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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Confused Parent Re: Student Loans
My child has been accepted to college. The paperwork sent the information of what is not needed to be paid back (grant) and what is. After the Stafford Loans and the family contribution, they have shown an amount that my child will have to pay.
How would I go about finding out about getting a loan on that amount for each year in college? Is this something that needs to be applied for or do you just go to a certain place and tell them they will need to have this loan?
Sorry if this is confusing as I am getting confused. lol
Thanks.
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Posted 4/15/16 11:23 AM  |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: Confused Parent Re: Student Loans
You can apply through the college for an additional loan for that amount or you can apply at your local bank/credit union.
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| Posted 4/15/16 11:27 AM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Posted by Eunyboo
You can apply through the college for an additional loan for that amount or you can apply at your local bank/credit union.
Oh ok. I guess I will have to ask them at orientation then. I don't know if my bank will approve that large of a loan for a young kid.
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| Posted 4/15/16 11:30 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Confused Parent Re: Student Loans
I don't have an answer to your question, but I do know that there are different kinds of loans, so you want to be very clear on what you/ your child is applying for. Some loans are only in the student's name (so no affect on parent's credit and helps the student build credit); different interest rates and repayment terms etc. It can all make a big difference once your child graduates, so it is worth doing some research now, instead of winding up stuck with a loan that is not the most favorable for you or your child.
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| Posted 4/15/16 11:31 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Confused Parent Re: Student Loans
Posted by blessedmama
Posted by Eunyboo
You can apply through the college for an additional loan for that amount or you can apply at your local bank/credit union.
Oh ok. I guess I will have to ask them at orientation then. I don't know if my bank will approve that large of a loan for a young kid.
I'm pretty sure (but not 100%) anyone who applies is guaranteed to get a loan to cover the costs of college
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| Posted 4/15/16 11:33 AM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Posted by chilltocam
Posted by blessedmama
Posted by Eunyboo
You can apply through the college for an additional loan for that amount or you can apply at your local bank/credit union.
Oh ok. I guess I will have to ask them at orientation then. I don't know if my bank will approve that large of a loan for a young kid.
I'm pretty sure (but not 100%) anyone who applies is guaranteed to get a loan to cover the costs of college
Ok, good to know. Yes, it would be in the child's name. Thanks.
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| Posted 4/15/16 11:34 AM |
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Eunyboo
<3
Member since 7/12 4376 total posts
Name:
E
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Re: Confused Parent Re: Student Loans
I remember that they wanted to offer me a PLUS loan to cover the remaining costs but that had my parents on it and I didn't want to do it. I ended up going to my credit union and got a small loan to cover some of the costs. If you go through a bank/credit union, it's pretty likely that you'll need to co-sign it. You might have better options with the school but I wouldn't wait until orientation to set it up. Does your child have a financial aid counselor assigned to him/her? I would start there.
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| Posted 4/15/16 11:35 AM |
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itsagoodlife
LIF Adolescent
Member since 8/15 619 total posts
Name:
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Re: Confused Parent Re: Student Loans
I remember my mother laughing at the "expected parent contribution" part of those forms. She was like "are they kidding me????"
Good luck... paying for college is a b!tch
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| Posted 4/15/16 11:37 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Confused Parent Re: Student Loans
I would call the Student Financial Services office now to give you info on additional loan options, I wouldn't wait until orientation.
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| Posted 4/15/16 11:37 AM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Posted by Eunyboo
I remember that they wanted to offer me a PLUS loan to cover the remaining costs but that had my parents on it and I didn't want to do it. I ended up going to my credit union and got a small loan to cover some of the costs. If you go through a bank/credit union, it's pretty likely that you'll need to co-sign it. You might have better options with the school but I wouldn't wait until orientation to set it up. Does your child have a financial aid counselor assigned to him/her? I would start there.
Not yet as we just signed the paperwork and put down the deposit. Orientation is next month.
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| Posted 4/15/16 11:41 AM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Posted by itsagoodlife
I remember my mother laughing at the "expected parent contribution" part of those forms. She was like "are they kidding me????"
Good luck... paying for college is a b!tch
Ugghh I know. Ours was $6,500 so I didn't think that was too bad. The student will be over $20,000 
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| Posted 4/15/16 11:42 AM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Posted by JDubs
I would call the Student Financial Services office now to give you info on additional loan options, I wouldn't wait until orientation.
Orientation is next month. Is that too late?
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| Posted 4/15/16 11:43 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Confused Parent Re: Student Loans
Posted by blessedmama
Posted by JDubs
I would call the Student Financial Services office now to give you info on additional loan options, I wouldn't wait until orientation.
Orientation is next month. Is that too late?
I would at least start gathering information now, so that you are fully informed by orientation, so you'll know what questions to ask
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| Posted 4/15/16 11:58 AM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7635 total posts
Name:
Momma <3
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Re: Confused Parent Re: Student Loans
Posted by blessedmama
Posted by itsagoodlife
I remember my mother laughing at the "expected parent contribution" part of those forms. She was like "are they kidding me????"
Good luck... paying for college is a b!tch
Ugghh I know. Ours was $6,500 so I didn't think that was too bad. The student will be over $20,000
OMG  My DS better want to go to a state school like his mom and dad - granted state schools will probably be like 25K by then.
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| Posted 4/15/16 12:08 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Confused Parent Re: Student Loans
Right now, SUNY is just about $23K, including tuition, room & board
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| Posted 4/15/16 12:10 PM |
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ali120206
2 Boys
Member since 7/06 17796 total posts
Name:
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Re: Confused Parent Re: Student Loans
Sometimes it ends up being cheaper going to a private school out of state - they have more money to give out in scholarships and such. I went to a small private college and it cost less than if I had gone to a SUNY school after all was said and done.
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| Posted 4/15/16 12:32 PM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
State schools are that expensive now. My friends daughter is expected to pay $8,000/year at an upstate school. Yes, much less than others but nothing is cheap anymore. Even community college is $6,000 year and we couldn't even get any financial aid if we wanted.
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| Posted 4/15/16 12:34 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Confused Parent Re: Student Loans
There are many loans. I recommend only using federally backed loans. DH and I graduated in 2010, we both have private loans- my original loan was 39k that was dispersed in even amounts over 4 years. DH has 42k in private. Needless to say, my interest on the loan surpassed the original loan and the amount owed doubled. Interest on private loans is insane. Mine is 9.75 and DH had 12.75%. Needless to say our loan payments combined were around $1600 a month. We were able to consolidate his, not mine (still attend class part time) and we are down to about $1300 a month. I would talk to an experienced loan officer about your options and repayment terms.
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| Posted 4/15/16 1:21 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Confused Parent Re: Student Loans
You should call the college financial aid office. Start there. They can send you all the forms.
When I went to leave school I took out loans for the entire thing. I was approved on my own and my job at the time was waiting tables. So getting approved is not as hard as you might think.
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| Posted 4/15/16 1:36 PM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Thanks everyone. Crazy how much these kids will have to pay back now though :(
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| Posted 4/15/16 1:40 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Confused Parent Re: Student Loans
Posted by blessedmama
Posted by Eunyboo
You can apply through the college for an additional loan for that amount or you can apply at your local bank/credit union.
Oh ok. I guess I will have to ask them at orientation then. I don't know if my bank will approve that large of a loan for a young kid.
I'd start with contacting the financial aid department at the college, as they can educate you about stafford loans, private loans, etc. Once you get the basics, you can start to shop around with different financial institutions.
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| Posted 4/15/16 2:07 PM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Confused Parent Re: Student Loans
Also, be sure you know whether or not your.child has subsidized or unsubsidized Stafford loans. If they are NOT subsidized, the student is responsible for the interest payments WHILE in school. (Subsidized loans are need-based based on the FAFSA).
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| Posted 4/15/16 4:43 PM |
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blessedmama
LIF Infant
Member since 2/16 341 total posts
Name:
Heather`
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Re: Confused Parent Re: Student Loans
Posted by donegal419
Also, be sure you know whether or not your.child has subsidized or unsubsidized Stafford loans. If they are NOT subsidized, the student is responsible for the interest payments WHILE in school. (Subsidized loans are need-based based on the FAFSA).
One is and one isn't.
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| Posted 4/16/16 2:03 PM |
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pugmama
April already?
Member since 3/06 5297 total posts
Name:
Erica
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Re: Confused Parent Re: Student Loans
I am a financial aid counselor at Stony Brook. Feel free to FM me.
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| Posted 4/19/16 10:48 AM |
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