I am so stressed out right now! DS's college needs bill paid by August 15th. The bill is $6,431 for first semester. He received a Subsidized Stafford Loan for $1313 and an Unsubsidized Stafford Loan for $2000 (which he qualified for after we were denied the Parent PLUS loan)....there is still a gap of $3,118. We have tried SEVERAL student loan places, and due to the fact that DS has no established credit history, and ours is not so good, we have been denied EVERY time. They need a borrower or co-signer to have at least a 620, and we don't (for various reasons I can't even go into). And we don't have anyone else who could/would co-sign for him. WHERE do we go from here?! I did a google search and came up with something called a "sub-prime" loan through myrichuncle.com....but I don't know anything about them. Any advice? We are getting DESPERATE here....

By Crystal915 on Wednesday, August 2, 2006 - 07:04 pm:

I did a google search for bad credit student loans
I don't know if any of those will help, but it's worth looking into. I can't help much, because everyone I know went to school on the Army's dollar, and I'm going on a Pell grant. I'm sorry you're so stressed, it's a sad day when we are the richest country in the world, but people can't get an education because they can't afford it. (((((Hugs))))

By Marg on Wednesday, August 2, 2006 - 07:18 pm:

Not much info to go by.

Do you still claim him as a dependent? If yes or no, can he qualify for any grants, pells, etc. Contact the college asap, tell them the situation.

Go to Financial aid office, there are many qualifying grants and scholarships they may know about that you don't. If it is a good financial aid department, they will turn you into the right direction.

If worse comes to worse can he do a work grant?

Can you pay so much a month?

A lot of colleges will work with you. Good luck.

I take it you already filled out fafsa online due to what information you have posted.

As an accountant I used to help fill out the forms for parents and help get financial aid whenever possible.

By Cybermommyx4 on Wednesday, August 2, 2006 - 07:47 pm:

We make too much for Pell Grant or Perkins Loans. The Staffords I mentioned are the extent of what he qualified for. We do claim him as a dependent, and he does work, but has no credit history of his own, and ours, like I said, is pretty poor. We did do the FAFSA, as that is the only way to get the Stafford/Federal loans. The college has a "payment plan" over 3 months, with a 35% down payment (over a thousand down,and then over $600 per month for Sept,Oct,and Nov....I WISH we could afford that, but we are a family of 6 and are barely scraping by as it is)

By Ilovetom on Wednesday, August 2, 2006 - 07:49 pm:

Have you tried Sallie Mae?

I was poor at Clemson and they let me borrow.

Good luck. I have one in his last year at Alabama. Roll tide.

By Cybermommyx4 on Wednesday, August 2, 2006 - 08:06 pm:

Denied by Sallie Mae as well

By Marg on Wednesday, August 2, 2006 - 08:10 pm:

Please go back to the college and inform of situation.

I hate to say this, but he may have to work fulltime and go to college to afford it.

My dad wouldn't turn any of his financial info over so they thought he made too much when in turn (found out years later) he made poverty levels. I thought about it years later and I think he really didn't want me to know how much we lived off of.

So I had to work through college and pay my own way. It really wasn't that bad.

Good luck.

By Reds9298 on Wednesday, August 2, 2006 - 08:47 pm:

I agree with Marg. Contact the college financial aid office ASAP and tell them the whole situation. I also did work study almost my entire college time and worked full time outside of classes as well. I busted my butt, but it was the only way. I took out loans the last 2 years and managed to pay for the first two through scholarships, loans, work study, and my own $ from working. There has to be a way!! I'm so sad to hear this story...I didn't know that this could happen!

I hope everything works out for you!

By Cybermommyx4 on Wednesday, August 2, 2006 - 09:03 pm:

I will call the financial aid office tomorrow. They haven't been helpful in the past, but maybe I'll get someone different this time....someone with the answers, hopefully.

By Hol on Wednesday, August 2, 2006 - 10:06 pm:

(((HUGS))). I have nothing to add, as my DD paid as she went, through work and savings, and now my second DS is attempting to do the same.

By Mommmie on Wednesday, August 2, 2006 - 10:50 pm:

Credit card? Bank loan where you have a checking account? Credit union loan? Loan from employer? Withdrawal from 401(k)? Home equity loan? Junior college instead? Sell something? Some obscure scholarship? Sorry I don't know anything about subprime loans except I think they are for high risk folks and the interest rate is crazy high.

And then textbooks will set you back several hundred dollars soon. Course, in a few short months you are going to need another $3k for next semester. Definitely, if you can come up with something long term that would be better rather than piece meal it every semester. It's tough. The govt should make it easier with grants.

By Cybermommyx4 on Thursday, August 3, 2006 - 01:33 am:

He has the money for textbooks set aside already, thank God (they told us up front that financial aid money doesn't come through in time for textbooks). We can't get ANY loans of ANY type because of our credit history. But that is not DS's fault! We have a USDA-RHS mortgage, so NO on the home equity loan (they do NOT allow second mortgages). If we had anything to sell, we would have sold it already (except the kids---we are kind of attached to them, ya know? ;) He is going to a community college as it is, because it's more *affordable* than his first choice...I think if he could get the loan for this semester, he would be able to save the $3000 by January for *next* semester...he does work, but he'll only be able to work weekends during school (he has a VERY full schedule at college, and is studying computer programming, graphics animation, and game design...along with the math, physics, etc.) He will be busy with school Mon-Thurs, and can work Fri-Sun. It just should NOT be this hard for a good, hard-working kid to finance an education! Done venting for now.....

By Marg on Thursday, August 3, 2006 - 07:01 am:

Pray hard;)

I would actually walk into financial aid with your son.

This phone stuff is getting worse. Dh is getting ready to go for his Master's and it is just such a run around with phone calls.

Ask to see the dean or president. Maybe you should look for a different college.

good luck.

By Juli4 on Thursday, August 3, 2006 - 07:18 am:

wow a community college that costs $6k. My community college only costs like $2200 for a semester with a full load. I am taking 10 hours this semester and my bill is $820 plus books. Pell covers all of it plus some. Their repayment plan does seem unreasonable, but I can see how and why they want it paid before the next semester because then a lot of students would have outstanding balances. Good luck. It seems as though you have went through every channel immaginable. I second the idea that you talk to the administration about the situation.

By Karen~admin on Thursday, August 3, 2006 - 07:45 am:

If he is not claimed as your dependant that will help him in the future. Check for grants. Check into work-study programs at the college - most of them have those. Ditto most of the above suggestions/info/ideas.

By Kay on Thursday, August 3, 2006 - 11:35 am:

Wow, I didn't realize the disparity in community college costs across the nation. Does yours include housing? If so, I guess I could understand the cost.

Our community college is state/local tax supported, so a semester is under $1000 (excluding books). Also, it doesn't have a housing program, since most of the kids come from the county area.

By Juli4 on Thursday, August 3, 2006 - 11:39 am:

Ours does not have a housing program either. I didn't think of taking that into account. He could live at home if he isn't already.

By Tonya on Thursday, August 3, 2006 - 12:17 pm:

After reading all of this I don't think that includes housing because they would have got that expense out to cut costs. That sounds just like classes only. What about cutting back on a few classes to cut costs?

I cannot imagine CC costing that much here.

By Cybermommyx4 on Thursday, August 3, 2006 - 12:19 pm:

Yes, the $6,431 per semester includes housing (and he is carrying 18 credit hours)...it is almost 2 hours each way from here,and in BAD driving conditions (esp. the winter)He does need to stay there Mon-Thur at least....it's kind of too late to change colleges at this point, and this IS the LEAST expensive college anyway for what he is studying (engineering technology and programming are not offered at most of the local places). We are in northern NH, the choices just aren't there. Work study is something THEY have to offer based on how you qualified per the FAFSA...Everything I have been told and read says a student can NOT be considered "independent" unless: They are 24 OR married OR have a child OR are enlisted. None of those apply. He is 18 and lives at home.

By Kaye on Thursday, August 3, 2006 - 12:54 pm:

Is there another option for housing? I know my grandmother rents a room out a room for very cheap. Maybe look at something like that, somewhere he would only stay m-th.

By Dandjmom on Thursday, August 3, 2006 - 02:03 pm:

Oh my I hope you find something that works out for you and your ds. It seems like all we hear is how our children are our future and a mind is a terrible thing to waste. And here we have a young man willing and wanting to use his and our government can't help him out, he isnt' asking for a hand out but just a loan.

I'm not sure about the richuncle loans. But i'm sure that you can look into them and find out there terms for re payment, finance charges and any other questions you may have without actually applying first hand.

Not sure what the company was called, but there has been a commercial circulating on television lately about college loans for first time borrowers, bad credit, no credit and they say in there advertisement that there goal is to get he student out of school without worry, so I believe it was you have between 2 to 5 years after graduation to repay the loan. I can't recall the name at the moment, but I will look for it and as soon as I see it I will let you know there web site. It may have been myrichuncle.com


Best of luck to u , just know that where there is a will there is a way, and you will find it.

By Cybermommyx4 on Thursday, August 3, 2006 - 02:50 pm:

Thanks for the encouragement I did end up researching myrichuncle.com, and it is a group of investors that provide loans to "promising" students in exchange for a PERCENTAGE OF THEIR EARNINGS for up to 10 years after graduation?!?....so it's not like a fixed rate interest rate or anything...how about the rights to his first-born child? LOL!

By Lorebunde on Thursday, August 3, 2006 - 06:49 pm:

I would go back into f.a. office too, ask to speak to the f.a. director. Sometimes there are things he/she can do that the fa officer might not think of. Also, there may be other loans that you could take but would be higher interest? Also , like the others said work study.

By Tonya on Friday, August 4, 2006 - 09:00 am:

I just have to ask if he is going through this now with this semester what will he go through for the next semesters tuition? Could he wait a semester to start and save up and work a ton now to get the extra money he will need?

By Cybermommyx4 on Friday, August 4, 2006 - 07:06 pm:

I guess one semester at a time. We WILL work this out,somehow. I guess he could wait a semester but he really shouldn't have to, after working so hard to get here. Besides which, the program he is in is a 4 semester program, and only starts in the Fall (so he'd have to wait a whole year to get on course). We got some positive news today about a scholarship he'd applied for and hadn't heard from yet, so we'll keep our fingers crossed The financial aid and bursar's office said they WILL work with us since we have tried EVERYTHING...they are willing to help, and we're willing to keep trying, so I have to believe this will work out. Everything happens for a reason, and he is a GOOD kid and a HARD worker. He deserves this!

By Mommmie on Friday, August 4, 2006 - 07:38 pm:

That all sounds very promising!!

By Reds9298 on Friday, August 4, 2006 - 09:18 pm:

That does sound promising. I'm sorry this has been such a hassle. I had no idea it was so difficult to get college $!!

By Kernkate on Tuesday, August 15, 2006 - 01:18 am:

I am going thru the same thing with my DS who is in his JR year of college. We have been fornuate the past 2 years to get help but this year stinks!!! I have NO credit because I have no credit cards and now DS is having a difficult time getting a loan and has to return to school in 2 weeks! I guess I should have never worked, been in the system for years, and have tons of credit cards, maybe I would be better off trying to put my DS thru college as a divorced MOM
Just a Vent!

By Karen~admin on Tuesday, August 15, 2006 - 07:28 am:

Kathy, I can tell you for a fact, that wouldn't necessarily guarantee him loans or grants. As a junior he *should* be able to get student loans on his own without you. You may actually be better off if he DOES do that. Good luck to all of you facing this, we have BTDT and it's not fun.

By Cybermommyx4 on Tuesday, August 15, 2006 - 04:18 pm:

update: DS received word that he was awarded a $1000 scholarship from the NH Charitable Foundation, and we are still waiting for funds from a local scholarship as well (they should arrive before the end of August).....so that will leave a little over a thousand still due. I talked with someone at the Bursar's office, and was told that as long as we have proof of all the loan denials, etc., they should be willing to accept installment payments for the remaining balance as long as it is paid in full before the end of the semester (or they won't let him register for 2nd semester classes)....they said the loan limits for Stafford loans for next year are higher, and also 2nd year students can borrow more, so hopefully things will be a *little* easier next year (but I won't count on it, lol!)

By Reds9298 on Tuesday, August 15, 2006 - 04:32 pm:

That's good news!

I do know that the farther along you get (soph, jr., sr., etc.) the more money they will loan you.

I'm glad things are looking up!

By Karen~admin on Tuesday, August 15, 2006 - 04:44 pm:

Things WILL be easier next year. The person you spoke with is correct - his Stafford offers will be higher next year - as Deanna said, the amount increases each year - and he should be able to get a student loan without a co-signer next year.

If he plans to work a summer job, I'd suggest banking as much as he can in preparation for the next school year.

Tuition costs are tough to handle these days, we have BTDT too.

By Hol on Wednesday, August 16, 2006 - 12:04 am:

My Shawn is going to community college this semester, and he is only going half time (6 credits) because that is all he can afford right now. Being *older* parents, and having raised two other kids in the eighties and early ninties, we have to put any *extra* money we have into retirement for DH and I, which is right around the corner.

Shawn has several classes he has to take as prerequsites before he can apply for his program (radiography), which right now, has a two year waiting list. So, his 85 credit course is going to take him SEVERAL years, but that's okay. He is a "home body" anyway. God willing, we'll get to have him at home a few more years.

DH and I feel that kids apply themselves better, and appreciate their education more when they have to work for it. Of course, that doesn't preclude scholarships, etc.. He lives at home and doesn't pay board, so he should be able to be debt-free when he graduates.

By Kernkate on Wednesday, August 16, 2006 - 08:18 am:

Well DS Tom went through Sallie Mae and was approved for a loan by himself....What a relief! Talk about nerve racking!