Finiancial aid question (undergraduate)?

Question

I was just wondering, my parents make more then 250k a year with their salaries combined, but they are not going to help me pay for my college tuition. When filling out my FAFSA, i have to be marked as a dependent since i don't qualify to be an independent. Thus i'm required to give them all of my parent's financial information. Which will most likely cause me not to get any aid or be granted any sort of loan.

Does anyone have any advice on what i can do to get low interest loans? My college costs around 50k a year.

Answer 1

Hello,

  

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Answer 2

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If possible, try and avoid taking out secured loans. If the amount you need to borrow is small or you have good enough credit to borrow without collateral, then do so. Although unsecured loans have higher rates, they are less risky because your home will not be at risk if you cannot make the payments.Try and take a loan out over the shortest period-->you can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.

Answer 3

You will not get a Pell grant or anything like that, but you can get a stafford loan regardless of what they make.

You can also apply for private loans.

You should probably go speak with someone at your college's financial aid department to help you, or find your financial advisor.

Answer 4

Anyone can get a Stafford loan regardless of parents income.  Unfortunately, you can only borrow 3,500 per year as a freshman.  You might want to ask your folks to kick in the extra 46,500 for the next 4 years if you want to attend a school that expensive.

If they refuse, you can start at a community college and transfer in later when you are able to borrow more as a Jr or senior (5,500 per year).  This is why community colleges are so popular.