Wow, when I found out I got accepted into Spelman College, a prestigious HBCU in Atlanta, Ga., I was excited! So I looked at the cost of attendance and it was 30,000 a year!! I filed for financial aid and I got my award letter from Spelman maybe a few weeks later and everything was covered until I looked at 17,000 Federal Parent Plus Loan. I really didnt want to take a loan, so I declined that loan and accepted everything else that was offered on the award letter and thought I would get one of Spelman's top scholarships to pay for the rest of the cost of attendance. The reason I was hopeful for the Spelman scholarship was because I at the time had a 4.0 gpa and was envoled in my school's activities,clubs,community service and I graduated with a 4.0 and honors! But, I did not receive Spelman academic scholarship. I was a little upset and disappointed that I did not get one because I felt i worked really hard to maintain my grades and do community service in high school to receive one!
Although this was a disappointment, I managed to submit an application for a UNCF scholarship that awarded up to 20,000 toward tuition and room and board! The deadline for that scholarship was May 31, 2008. I am currently awaiting the turn out. I really need the scholarship to cover the rest of my college costs, this scholarship is really the last straw that can break my college dreams!
Although there are student loans, one needs a good credit history, which I do not have, or a co-signer with good credit, which I also do not have. I do not know who would loan a person 14,000, who doesnt have a credit history what-so-ever.
As of right now my college dreams are up in the air and I have not started college yet! I've looked for other scholarships and it seems as though I dont fit the requirements or I've missed the deadline! I am at a deadend and I need money fast for college!
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I don't think all student loans require a credit history. In our state, you're guaranteed to get them until you default on one. Companies are willing to take the risk because they know that you will be making a lot when you finally get done with school.
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I would accept the Federal Parent Plus Loan if you still can. You can always give the money back within 120 days of receiving it without having to pay interest on it, if you end up getting that scholarship you applied for. But, I think if it was offered to you through the financial aid office, you're already set to receive it. Your credit history shouldn't be a problem and you don't need a cosigner for the federal loans.
But, just in case that scholarship doesn't work out, I would take the loan. You have to pay it back later, but at least you can go to school. Some employers, once you graduate, will even pay back part or all of it for you, depending on your degree. You can also ask the financial aid office about work study programs.
Once you're in school, look into internships. Some offered through the school will give you a tuition break (for doing things like research assistance, etc.) and it's a great way to get experience in your field.
Good luck!
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Angela A. Washington
Thanks for the advice! I think I will try to get the loan if I dont get this scholarship!
students loans don't require credit history. i just applied for one and i'm only 17. the federal parents plus loan does, which is unfortunate since my parents have bad credit.
Angela A. Washington
that is the situation I am in right now, cuz my mom has bad credit and my dad's credit is not an option! Who did you apply for one with
I had the federal stafford sub loan. I accepted the lender which said "new jersey"...I figured it would be better coming from the state rather than a private loan from a general company.
If you don't have a cosigner with good credit, then how do you expect your parents to get that loan? They do have to apply for it... my financial aid office told me that if my mom had bad credit and didn't qualify that I'd be offered other federal student loans to cover the cost of attendance. Just because the amount was offered to you doesn't mean that your parents automatically qualify for it, and if they do, I don't see why you can't get a co-signer.
I encourage you to look at Sallie Mae Loans if it comes down to it. You can find those here: http://www.salliemae.com/
~C
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