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Old 03-26-2012, 07:05 AM
 
Location: Heart of Dixie
1,298 posts, read 2,230,247 times
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I have a step daughter that is applying for student loans. We have been turned down, our credit scores are 723 and above, never later, and definetly not over extended. We've(her dad and I) all been on jobs for over 7 years. Any ideas as to why? What other routes is there?
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Old 03-26-2012, 08:31 AM
 
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I don't think you can be turned down for a Stafford loan.Student Aid on the Web
Quote:
Direct Unsubsidized Loans—You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out.
You did fill out the FAFSA didn't you? Home - FAFSA on the Web-Federal Student Aid You must fill out the FAFSA to get a stafford loan.
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Old 03-26-2012, 12:04 PM
 
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Please make sure you take advantage of all FEDERAL student loan options, before you go private.

To utilize FEDERAL loans - you must fill out the FAFSA for your step-daughter, as the poster above suggested. Her college loan office will have help available.

If you are maxed out on FEDERAL loans, then private loans are an option - generally that is when your credit score will come in (Federal loans don't care about your credit score).

Private loans are awful. Really, don't do it unless you see no other possibility - including a home equity loan or selling blood plasma.

Good luck to you and your family!!
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Old 03-26-2012, 02:24 PM
 
Location: Heart of Dixie
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We did the FAFSA and qualified for zilch. We tried salliemae and were not approved...this is so fustrating. Thanks for any advice and help.
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Old 03-26-2012, 03:10 PM
 
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We also qualified for zilch, but our son took out an unsubsidized stafford loan. Call the financial aid office at your school. Did you actually file the FAFSA and then apply for financial aid at the college? When you get your financial aid statement there should be some sort of loan allowance.
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Old 03-26-2012, 08:31 PM
 
Location: Alameda, CA
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Quote:
Originally Posted by round4 View Post
We did the FAFSA and qualified for zilch. We tried salliemae and were not approved...this is so fustrating. Thanks for any advice and help.
My parents also made too much and got me 0 in support, however I was still offered loans through the government. Talk to your daughter's financial aid office, they will know more.
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Old 03-26-2012, 08:55 PM
 
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When you filed the FAFSA, after you submitted the fafsa, the page should have popped up that stated the EFC (Expected family contribution). This page also states weather you should qualify for a Pell Grant (federal aid), also it will tell how much of a stafford loan your daughter is eligible for. For her freshman year it should be $3500 plus $2000 for a total of $5500.
When you filled out the fafsa did you use Home - FAFSA on the Web-Federal Student Aid website? Make sure it is the.gov website- it is free- it will automatically be sent to your state for financial aid as well. Please call the school ASAP and speak to her financial aid counselor to clarify everything was rec'd from FAFSA.

Federal Direct Loans is the website for loans for the dept of ed-(you'll notice how it is related to the FAFSA) these are the loans that "all students" qualify for - it is also where you can get parent plus loans- all these loans are through the federal government. Other than that, you would use private loans where you would have to do credit checks, income vs debt, etc. such as Sallie Mae.

One rule of thumb to keep in mind - if your daughter takes out $5500 in loans the payment when she leaves school or graduates is roughly $55 per month for 10 years. If you took a parent plus loan for her it is the same basis- say you loan $9500- the repayment would be approx. $95 per month for 10 years- can you/she afford this repayment when she graduates.
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Old 03-27-2012, 08:07 AM
 
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Excellent post by pupmom.

Many people don't qualify for financial aid, but can't really afford to pay full price. This is why each family needs to do the FAFSA before they start the college search to see what their EFC is going to be and get a general idea of the gap. That gap is usually filled by either Stafford or Parent Plus loans.

Many private colleges understand that and ask that families fill out and submit the FAFSA and sometimes the https://profileonline.collegeboard.com/prf/index.jsp. If you have a student with stats above the average admitted students stats, you will very often be given merit aid that helps to fill that gap. Merit aid comes in the form of grants and scholarships and does not have to be paid back.

With each of our kids, we told them before we even visited one campus, how much we were willing to pay for their college. It was up to them to decide how much in loans they were willing to take on after college graduation. When choosing schools I helped them find schools that were very generous with merit aid. At my middle son's college, for instance, we knew when he applied that 96% of the students got grants with an average of $16,000 per year. College Navigator - Roanoke College When the acceptances came in, and then the financial aid offers, it was easy to see how the money would play out and compare the schools.

At this point round4, your best shot after you talk to the financial aid office at your students intended college is to think about perhaps a gap year if it truly isn't affordable and then look for better financial matches and have your child apply to them this fall.
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Old 03-27-2012, 12:55 PM
 
Location: Heart of Dixie
1,298 posts, read 2,230,247 times
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Thank you all so much. I have a call into the offices now. Our situation has DRASTICALLY changed since January, so we just found out that we can actually appeal and talk with the school. Again, thank you all for valuable info.
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Old 03-27-2012, 01:34 PM
 
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Great news. Campus financial aid centers are really great resources, and are usually very willing to sit down with student (and families) to research what options (loans and more) are available.

Just - please - avoid private loans at all costs. They don't qualify for the federal loan repayment programs and can be a terrible burden for students to attempt to get out from under. (more so than the federal loans)
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