College Loans, Fafsa and enrollment questions

[MoniqueU]

My son got accepted into ASU which is 4 hours from our house and semi reasonable especially after he establishes residency. He ihad pretty high Sat's 1820 and is getting bombarded with stuff from Tulane, at least twice a week. he sent his transcripts there. He also appllied to two Cal States and one sent a letter basically saying no decision yet and they are highly selective. The other one said they hadn't revieved either his SAT's or transcripts. All the UC's are out as his GPA doesn't match his Sat scores due to a 50 percent hearing loss and some tough classes at a college prep school. We leave for ASU monday night and if he likes it I am strongly for that.

The deal is he has already been accepted and housing deposits they start taking NOVEMBER 1st!! We know we won't hear back from the cal state by then and he still is working on the Tulane ap which is long and a bit more intense the ASU. ASU seems like a decent school not to far from home and easy for us to go ee him on the weekend for a football game and to move him in. Tulane besides being expensive is so far away it would cost a fortune in air and just driving there to move him in.

We will not get any aid from the fafsa. My neighbor who's husband makes about what mine does said she wished she had never bothered as she just got rubber tamed as denied. She didn't do the stafford loands but I am pretty sure my son qualifies for those at 5500 a year as we will get turned down for the parent plus loan. I am heavily leaning towards Sallie Mae loans. If I apply for that do we have to wait for the fafsa? The estimated cost of attendance isn't out for next year but this yearr out of state was about 31k including transportation room and board. I understand he can't borrow more then the cost of attendance. Would transportation and computers be included in that? He will not qualify for any pell grants as well. And I have looked all over for hearing impaired grants and scholarships and minority ones as well and his gpa just isn't tthere.

If he likes the school I want to get the sallie mae thing going ASAP so I know what I am dealing with. I do not want to wait til spring at all. The decisions and loans come out a bit late for some of the schools. We will mail off the other transcript to the cal state tomorrow and may know not to long like in the spring. Tulane is rolling so I am sure they are fast but all these schools want your fafsas before you get your loans. I just want to get qualifed for the loans and set up so I know what is going on and if we should apply to more cal states or other schools. Schools I have never even heard of in bad locations of Ca want like 40k a year!! After he has residency in AZ his full cost would be 20k. That's not bad.

Any knowledge or advice needed and appreciated. I am impatient and with a housing deposit in a couple of weeks if he likes it i think I better get moving?? I can afford to eat the deposit of 175 but I think this school is a good deal and want to be prepared.

 

[RitaE]

Is the deposit not refundable? When my son was at that stage we made housing deposits at the Universities he was strongly interested in, and then after he made he decision we applied for refunds.

 

[MoniqueU]

Nope it is a non refundablle deposit. Just like the app fees. I did a bit more research and found out that in order to get the stafford loan which we want we have to fill out the fafsa. Shoot!! They take forever to get our w 2s to us and my husband worked for two seperate divisions of the same company so 2 different w 2s. I am going to look into pre qualifying for a sallie mae LOL. I also read from some people that they were unhappy with sallie mae and that the loan questions got outsorced to what sounded like India. I don't think I would like that though the woman I talked to wa american and nice. I talked to Chase who were just plain nasty and told me we couldn't apply til my son turns 18 and that is in April. I am sure at least some of the schools will be asking for some sort of deposit by then no telling how much.

So if anyone knows any good private lenders let me know!! I spent all my money on private school tuition and outrageous kids activity fees and Californias version of robbing you blind my electric bill!

 

[bballmom56]

First of all, the FAFSA for the next academic year cannot be completed until after January 1, 2011. It would certainly be worth it for you to complete it as different colleges can determine your need differently from it. The FAFSA itself does not give you any aid. The information you put on the form and the expected family contribution that is generated from that info is sent to the colleges you requested. Those colleges will then determine how much financial aid they will give your son.

If I were you, if your son does love ASU when you visit, I would go ahead and send the housing deposit. Some schools will refund that deposit if you withdraw before May 1. Others will not. But at least you would have one definite place he can go.

Have you looked at private colleges? With his SATs (depending on the breakdown of his scores) he may be eligible for some very nice merit money at some of them. You would want to find a college where his stats put him in the top 20% of the applicant pool. The closer to the top of that pool, the more merit money he might receive.

I can't help on the loans, but I'm sure there are other very knowledgeable people here that can help with that.

Good luck!

 

[bballmom56]

You can complete the FAFSA on Jan. 1 with estimated figures. Then when you get your actual W-2's, 1099's etc, you can go back and adjust the figures. Many people do this. For the colleges my kids were interested in, I was always able to wait until I could get the taxes done by middle to late Feb., so I did not have to update the FAFSA.

 

[MoniqueU]

:Thanks for telling me about the Fafsa helping me. We have thought of private colleges but some of the ones here in CA are more then IVY league ones. Even if he gets some merit aid it is outrageous. I got solicited for priority admissions from the University of Laverne out near San Dimas north east and inland from Disneyland. I think they wanted close to 50k!! There is a huge disparity in my son's gpa and hsi test scores. His gpa and I hate to state this in public is 2.81. If he had gone to a publiv school it may of been better as the classes are a ton easier even my friend that is a public school teacher but has her son at my son's private school says that. But they could of been worse, he got to go to summer school to make up some D's in Spanish and at the public here you only get to go to summer school if you out and out fail. His math was lower then he wanted but that was due to him coming ftom a public school with an A in algebra 1 and then not pasiing the test at the private school due to him not even being taught the material. he did well in math at the school he goes to as you mostly just follow along with the board. But it wasn't a standout on the Sat. His essay and english were off the charts. They brought in professors from university of california Riverside and they graded papers the kids wrote. My son did the best and had a perfect score minus handwriting. So that helped him. I just don't know what merit he would get with that GPA? Even making stuff up it still dragged him down. He failed or got D's in both years of spanish because he cant hear! I am going to tell him to take sign language as a language requirement in College.

As far as estimating goes with 2 work places and alot of bonus money being 1099;'d we have no clue what he has made this year!

I also just went and looked at the website for ASU and you have to pay a 200 dollar enrollment fee before you can choose housing. WTH. And they started taking those at the begining of this month. There is one specific housing situation he would really be looking at. I don't think we can really put off that until spring? Everything will be snatched up?

Darn Channel Islands for losing our stuff.

Sorry for rambling this is my first one to go to college and it is a stress fest.

 

[onelilspark]

When you go up to visit ASU, why don't you stop by the Financial Aid Department and speak with a counselor. It'll help you see what is out there and it'll also give you a feel for how they'll work with you on aid.

 

[MoniqueU]

When you go up to visit ASU, why don't you stop by the Financial Aid Department and speak with a counselor. It'll help you see what is out there and it'll also give you a feel for how they'll work with you on aid.

Will do and may call some of the others he is interested in and run his numbers and our income by them and see what they say? All they can do is tell me they can't tell me till I fill the form out.

 

[The Mystery Machine]

You can complete the FAFSA on Jan. 1 with estimated figures. Then when you get your actual W-2's, 1099's etc, you can go back and adjust the figures. Many people do this. For the colleges my kids were interested in, I was always able to wait until I could get the taxes done by middle to late Feb., so I did not have to update the FAFSA.

That is what we did.

Call ASU and set up an appt with financial aid for your visit. You really need an ally to help you there if your son is serious about that school.

Has he looked into colleges for students with hearing impairment?

I know my dd's friend went to Rochester Institute for Technology. He did not do well there but then again he had some other serious issues.

Has he tried to get scholarships or aid because of his hearing impairment? I would certainly be looking at that angle.

Good luck with your search!

 

[bballmom56]

Monique ~ With your son's background, I would still suggest looking into a couple of smaller privates. Yes, I know their sticker prices are high. But really very few students pay the sticker price. Yes you would need substantial aid to bring the costs in line, but if you find one that understands your son's background, they could be more accommodating. And if you find one that is looking to boost their male population, that could be a plus for him. Does your son have some unusual extra curriculars or something he has been doing for many years? Does he have community service or leadership roles? Their admissions offices can be more holistic about an applicant. Certainly the fact that your son has the hearing impairment would explain the Spanish grades. And the fact he went from a public to private could explain the math problem. I would suggest looking at any Jesuit colleges that may interest your son. They would consider his whole package. I would suggest visiting the smaller privates and requesting an appointment with an admissions counselor and also a financial aid person. Bring along any pertinent information (SATs, transcript, record of achievements and ECs) and see what they can tell you. But do it in person on a visit, not by phone.

 

[msmayor]

One thing that stuck out from me in your first post is the phrase "semi reasonable especially after he establishes residency"

Please be very careful about assuming a student can establish residency once enrolled in a college. In most cases a students official 'residence' is always considered to be where the family home is. He cannot establish residency just by going to the school.

You don't need to 'wrap up all the financial details' so early; please be patient and review options carefully. Please review your financial commitment very carefully. KNOW how you will be able to get all four years paid for; don't go into this with the idea of trying to just scrape up the money for the first year, then worry about the next year, etc.

Take a step back, breathe. It will all be OK.

 

[punkin]

How much is the housing deposit? If it is not outrageous, just pay it and think of it as insurance. If DS decides to go somewhere else, you will be out the money, but at least you'll have some peace of mind in the meantime.

 

[luvsJack]

One thing that stuck out from me in your first post is the phrase "semi reasonable especially after he establishes residency"

Please be very careful about assuming a student can establish residency once enrolled in a college. In most cases a students official 'residence' is always considered to be where the family home is. He cannot establish residency just by going to the school.

You don't need to 'wrap up all the financial details' so early; please be patient and review options carefully. Please review your financial commitment very carefully. KNOW how you will be able to get all four years paid for; don't go into this with the idea of trying to just scrape up the money for the first year, then worry about the next year, etc.

Take a step back, breathe. It will all be OK.

In this state, you have to show state dl, tag receipt and two bills, tax forms or other forms of proof of residency. I know in Utah, you have to be a resident for two years or something like that (one of our students told me this as her dd is wanting to go to school there).

OP, this poster is correct. You do not have to wrap it all up now, nor can you.

Also, student loans have changed this year. All of the loans are going directly through the govt. and not through lenders. I think all are Direct Loans. If he can get student loans do not do Parent Plus or private loans--more interest.

Complete the FAFSA as soon as you can, contact the school about loan aps for the semester he will be entering. They will not process the loan until the FAFSA is complete and received. In the meantime keep looking for other types of scholarships and grants. There are many out there. There may even be businesses in your area that give them.

 

[agnes!]

MoniqueU - I don't know if you've participated in any of these high school/college threads but am posting the links here - they're all really great with lots of good info and some much-needed parental support .

http://www.disboards.com/showthread.php?t=2232066 - Anybody else have a teen going off to college in August, 2009? ...Thread started in July 2009, lots of great advice

http://www.disboards.com/showthread.php?t=2381828 - Fall 2010 - Is your child going off to college this fall? ...Thread started in January 2010, lots of great advice and ongoing parental support here

http://www.disboards.com/showthread.php?t=2535270 - High School class of 2011 ...Thread started in August 2010, all about Senior year, college apps, etc.


If you haven't already, I would post over on the disABILITIES forum - http://www.disboards.com/forumdisplay.php?f=20 - about your DS' college apps & hearing loss. I'm sure someone over there will have advice and be able to help you out.

agnes!

 

[Cheshire Figment]

My son got accepted into ASU which is 4 hours from our house and semi reasonable especially after he establishes residency.

Most state-funded universities require that a student be a domiciled resident for at least a full year prior to the date of start of school to be eligible for resident rates. Once enrolled the status of non-resident will remain as long as the student is enrolled.

So he may not establish residency.

 

[The Mystery Machine]

Most state-funded universities require that a student be a domiciled resident for at least a full year prior to the date of start of school to be eligible for resident rates. Once enrolled the status of non-resident will remain as long as the student is enrolled.

So he may not establish residency.

Also if you claim him as a dependent on your taxes he cannot be an established resident, I do believe.

In addition you cannot establish residency living in a dorm.

 

[TLuvsD]

If your son has a recorded disability (ie his hearing loss), he should look into additional scholarships. A very good friend was shocked to find her D qualified for a very generous scholarshop to a CSU....and was thrilled when the scholarship was awarded. Be sure and ask about accomodations and financial aid specific to your son's accomplishments, including overcoming his disability.
Also, ask very detailed questions regarding residency. You need a lot more information before you plan on him establishing residency in another state. And don't forget to look into associated issues--ie if he is not your dependent for tax purposes, what about his health isurance, car insurance, etc. You need answers from YOUR insurance providers, not general information.
Don't assume the FASFA will generate no money just because that happened in your neighbor's situatiion. Each family is unique, and no one really knows all the financial details of some other household. If you go to the FASFA website you can do a mock form to see what MAY happen in your case (you won't really know until you have actual numbers, it sounds like your DH's income may be very different this year).
Take a deep breath and relax a little. And congratulations to your son!

 

[Traveliz]

My son got accepted into ASU which is 4 hours from our house and semi reasonable especially after he establishes residency. He ihad pretty high Sat's 1820 and is getting bombarded with stuff from Tulane, at least twice a week. he sent his transcripts there. He also appllied to two Cal States and one sent a letter basically saying no decision yet and they are highly selective. The other one said they hadn't revieved either his SAT's or transcripts. All the UC's are out as his GPA doesn't match his Sat scores due to a 50 percent hearing loss and some tough classes at a college prep school. We leave for ASU monday night and if he likes it I am strongly for that.

The deal is he has already been accepted and housing deposits they start taking NOVEMBER 1st!! We know we won't hear back from the cal state by then and he still is working on the Tulane ap which is long and a bit more intense the ASU. ASU seems like a decent school not to far from home and easy for us to go ee him on the weekend for a football game and to move him in. Tulane besides being expensive is so far away it would cost a fortune in air and just driving there to move him in.

We will not get any aid from the fafsa. My neighbor who's husband makes about what mine does said she wished she had never bothered as she just got rubber tamed as denied. She didn't do the stafford loands but I am pretty sure my son qualifies for those at 5500 a year as we will get turned down for the parent plus loan. I am heavily leaning towards Sallie Mae loans. If I apply for that do we have to wait for the fafsa? The estimated cost of attendance isn't out for next year but this yearr out of state was about 31k including transportation room and board. I understand he can't borrow more then the cost of attendance. Would transportation and computers be included in that? He will not qualify for any pell grants as well. And I have looked all over for hearing impaired grants and scholarships and minority ones as well and his gpa just isn't tthere.

If he likes the school I want to get the sallie mae thing going ASAP so I know what I am dealing with. I do not want to wait til spring at all. The decisions and loans come out a bit late for some of the schools. We will mail off the other transcript to the cal state tomorrow and may know not to long like in the spring. Tulane is rolling so I am sure they are fast but all these schools want your fafsas before you get your loans. I just want to get qualifed for the loans and set up so I know what is going on and if we should apply to more cal states or other schools. Schools I have never even heard of in bad locations of Ca want like 40k a year!! After he has residency in AZ his full cost would be 20k. That's not bad.

Any knowledge or advice needed and appreciated. I am impatient and with a housing deposit in a couple of weeks if he likes it i think I better get moving?? I can afford to eat the deposit of 175 but I think this school is a good deal and want to be prepared.

I do not understand why you think you will get turned down for the Parent Plus loan? Your son can get the Stafford Loan and you can get the Parent Plus if you need additional monies for the semester.

Liz

 

[HeatherH]

He got a letter from the Cal States saying they were highly selective? Since when? Sheesh, the ones here pretty much a shoe-in...if he can get into ASU I would be VERY surprised if he didn't get into a Cal State. Check out CSULB and CSUF if you haven't already.

And I agree with the others on the privates, although your son's GPA may preclude him having any real chance at many of them. Their financial aid is usually AWESOME, to the point where you would end up paying the same amount that you would if he was in a state school.

I would also find out if he is eligible for any accommodations due to the hearing loss.

Good luck!

 

[msmayor]

I do not understand why you think you will get turned down for the Parent Plus loan? Your son can get the Stafford Loan and you can get the Parent Plus if you need additional monies for the semester.

Liz

If you think you will be turned down for Parent Plus loans, don't be so quick to think getting private loans will be a walk in the park. Private loans student loans may be in the student's name, but will still be subject to a credit check AND in almost every case require a co-signer who will also need to pass a credit check.

In addition, if you are thinking about getting private loans to cover tuition over the four years, remember that qualifying for future years' will be harder, not easier, as that loan balance continues to grow.