Disney Information Station Logo

Go Back   The DIS Discussion Forums - DISboards.com > Just for Fun > Community Board
Find Hotel Specials & DIScounts
 
facebooktwitterpinterestgoogle plusyoutubeDIS UpdatesDIS email updates
Register Chat FAQ Tickers Search Today's Posts Mark Forums Read





Reply
 
Thread Tools Rate Thread Display Modes
Old 07-17-2013, 03:23 PM   #1
weeluvdisney
Mouseketeer
 
weeluvdisney's Avatar
 
Join Date: Mar 2006
Posts: 297

Need some student loan help please

A little back story:
My daughter went to college for 4 years, then decided to go to cosmetology school. When she signed up for the school after doing the FAFSA last year, they determined she could borrow $11,000 in student loans based on what she had already borrowed for college and based on our income. Tuition was $13,700 so we had to pay $2700 and we were prepared to do that. For last year they dispersed $2750. Fast forward to this year after doing the FAFSA they decided she could no longer get $11,000, she can only get $6600. I had cashed in some employment related stock for about $30,000 so they changed the amount. This really screws her over because she is 23 and they look to us for another year. Our income might look high to them but there are a lot of factors they have no idea about. If her credit is good she should be able to borrow what she needs because we help her with other things and we aren't helping her with this. We also have another college age kid starting this fall. I went in to talk to the school and the owner who is known to be shady and I don't trust him. He said there is one thing he might be able to do but he wants my husbands paystubs for June and wants the information for the stocks I sold. Is this normal to give this to the owner of the cosmetology school? When I talked to the FAFSA people they told me it's the school that determines what you can borrow but the owner of the school tells me it's the government that determines it. I don't know what to do and it would be so terrible for her to have to quit when she is halfway done. She can't get a private student loan because the school doesn't participate in that. I talked to the FAFSA people and the student loan place and they are of no help because they say it's up to the school and the school says it's not. I am lost! Please help!!
__________________
weeluvdisney is offline   Reply With Quote
Old 07-17-2013, 03:53 PM   #2
railwife
Earning My Ears
 
Join Date: Jul 2013
Posts: 31

( please delete this random message)

Last edited by railwife; 07-17-2013 at 04:09 PM.
railwife is offline   Reply With Quote
|
The DIS
Register to remove

Join Date: 1997
Location: Orlando, FL
Posts: 1,000,000
Old 07-17-2013, 03:54 PM   #3
railwife
Earning My Ears
 
Join Date: Jul 2013
Posts: 31

I'm confused...why is her cosmetology school so long. It shouldn't take more than a year to get her license?

In my experience it doesn't matter the reason behind the loan. It's an issue that a lot of have.

Last edited by railwife; 07-17-2013 at 04:09 PM.
railwife is offline   Reply With Quote
Old 07-17-2013, 04:14 PM   #4
ILUVALASKA
DIS Veteran
 
ILUVALASKA's Avatar
 
Join Date: Oct 2002
Location: Beijing, China
Posts: 576

It is correct that the FAFSA works only on numbers, not any special circumstances. THis year we filed the FAFSA in January, and our numbers reflected virtually no savings and nothing left in the 529 college savings after two years with our son at a private university.. Doesn't matter . We are still expected to contribute $50,000 per year. They look at salary, but don't ask about any expenses. Annoying.
__________________
:First trip to Disneyland 1964. DL thousands of times-former castmember; Tokyo Disney 2005, Hong Kong Disney 2007, WDW 2000 and 2002. Inaugural sailing of Disney Magic!

me:DHDS

CMU Tartan Family
ILUVALASKA is offline   Reply With Quote
Old 07-17-2013, 07:16 PM   #5
weeluvdisney
Mouseketeer
 
weeluvdisney's Avatar
 
Join Date: Mar 2006
Posts: 297

The schooling is only a year. She started last fall and will be done this fall.

At this point I am more concerned about the owner of the school wanting my husbands paystubs and the stock information. I appreciate him trying to help but what could he possibly be up to. The school is in a small city and rumor has it that he is a shady, not nice, money grubber. Of course we hear this after she started school there and we live in a rural area so there wasn't a lot of choices for schools to begin with. Should I give this guy our paystubs?
Does anyone know of any other options for her? I don't understand how they can change the numbers halfway through a technical/vocational type of schooling that lasts one year!
__________________
weeluvdisney is offline   Reply With Quote
Old 07-17-2013, 07:25 PM   #6
zurgswife
WDW is my Shangrala...and I'm going...life is better!!!
 
zurgswife's Avatar
 
Join Date: Jan 2000
Posts: 15,372

It has been my experience that it is up to the school to tell the lender what your cost of attendance is. This is what helps determine what you are able to borrow based on what the school will give you for scholarships and grants.

If cost of attendance is 10,000 and you get scholarships/grants totally $5,000 you should be able to borrow from a private company the $5,000.
__________________
[IMG]

In Honor of Robin Costello I will miss you my dear friend.
zurgswife is offline   Reply With Quote
Old 07-17-2013, 07:25 PM   #7
maelstrom
DIS Veteran
 
maelstrom's Avatar
 
Join Date: Apr 2006
Location: New York
Posts: 3,806

$13,000 per year and 2 years of school for cosmetology?? That doesn't sound right. The program at our local school, which is very highly regarded, is 8 months long and I believe it is just under $10,000 but it has been awhile since I checked. The programs for nail technician and esthetician are even less. And the owner wanting your paystubs and financials... sounds VERY shady!!
__________________


Next Trip: May 2013 at Port Orleans French Quarter

Got Married! October 1, 2011 in Atlantic City!
maelstrom is offline   Reply With Quote
Old 07-17-2013, 07:36 PM   #8
weeluvdisney
Mouseketeer
 
weeluvdisney's Avatar
 
Join Date: Mar 2006
Posts: 297

Quote:
Originally Posted by maelstrom View Post
$13,000 per year and 2 years of school for cosmetology?? That doesn't sound right. The program at our local school, which is very highly regarded, is 8 months long and I believe it is just under $10,000 but it has been awhile since I checked. The programs for nail technician and esthetician are even less. And the owner wanting your paystubs and financials... sounds VERY shady!!
The schooling is only 1 year. We live in a rural area and the schools in the surrounding 4 counties are expensive...some even way more then the $13,700 she is paying.
I agree about him wanting our paystubs and stock sale info. What could he possibly be trying? Thing is, he knows I don't know a lot about this and that scares me. I've researched a lot but can't get definitive answers. The school tells me one thing and the FAFSA people tell me another.....and the student loan company said something different.
__________________
weeluvdisney is offline   Reply With Quote
Old 07-17-2013, 07:39 PM   #9
weeluvdisney
Mouseketeer
 
weeluvdisney's Avatar
 
Join Date: Mar 2006
Posts: 297

I want to ad that she cant get a private loan because the school doesn't participate in that and she is not eligible for any free money.
__________________
weeluvdisney is offline   Reply With Quote
Old 07-17-2013, 07:44 PM   #10
wilkeliza
DIS Veteran
 
wilkeliza's Avatar
 
Join Date: Feb 2013
Location: New York City
Posts: 1,584

Unfortunately if the owner is also who does the financial aid portion than you have no choice. They can ask for additional information on the school level to see if they can offer you more scholarship ask the government to offer you more in loans and grants. Also unless your daughter has no contact with you she must claim you guys and be treated as a dependent. It is very hard to get independent status for FASFA. I did it and after the student loan over haul it became even further. I had an abusive father and dead mom so moved out when I was 18. Even though I didn't live or speak to my living parent since I was not legally emancipated before my 18th birthday or taken by CPS I had to get 3 letters from doctors/therapists/officials who knew the situation as well as a personal friend who was aware and my own written statement.

After that I had to submit everything to the school directly including all my pay stubs and w-2s and any stock an savings I had as well. They didn't want account numbers or anything just amounts and dates.
wilkeliza is offline   Reply With Quote
Old 07-17-2013, 07:44 PM   #11
okeydokey
Frosty the Snowman scared me as a child
It will always be beautiful no matter what it looks like naked
 
okeydokey's Avatar
 
Join Date: Aug 2006
Location: N. Florida
Posts: 9,116

Quote:
Originally Posted by weeluvdisney View Post
I want to ad that she cant get a private loan because the school doesn't participate in that and she is not eligible for any free money.
Can't you go to a bank and apply for a personal loan. The school doesn't need to be involved at all. The bank makes the loan and she uses the money to pay tuition.
okeydokey is offline   Reply With Quote
Old 07-17-2013, 07:52 PM   #12
luvsJack
DIS Veteran
 
luvsJack's Avatar
 
Join Date: Apr 2007
Location: My own little corner of the world
Posts: 12,506

Have you asked him why he needs it?

Its possible that he is completing a special circumstances form for your daughter. The form would show that part of what is showing as income is a one time deal and not something that you receive on a regular basis. To complete the form, he would need the information and he would have to keep copies to show if he gets audited.
__________________


10 pounds closer to Skinny Island!
luvsJack is offline   Reply With Quote
Old 07-17-2013, 07:55 PM   #13
Jennasis
It's a miracle! I stayed awake during the El Rio Del Tiempo ride!
Let's not even TOUCH the whole Dog vs. dawg vs. Dowg thing!
PLINKO baby!
 
Jennasis's Avatar
 
Join Date: Jun 2000
Location: The Triad, NC
Posts: 24,243

Quote:
Originally Posted by weeluvdisney View Post
I want to ad that she cant get a private loan because the school doesn't participate in that and she is not eligible for any free money.
You can walk into a bank and take out a personal loan. They hand you a check, you deposit it then you write a check to the school.
__________________
Jennasis is offline   Reply With Quote
Old 07-17-2013, 08:02 PM   #14
weeluvdisney
Mouseketeer
 
weeluvdisney's Avatar
 
Join Date: Mar 2006
Posts: 297

Quote:
Originally Posted by okeydokey View Post
Can't you go to a bank and apply for a personal loan. The school doesn't need to be involved at all. The bank makes the loan and she uses the money to pay tuition.
We help our kids in other area's, not schooling. We helped them with cars so their cars are in our name and we pay all repairs which her car was a lemon and has cost us $6,000 over the last 5 years. We also pay their phones. We also have another kid starting school this fall and my mother in law lives with us and we provide her vehicle and do all maintenance. We can't do it all, if you know what I mean. Also, I am not working right now, only my husband. His incomes looks good but with all extenuating circumstances plus he had cancer and for his 2 check ups per year with cat scans and all we pay out a couple thousand a year in medical bills. It's hard for me to believe that she is $4400 away and she can't just borrow it all because I cashed in $30,000 in stock.
__________________
weeluvdisney is offline   Reply With Quote
Old 07-17-2013, 08:07 PM   #15
okeydokey
Frosty the Snowman scared me as a child
It will always be beautiful no matter what it looks like naked
 
okeydokey's Avatar
 
Join Date: Aug 2006
Location: N. Florida
Posts: 9,116

Quote:
Originally Posted by weeluvdisney View Post
We help our kids in other area's, not schooling. We helped them with cars so their cars are in our name and we pay all repairs which her car was a lemon and has cost us $6,000 over the last 5 years. We also pay their phones. We also have another kid starting school this fall and my mother in law lives with us and we provide her vehicle and do all maintenance. We can't do it all, if you know what I mean. Also, I am not working right now, only my husband. His incomes looks good but with all extenuating circumstances plus he had cancer and for his 2 check ups per year with cat scans and all we pay out a couple thousand a year in medical bills. It's hard for me to believe that she is $4400 away and she can't just borrow it all because I cashed in $30,000 in stock.
Is she trustworthy? Can you cosign a loan in her name for her to pay back? Is she working this summer to earn school money?
okeydokey is offline   Reply With Quote
Reply



Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

facebooktwitterpinterestgoogle plusyoutubeDIS Updates
GET OUR DIS UPDATES DELIVERED BY EMAIL



All times are GMT -5. The time now is 05:26 AM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

Copyright © 1997-2014, Werner Technologies, LLC. All Rights Reserved.