mo money mo problems

[Janit0r]

hey guys..this isn't a troll post i just really wanted to be anonymous asking if you have an experience or advice for this situation

my father makes ~$16M a year, but due to recent family developments he considers me dead to him. (hypothetically, maybe my younger sister and i "fell" a lot as kids; making multimillions annually he would obviously be powerful and well-connected, so nothing would came of our "falls" over the years; there would be unwritten rules that this is supposed to "stay in the family" and if I spoke up after my mom "fell" last month i would be considered disloyal and hence dead to him, she would be no help as she's been "falling" for decades, etc, etc, hypothetically)

i've been accepted to four schools, none of which i'll get any aid at obviously. i'm graduating undergrad in may and i only have about $700 to my name (everything else is in his name and i have no access to it).

i'm obviously willing to take out the loans and be massively in debt like everyone else...but will a bank even give me a loan? is it as simple as just finding another party to cosign for me? or do i have to worry about being unable to pay for school now in the fall?

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[eldirty]

you will still be eligible for most government loan programs. Some programs, i.e. the health professional student loan program require the submission of parent tax information.

 

[Simiam]

Pick the cheapest school. You will be able to get Federal Direct Loans, up to $42,000ish/year (Apply through FAFSA.ed.gov) On other loans like the Grad Plus loan you need to have your parents tax info included, but I would recommend inputting your mom's. This is assuming that they are divorced now and that you are completely estranged from your father. I had a similar situation but on a much more middle class scenario. Good luck to you

Also, consider calling my your school's financial office and asking for help asap...

 

[BillytheEchidna]

Private loans are credit-based, so if you have super credit, you should have no problems getting loans with good interest rates. If you only have fair-to-good credit, you should still be able to get loans, but with higher interest rates. At least, that should be the case if banks start lending again.

I am sorry to hear about your family situation... It is a shame that your father uses rhetoric like 'dead to me,' when real-life death takes loved ones from us without our consent -- that he would choose to consider you "dead" means that he probably sucks at life, even if he has a ton of money. Good luck to you!

 

[Janit0r]

Thanks so much guys. I never paid attention to the financial aid stuff before and it's a little overwhelming trying to figure it all out now.

To clarify, my parents are still married (Remember when Kobe cheated on his wife and bought her that $4 million diamond ring...my mom's got some major bling)

Anyway...I have a good credit score and a clean credit report, but I've never actually paid a bill..my name was previously on family credit card accounts. Would that be sufficient for a private loan? I'm figuring for all this stuff I need to find a cosigner since I don't actually have any assets?

 

[robhmnt]

Assuming you are not a troll, I have a lil advice for you. Have some sense of politics, and try to make things work with your dad, no matter how bad, mean spirited, illogical, and unjustful he is. My parents are both in their 50's and divorced, both of them don't make sense most of the time, each ones disses the other everytime they talk to me, but I still have a good relationship with both of my parents, although I have been blamed for supporting the other side by both of them several times. My mom is the more logical and less guiltiy person in the divorce; however, I never debate this with my dad. As long as your parents are divorced (if they are not, it will be coming soon), you won't benefit from backing the innocent side (your mom) and getting in fight with your dad, even if he is such a tough person. You could benefit from the good money he has though if you just use some politics. What many people don't understand is that marriage is not supposed to last forever in the 21st century. My parents are divorced, and my dad was the more unbearable and unjust person in the marriage, so what? Should I get estranged with him, because of that? of course not. Everything is over, and nothing can be fixed. However He has helped me so much financially since childhood and keeps doing so... THis does not mean I justify his wrong-donigs against my mom, but I just don't try to argue with him since he thinks he is the only one right (while mom thinks she is the one), and any argument with my dad will only destroy my relationship with him. Oh by the way, my dad told me that "death to me" bull**** so many times several years ago where things were nuts. Just don't argue and debate with him over such issues, try to pretend you agree with him by just being quiet (that's what I do), and he will easily fall for you and stop that "Dead to me" BS. I see my dad about once a month, and I don't mind not expressing my points of views for him.

 

[La fea]

If you really, truly dont want to ask the parents for help, consider army scholarships/NHSC scholarships?

 

[BillytheEchidna]

Wow. If your name was on your parents' credit card account, that is a huge boon for you... That means your credit might equal their credit. To my knowledge, people only need co-signers if they have a spotty credit history or have not established credit in their own name. Even though you have never paid a bill, what's on your credit report is what matters. That's the way the system works, and if it works for you, great! You'll still want to fill out the FAFSA a.s.a.p. to see if you can get any financial aid from the government. Look into scholarships, too.

Keep in mind that all this stuff will build character, and it will feel good to have been able to do it all on your own. If you are still close with your mom, consider asking her for money.

 

[Simiam]

Thanks so much guys. I never paid attention to the financial aid stuff before and it's a little overwhelming trying to figure it all out now.

To clarify, my parents are still married (Remember when Kobe cheated on his wife and bought her that $4 million diamond ring...my mom's got some major bling)

Anyway...I have a good credit score and a clean credit report, but I've never actually paid a bill..my name was previously on family credit card accounts. Would that be sufficient for a private loan? I'm figuring for all this stuff I need to find a cosigner since I don't actually have any assets?

That changes things a little.
You can still fill out your FAFSA and get $42,000/year in federal loans. These loans are solely based on your income, not your parents.
If you need additional you can take out private loans if you have good credit.

I do agree with the other guy, you should try to mend the relationship with your dad. good luck