Student Loans

[ClassyLadyCanDraw]

So I am going to SAIC this fall.....maybe.....

School is giving me a scholarship and grants. I have maxed out my stafford loans and I can get 4,000 from workstudy. I still need twenty grand a term.

Everything got pushed off late for me. My parents are divorced. My mom is really poor and on dissability and my dads just middle class. My mom has serious mental health issues and she refused to do my FAFSA even though I would have qualified for maximimum financial aid and I couldnt with my dad.

She's agreed now to go back and do my FAFSA and school agreed to give me another 6,000. Plus I will be able to get a perkins loan and maybe a pell grant. Problem is I dont trust her to work it out and I dont know if she will.

So currently I'm 20 grand short and because I waited for her help the first time I asked I'm late on getting my private loans to fund my education. The problem is my mom is poor and on dissability and she cant co sign. Then my dad owes tons in his own student loans from going to law school and his credit wont be approved. As far as I know I have no credit history and at the moment I'm ineligable to apply for any loans with out a co signer.

I am freaking out and I dont understand why it has to be so hard to finance my education. I have already put this off for a year. I applied last summer for spring and had to defer for fall. I am going out of my mind and I dont know what I'm going to do if I cant go because this is more important to me than anything.

So I was wondering if anyone here might have a solution. I have no way of getting a decent cosigner. Are there any lenders that will a approve me with a no so great so signer? Are there any lenders in general I might be able to work out my situation with? I really dont care how much money I have to spend as long as I can do this because thats how much this means to me.

[Mirana]

Have you considered going to a cheaper university or community college for the first two yrs of your schooling then transferring, in order to get core classes cheaper?

[Storyboard Dave]

I'm not sure if your loans allow you to do this but what about going part time?

Have you also checked other relatives of your mom's who understand her mental situation- an aunt, an uncle, a grandparent? Or at this point, any relative who'd be willing to outright loan you the money or be the co-signer of a loan. You might even sweeten the deal if there's something of value that you could give to them as collateral.

I know it's awkward asking for money from family but exhaust every option possible. And like Mirana says, try community college if you have to. It might take you a little longer than expected and maybe a little more expensive in the long run (tuition increases + inflation over time), but if you truly want it and this is the only option- please consider it.

It seems as though you've done your diligence and you should be congratulated for your efforts so far.

I wish you well.

[ClassyLadyCanDraw]

Thanks for replying. If my mother cooperated with me when I needed her too I would have gotten maximum financial aid and qualified for perkins and pell.

At this point I'm not going to make it unless I get a miracle. Theres still a loan I may receive. Community College isnt an option for me. I finished highschool in a cc and I am done done done. I really dont like Community Colleges haha.

However I only applied to SAIC and I so know I could have shown a better Portfolio and gotten more scholarships. So I'm going to work hard a on a new portfolio and I'm applying to several schools this fall for early decision and I am going to see who gives me the most money to pay for my education. I'm also going to spend time looking for extra scholarships else where. Plus I'm going to start working again and put everything in the bank. I'm going to defer from SAIC, but I'm going to do what I can to go to a good school and get the most money out of it. I want to make sure I have established good credit and whatever I need to qualify myself for loans just in case. I dont want to be dissapointed twice.

I am also considering not even going to an American school. I have discovered through this that in the long run it's actually money saving to leave the states. Schools overseas are 3 years not 4 because of 3 semesters and tuition is seriously half price compared to tuition for most schools here. I know I know theres other costs involved, but I did the math and it's suprisingly more affordable for me. It would be cheaper all around for me to get my BFA and masters in another country.

Anyways I dont mean to ramble........

[Mirana]

Hmm. Go to a community college or university for math/english/science and pay about $200-300 a class...or go to fancy art college and pay $2000-3000 per non-art class? Why complain about money at all if you're just going to waste it?

It seems to me a bit late to be doing a new portfolio and applying to schools that start, well...yesterday. You wouldn't be doing your best work in such a crunch anyway. Apply next quarter/semester. There's no need to rush.

[ClassyLadyCanDraw]

I'm re applying early decision for next fall not now. That would be ridiculous. I want to get maximum aid based off my portfolio plus I wouldnt even think of applying for fall now since you cant.

I dunno, community college is fine for some people, but its just not for me. I want to get the most out of my education and maybe Im slightly arrogent but I want to go to a really good school. I'm really cheap, but when it comes to my education I'm ok with a higher cost and paying for it later because the experience will be worth it in the long run. Maybe other people would consider it a waste of money but I dont at all.It's worth every cent to me. Thats just my opinion.

Plus my community college here is horrible. The classes are a joke and theyre really expensive for CC classes. I wanted to go to a state school for a year until I could afford art school, but classes already started a week ago. I still might go spring and summer to cover some of my future academics. However will already graduate early because of all the credits I already have.

[Mirana]

Ah, next fall makes more sense.

You go to art school to learn art, not english/math/science. Going to a uni for those things IS getting the best education. Why would you pay ridiculous amounts of money you don't have to take classes that a school doesn't specialize in?

[J Wilson]

Our higher education system is really fucked up. All across the board the USA is falling behind other countries, in part due to the costs of higher education. It's really depressing when in order to have a shot at getting a decent education you have to essentially begin your life under a MASSIVE debt. Great way to start things eh?


Art school IS a great experience, but it's not really as needed in this day as it once was. It is quite easy now to get essentially the same quality of education by being active in communities like this, with REAL dedicated self study, and instead use your money to pay for local life drawing sessions. Art school doesn't make you magically better, and hand you secrets you can't get otherwise. Mostly it's a peer group, and someone setting up a schedule for you.

If you are waiting another year, look at it a bit as a blessing. Spend that time putting together a great portolio, and start taking your education seriously right NOW. Practice every day. Post to forums like this one for crits. If possible spend 6-8 hours a day working on art just like you would if you were at art school. Apply to multiple schools and see if all the extra work earns you extra scholarships.

[Metalclay]

Well...if you got credits, that means you got good grades, no? Doesn't your state offer any grants, scholarships, et cetera?

I realize you don't want to go to community college, and heh, does sound a bit arrogant, and I understand. But, if you do get to go to a community college, and it's paid for, you can probably find something in relation to what you want to do.

Not only that, but...say it's not paid for. Say that you need to pay out of pocket, I know plenty of people going to expensive art schools this year that started out at a CC and had to pay for it. They couldn't afford the ~1,500 it cost though, so they took out a loan.

If you take out a loan at that amount (rather high) you'll be considered for future loans when they're in the area of ~$20,000. In addition, you will likely get better interest rates and if you get that "small" $1.5k loan from the same company you take out the rather huge 20k loan, you might qualify for additional benefits such as lowering your interest every 12 payments or so, get a longer grace period, and more.

That way, you won't need a co-signer, you won't need to involve anyone in your plans, you won't need to depend on the mercy of the world, you just do it on your own.

Remember, when you take out a loan, no one cares if you were an honor student, an AP baccalaureate, an IB student, or if you made the principal's honor roll 16 times in your high school career. They don't care about your family situation, they don't care about jack. All they care about is that you can pay off that loan.

From what little I know, I believe these loans are based of dti (debt to income ratio. So, you do need a job, and have little debt. This varies form company to company though.

Sallie Mae for example, is really lax when it comes handing out loans. I know some people who don't have jobs, won't be employed (understandably) during their time at the college, and don't have much credit history and were able to get loans.

Others like Wachovia are more strict and do require you to make about...I think it's 16,000 a year. In addition, they will look if you have any huge debts to pay.

Granted, Student Loans are easier to get than any other loan (house, car, etc.), that doesn't mean they're given out willy-nilly and the companies that do hand them out in such fashion, usually have worse terms (higher interest rates, shorter grace periods, variable interest rates, and more).

From what I've read there have been people that go to these schools, figure out how to pay for one year, and end up stranded their subsequent years because they can't find other companies to loan them the money.

Worse comes to worse, you can take out another loan, with another company and when you're done with the schools, consolidate those loans (save for the federal ones, because...they have benefits that will be stripped if you consolidate with normal private loans), and pay that one huge loan to one company for years to come with only having to pay around $300 a month.

I'm sorry if I've lost you in my horrible composition (bad writer :P) but...what I'm trying to say from all this is: it's not about willing to take on those loans, it's about being approved for you four years at that school (a debt of $80,000 + interest that accrues from the four years you were at the school).

Do consider a CC, as Mirana said, you might be able to knock off core classes like english or math and do something more interesting with those slots like...figure drawing, sculpture, etc.

Plus, if you do something related to your hopeful career, this may show the college (SAIC) that you are interested, and serious about this. Who knows...you might meet somebody interesting there. I know some stories of people who went to a CC, met one person who hooked them up with opportunities, they would have otherwise, maybe, have never gotten.

In the end though, it's your choice. I don't, WE don't, know your life story, the place you grew up in, social pressures and expectations. As well as what your capable of, and how much you really want this.

As J Wilson said, you can, theoretically, make it into the industry on your own without the help of a college. Yes, going to an art school is the easier route, and will propel you rather far into the industry. Ultimately though, you decide what you want to do. Expensive art school != "success".

[ClassyLadyCanDraw]

Well right now my situation is slightly hopefull. My mom is dirt poor and might actually follow though for me. If she does Ive been garaunteed 6 grand from school. I was also informed that if one of my parents applies for a plus loan and get denied school will garantee me another 4 grand in unsubsidized loans. So thats 10 thousand and if I get my financial aid I will qualify for a perkins loan and a pell grant. So with all of that I can go and afford it, but thats if my mom follows through. I will be covering the rest of my expenses with either workstudy or a part time job. Next year will be easier because I will get more stafford loans. I am also applying for outside scholarships and art competitions.

I dont know if its going to happen, but if it doesnt theres always plan B. This really important to me so I am trying to make this work. It would be impossible if school wasnt giving me a scholarship and grants. If this works out I can actually go with out terrifying debt. I also may have one possibility for a cosigner as a last resort.

So thanks for anyone who responded. It makes me pretty upset that going to school is so expensive and I didnt know it would be so hard to get a loan. SAIC doesnt require very many academics at all. If I cant go yet Im going to do state school in the spring for a semester, but If I go I might consider summers in a community college for the little academics I actually need. Except for Art History.