topic Re: What are my options after FAFSA in Student Loans

What are my options after FAFSA

Anonymous — Wed, 13 Oct 2010 03:30:07 GMT

I am a 30 year old full time student at a community college in Florida. Right now i have the max in federal financial aid but I need more in order to buy a car for school and for rent as well as tuition and books for the spring and summer semester. I'm estimating that i'll probably need about 7500 dollars for everything. What are my options as far where i can go in order to apply for a student loan. Right now my credit score is in the 720's and I am currently unemployed.

Re: What are my options after FAFSA

hodap2001 — Wed, 13 Oct 2010 22:01:45 GMT

Re: What are my options after FAFSA

laz98 — Thu, 14 Oct 2010 01:12:57 GMT

@Anonymous wrote:
I am a 30 year old full time student at a community college in Florida. Right now i have the max in federal financial aid but I need more in order to buy a car for school and for rent as well as tuition and books for the spring and summer semester. I'm estimating that i'll probably need about 7500 dollars for everything. What are my options as far where i can go in order to apply for a student loan. Right now my credit score is in the 720's and I am currently unemployed.

maybe this is a dumb question, but why isn't your financial aid covering the spring semester? i know sometimes you have to apply for summer separately, you do at my school, but usually you get awarded financial aid for the fall & spring semesters together.

normally i would suggest getting an auto loan, since financial aid (in my book) really isn't for buying cars...but since you are unemployed, that might be difficult. any chance you will be getting some type of employment any time soon? (don't feel bad, i'm unemployed myself)

Re: What are my options after FAFSA

Anonymous — Thu, 14 Oct 2010 16:29:46 GMT

My financial aid is covering the spring semester my next FAFSA check is in February but by the time i get it I'll have to use it to pay off debt for housing and bills. I probably will be employed by then but not having a car is keeping me from going to a lot of job interviews. In order to go to an interview I have to rent car's which can get expensive. I was preapproved for an auto loan with my bank USAA but if I apply I think they want proof of income which i won't have until I get a job. I just need the loan for a car and in case of emergency.

Re: What are my options after FAFSA

BrokeStudent2010 — Fri, 15 Oct 2010 20:22:20 GMT

Other than FAFSA you can look to private student loans as options. Keep in mind though that you can only be awarded student loans up to the "cost of attendance" or COA. Student loans are only supposed to cover school related items. A car is not included in that. Unless you can prove your COA for the Fall semester exceeds the money you have received in federal loans you may be out of luck, and even if you could show that it does exceed the COA you may still have to wait a while to receive the funds.

Do you live in dorms at your school or are you a commuter student? If you live on campus you might be able to apply for money for room and board, but if you are a commuter student then you may not have anything to back up your claim that you need the extra money.

Have you considered trying to get someone to cosign with you on a car loan? You have a good credit score, so if you can find someone with an equally good credit score you are likely to be able to get a good car loan. However, the next question is how are you going to make payments on a car loan if you are unemployed.

If worse comes to worst you can try to go on public assistance for food stamps. I know that might sound a little drastic, but when I was in college and going through a really bad patch I qualified for food stamps. This was a huge help because I could use the money I would for groceries for other items. Also, Food Stamps are not actual stamps anymore, you get a card that looks just like a debit card, which takes away some of the shame that might associated with it.

Re: What are my options after FAFSA

Anonymous — Sat, 16 Oct 2010 03:01:22 GMT

Well i want to get a student loan to defer the cost till i graduate. I just want a student loan of 5000 to 7500 so i can get a 3000 dollar car the rest i would use to pay my rent or put back towards the loan. I received the financial aid but after buying books and a laptop i fear the 3000 that i got back will not be enough I already used half of it to pay back down credit card debt I incurred while waiting for the check. While I can take cash advances out on my credit cards till my next check comes back I would be better off with just a student loan. I could use the car to go to school and have a better opportunity to go on more job interviews. I figure if I can't get a small loan of some kind and i'm not employed I'll probably have to take a cash advance out starting in January my next check arrives in Febuary.

Re: What are my options after FAFSA

BrokeStudent2010 — Sat, 16 Oct 2010 03:44:49 GMT

You need to talk to a person in the financial aid office at your school to find out if you have reached the limit for your cost of attendance (COA). With your credit score it should be easy to get a student loan if you have not hit the limit of your COA. For example, lets say your COA is $30,000, and you got $18,000 in federal loans, then you can still get another $12,000 in private student loans. That will bring you to the $30,000 limit. Your school has to approve you for the additional student loans, so if you are trying to take out a loan above your COA, the financial aid office will deny it and you will not get any money.

Re: What are my options after FAFSA

Anonymous — Sat, 16 Oct 2010 20:22:13 GMT

Thanks my COA is 16700 and so far I have received 9500 ffrom FAFSA so I'm under by 7200 which is perfect for me.

Re: What are my options after FAFSA

Anonymous — Mon, 18 Oct 2010 16:49:39 GMT

Having worked in the Financial Aid departments for over 30+years in various states and in a community college in Florida for the past 7 years, this is a story I’ve heard repeated over and over again. Unfortunately, the outlook is kinda bleak. I can tell you from experience, seeking help from the FA office unfortunately, is not going to help as much as you hope. You have the double whammy – unemployed and in economically deprived state. Make that a triple whammy since you’re a student to boot too. BrokeStudent2010 makes some good points re: COA, but at most CC’s they’re really cracking down even when students prove their COA exceeds the money you have received in federal loans. And it takes even longer for the few that even get it.

First and foremost, getting a job should be your #1 priority –not getting a car. Unfortunately, Florida has one of the most depressed job markets around right up there with CA –I worked there too. Sounds like you’re just starting out at school. In parts of FL, it seems unless you speak Spanish, have roots there/are well-connected—you’re ass out when it comes to getting a job unless you’re real lucky. If not my friend, I’m afraid you’re in this situation for the long haul. Since the recession, I’ve had students unemployed for 6 months, 1 year even up to 2 years. To make matters worse, Florida is one of the most corrupt states like CA. Community colleges don’t get the fair share of money they should at all. The Gates Foundation donated millions to CC’s but that help won’t hit schools right away and Florida probably won’t see much of it due to bureaucracy. That’s the harsh reality.

You didn’t mention a few things: Are you a local or a transplant? Are you in a city where speaking Spanish is critical and do you speak Spanish? How much longer do you have in school? Is it a 2yr or 4 yr school? I ask these questions because frankly as a 30-year old you are old enough to have planned better. I’m gonna give it to you straight as I hear these stories all day long and it blows my mind.

It always seems the places with rocky economies usually go hand in hand with lacking a real transit system, leaving financially-strapped folks in even more dire straits when they can’t afford a car. Remember that people. I’ve always advised my kids and students that the best places for work are the Mid-Atlantic States (around D.C.) and the Northeast. Those are historically the most stable economies and have great mass transit to boot. I’ve lived in several states throughout my career and this really holds true. My husband and I are actually relocating to the Northeast in the summer 2011. To be closer to family and economically it just makes more sense.

Do you have family that can help you out? It doesn’t seem like it from the sound of your post. And truthfully, you can never really depend on friends in these types of situations, can you? So it sounds like you’re on your own, I’m afraid. The only way out of this situation is to find a job. You have no business even thinking about getting a car in your current financial state. You’d be destitute before you even know it. It’s going to take you a while to land a job –probably not until 2011. I agree with the previous poster—get on food stamps and consider getting a roommate if you don't already have one. In the meantime, tighten your belt and live way below your means in order to survive.

Good luck!

Re: What are my options after FAFSA

BrokeStudent2010 — Mon, 18 Oct 2010 17:26:22 GMT

Sillyrabbit160, I can't believe you chose for your very first post on FICO Forums to a put down of the OP's situation.

Now is not the time for chastising the OP by presuming he or she should know better, or for rambling on about how bad the economy is. We don't know what this person's situation is. All kinds of people who should have or did know better sometimes fall on hard times or end up in unexpected situations. While every negative thing you say might all be true, I'm sure the OP is faced with these realities on a daily basis, so reiterating them while failing to actually give any advice seems pointless.

I don't mean to sound harsh, but it frustrates me when people give really lackluster responses to the post of someone actually seeking legitimate advice.

Re: What are my options after FAFSA

laz98 — Mon, 18 Oct 2010 23:54:17 GMT

@BrokeStudent2010 wrote:
Sillyrabbit160, I can't believe you chose for your very first post on FICO Forums to a put down of the OP's situation.

Now is not the time for chastising the OP by presuming he or she should know better, or for rambling on about how bad the economy is. We don't know what this person's situation is. All kinds of people who should have or did know better sometimes fall on hard times or end up in unexpected situations. While every negative thing you say might all be true, I'm sure the OP is faced with these realities on a daily basis, so reiterating them while failing to actually give any advice seems pointless.

I don't mean to sound harsh, but it frustrates me when people give really lackluster responses to the post of someone actually seeking legitimate advice.

+1. i'm not usually one to jump on these kinds of bandwagons, but the last post did strike me as a little rude.

sillyrabbit, there are lots of legitimate reasons why this person is 30 & in college. it's doesn't necessarily mean they don't have their life together. i'm 30 & in college because i spent several years in the military before i went to school. not everyone follows the college track after high school, & lots of people are going back to school right now precisely because of the economic conditions you mentioned.

i'm glad that you have firsthand experience with the financial aid realm, & it's always great to have insider knowledge. but perhaps you could share it in a less antagonistic way? that way the OP (& future readers) won't be put off by your comments & ignore the helpful advice you have offered

to the OP: i hope that you find a solution that works for you. i do agree with previous posters that you should be less concerned with getting a car & more concerned with finding employment, or seeking some type of welfare assistance. unless you live in an exorbitantly expensive place to live, you should be able to adjust your lifestyle to fit your small budget. i do think it will be tough to get any kind of loan without proof of ability to repay, unfortunately.

Re: What are my options after FAFSA

Anonymous — Tue, 19 Oct 2010 01:27:13 GMT

My apologies, I got really carried away because this is a topic I feel strongly about....I have a tendency to get on my high horse and be long-winded. I thought I was just giving it to the OP straight, no shooter -- a reality check. I've been in this field for a long time, I've seen and heard it all and sometimes can be a bit jaded. But, I do know what I'm talking about and wanted to get my point across that the OP should put the car side and focus on the job to get out of the situation. Unfortunately, the loan will be a pipe dream at best according to the facts presented. As for me saying that the OP is old enough, etc --there was no judgmental intent. That's something I say to my own kids and students I counsel when they need to step up. I definitely know how hard it is out there but there are always ways out of circumstances if you focus and buckle down.

Re: What are my options after FAFSA

haulingthescoreup — Tue, 19 Oct 2010 02:13:01 GMT

@Anonymous wrote:
My apologies, I got really carried away because this is a topic I feel strongly about....I have a tendency to get on my high horse and be long-winded. I thought I was just giving it to the OP straight, no shooter -- a reality check. I've been in this field for a long time, I've seen and heard it all and sometimes can be a bit jaded. But, I do know what I'm talking about and wanted to get my point across that the OP should put the car side and focus on the job to get out of the situation. Unfortunately, the loan will be a pipe dream at best according to the facts presented. As for me saying that the OP is old enough, etc --there was no judgmental intent. That's something I say to my own kids and students I counsel when they need to step up. I definitely know how hard it is out there but there are always ways out of circumstances if you focus and buckle down.

We're all about tough love here, when it needs to be distributed. It's just a bit unusual to see it on a first-time post. Usually people try to get a feel for things first, I guess.

After however many posts --where am I, omg, 26,550 --I still do this with a lot of caution.

Unless it's a troll, of course. I love blasting trolls!

Re: What are my options after FAFSA

Anonymous — Tue, 19 Oct 2010 04:20:43 GMT

I want to make some points so you guys get a clearer picture of my situation.

1. I can get a job right now there are plenty of low paying jobs in the area but that is the problem their low paying and my time is put to better use studying. School is my number one priority.

2. Yes I want to get the loan to buy a car for employment but more importantly for school. I can only take so many coarses at the campus that I am at right now I will eventually (probably either spring or summer semester have to switch campuses so yes the car would primarily be for transportation to school.

3. This is an important point I want to go to school during the summer I won't be able to without more money ergo why i need the student loan.

4 I will probably have to use my credit cards in December or January but I can pay down that debt in Febuary as I am in the process of applying for scholarships and will be awarded them in the spring.

5. The reason why I thought about a student loan is because it's deferred until after you GRADUATE so what difference does it make really if I am unemployed or not. I know i'll probably be employed sometime in the near future and want to pay it back as soon as I can.

6. I am used to making 40000 a year. I've been getting job offers of 30,000 to 36,000 a year which I'm ok with, but lately, I haven't been able to attend many interviews because of the car issue. If I get a car I'll pretty much have a job that I want within 2 weeks.

7. I expected to take some pain short term going into this and while I am not in a desperate situation and probably won't be (If things get bad i would just have to work two low paying jobs and not go to school) the fact of the matter is getting a loan will open up alot of opportunities for me and is something I can handle (ergo 720 credit score) over the long term.

8. Again whether I like it or not if I want to stay in school I will eventually have to get a car.

Just to give you some info on my background I have been living between Florida and NYC for the last 7 years, 4 and a half in Florida, and the last 2 and half in NYC. I have been living on my own for the past 12 years. Two years ago I decided i wanted to go to school and started researching my options. You want to talk about planning better I started the application process to get into the CUNY system of schools last march. I sent in my transcripts to register for the fall of 09, after waiting for it to process I was put on a wait list just to get in! I was told that I would not be able to register for the fall.I was then told to try the spring which I did in September of 09, again I was waitlisted, after trying for a third time for this fall semester and talking to student couselors I finally gave up, I thought I'd never be able to go to school. I came down to Florida in July on vacation realized I was still a resident, asked how long it would take to get into school. I was told 1 week, I was registered for classes within 2 weeks. Your right I'm 30 and could have planned better but at 30 i'm not getting any older and realize when an opportunity presents itself you take it especially when getting into school had become so tedious. While NYC may have a stable economy I was by far not stable in NYC I moved 5 times in two and half years while living there, and I was constantly trying to stay above my means. The Northeast may be great for alot of things but the fact of the matter is it is alot easier to live in Florida. Me coming here to go to school is a decision that I have no regrets about in fact the only regret i have is the amount of time and money 225 dollars I wasted trying to go to school in New York.

Re: What are my options after FAFSA

Anonymous — Tue, 19 Oct 2010 16:18:45 GMT

Sorry but so many things are just not adding up :

1) You say you were making $40K and have a credit score of 720—then why did you have to move 5x in NYC? There are ways to live in NYC on that kind of budget. Parts of Manhattan, Brooklyn, Queens and the Bronx have affordable rent, not to mention affordable mass transit.

2) You say you’ve been on your own for 12 years –then how were you able to pick up and leave NYC in 1-2 weeks? Did you break your lease that fast or did you leave someone holding the bag—a landlord or roommate?

3) You say you’ve gotten job offers in the $36K range…Are you sure you mean job offers and not job interviews? If they are indeed job offers then why are they not good enough? It sounds like that would be the answer to your problems. I don’t think you’re being really upfront with us, or yourself for that matter. From what I can gather, it sounds like you were employed in NYC. So you traded one workable situation for a worse one. You could’ve waited another semester to get into CUNY –kept working, saved money, taken advantage of the transit system instead of relocating to a place where having a car is essential to everything, to where you don’t have a job and you’re now strapped for money.

4) As for the application process at CUNY which I know about as well –not adding up either…Sounds like you either missed deadlines –not getting proper paperwork in on time or you were not applying to appropriate programs. If you’re really honest here I bet you’ll admit there were some things you could’ve done differently to get in. Sorry, there is no way if you had done your due diligence, could there be so many roadblocks to registratering. Just wouldn't be tolerated there. Something about your account just doesn’t sound kosher to me.

Don’t you think it’s a bit suspect that a school will accept you within one week? You seem like a smart person –so, it would stand to reason that a diploma from that school probably isn’t worth the paper it’s written on. Is this school even accredited? I pray your school is a 2yr CC that way you can at least transfer to a decent school. I don’t know what field you’re trying to get into, but for the record Florida colleges are widely not considered a bastion of academia anywhere.

In my experience, unless you’re from here, Florida is a place where people go when they can’t make it somewhere else. It’s full of burnouts. It’s fine if you’re not overly ambitious. Don’t get me wrong –Florida is great for kicking back and relaxing. Why do you think it’s destination #1 for retirees? In life, anything that is worth having doesn’t come easy and usually requires hard work and dedication. Forgive me if I’m sounding overbearing, but I’m a mother of 5 –some of my kids are in your age group. It’s just the maternal side of me coming through. This is the same thing I would tell my own kids.

Re: What are my options after FAFSA

Anonymous — Tue, 19 Oct 2010 17:54:36 GMT

Things not adding up I could say the same about you.

1. Affordable rent I pay 400 a month down here, you can't get a piece of crap apartment in New York for less than 800, unless you have rent control which is pretty much over with. If you lived up there you would know that . Just to give you a reference I paid 150 a month for a parking lot space when i lived in New York, I've seen some places charge as much as 600 a month for parking. I sold my car May of this year as I had not anticipated moving to Florida yet.

2. I pretty muched worked 8am to 8pm this is not counting commuting which added anywhere from an extra 30 minutes to two hours depending on where I was living in New York since i moved so many times. Which meant that I never really had time to look for apartments that were affordable and so I was constantly moving in with roomates.

3. Most young people that live in New York have to have roommates I've seen 4 people in a 1 bedroom apartment up there. I was not on a lease when they moved I would have to look for somebody else to move in with.

4. From December to March I pretty much wasn't working as I had knee surgery and was not put on disability.

5.I tried three times unsuccessfully to get into the CUNY system I could only imagine the outcome after being accepted what the waitlist would look like scheduling classes. If you know it well than you would know that my situation is actually quite common.

6. I am in a community college I said this in the original post you should pay better attention. It took my school a week for them to get my high school transcripts and then I took a placement test and I was in.

7. I don't know what you think you know about Florida schools but University of Miami is ranked # 47 and University of Florida is ranked #53 in the U.S. News best colleges of 2011 you should do better research.

8. Unless your making 80,000 or more New York can and is a stressful place to live anybody that has lived there on their own knows that, the only exception to that would be if you lived with your parents, which many of my friends in New York still do.

Re: What are my options after FAFSA

haulingthescoreup — Tue, 19 Oct 2010 21:21:38 GMT

I feel like I'm watching a tennis match here...

Perhaps if y'all could back away from the ya-ya-ya bit, and get back to the original question, which I believe dealt with alternative sources of SL, there might be a bit more light and a lot less heat.

Just a thought.

Re: What are my options after FAFSA

laz98 — Tue, 19 Oct 2010 21:44:46 GMT

@Anonymous wrote:
5. The reason why I thought about a student loan is because it's deferred until after you GRADUATE so what difference does it make really if I am unemployed or not. I know i'll probably be employed sometime in the near future and want to pay it back as soon as I can.

it matters because private student loans rely solely on your credit, as opposed to federal student loans, which are pretty much handed out like candy. federal student loans don't care if you are working or not as a student; a private loan lender cares because it's like getting any other kind of loan, which is why i mentioned that you need proof of ability to repay.

that's why it is not always easy to get private loans, regardless of your cost of attendance. i imagine if people could get a private student loan for any old reason, they would be signing up for them left & right!!!

also, graduation does not equal employment. i don't know what your chosen field is; hopefully it's in high demand! i just want to give you a heads up about putting all your eggs in one basket, so to speak. people are having trouble finding jobs in any field nowadays. if you know you will be employed soon, as you mentioned, then you shouldn't have any worries.

Re: What are my options after FAFSA

Anonymous — Tue, 19 Oct 2010 22:50:07 GMT

@laz98 wrote:

@Anonymous wrote:
5. The reason why I thought about a student loan is because it's deferred until after you GRADUATE so what difference does it make really if I am unemployed or not. I know i'll probably be employed sometime in the near future and want to pay it back as soon as I can.

it matters because private student loans rely solely on your credit, as opposed to federal student loans, which are pretty much handed out like candy. federal student loans don't care if you are working or not as a student; a private loan lender cares because it's like getting any other kind of loan, which is why i mentioned that you need proof of ability to repay.

that's why it is not always easy to get private loans, regardless of your cost of attendance. i imagine if people could get a private student loan for any old reason, they would be signing up for them left & right!!!

also, graduation does not equal employment. i don't know what your chosen field is; hopefully it's in high demand! i just want to give you a heads up about putting all your eggs in one basket, so to speak. people are having trouble finding jobs in any field nowadays. if you know you will be employed soon, as you mentioned, then you shouldn't have any worries.

Besides credit score is there anything else that private student loans look at?

Re: What are my options after FAFSA

laz98 — Wed, 20 Oct 2010 01:24:44 GMT

sure! every lender will have its own list of course, but simpletuition.org gives this general list of items:

Your full name, social security number and date of birth

Your permanent address and the number of years you have lived there (no P.O. boxes)

The amount of your monthly rent or house payment

Your home phone number

Your current occupation and position

The name of your employer and how long you have been employed by them

The business phone number of your employer

Your gross annual income

The contact information for a reference (name, address, home/business phone number)

The name of your school (or the school the student for whom the loan is for is attending)

The social security number, contact and employment information for your co-signer (if applicable)