I'm a financial mess... university related.

[RbSX]

Hi guys,

I'm a bit of a financial disaster, I'm only 19 years old and I recently had it sprung upon me that I have to pay for my university education by myself.

Most of you would say, hey no big dea, get a government loan.. and ride it through.

I've got a tough problem though, my dad earns a 7 digit salary, the people at the government offices kind of laughed at me and told me to ah heck off.

My bank accounts are sitting at zero, zilch, nada... mostly due to the fact that I recently paid 4k in school tuition by myself in the past week.

Before some of you say, go ask your parents/relatives for money, thats out of the question, my parents and I have had a falling out and the last thing they want my relatives to know is that theres more family infighting.

My credit is bad because I've had to overextend myself financially to put myself through school.

Any suggestions?

And before any of you guys say 'get a job' I've already got one.

 

[Wonderful Pork]

take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

 

[BigJ]

I'm in a very similar situation (except my parents don't make nearly 7 figures in USD).

My solution? I transfered temporarily to a community college.

There is no way I'm going to take out a $30,000 loan @ 18%+ interest to take basic courses.

 

[DaiShan]

If your parents aren't going to give you money, then they shouldn't be claiming you as a dependent on their taxes. I know this isn't the only factor in determining need based loans and grants, but it can help.

 

[RbSX]

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

 

[CrackaLackaZe]

I know nothing about these situations but can't you claim independent?

 

[RbSX]

Originally posted by: DaiShan
If your parents aren't going to give you money, then they shouldn't be claiming you as a dependent on their taxes. I know this isn't the only factor in determining need based loans and grants, but it can help.

Because of my credit rating, I need my parents to cosign on my loan anyhow.

 

[IronWing]

You should be able to fill out a form declaring yourself financially independent from your 'rents and therefore qualify for student loans. I had to do that, though that was over a decade ago so things may have changed.

 

[Toasthead]

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

 

[GeekDrew]

<sigh> My parents make too much money. That, coupled with many other excuses, is why I haven't yet attended college. When I turn 21, that excuse will be gone... hrmmmmm.

 

[yllus]

Ah man, sorry to hear that. I'll never understand why student loans in Canada take into account the parental income but not how much they're actually willing to contribute.

Well, a student loan from a large bank might still be in the cards for you almost regardless of credit status. Oddly, notice of your father's income might actually help you in this situation.

Talk to the financial aid office at the university. They've only had this scenario put before them a thousand times, they'll have a few ideas.

 

[RbSX]

Originally posted by: GeekDrew
<sigh> My parents make too much money. That, coupled with many other excuses, is why I haven't yet attended college. When I turn 21, that excuse will be gone... hrmmmmm.

I don't know if thats sarcastic or not, I don't care if I have to scratch every nickle and dime together, I'm staying in school.

 

[ajpa123]

Sorry to hear about your situation.

Whatever happens, follow your dreams.. even if it takes a few years longer to complete.
Good Luck!

Have a beer :beer:

 

[Toonces]

Similar situation (kinda)

Parents paying for rent and I have to cover tuition, books, food, etc.. I've basically gone to Scotiabank and have a student line of credit with them for approx. $14,000 that can be used at anytime throughout your schooling career and require only you to pay the interest. I've about $2000 left so with my work and that money I will have enough to make it through this last year - law school on the other hand...

Anyways, look for a line of credit through one of the big six banks, you;ll probably find one that'll be able to extend credit to you for the next few years

 

[RbSX]

Originally posted by: yllus
Ah man, sorry to hear that. I'll never understand why student loans in Canada take into account the parental income but not how much they're actually willing to contribute.

Well, a student loan from a large bank might still be in the cards for you almost regardless of credit status. Oddly, notice of your father's income might actually help you in this situation.

Talk to the financial aid office at the university. They've only had this scenario put before them a thousand times, they'll have a few ideas.

Yes my dads financial situation will help me with private banks, it just depends on how much an @sshole he's going to be about filling out his part of the application.

 

[GeekDrew]

Originally posted by: RyanSengara

Originally posted by: GeekDrew
<sigh> My parents make too much money. That, coupled with many other excuses, is why I haven't yet attended college. When I turn 21, that excuse will be gone... hrmmmmm.

I don't know if thats sarcastic or not, I don't care if I have to scratch every nickle and dime together, I'm staying in school.

No, actually, it was not sarcastic. Your priorities are simply different than mine.

 

[CanOWorms]

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

 

[RbSX]

Originally posted by: UNESC0
Similar situation (kinda)

Parents paying for rent and I have to cover tuition, books, food, etc.. I've basically gone to Scotiabank and have a student line of credit with them for approx. $14,000 that can be used at anytime throughout your schooling career and require only you to pay the interest. I've about $2000 left so with my work and that money I will have enough to make it through this last year - law school on the other hand...

Anyways, look for a line of credit through one of the big six banks, you;ll probably find one that'll be able to extend credit to you for the next few years

Yes, right now I'm applying through scotia, the issue is that the complete amount of my tuition is due in 13 days, and the it takes scotia 7-10 business days to complete and assess my application. I can't afford my books.. or the total amount of my tuition at this rate.

 

[BigJ]

Originally posted by: RyanSengara

Originally posted by: UNESC0
Similar situation (kinda)

Parents paying for rent and I have to cover tuition, books, food, etc.. I've basically gone to Scotiabank and have a student line of credit with them for approx. $14,000 that can be used at anytime throughout your schooling career and require only you to pay the interest. I've about $2000 left so with my work and that money I will have enough to make it through this last year - law school on the other hand...

Anyways, look for a line of credit through one of the big six banks, you;ll probably find one that'll be able to extend credit to you for the next few years

Yes, right now I'm applying through scotia, the issue is that the complete amount of my tuition is due in 13 days, and the it takes scotia 7-10 business days to complete and assess my application. I can't afford my books.. or the total amount of my tuition at this rate.

Why did you wait this long?

 

[PowerEngineer]

I'm sorry that you find yourself in such a difficult situation.

I gather this means that you are receiving no support at all from your family? If so, you mightr consider establishing yourself as an independent adult, not being claimed as a dependent on your parent's tax returns. This may help you get a better reception when it comes to financial aid. You don't say how much tuition is, but you may have to drop out for a year to earn some money or maybe just back to community college.

If your "falling out" can still be repaired by an apology, you might consider swallowing some pride here. I know it's hard to be an "adult" and still dependent on your parents. Disagreements aren't unusual. Over the longer haul, both you and your parents should want to reestablish a good relationship anyway.

Good luck!

 

[RbSX]

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

 

[BigJ]

Originally posted by: RyanSengara

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

I go to a school thats about the Canadian equivalent to harvard, the average grade of kids accepted to my school is an 89.6. I'm not taking offense to your comment, but try finding a harvard level education for 5,000 CANADIAN a year and change.

Harvard level? The closest thing you guys have compared to Harvard is Univ. of Toronto or UBC, and that's not even close to Harvard. It's more like a UMich:AA or UIUC.

EDIT: And BTW, if it's only $5,000CAD (~$4,225 USD), consider yourself very lucky. You should've been able to come up with that working over the summer.

 

[Toonces]

Originally posted by: CanOWorms

Originally posted by: RyanSengara

Originally posted by: Wonderful Pork
take out a loan. I had to get unsubsidized stafford loans because my parents made too much money. Try and sign up for a work-study program. Good luck if you went out of state or to a private school (like I did, talk about a 50k mistake.)

I'm Canadian, schooling isn't NEARLY as expensive here as it is down in the states. My parents ARE paying for accomodations, but thats it.

How do you get something like a loan that you're suggesting?

Through a bank?

Please don't confuse expensive private American schools with public Canadian schools. This is like comparing a lamborghini to a kia.

Many of our public schools are about the same in cost as your public schools.

Ah, I think you fail to understand the Canadian post-secondary education system. There AREN'T any private universities here (other than religious ones) so ALL are publically funded; and you'd be suprised how well we end up ranking next to (*cough* grade inflated bell curved*cough*) private American universities.

A Kia beating a Lamborghini? Naw, couldn't happen...

Oh, and Ryan - many universities offer amnesty to late tuition payments one time and one time only. I used it at UW after my line of credit took a month instead of a week to be approved (lost application, twice :disgust: )

 

[archcommus]

I can relate to you in some ways but not in others.

My parents are broke so I'm really relying on just my own money + loans to get me through college. And I can't get subsidized federal loans because I attend a private school.

My solution? Get as much free money as possible (which hopefully isn't hard because of low parental incomes) and then loans to cover the rest. Do my best to pay interest on loans so they don't get too big and then just start paying them off out of school.

 

[Ns1]

i took out 42k in loans this year

no cosigner