a good idea to try and get loans that would not only cover my school expenses, but also living expenses (I would get a part-time job also), b) how I might make that happen as I have never dealt with any sort of loans before (plus the bad credit!), and c) why this seems so difficult and overwhelming.

I am, of course, going to talk to the financial aid department at my school, but I would love personal experiences as well as advice from those smarter with finances.

Paying for school

Anonymous — Wed, 01 Jul 2009 13:55:32 -0800

I have a pretty big tuition bill, even after Stafford and Perkins loans are applied. Can't pay it in cash. Should I take out another loan or take money out of the mutual funds? The thing that sucks is I had thought I could use all the money in my mutual funds to pay the school bills in the first place, and then when I started school last fall I lost nearly half of it. So far I didn't have to touch it, but it looks like tuition got raised and even if I saved every penny of my summer job I'm not going to be able to cover it with my bank account.

If I take out another loan, I have to pay interest on it. If I cash out my mutual fund, I'll basically be able to cover my bills for the rest of the year (and then I graduate) but I'll never see the money I lost in it ever again.

One other thing, so the money I have in the mutual fund now is about the same as how much I started with, seven years ago, but not accounting for inflation. So on the face of it you could argue I didn't lose any *actual* money, but if you account for inflation, I did. The question I suppose is whether I should wait for that mutual fund to recover or just cut my losses and use it so I don't incur more debt.

Sorry if this seems like a basic question. I am horribly bad with financial things, so the answer is not entirely obvious to me.

What lender should I pick for my student loans?

amalgamator — Thu, 16 Apr 2009 21:36:15 -0800

Which lender should I use for my government student loans? I have previously attended a direct loan school and thus I had to take out my Stafford and GradPLUS loans through the school directly. I am now going to another school that is FFELP school and I can choose my lender. I was given a preferred list from the school. I remember reading that sometimes the preferred list isn't the best deal around. And that you should shop around. However, I've read that it's getting harder and harder to find great borrower benefits such as waiving loan origination fees.

I found a list of the top 100 lenders. Yet #1 on that list is Sallie Mae which is a terrible company?

Have any of you found a lender that you like with good benefits? Anything else I'm missing?

How to dig my money(less?) hole deeper?

Marinara — Thu, 04 Dec 2008 15:57:45 -0800

How do I get a loan, as a student? I am 19 and in my second semester of college. I know how to get Stafford loans and that sufficed for my first year but not anymore. I am now $2,939 away from being fully paid off for this semester. Normally, I would put my work money away for that/parent's would help but because of personal reasons making that impossible I need to find another source to pay for it so I can register for classes.

So, how do I get a regular loan? I'm completely clueless.

I wantz to bez a nurze. But I can has $$ from Prezident Catz?

sully75 — Thu, 23 Oct 2008 08:22:43 -0800

I have some student loan questions Basic situation: After 11 years out of school, I've decided to go back to school for nursing. Before this process, I had $0.00 in debt, and close to $0.00 in assets. I decided at the last minute to get the ball rolling, so paid for 2 prereq classes on my credit card. My parents, who are supportive of this, loaned me the $1000 for the classes so I could pay off my credit card. I told them I'd get a loan to pay them back, but have yet to start that process.

I already have a bachelor's degree in music. No grad school (or classes) whatsoever. I'm doing really well in my classes so far, and committed to this path.

1) I have at least one more semester of prereqs to complete, and if I'm able to do them all in one semester (microbiology, chemistry, A+P II and maybe nutrition) I think it will be really tough for me to work, and I don't think enough to support myself. I do some photography work which pays really well when it's available but it isn't consistent. I'll be taking the prereqs in Boston (I'm moving there in December). Will I be able to take out student loans to support myself and pay for classes for the semester? I don't think I'll be enrolled in a program, just taking the classes at a community college there.

2)Is the credit crunch likely to affect student loans in general in the next 2 years? I know that's a big question but is there anything I can do to prepare for this situation?

3) Does my previous degree prevent me from getting federal student loans? I'm pretty sure it's totally unmeaningful but I never took out loans during my undergrad.

4) I'm 1/2 way through the semester on the classes that I'm taking now. And have to pay my parents back for the classes. Can I apply for a student loan still for this semester?

5) I keep hearing people say "college debt is the best kind of debt there is". Why is that? I always think debt is debt, and it all sucks. The only reason I'm comfortable doing it here is because there seems to be a well paying job at the other end of the tunnel.

6) Do you just take whatever loan is available or offered? Do you have rights of choosing who provides the loans or is that usually regulated by the school?

I'm sure I could find these questions answered somewhere on the web but the whole thing is incredibly confusing to me so if you can help me out I'd really appreciated it.

Help me understand how to pay for my education.

Quidam — Sun, 12 Aug 2007 20:44:02 -0800

Please tell me, using layman's terms whenever possibly, everything you know about student loans. (backstory inside) Two years ago I graduated from high school, and proceeded to go to a college at a small, out-of-state school. My parents (at that point) were paying for my education. Earlier this summer, I decided to transfer to a bigger, in-state school. My parents are 100% not okay with this decision, and have effectively cut me off financially (or at least will stop paying tuition, housing, books, etc in the fall). I am more or less okay with this. I am willing to accept the financial responsibilities of this decision.

However, of course I still have to file as a dependent on the FAFSA, the problem being that my dad makes too much money for me to qualify for any kind of federal aid at all. Okay, actually, in the interest of full disclosure, I haven't filed a FAFSA (ever), because my dad has promised me all along that if I do I won't qualify for jack squat. Furthermore, because I applied so late, I'm too late to qualify for any kind of merit-based scholarships through the school (I do have a strong academic record).

So, if federal aid is out, and scholarships are out, it seems to me that my only option is to take out a private loan. The problem is, I don't know the first thing in the world about taking out a loan, because I've never had to until recently. I've looked here, here, and here in an attempt to do some research, but I'm totally lost and mildly overwhelmed as to how to proceed. How does one begin to compare banks and interest rates and know which one is the best option? How do I know how much money to take out? If I take out too little, can I take out more later? How long will the process take after I apply for a loan? What other factors should I be taking into account?

I'm just really pretty clueless about all this, and would love to not get myself in massive debt, if possible. Any and all advice would be greatly appreciated. Thanks in advance. :)

Finding a way out of a tangled web of financial aid

dead_ — Tue, 05 Jun 2007 10:05:20 -0800

I've reached the end of the road for graduate school loans. Well, I was finally accepted to a master's program at my first choice school: Waseda University in Tokyo, Japan. Little did I know that funding my adventure in higher education would prove so ridiculously troublesome and depressing.

My situation is easily summed up as follows: no one wants to give me a loan.

In detail, it goes something like this: I cannot receive any kind of federal loan for graduate school, as my university doesn't admit many American students and as such has no relationship with the Department of Education here in the states--this means that Stafford loans are out of the question. Also, it is an impossibility for the university to get a FAFSA number through the DOE (thus allowing for federal funds) due to the length and intensity of the process and the relatively few American students at the school. I've talked with both the university, and the DOE on that one.

I also seem to have hit a roadblock with private loans. I have found many loans that allow deferred payment and disbursement of funds directly to me, yet during the application process I always encounter the mysterious "eligibility list" of universities they approve or do not approve of--which of course Waseda is not on, excluding me from the loan. After speaking with a few financial aid officers, I realized that these lists are of universities that banks have relationships with so they can determine if the student is still enrolled at full-time (and thus still eligible for the loan). So it looks like private loans are out, too. I've checked hundreds of them, with no luck.

The university itself offers no loans to foreign students, and has no relationships with any US financial institutions.

As for scholarships, I will undoubtedly get them--and have been told as much--however they are not awarded until after matriculation and the initial tuition payments, which I would need a loan to make. I also have no way of knowing how much I'm getting yet.

So what is a foreign-enrolled US citizen to do, with no one to loan him a dollar and his dream school slipping away? That's what I'm asking you.

This has been one of the most disheartening experiences of my life: a long, detailed admissions process fraught with doubt that eventually resulted in the wonderful news of admission to my dream school, and yet now I have no way to finance it--even with the almost certain possibility of scholarship.

Are there any options I haven't tried, or haven't thought of here? Is there anything I can do?

Paying for graduate school

dead_ — Thu, 10 May 2007 08:17:45 -0800

Help me figure out the best way to finance graduate school abroad. This may be a bit of a premature post (as I haven't heard back from all of my institutions yet), but here it goes anyway...

I will be attending graduate school in Japan this fall (getting an MA in international relations). Though I already have some money saved up, it isn't nearly enough to cover everything (not just tuition, but living costs, food, transport, etc).

In all likelihood, I will be getting some portion of my tuition discounted by the university, and will also be able to hold a part-time job on campus in addition to some teaching assistantships. Regardless, this is only a minor amount of money coming in, compared with how much will be going out.

So I need to figure out the best way to finance this. I'm looking for advice on specific banks and loans, as well as advice on financing (international) graduate school in general. This is something that I really want to do, and I recognize the major amount of debt it will be putting me under, so any general comments on the matter (positive or negative) would be great. I'm basically looking for advice on financing graduate school. Help!

Learning is EXPENSIVE!

CwgrlUp — Wed, 09 May 2007 18:32:34 -0800

StudentLoanHellFilter: No more sub or unsub fed loans. No help from FAFSA. Are we doomed to pay back student loans for the rest of our lives? My gf and I live together. She is still in college and has a couple years left. The financial office of the school has told her she is 'maxed out' on federal help (sub and unsub loans). Her parents make too much for her to get a Pell Grant. (and they are contributing nothing to us anyway)

For her to be able to declare herself independent for the FAFSA she has to be age 24 and up and/or married. (According to a FAFSA help desk person.) Well that's great and all but she's 22 and we're both female and our wonderful government doesn't allow us to marry.

SO: Question 1 - Any way around this FAFSA fine print so she doesn't have to show her parents income? Ideally I would like to 'claim' her because she goes to school and I work and frankly, I could use the help financially to help us fed and the lights on.

Question 2 - How in the hell does a single person make it through school without coming out a hundred grand in debt?!

TIA folks.

Cosigning for a student loan

charmston — Sat, 01 Jul 2006 19:40:42 -0800

CreditFilter: Does co-signing for my student loans affect my parents' credit? My parents are concerned that cosigning for my student loans (which, before I complete my undergraduate studies, will probably amount to approximately $50,000) will adversely affect their credit. If not their FICO credit score, at least show up as some sort of debt that they are responsible for that might hurt their chances at getting future loans.

Are there any credit or financial experts that might know the specifics regarding this? Many thanks!

I'm no Rodney Dangerfield...

Anonymous — Tue, 26 Jul 2005 14:02:21 -0800

I want to quit my job and go to school. I make a high salary for someone my age, which allows me to pay rent, make payments on my new car, eat, and pay for 1 or 2 university classes each semester. But all I really want to do is quit my job and finish out my degree, and then maybe go on to grad school. So far, I have a high GPA which should net me some scholarship money. Even so, how would I pay my other bills? Do I have to take out a bunch of loans, sell my car and move in to a tiny, tiny apartment?