Financial aid problems...arrgghhh

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I called the fa office at my CC today. I wanted to check the status of my fa package. On my fafsa I indicated that I wanted to receive a loan also. One of the fa officers told me that I had to apply for a loan myself. I had no idea that this is how it works. So I asked her what loan programs does the school participate in and she told me that they deal with the NJ Class loan program. Okay...so I go the website to get an application sent to me and discovered that I can apply online...great. I researched the loan and found that I"m eligible to apply except for one fact...I have to have income. Unfortunately I don't have income....I'm a SAHM. My dh is the primary financial earner in our home. So I called the office back just to make sure I didn't get any incorrect information. In my mind I'm thinking that every school participates with the Stafford Loan Program...unfortunately my school doesn't.... :o. I don't know what I'm going to do, I know for a fact that the Pell Grant will not cover my 14 credit load. The one thing that is dissappointing to me is that if it's financial aid, why would my school only participate in a loan program that looks at creditworthiness instead of financial need. I am going to call back to speak to the supervisor tomorrow....I know this had to be a mistake....please let it be a mistake.

Fatima

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Specializes in Emergency Dept, M/S.

You can get a personal student loan without any income. I am a SAHM also, and just applied for a "student signature loan" for $11K to cover the $1K that isn't covered by financial aid, plus the cost of extras - like GAS! That was approved. I think you should do a lot of checking around. As I understand it, even if the school doesn't have an agreement with a certain bank, it doesn't mean that they won't accept the bank's money and make disbursements to you. I think?

Keep trying - don't give up! Call every bank you can think of, and do lots of online research. I also went through Salliemae.com.

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someone posted about http://www.myrichuncle.com here a while back. they do private student loans. I've never heard of them, but it's worth a shot to research it.

A

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Specializes in NICU.
You can get a personal student loan without any income. I am a SAHM also, and just applied for a "student signature loan" for $11K to cover the $1K that isn't covered by financial aid, plus the cost of extras - like GAS! That was approved. I think you should do a lot of checking around. As I understand it, even if the school doesn't have an agreement with a certain bank, it doesn't mean that they won't accept the bank's money and make disbursements to you. I think?

Keep trying - don't give up! Call every bank you can think of, and do lots of online research. I also went through Salliemae.com.

Whitney, who did you get this loan through? Was it a bank?

Fatima - my school doesn't participate in GSL's either :( It's very frustrating!!

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Specializes in Emergency Dept, M/S.
Whitney, who did you get this loan through? Was it a bank?

Fatima - my school doesn't participate in GSL's either :( It's very frustrating!!

Yes, I went through Citizen's Bank, through the SallieMae site.

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Specializes in NICU.
Yes, I went through Citizen's Bank, through the SallieMae site.

Thanks :) I'll look into that. Did they make you have a cosigner? Sorry for being so nosy :coollook:

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Specializes in NICU.

Crud, Salliemae's site says Signature Student loans are only applicable for 4+ year programs. Mine's two. *pout* Thanks for the info anyway :) Hopefully it will help someone else!

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If your school doesn't participate in federal loan programs - it may be because the school has some kind of problem. Like not properly accredidated or has a poor graduation rate. Check into that.

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Specializes in NICU.
If your school doesn't participate in federal loan programs - it may be because the school has some kind of problem. Like not properly accredidated or has a poor graduation rate. Check into that.

I asked why, and they said that since tuition is pretty low, most students are covered with Pell Grants and Lottery TAP. I've checked their accredidation and grad rate, and everything's fine. But that's my school...someone else's may have problems and it's worth looking into, for sure! Although I'd think that if a school had trouble getting student loans for those reasons, they probably wouldn't be eligible for any funding, including the Pell grant, etc.

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I called the school and spoke to one of the arrogant fa officers. I asked her why do they participate in a loan program that only issues you money for creditworthiness and not financial need...after all it is financial aid...and if I wasn't financially needy then I wouldn't have filled out the fafsa in the first place.... :uhoh3: . Her response to me is that they only participate with NJ Class loans and that's that....I wanted to come through the receiver and smack her.....lol. I also asked her that if I got a loan from another company or bank would they take the funds....she told me "NO, we only participate with the NJ Class Loan program!!!" Now I knew this just wasn't possible, if someone approved me for a loan, do you mean that the college wouldn't take it...that's just totally unbelievable. I did call and leave a message with the supervisor at the fa office at my school this morning, hopefully she'll call me back sometime today. I also called HESAA (the organization that processes the NJ Class loan) after I submitted my applicaition. Oh, forgot to mention, they denied me the loan after I applied online...I applied with my dh as the co-borrower. I knew that this was going to happen. They probably looked at the mortgage, bills, credit cards he has and said, No way. This is very frustrating, I've wanted this for so long and now this happens. I am going to give it another try and decrease the amount I requested initially. Maybe they will approve us for a smaller amount. I really don't understand why they denied us in the first place, I chose the option of deferment for principal and interest while I'm in school. This is crazy.

Fatima

"I'm going to be a nursing student....I'm going to be a nursing student"

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I called the school and spoke to one of the arrogant fa officers. I asked her why do they participate in a loan program that only issues you money for creditworthiness and not financial need...after all it is financial aid...and if I wasn't financially needy then I wouldn't have filled out the fafsa in the first place.... :uhoh3: . Her response to me is that they only participate with NJ Class loans and that's that....I wanted to come through the receiver and smack her.....lol. I also asked her that if I got a loan from another company or bank would they take the funds....she told me "NO, we only participate with the NJ Class Loan program!!!" Now I knew this just wasn't possible, if someone approved me for a loan, do you mean that the college wouldn't take it...that's just totally unbelievable. I did call and leave a message with the supervisor at the fa office at my school this morning, hopefully she'll call me back sometime today. I also called HESAA (the organization that processes the NJ Class loan) after I submitted my applicaition. Oh, forgot to mention, they denied me the loan after I applied online...I applied with my dh as the co-borrower. I knew that this was going to happen. They probably looked at the mortgage, bills, credit cards he has and said, No way. This is very frustrating, I've wanted this for so long and now this happens. I am going to give it another try and decrease the amount I requested initially. Maybe they will approve us for a smaller amount. I really don't understand why they denied us in the first place, I chose the option of deferment for principal and interest while I'm in school. This is crazy.

Fatima

"I'm going to be a nursing student....I'm going to be a nursing student"

I have the same issue with the Essex County!! When I was there 10 years ago they accepted all types of loans..now only the NJ Class.. I have to apply for a loan also.. I received PELL Grant money..but not enough to cover... I cant believe they are doing thier students like this! I also called and spoke with a supervisor and was told the same thing... How do they expect people to persue thier dreams...when we have to go through this.

One question? How do you know how much to apply for with the loan ? Have you processed your registration yet?.. I have to apply but I have only registered for one class so far..Thanks for the information.

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