What to do with this empty bank account?

frnzy · Dec 15, 2009

1)Have you filled out the FAFSA for the current school year?

2)Do you qualify for the Stafford Loan (you find this out by filling out the FAFSA?

3)Do you have a credit card?

4)Can you apply for a "signature" loan from your bank (it's where they will loan you smallish amounts of money with no collateral and no stated purpose for the money. People often use this kind of loan to consolidate a bunch of small credit cards into one loan payment)

learninmama · Dec 15, 2009

Have you tried applying for federal aid? My husband was laid off in August & I wasn't sure with his wages from the previous year if I'd even qualify. I ended up qualifying for $5,000 a year! I was shocked! So it very well may be worth you at least applying for.

Justanotherday · Dec 15, 2009

Well, I don't know if this will help much, but if you have a couple hours per week to spare, you could donate plasma. It's a bit of an unconventional way to make extra money, I know, but I make $50/week for two hours of my time ($25 per donation, twice a week). It's also for a very good cause, as most plasma is used in NICU's, burn centers, and to make medicine that would not be possible without it. You could bring schoolbooks with you and study or do homework while you are hooked the machine. If your husband is not working, you both could go. Where else can you get paid to "work" and do homework at the same time? To see if there is a donation center near you, go to this website:

donatingplasma.org

Also, I filled out a FAFSA even though it is a bit late. Turns out I qualified for over $4,000 worth of aid! I am setting up a payment plan through my local community college so that I can start classes, and the aid money should kick in soon so I won't have to pay too much more. If you haven't filled in a FAFSA I would do that pronto, you can still use the funds for spring 2010 as long as you can work out some payment arrangements with your school in the meantime.

Amaranthine · Dec 15, 2009

Along with what other people are saying about the federal aid, many colleges offer payment plans if you talk to someone.

Christy72 · Dec 15, 2009

My school has a payment plan. You can pay over 5 months.

thenameismac · Dec 15, 2009

These are all very good responses. Thanks a bunch. However, here's the thing:

I don't have a husband. I am an independent student who works 40 hours a week. As stated before my pay barely covers my bills. Because I am independent I file just that on my FAFSA which I do every year. And every year I don't qualify for any type of aid. No federal grants or loans or anything. They say I make too much money. Keep in mind, I live in a not so good area in a major city, my car barely runs, and I live on ramen noodles. I don't have kids so I suppose that makes a big difference. Yesterday I've tried applying for like 10 different loans but my school doens't except them. They have a payment plan but you have to put up 30% which I don't have (remember barely making enough as is?).

It's pretty lame but that plasma thing is interesting. I never knew that people actually got paid to do that. I don't know if I'd consciously donate plasma for the money. I prefer to donate blood for free.

I have until next Tuesday the 22nd to come up with some money and since that doesn't seem likely, I am preparing for a very relaxing year and a half. I at least get to enjoy what I love most...write and read. Someone's gotta the see bright side. Why not me? :)

frnzy · Dec 16, 2009

Well I feel your pain about not qualifying for Pell grant money, but I'm surprised you don't qualify for the subsidized Stafford Loan or PLUS loan. I'm in the same boat with being a full time worker without dependents and making too much to qualify for some things. But it wasn't the FAFSA that told me I qualified for the Stafford loan. It was my local CC's financial aid office. Have you spoken with them since you filled out your FAFSA? I mean, I know they won't take the private loans, but have you talked to them about your options?

And let me tell you this, if you talk to one person one day, the next day someone else at the same office will treat you different and tell you different things. IMHO, it pays to go back to the financial aid office on different days and talk to more people.

But if you make enough to not qualify for a Stafford Loan, I'm surprised you dont make enough to just get a cash loan from your bank. You school would have to accept it as it would just be you giving them the money and not some kind of intermediary.

thenameismac · Dec 16, 2009

I forgot to mention that my bank stopped doing student loans as of November 30th. My school really sucks. It was them of course that told me that I didn't qualify for financial aid and they always tell me "There's nothing i can do for you." I call and they say "There's nothing I can do for you." Or send me to Student Accounting who then says "There's nothing I can do for you." In fact Fall 2008 I received a scholarship that paid for half of my tuition and all of my books. I asked in November were there any scholarships for the Spring semester. They said no. That was understandable to me. They seemed confident in their answer. I do a little research in April for the next fall semester and I find that there were about 3 scholarships I could have applied for for Spring 09. Lame.

It's just a little bump in my road to the future. That's all. Because of the recent budget cuts my school cut their scholarships in half and that means what they do have are for those who present financial need. Again lame.

I went online and tried to apply for a Stafford Loan, loans from other banks, other companies, and they all say "if your school is not listed then it means that your school does not participate in this [program, loan, yada yada yada]". It really does suck. It's not even like I make that much money. If I could scrap up $3400 a year then surely I would do just that but that is not quite possible.

I suppose I'm done ranting and I wish the city gets more funding because I could use more scholarships.

Thank you everyone for being so helpful and kind. I really do appreciate it.

Christy72 · Dec 16, 2009

There are unsubsidized loans. Would you qualify for any of those?

thenameismac · Dec 18, 2009

Okay so I got a bit more information. So apparently my school is not accredited to receive loans from say Sallie Mae or the Stafford Loan and since I am young and independent I need a cosigner for a private loan (so that didn't work out). However, I have great friends who came together and loaned me money for a portion of the tuition (30%). That was awesome. Now the next task is paying for these darn books but I think I can manage that. Thanks you guys for the information. I will be going to school next semester and I will work my buns off to make it. :) Now I know what to expect when I go to Coppin and maybe, just maybe, loans will be an option for me.

zeppzepp2009 · Dec 18, 2009

Check your area on Craigs list for used books, it saved me a ton of cash. Also check out this site...I rented books for a few of my classes and it was way cheaper than buying! Good luck!

http://www.chegg.com/