Looking for the right college loan, suggestions

[Anonymous 6]

My Army dreams have been put on hold, One way or another I would like to go back to school to finish my degree. The problem is, my parents make a decent chunk of change every year, and I am under the age of 24- in my state, you HAVE to mark yourself as a dependent unless you are in the armed forces, married, or have a child of your own until the end of your 24th year. I went through this problem when I was in college last, financial aid would hardly help me; When I went to go visit my parents, devastated that I wouldn't be able to afford to go to school, they felt that the fact that they did not save for me to go was their doing- so they helped pay the bill. This time around, my parents have made it VERY clear that they cannot afford to help me. My father just recently opened a new business, a retail selling and consigning firearms. Well his sales and revenues count as "income" on my fathers taxes, in addition to him making more money than I could ever dream of making, pretty much made financial aid hold me financial hostage to my parents. I know that my parents would LIKE to help me, but just starting a business that is less than 2 years old is expensive, everything that he makes out of it plus more gets reinvested into the business.

I'm looking for the best way to go back to school, right now I feel that my only option is to get a private loan. Going through financial aid would put my payments at over 1000 per month, which for me paying rent etc. just isn't doable right now.

Does anyone have any ideas, advise, prior experience, etc?

[annie24]

How old are you exactly? I am not sure how this goes, but is there any way for you to be declared completely financially independent of them? can you file your own taxes? I know some of my friends have been caught in the same situation as you. Their parents have money/good incomes but they either cannot or choose not to pay for their child's college education. Problem is that the financial aid office doesn't see it that way!!

 

Can you take some classes at a community college? Why can't you apply to the army now?

[Anonymous 6]

I had a psychological problem a few years ago that I need to have re-evaluated (got pregnant, no baby long story short). I have to get re-evaluated and wait 2 years. I have looked into community colleges but they only offer 2 year degrees, and I am in the higher classes (300+) which they do not offer. I'm 21 years old and ever since I got out of college last I am doing really nothing with my life- This isn't my personality at all and it's driving me NUTS; I have a good job, I just went and got my LNA license, but now I have absolutely nothing to do, and I can't bear the thought of waiting until I turn 25 to go back to school. I have spoken with the financial aid and the only way that I can be financially independent is if I am 25, in the armed forces, have a child, am married or extreme circumstances (parents are passed away, emancipation as a child etc.)

[annie24]

is there a student loan debt forgiveness program sponsored by the military? ie, go to college, then enroll in the military, then they pay off your student loans?

[Anonymous 6]

Yes there is, that Is what I have been leaning towards, the catch on that one is you need to score above a certain score to qualify for it (50) when I took the ASVAB, I got a 47- Go figure, the positive thing about me not being able to join right away is that in 2 years I will have another chance to take the test, and then I can try my best to score above a 50 this time. Making school payments kindof sucks

[Firiel]

I was going to suggest ROTC. If you'd like to enroll in the army anyway, then that could be a great way to get school paid for.

[Anonymous 6]

I know, like I said that is my plan.. but right NOW, I obviously need some type of plan as to how I am going to fund for school. I have bad credit, and my parents aren't all that eager to help either.

[Ariel85]

Well his sales and revenues count as "income" on my fathers taxes

 

And so does everything he writes off for the business, which is substantial. He is only being evaluated on his adjusted gross income, which is not his sales revenue.

 

Still, it seems like they have plenty of cash to spare, but for some reason, don't want to help you out.

 

If you have bad credit already, it's going to be nearly impossible to get a loan. Will your parents co-sign?

[Firiel]

Does ROTC not pay for school right off the bat? I thought they did, but I obviously could be wrong and they make you take out loans and don't pay it back till you enlist.

[Anonymous 6]

I was disqualified for the army programs, or any military programs for 2 years. I was in counseling after loss of a child, which they obviously don't take into consideration. I need to go for a re-evaluation and wait out the period.

[Anonymous 6]

If you have bad credit already, it's going to be nearly impossible to get a loan. Will your parents co-sign?

 

My parents do not want to co-sign. They think that I will have too much trouble paying it off when I get out. I have tried looking into cheaper schools, but the cheaper ones happen to be 2 year degree schools, which I am already finished with, and have no intentions of repeating.

[Ariel85]

Why are your parents so mean? I mean, seriously? You're here trying to better your life and your future. I don't get why they're impeding things.

 

Regardless, crappy parents for another thread...

 

For now, I think the suggestion of taking online courses or community college is a good one. It's worth the effort to check into loans on your own first, but if that comes up negative, then at least this way you'll be out of the house, working on your education, etc. Then when your financing comes through, you'll be well-acclimated to studying/college life, etc.

 

Don't give up!

[Lonewing]

You may not see it this way for many years to come, but in reality this may be a blessing!! You don't have that huge Crushing student loan debt so many of your peers are carrying! And take a good close look at how many of us are doing things that have NOTHING to do with our degrees!!! Or how many of us are UNEMPLOYED!

 

No, this is a blessing.

 

You stat you have a good job and you have your licesne. GOOD for you!!! And you have two years before you can reapply for the army - so set your heights on that goal Stick with it!!

 

As I see it, you have two years to do everything you can to improve your ASVAB score - SO DO IT!!

 

Even if you don't get into the army, you'll be far better off spending these next two years working and figurein gout waht you like to do and where hte money is, and once you have this figured out, go in that direction. If you save up your money over the next couple of years, you may even be able to pay for colelge OUT OF YOUR OWN POCKET! Imagine how incredible that might be!

 

There's so many negatives right now in the academic world that I highly advise you reconsider the advice you've been given all your life. We have been collectively brainwashed into believeing that the secret ticket to a gret job is a piece of paper from a diploma mill, ahem, university. The diploma mill business has become a HUGE business thanks to this. Don't buy the hype, just LOOK around at all the unemployed, underemployed, and employed out of field people there are around you. For everybody who thinks of college as being on a pedastal, WAKE UP!!

 

I don't think you have crappy parents whatsoever. I think if the rest of us had your parents, we might not be in the rut we are now in. We were fed a line, and now, we're sinking because of it. Imagine how much stronger this economy we're in would be if so many young people did not have 40k, 50k, 100k in student debt!! That's NOT a little amount of money; that may very well buy you a HOUSE in some areas!! Or a REALLY NICE CAR! And it is goign to take these people between 20 and 30 years to pay this debt back. Some may NEVER pay this debt back!

 

Keep your job, keep your head up, and get that ASVAB score UP so you can get a GOOD job. That does not mean colelge; that means studying those materisl that are on the ASVAB, which may very well be the first couple years at CC. And even self study.

 

Even if you don't get into the military, do not despair. In two more years you will have two more years of solid reliable work history behind you, along with a potentially good reference for your future resume [your boss]. Employers ARE NOT looking for degrees. They're looking for EXPERIENCE, HISTORY, and ETHIC. If you have these things, you can get work. And if you can get work, you may even eventually get a job where they pay you enough to get a degree, or where they send you to college because you are worth that much to them. There's no back door to this.

 

Best of luck!!