***** 10 pts Please Help w/ Fin. Aid?

Your money is your business not theirs. But I would tell them whats going on anyway.

Not that you have to take their advice but just so they know whats going on if they have some way to help.

For one thing I don't think the school is allowed to charge you until some time after you graduate.

Unless they found some stupid loophole.

Whatever you do, never get a 'private' student loan. Those should be illegal because they can charge almost any amount of interest they see fit and some change it on you annually. And going bankrupt does NOT get rid of most of them.

Having debt is not good period. So many people go to school accumulating debt just to fall into this stupid trap. And then end up with a common job anyway with school loans to pay.

Saying your in a better school does little to impress anyone anymore, especially when your credit score is low from all the debt and unpaid bills.

Your mom is probably thinking back in the 80's or 90's when it was all about "I'm better than you because I have such and such name on my degree".

Now jobs look at your credit scores(debt related), along with your degree type. Not so much the school name you went to. The only jobs that still look at your school name are certain government position and some high level office 'snooty jobs' or something similar to that. Those are less than 2% of the job market now.

:Edit:

Do NOT cosign for a loan!

That is basically allowing someone else to ruin your credit if they don't pay it.

Or if you don't pay it, you ruin your own credit and take the cosigner with you by ruining their credit.

And you need a good credit score to get jobs now. You need one to rent an apt too! Almost everything is based on that now.

Also stay with your parents as long as you can. Let them help if they are willing to. That's why I would let them know about the situation.

Life is tough out there.. I mean it really sucks. And it's not getting easier.

Be smart, save what you can, pay your bills and keep your credit score high.

Hey Jonas Girl,

First, I'd check more thoroughly with that C.C. because once it shows up in the system that you owe another school money, they won't let you in until you've paid off that debt. But, that all depends on the kind of debt. Did you have any loans? If not, then you may be ok to at least get in the school because if we're only talking about housing debt then it may take a little bit longer to show up.

If you're talking about 'starting fresh' i'm assuming you mean enrolling as a freshman and not xfering any credits over. If that is the case, again you should do that sooner rather than later before anything shows up on you.

As far as you parents, do what you feel...but I'd recommend telling them. It's always better to get it out of the way and get as much help as possible, than risking them finding out about it later somehow.

If you're on FA probation at UNC, that's different from default of student loans to the Fed. Govt. If you're in default on your student loans you can't get another dime from the Fed Govt until you've paid them out. If you're on school FA probation, that means they're going to watch every dime they award you and that you spend, but you can still attend that school.

I agree with you about the degree though, but it does depend on your career field. If you're trying to get into law school or be a doctor or any high demand job...then yes, the road travelled is very important. If you want to be a Teacher...then you are right...the Bachelors from UNC or any other school will be just as good. I say that because we're not in the 80's anymore. Nowadays, a BA from UNC and a BA from U of Phoenix-online are equivalent. You need more than just a college degree to be successful in todays world.

A cosigner for a loan is basically the bank saying they don't trust you on the loan alone for whatever reason...age, credit score, job history, etc....and you need to put someone else on the loan that will back you and vouch for you. Basically, if you default on the loan, they'll go after that person.

As far as your last two issues, you need to do a personal financial analysis. How much money do you need to live off? What will be the rent you can afford? Transportation costs? Food? All that goes into consideration. It's possible that you can get a refund big enough to cover all those things, but then you'd need to figure out how and when you'll get back around to paying off UNC.

Also, check out www.whatsupfam.com...they help people form their own Family Scholarship Funds. This could also come in handy for you and alleviate the loans you may have to take out in the future. Or put more money in your pocket as far as refunds from the school. Just a thought...

Hope this helps,

Nate

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