Fed Financial
Financial Aid...?
okay so fall 07 semester is coming... I messed up last and lost financial aid for a semester (not enough completed hours)...they said if i do good in the fall i will get it back for the spring... Well guess what I don't have enough money to pay for fall (out of state)... so I'm wondering if I can't get private student loans despite losing my financial aid eligibility for the fall. also if i can't enroll this fall do I have to start loan payback (I plan to enroll in the spring)? if so i might be screwed....
Public Comments
- does the state that you go to school in not have any type of grants there.....i know here in KY we have what is called a KHEAA grant...it doesn't have to be paid back and gives you up to 1800 for whatever you need...i know that isn't much, but little is better than nothing....talk with financial aid advisor and besure to ask most of them will not offer that kind of imformation, but they do know about it...
- Start with your bank and look for a lender. I would imagine that many of the private lenders make a lot of money giving loans out to those who aren't eligible for federal aide. A quick search on-line should give you about forty thousand choices between companies and banks to choose from. You should probably hurry up since fall semester starts in a couple weeks (at least here it does) and the loan process can take some time. Get a hold of your school's financial aide office to see if they'll work with you about late payments and such if the loan doesn't go through in time. If you can show them that you have at least been approved for a loan by the time the semester starts they most likely won't drop you from your classes for non payment.
- Did you appeal your financial aid suspension with an extenuating circumstance or did you just goof off last year? If you just goofed off, you may be out of luck and really need to pay for fall, but find out if the aid office requires you to be full time. If you can swing a part-time semester you may be able to stay in school, or you can consider transferring to a more local community college for a year and doing better. There are alternative loans for students who are on suspension, so if you haven't applied for one, get your butt in gear. If you aren't in school for fall, yes, you will go into repayment on your loans in November/December if you were in classes till the end of the spring semester. You may be able to ask the servicer about forebearance, however if you really will be back in school for spring. You'll have to pay the interest due, but your principle will be deferred. Just remember, if you come out of repayment on this loan, you won't get a grace period again on it, so if you aren't enrolled again, you need to be prepared to pay immediately.
