Have any of you dealt with your family's financial hardship to the point where you're unable to get a loan for school?
Financial Hardship
- Thread starter bohomojo
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I'm not sure what you're asking. Usually if your family is lower-income then you qualify for better loans and grants. Are you worried about being disqualified from loans for some sort of financial decisions made?
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Well basically, I'm only 19. I'm unable to get private loans because of my debt to income ratio (I have 13k in federal loans and I have only been working since November). My parents and I make way too much money to qualify for any financial aid besides federal loans. The loans only cover like 1/8th of my tuition cost each year. I've been getting parent plus loans for the two years that I've been in college. A series of terrible events has caused my parents to become unable to pay certain bills (such as a huge leak in our home, a contractor stealing our money, having to buy me a new car, and etc). This has caused them to become ineligible for the parent plus loan. My family is really distant so no one is willing to help me out because that's not what my family does. The school I'm going to doesn't give out many scholarships. Is there anything that I can do? I've tried to get a loan so many times that I have 12 hard inquiries on my credit report. I don't want to try anymore. I currently have 2 credit cards which I pay every month on time with decent balances.
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do not worry about student loans. Apply to Rx schools that will qualify you for Graduate Plus Loans. Call the schools you are interested in and talk to the financial aid office if they will give their pharmacy student Grad Plus Loans, which will cover you up to the cost of attendance. Google and read more about this loans. GL 🙂
Thanks! What do I do for the year (this year) that I'm just in undergrad? I tried getting a health professional loan, but I don't qualify anymore because I changed schools and major. Its crazy that I only owe a small amount this year but I still have no way of paying it.
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It doesn't matter if you are still undergrad (i.e. not having a bachelor degree). If the pharmacy school you want to go to qualify you as graduate student (as they classify their PharmD programs as graduate program they will tell you to put your 1st rx student status on fasa application to qualify for Grad Plus. As opppsed to some schools which classify the 1st 2 yrs of their pharmd program as undergrad REGARDLESS the students having a bachelor degree or even grad degree thus only qualify for only sub/unsub Stafford or health professional loan. Regarding health professional loan, not all schools have this loan available to their rx students as the schools must first participate in the HPL programs and there is only a handful of schools participating in this hpl program).
So again don't worry. If the schools you want to go to classify their entire PharmD program as graduate program, you will be classified as grad student and indicated as such for your student status on fasa, which will qualify you for Grad Plus loan to cover you up to the cost of aatendance. And you can always defer your previous student loans. No worry there. GL 🙂
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