$$ and College: How does this work?

I'm looking at some of the articles around on Financial Aid, and while it's mind boggling, they all assume that you have or reference personal loans.

What if you can't get any?

What if you don't have a co-signer, (or did but she decided she didn't want to help you anymore ) and you have less than perfect credit? Do you sit and wait until you're credit is perfect and then get a personal loan to go to college? Has anybody gone back to school with bad credit and lived to tell the tale?

I'm looking at an art school, and unfortunately they are very expensive, so I will have to get as much fin aid as possible. Scholarships and stuff aren't going to cut it as I'm not in school anymore and from what I understand you only get scholarships from going to high school to college and while you're already in.

I think I'm confused!! ](*,)

There are two types of loans that financial aid awards you- subsidized or unsubsidized. Subsidized loans are usually automatically awarded with your financial aid package.

Unsubsidized loans are awarded to those students that were denied a parent PLUS or personal loan to cover their remaining tuition costs. You must provide proof that you were denied the loan.

For more information regarding amounts, etc. please see this website. link removed

Hope that helps!

One thing I learned from my university is that you have to ask them where on their website do you fill out the loan application. At the end of last semester I had like 4,000 dollars that needed to be owed to the universtiy. I knew that was wrong so I called the Student Services office and they told me what I needed to do. My experience has been is that you need to go to the office and write down everything they say. Or call them cause my school records every business phone call.

Now isn't there so much you can get with a subsidized loan? Like because I'm going in as a freshman I'll only get like 1k? And I have to make up the rest?

Now isn't there so much you can get with a subsidized loan? Like because I'm going in as a freshman I'll only get like 1k? And I have to make up the rest?

The 07-08 max amount for a subsidized loan is $3,500 for a 1st year student that is dependent on their parents. It increases to $7,500 if you are considered independent of your parents. Please note that the amounts awarded are based on need so it doesn't mean you will be awarded this much.

The unsubsidized loans are not rewarded based on need. You just need to be an American citizen with no drug arrests. It allows you to borrow another $4,000/ year for the 1st two years and another $5,000 for the remaining two. Unsubsidized loans begin accruing interest immediately though so just keep that in mind.

Ok I think this is where I'm getting confused.

We'll take Savannah College of Art and design as an example since a friend of mine goes there.

Their website says:

Three courses per quarter (15 hours of credit, 150 hours of instruction)

undergraduate $7,650

graduate $7,800

and

Full-time tuition for one academic year

undergraduate $22,950

graduate $23,400

My Family Contribution would be around: $1k.

So Fin aid would have to cover $21,950. So, what I'm seeing is this:

total price year: $21,950

Stafford: 6,625

Pell Grant: 4,050

That leaves a total: 11,275 to pay.

The $11,275 part is where I'm confused. How do you get this part paid off without having a scholarship (since I'd be first year and out of highschool already) and without a student loan.

Are you able to get a subsidized and unsubsidized loan at the same time?

I apologize ahead of time, I know I kind of sound stupid about this, but I'd hate honestly to waste $150 bucks on an application only to be told "no you don't have enough money."

I don't think you sound stupid, its the same questions I had when I went to school.

Yes you can absolutely get sub and unsub loans at the same time.

Unfortunately, the remaining amount is what you would have to come up with. It can come from different sources, the school can give you a 'scholarship' which really means they're just waiving part of your tuition (at my university where annual tuition was about 30K I didn't know one person who didn't have some type of scholarship), I would highly suggest you talk to a financial aid counselor. They will be able to help you. They may be able to advise you as to how to become independent of your parents, offer school scholarships, set-up payment plans, etc.

They helped me so much. Just an example- my dad was laid off one year and because your financial aid is based on previous years income, I got NO aid because my dad made too much. I went and told them that he had been laid off and they contacted the government and worked something out so my aid could be adjusted to reflect our current financial situation. I just had to provide proof.

I wouldn't really consider the $150 a waste of money. It's peanuts compared to the education you could get. Even if you do figure out that you can't get enough money, you will be able to talk to someone about what you will need to do to get enough money.

I hope this is helping... I have been through the ringer with all this stuff. I know it can all be so confusing!