Yucky situation... help plz!!?

Question

Okay, so here is a brief view of my situation:

I have gone to college and had a 4.0 but dropped out twice... so now i can no longer get grants or scholarships. ((YES, i KNOW this is MY FAULT... so please, no rude comments about how i made stupid mistakes... blah blah blah...)) My issue now is that, although i do have an okay job, i need to go back to school, and i also need to move out of my parent's house. (things at home are not good, i live with my mom, siblings, and an alcoholic step father and i have been asked to leave) ... anyway, MY QUESTION IS: is there a way for me to get help paying for school? and if i do get student loans, can i choose the amount of the loan so that it can also help me get out on my own?

ANY information, or experience anyone could share would be great... thanks =]

~Meggz

Answer 1

I don't know your credit situation but salley mae is a good place to start. An independant lender, such as a bank or places like salley mae will give you loans for school just like a car or house; you get the amount you need, credit pending of course!

Answer 2

When you said you got "grants and scholarships" did you mean you had your federal aid (like pell grants) suspended because of your grades or dropping out twice?

If this is the case, you need to be aware that federal student loans are also "financial aid" and the same rules apply to them as do federal grants.  Bad grades equal no student loan either.  Do what you have to do... pay for school yourself until your gpa is high enough or pay for those classes you dropped to get eligible for federal assistance again.  Then you can get grants, loans, work study.

The max amounts you can borrow in federal loans per year as a dependent student is 3,500 as a fresh, 4,500 as a soph, and 5,500 per year as a Jr and Sr.  If your tuition and fees is less than this amount then you can use whats left over to go towards living expenses.

Read this book.  iT will tell you a lot about the different kinds of aid and what you might qualify for.

Answer 3

Yes, here is some information on loans:

Education loans come in three major categories: student loans (e.g., Stafford and Perkins loans), parent loans (e.g., PLUS loans) and private student loans (also called alternative student loans). A fourth type of education loan, the consolidation loan, allows the borrower to lump all of their loans into one loan for simplified payment.

Federal law sets the maximum interest rates and fees that lenders may charge for federally-guaranteed loans. Nothing prevents a lender from charging lower fees. Many lenders offer a variety of student loan discounts to attract borrowers.

Few students can afford to pay for college without some form of education financing. Two-thirds (65.7%) of 4-year undergraduate students graduate with some debt, and the average student loan debt among graduating seniors is $19,237 (excluding PLUS Loans but including Stafford, Perkins, state, college and private loans), according to the 2003-2004 National Postsecondary Student Aid Study (NPSAS). (The median is $17,120. One quarter of undergraduate students borrow $24,936 or more, and one tenth borrow $35,213 or more.) For federal student loan debt (excluding PLUS Loans), the figures are 62.2% and $17,036. Average cumulative debt increases by about 3% or approximately $550 a year. When one includes PLUS loans in the total, the average cumulative debt incurred is $21,899. (Approximately one in ten (10.8%) parents borrow PLUS loans for their children's college education, with a cumulative PLUS loan debt of $16,317.)

The following table shows the percentage of students borrowing and average cumulative debt per borrower (excluding PLUS Loans) according to type of educational institution.

Here are the rates for Sallie Mae and how much you can take out:

Eligibility

You must have submitted a FAFSA to be eligible for a Stafford loan.

For subsidized Stafford loans, you must have financial need as determined by your school.

You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.

You must be enrolled or plan to enroll at least half time.

You must be accepted for enrollment or attend a school that participates in the Federal Family Education Loan Program.

You must not be in default on any education loan or owe a refund on an education grant.

Features

Sallie Mae lenders offer borrower benefits on Stafford loans that can save you money in repayment.

Flexible repayment options are available for Stafford loans.

No payments are required while you are in school at least half time.

You can manage your account online 24/7 at www.ManageYourLoans.com.

You get life-of-loan servicing from Sallie Mae.

There is no prepayment penalty.

No credit check is required for a Stafford loan.

Six-month grace period when no payments are required immediately following your graduation or dropping to less-than-half-time status.

Loan terms

Loan limits

Dependent Annual loan limit

Freshman $3,500*

Sophomore $4,500*

Junior or senior $5,500

Independent Annual loan limit

Freshman $7,500*

Sophomore $8,500*

Junior or senior $10,500

Graduate or professional $20,500*

Undergraduate dependent lifetime limit $23,000

Undergraduate independent lifetime limit $46,000

Graduate or professional lifetime limit** $138,500

*For loans first disbursed on or after July 1, 2007. **Exceptions may apply to certain graduate students.

Interest rate

For Stafford loans first disbursed beginning July 1, 2006, the interest rate is fixed at 6.8%.

Fees

For loans first disbursed July 1, 2007–June 30, 2008: Up to 2.5% in fees that includes a 1.5% federal origination fee and a 1% federal default fee. There are lenders and guarantors that work with Sallie Mae that pay all or a portion of these fees.