College loans. 2nd B.S. & maxed Stafford dont qualify for Plus or Perkins. What now?

Question

OK, due to an error @ the university, and paperwork processing fubars.... My hubby needs $7500.00, in additional financial aid before next week. If we can't come up with the $, he'll have to postpone starting grad-school in August. His grad-program only does fall admissions, and waiting another year will seriously impact all kinds of things. The loans & aid for grad-school in the fall are all set. But to finish his last few courses, accelerated, we need to obviously pay for tuition.... Any suggestions? We didn't qualify for Plus or Perkins loans, and his stafford's maxed out as of monday....  Direct/alternative student loans, so far aren't working.... They won't lend to us, for whatever reason, (they'll notify us in writing within 5-8 weeks) No cosigners available. We both work, but have extenuating financial obligations. I have good, but minimal credit. His isn't all that great. 
Banks won't lend to us for tuition loans... They said we should qualify for student loans... Any advice?

sunshine23511 · Accepted Answer

if you have a house, borrow aganist that.  Loans can take up to 6 weeks to process.  ask friends and family for money, pawn or sell some furniture or a ring,  personal affects.  If you find this excessive, then maybe postponing grad school until the spring or next fall should be a plan to consider.  Or you could take out a personal loan or apply for a credit card.

iloveeeyore · Answer

You can get college  loans from a bank, but you may have to ask several. He should also look for scholarship. The college should offer some type of emergency loan, but those normally have to be repaid quickly (in a semester or so). 

If at all possible, I highly recommending working for a year, saving money, and then starting grad school. It sounds like you guys are already in a mound of debt, and unless he is going to grad school in a highly demanded field (like Engineering), it will take a long time for his salary to compensate for all your loans while also paying your living expenses. However, I know it isn't easy to delay grad school once you are admitted, so he'll probably just need to start this year with scholarships and bank loans.

SZ · Answer

Try asking the school for an emergency grant due to extenuating circumstances.  Our school offers a one time grant inthe amount of one term of tution and fees just for situations like the one you described.

Otherwise,  I would sadly recommend postponing.  Look at your current debt to incoem ratio as awell as what your debt to income ratio will be after he finishes his degree.  Will his starting salary be enough to pay the monthly payment for all these loans he is taking?

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College loans. 2nd B.S. & maxed Stafford dont qualify for Plus or Perkins. What now?

2 Answers