Posted on Nov 14, 2014
Best source for college loan (not FAFSA qualified)?
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Can anyone recommend somewhere to get a loan for college? My parents income disqualifies me from any financial aid from my college or the FAFSFA. I need a private loan but as a college student I don't have much collateral or good credit.
Posted 10 y ago
Responses: 3
PO3 John Aldrich may have additional insights/advice on this issue for you, SGT(P) (Join to see). I tagged him here. He has written some helpful pieces related to education for RallyPoint, and seems like he knows a lot about the space.
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SGM (Join to see)
Not true in terms of qualification. Your choice of school is your choice, your courses if accredited are transferable, usually 100% or more with credit for military schools at Best For Vet colleges such as Excelsior. You would not be the first to transfer under the conditions you describe. Some states have free tuition if you entered service from that state, such as Alabama. If you think you are stuck, you are.
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PO1 (Join to see)
Though it's late in the season to get anything now, you might consider any of the military related grants or scholarships as mentioned by SGM (Join to see) . Plus I have to echo the SGM - you're only stuck if you think you are.
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SSG(P) (Join to see)
Pell grants are usually available depending on income and the amount of hours that you are taking. By filling out the FASFA form you can find out what and how much financial aid you can receive.
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PO1 Walter Duncan
But, if you are married with children, after service it is hard because you have to work and school. Then I am 100%, but the compensation for dependents still does not cover all of the expenses and tuitions of college. It is so high. Grants if you qualify and the same for scholarships. Then you are doomed to student loans, which are the only way if you are poor like most of us. But, it is to give our children a fighting chance. The loan programs kick in after graduation and are deceptive in timeline and sales pitch. Kids just want school and so do the parents, so the ticket rises. If it is the service member you may get some courses transferred. They do more now, but it only works if the courses apply to your degree program. That is the catch, $$$ for the school. Always looking for money. School is better for the outside , but maintaining your family is also. It is a fine line while trying college and work. It is difficult, but it can be done. Time management is essential along with proper quality family time and rest. Have faith, pray and family support, with these things success can be yours.
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SPC Fagan, as a member of the National Guard, you may (and should) claim yourself independent of your parents on the FAFSA form. This means that your parents income should not count against you, and you should qualify for the traditional government loans, should you choose to pursue them. This may mean that your parents need to stop claiming you as a dependent for their own tax purposes as well, but they can do that anytime.
Here is the link to learn more about dependency status:
https://studentaid.ed.gov/fafsa/filling-out/dependency#dependent-or-independent
Here is the link to learn more about dependency status:
https://studentaid.ed.gov/fafsa/filling-out/dependency#dependent-or-independent
Dependency Status | Federal Student Aid
Dependency status determines whose information you report on the FAFSA. If you’re a dependent student, you'll report your and your parents’ information.
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SGT(P) (Join to see)
Thank you for your information, I greatly appreciate the help!
Even though I'm in the guard, I can't claim independent because I haven't been deployed. My parents don't claim me on their taxes, and I file mine independently, but the FAFSFA doesn't accept that as being "independent" even though I don't live with them or recieve help from them.
It's a crappy situation for people that need assistance and are under the age of 24.
Even though I'm in the guard, I can't claim independent because I haven't been deployed. My parents don't claim me on their taxes, and I file mine independently, but the FAFSFA doesn't accept that as being "independent" even though I don't live with them or recieve help from them.
It's a crappy situation for people that need assistance and are under the age of 24.
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LTC Yinon Weiss
SGT(P) (Join to see) - That's an interesting situation.
Have you considered ROTC and then pursuing a reserve commission? That would take care of both the financial aid situation and may provide a scholarship.
Further, if your parents income is high enough that it prevents you from getting any aid, have you asked them to give you a personal loan that you would repay them at fair market interest? No need to answer that here, as it's a private matter, but it is something I have seen others do.
Here is another link that may be useful for your situation:
http://www.finaid.org/otheraid/parentsrefuse.phtml
Have you considered ROTC and then pursuing a reserve commission? That would take care of both the financial aid situation and may provide a scholarship.
Further, if your parents income is high enough that it prevents you from getting any aid, have you asked them to give you a personal loan that you would repay them at fair market interest? No need to answer that here, as it's a private matter, but it is something I have seen others do.
Here is another link that may be useful for your situation:
http://www.finaid.org/otheraid/parentsrefuse.phtml
FinAid | Other Aid | What If No Help from Parents?
This section of FinAid provides advice to students whose parents are unable or unwilling to help students pay for school. Regardless of the situation, some of the more common questions received by FinAid come from students seeking help because their parents cannot contribute to their education.
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SGT(P) (Join to see)
Yes, I have thought about joining ROTC and getting a scholarship from them. But, if I do that then I lose my benefits that I got when I enlisted; which are the Montgomery GI Bill, A reservist kicker and a Student Loan Repayment Program up to $50,000. Also, my credit is very messed up from a situation that occurred when I was a child, so no banks want to give me a private loan.
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MAJ (Join to see)
To claim independent, being deployed has nothing to do with it. You have to be a veteran, which I believe is attained by having 181 days of AD.
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