Loans beyond COA?? Need advice...

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
adampres
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Joined: Sun Jul 11, 2010 9:48 pm

Loans beyond COA?? Need advice...

Postby adampres » Tue May 17, 2011 11:30 am

The estimated COA for the school I'm attending is pretty low, especially because I've got a family. I've got a scholarship to cover most of tuition, and outside help to cover most of my needs beyond the official COA, but I still need a few thousand to cover moving across the country, rent, first month's deposit, etc, etc.
My understanding is that the only option for this is an uncertified student loan, and the only lender offering uncertified loans is Wells Fargo with their Education Connection loan. I was rejected for that, and because of my credit history I can't have a cosigner for that loan (which I am planning on using for my federal loans).
Any ideas? Or am I up a creek without a moving truck or an apartment?
Is a signature/personal bank loan with a cosigner my only option?
Thanks.

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Ipsa Dixit
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Joined: Tue May 29, 2007 10:56 pm

Re: Loans beyond COA?? Need advice...

Postby Ipsa Dixit » Tue May 17, 2011 5:33 pm

I'd get a second job and sell most of my stuff to raise the money.

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The Brainalist
Posts: 317
Joined: Wed Oct 14, 2009 1:12 pm

Re: Loans beyond COA?? Need advice...

Postby The Brainalist » Tue May 17, 2011 5:37 pm

This is why you do student apartments. I think they are usually more lenient with coordinating the timing of 1st month's rent with your loan check. For travel, its cash or credit, dude. But that's just the cost of gas and maybe a tent, eh?

AP-375
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Joined: Tue Oct 05, 2010 8:18 pm

Re: Loans beyond COA?? Need advice...

Postby AP-375 » Tue May 17, 2011 5:40 pm

Thanks for the responses. Plenty to think about...

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Dany
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Re: Loans beyond COA?? Need advice...

Postby Dany » Tue May 17, 2011 5:51 pm

Have you talked to the Financial Aid Office to see if they can increase your COA budget?

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Hippononymous
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Joined: Mon Apr 27, 2009 8:11 pm

Re: Loans beyond COA?? Need advice...

Postby Hippononymous » Tue May 17, 2011 6:34 pm

Dany wrote:Have you talked to the Financial Aid Office to see if they can increase your COA budget?

+1

They may be able to drop your EFC if you're currently working but won't be once you start school.

CoriOlivia
Posts: 38
Joined: Fri Apr 22, 2011 12:58 pm

Re: Loans beyond COA?? Need advice...

Postby CoriOlivia » Tue May 17, 2011 9:09 pm

Depending on the ages of kids, I know many schools will adjust the COA to include childcare expenses.

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Ipsa Dixit
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Re: Loans beyond COA?? Need advice...

Postby Ipsa Dixit » Wed May 18, 2011 6:24 am

My understanding is that you need money for a move and expenses for a establishing a new place to live before school starts. I am not sure an increase in COA is going to help you with the expenses unless the school distributes loan money before the semester starts (and long enough before that you would have time to move).

Your school would have to answer the question of when loans are distributed, but at mine, it wasn't until about 3 weeks into the semester.

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Dany
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Re: Loans beyond COA?? Need advice...

Postby Dany » Wed May 18, 2011 2:48 pm

:?:

adampres wrote: I've got a scholarship to cover most of tuition, and outside help to cover most of my needs beyond the official COA, but I still need a few thousand to cover moving across the country, rent, first month's deposit, etc, etc.

I don't understand why this outside help couldn't be used up front rather than during the semester? I think he just meant that those extra expenses require more money, not that their timing was the issue (but perhaps I'm wrong). Regardless, OP you need to call your school's financial aid office as soon as possible. From my experience, they're more than willing to help.




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