General Question

college's avatar

How hard is it to get a $ 16,000 / year college loan ?

Asked by college (6points) April 13th, 2008
7 responses
“Great Question” (0points)

I need a loan of about $ 16,000 every year for all four years of college. Is there a bank that can lend me this huge some of money to me ? Fact: I am only 18 and litereally have no credit history. Also would prefer a loan without a co-signer ?

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gailcalled's avatar

Probably impossible. You need collateral for $64,000, BTW.

You should talk to Financial Aid Officers at colleges you are considering. Unless you have an unusual skill or are extraordinarily brilliant or athletic, you will have to take out a student loan, get a work/study job on campus and a grant. Grant monies are shrinking, unfortunately.

That said, the most reasonable education is two yrs at a community college and then a transfer to your state university. Or four years at the state university. Or if you qualify for the eight Ivy League Institutions (Harv.Yale, Princeton, U PA., Cornell, Brown, Columbia, MIT) they are giving huge tuition breaks to qualifying students they want.

If you live near Villanova (which is private, as opposed to PA. State, for example) hop over and talk to the F. A. people.

college's avatar

@gailcalled: i am willing to take a student loan. Villanova costs around $ 45k per year and they offered me $ 30k including work study. I can go to my state college for free now but I have made up mind that either I shall go the college I like or not go to college at all and just move somewhere else to start over on life.

gailcalled's avatar

It is a nice school (I lived across the river in East Falls and Miquon for years.) Can you get a serious paying job during the summer? I had friends who worked on Salmon fishing boats…hard, heavy and dirty work but they made lots of money.

Have you seen Penn. State’s main campus? It is pretty, like Cornell, and like Cornell, very large. You could transfer after two years. What is about Villanova that is so appealing? Main Line is lovely, of course, but so are lots of other places.

And I infer that living at home is not an option?

college's avatar

I applied and got accepted to Penn State but Penn State would require me to take the same amount of debt as Umass. I am from NJ and staying at home is not an option because i have waited all my life to get out of my household, i dont want to be stuck in one corner in america and because going to rutgers would be against everything i stand up for

gailcalled's avatar

Well, I have run out of ideas, unless you can find a rich patron (j/k.) You are in a tough spot. What about a year off and a high-paying job (construction, road gang?), before starting?

andrew's avatar

After helping my SO get a student loan, I don’t think you’ll have a problem. As an undergrad, you qualify for loads of assistance (not to mention grants! look for those!). Provided you have pretty good credit, you’ll most likely qualify for the stafford loans which I think is something like a total of $46,000.

The rest you can make up with private student loans. Make sure you budget for your living expenses and pay off your interest during school!

Do web searches on student loans, read everything, don’t necessarily trust your student aid office (though they will likely have great resources). Budget budget try to get the amount you need to borrow down to a bare minimum. Look for grants!!!

andrew's avatar

Update: Also look at Sallie Mae to underwrite your loans, though it never hurts to shop around for the best rates. Feel free to PM me with any questions you have.

edit: Good fluther question about this:

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