I was accepted to a post-bac program, but couldn't get any federal aid; I also tried to get a private loan, but was denied because I don't have a cosigner. Has anyone else been in this situation? Am I supposed to just walk away from my dream even though I know I have what it takes to make it through school and I just don't have the funds. This just doesn't seem right!
Accepted, but can't get a loan
- Thread starter Lilrocky
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Whatever the situation is with federal aid, you just have to fix it, or figure out how to change your plan so that you can pay for it. Part of "having what it takes" includes financial wherewithal. Keep in mind that you'll need to be able to borrow about $250k to make it through med school.
So: find out exactly why you can't get financial aid. I highly recommend face to face contact for this. Rejigger your admission status or degree-seeking status or whatever they want you to do to make yourself eligible for aid.
Also, sometimes the minimum income for a co-signer is ridiculously low, like $12,500 per year. Maybe have a chat with grandma.
Best of luck to you.
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The National Guard used to have a program called College First that might cover you. You should talk with the military about what options they have on their side. Their health Professional Scholarship Fund covers 100% of medical school tuition and I know the reserves does provide some tuition assistance.
If you loath the military route, there are some volunteer abroad programs that provide a college stipend, which can be used for post-bach classes. If you choose that route, then go to some god aweful country and take care of terribly sick children. Admission committees just love that stuff.
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Hi, I am a long time lurker on these boards. I am actually in the same situation and it is terrible. I was not able to receive any private loans because I do not have a credit worthy cosigner. For this reason, I was only able to take two classes this term. Are you a matriculated student? And are you doing a formal or informal postbacc? I was told by my financial aid office that being a non-matriculated student would prevent me from being eligible for federal aid. I am going to become matriculated so I can receive federal loans. The problem is that it probably will not cover the full tuition.
Best of luck to you! I know it is tough. Hang in there.
Best of luck to you! I know it is tough. Hang in there.
Thank you for the replies. I am a non-matriculated student. I am supposed to be starting a formal post-bac next month. I am already registered for classes and set to start the program. I'm not dropping the courses for another two weeks in hopes that I can figure out a solution/miracle. I didn't think it would be this hard to get a student loan.
On another note...let me vent by saying how annoying it is to hear people say that maybe it just wasn't meant to be!!!
On another note...let me vent by saying how annoying it is to hear people say that maybe it just wasn't meant to be!!!
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I know exactly what you mean, Lilrocky. People keep telling me to just give up and it is truly the most frustrating thing in the world. I think it has become more difficult to get a loan nowadays due to the poor economy. It was never a problem for me before. I am going to try and ask a couple family members again, even though I am certain they will say no. 🙁 Have you tried talking to the financial aid office at your school?
I understand your frustrations and I hope you figure something out soon.
I understand your frustrations and I hope you figure something out soon.
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I was in exactly the same situation. My credit is not great, but not terrible. In fact, it is good enough that I qualified for a car loan less than 12 months ago, but with the current economic situation my application for private student loans was denied. My parents finally offered to co-sign (they'd said for several years that they wouldn't, so I didn't even ask), and my loan was approved yesterday. I was stressed out and depressed for over a month while it looked like my dream was going down in smoke. I'm sorry that you're in the same situation.
Is there anyone at all that you can ask to cosign your loan application? If so, chances are that you'll be approved.
If there is no one willing or able to cosign with you, then you should NOT give up your dream. Call the postbacc program and ask about deferring for a year. Then order credit reports and spend a year working, saving, and fixing your credit. Also, if possible, line up potential co-signers so you're ready next year if your application is denied again.
Edited to add: You may also want to consider programs that allow you to keep working. Does the Harvard Extension School program primarily run in the evenings? If so, you can support yourself while taking a couple classes at a time. The program is well-regarded, but does not require you to acquire a huge number of loans to attend. You may be able to pay for it as you go, or you may qualify for a lower number of loans.
Good luck!
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Wow, the same thing happened to me. I qualified for a car loan last summer and my credit is pretty good. So why can't I qualify for a school loan?!
That is great that your parents were able to cosign for you though.OP, have you contacted your post bacc coordinator about this? As others suggested earlier, is there any way you can change your status so that you are a "matriculating" student? I have recently made this change so I should be eligible for federal loans. Let us know what you end up doing!
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