Students having loan troubles?

Hey all, I'm a pretty rare poster but I think there's quite a few students here so I thought I'd post a question.

I'm one semester away from my bachelors degree and every private loan institution I've petitioned loans for has denied me. I've never had any problems previous semesters and I know the economy is in the toilet, but c'mon! I didn't work my butt off all these years to not be able to finish my last semester! I don't know what I'm suppose to do besides try and work, work, work all summer and try to save enough to pay for it myself even though that also seems impossible when I factor in rent/food/travel expenses around the city.

I've tried with co signers, they were both denied as well. My mom and step dad have offered to help with my expenses but I really don't want to have to take their money, they work hard for it and I feel like it should stay their own, I like to handle things myself. If you can't pull something off on your own I feel like you have no business doing it.

Ugh sorry, I've just been stressing out about it and really I'm just wondering if anyone else is having any loan troubles these days and how you're handling it.
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How old are you? If you are 24 or over, you no longer need to claim your parents income and that can really increase the amount of govt. aid you are allotted.

If you are under 24,I hate to say it, but let your parents help you at least until you are 24. Stay away from private loans, because the interest will kill you.

I know getting parental help sucks, but I've also learned not to turn down help when it is offered. Besides you can pay them back later, and they aren't going to charge you interest and possibly screw up your credit like a private loan.
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Sorry, but I think you're going to have to accept help. Even medical students (lowest default rate of all student loan borrowers) are having trouble getting loans this year. If your parents have good credit, they might be able to take out a ParentPLus loan for your undergrad expenses.

I disagree with riotkitty about the private lenders, though. True, their rates are adjustable and tend to be higher - but my private educational loans are at a lower interest rate than my GradPLUS loans due to the low interest rates. They are through a reputable lender who has good and fair repayment terms and who works with students to find a fair solution when finances are tight.
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My understanding is that many lenders stopped doing student loans last year after the financial crisis hit. The ones that do still have them have tightened the criteria. When I was in college, the financial aid office was there to help navigate my options. Is there anyone there who can help you find financing? Otherwise, you're going to have to accept your parents' help.
At the school where I work and take classes, you can make monthly payments throughout the semester for that semester's tuition instead of having to pay for the entire semester up front. Would that be an option?

Another option would be to work part-time and spread your last semester's worth of credits into two part-time semesters. It would mean receiving your degree a little later, but would (hopefully) also mean being able to pay your way without loans.
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I agree, call your school's bursar's office and see if you can get on a payment plan. Otherwise, you can draft papers to borrow the money from your parents and make an agreement to pay them back, if you really don't want to accept the money as a gift.

Banks aren't very willing to do student loans that aren't guaranteed by the government right now. They don't have the liquidity and they can't easily sell the loans (there's no market for them after the economic collapse).

Congratulations on being so close to graduation!
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Why don't you just do FAFSA ? Or have you already done it? I think the payment plan is a good idea as well as getting a job. Although you may not want to accept money from your parents, it can't hurt. Plus you can always pay them back
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Why don't you just do FAFSA ? Or have you already done it? I think the payment plan is a good idea as well as getting a job. Although you may not want to accept money from your parents, it can't hurt. Plus you can always pay them back
Originally Posted by pulchri2dinous
If you're applying for student loans, you've already filled out FAFSA, so my guess is the OP has already taken that step.
"Well I love that dirty water. Oh, Boston, you're my home!"
Why don't you just do FAFSA ? Or have you already done it? I think the payment plan is a good idea as well as getting a job. Although you may not want to accept money from your parents, it can't hurt. Plus you can always pay them back
Originally Posted by pulchri2dinous
If you're applying for student loans, you've already filled out FAFSA, so my guess is the OP has already taken that step.
Originally Posted by newcurly
Just putting it out there, because I've come across a few people who don't know about it.
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"When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps." - Confucius
You should definitely go to your financial aid office and see what they have to offer. This semester I randomly owed 4k (even though I had taken enough loans out to cover the year) because some charges went up and a few other things... I went to my financial aid office they were able to give me 2 grants of 1k each and then I had to apply for a loan, I applied for the parent plus loan and got it. This was all about 3 weeks ago, as much as I hate parent plus loan it was what was available so check it out. The loan does have an 8.5% interest rate but if you do it with certain lenders they will take off a percentage if you/your parent has good credit (citibank does this) and you can also have it deferred until 6 months after graduation.
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Alright, I tried to organize some things today and I think there's still hope for the future.

Riot - I'm 26, so I've stopped claiming them. They both tried to co-sign for me too, but were denied. I've also already delved into the depths of the private loans. My college is a little pricey which is why I got my associates degree out of the way at community college. The way my major is designed though in order to take all the classes I need to graduate I'm here a little longer than I originally thought I would be. Thanks for the advice though!

Newcurly- See above about the co-signing options. It's just really frustrating and stressful to not be able to get a loan to finish my last semester, I worked really hard to get to this point in my life. I don't even know what to do about the loans already looming over my head.

ms. Poppers- I went to the financial aid office today! I feel like they should know me on sight by now. I worked some things out with them today. I'll be taking one class this summer and I really can't avoid taking help from my parents to help with this one because I'm certainly not going to have the money on time. My federal loans for the fall will cover almost all of the school cost, then I need to handle rent and life expenses. Which I'm working on getting together.

Dancing- my fall semester is almost completely covered by federal loans. I think it would cost more for me to split it up into part time ones just because of living expenses for another year rather than half of one.

Snarls- Thanks

pulchri- Yep, already filled it out!

sarcasm- I asked about the perkins loan, my college doesn't take it..? Are there age requirements on the plus loan? I feel like there was a reason this wasn't an option but I can't remember.

Thanks again everyone!
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Ah yes I see why, it says the student must be dependent on the parents Sorry but they do have regular student loans, did you try to get one from them?

here is the link

If you haven't looked at chase private student loans you can do that too

One more thing, do you have a federal stafford loan? If you do you should ask your financial aid office if you're eligible for an unsubsidized federal stafford loan (this basically means the loan accrues interest and the regular stafford doesn't while you're in school).
Turtles: omg please don't put that in your moo moo

Nej: too late... moo moo has been infiltrated.
I feel for you! Im at uni- but I've always had to borrow from my parents because they 'earn' too much for me to get enough loans to cover everything. (What I want to know is what my dads income has to do with anything- what if he decided not to pay for me which he has every right to do?) Anyways I think its disgraceful students have to get into so much debt now. I hope you find a solution, you may have to borrow of your parents. I dont see the current economy as a excuse not to give you loans- to new people perhaps, but its just illogical when you have one semester (term?) left

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