Max Demian

If your parents made so much money, they would pay for your fees, wouldn't they?

Kinross

A stafford loan requires no credit, nor co-signer, and is not based on need. It is a federally subsidised loan at a low interest rate that you do not have to start paying until you graduate.

Daggah

I should've looked at this thread earlier as I'm in somewhat the same boat, except that I qualify for the maximum amount of aid the government gives...the only other loan I could get is the parent loan, which my mother would never be able to afford to pay back, so it's not an option. I've had to put school off twice because I couldn't afford to go, with no credit and no one willing to cosign for me on a bank loan.

Adam, do you personally know anyone who's done this "MyRichUncle" program? I'm a little skeptical. This company has to be out to make money...

Kinross

Of course they are out to make money. No one is going to just hand you thousands of dollars without a return. The bank that your federally subsidised loan is through is making a handsome profit. The college that you are going to is out to make a profit. I fail to see a difference here.

I don't know anyone personally that has used this service, yet . If this was available when I went to school I would have jumped on it.

Marruk

If your parents make a lot of money they should pay for your college education. If they are not going to help you in any way you need to get emancipated. It is not right for your parents to continue to declare you on their taxes and then not help you with your needs. If you are emancipated you will be considered seperate from your parents and will qualify for many loans and grants most likely including the pell grant that was stated earlier. The downside of this is that you will no longer qualify for any support from your parents, so no more health insurance from them and there may be other things too, but you need to talk to the right departments to find out more. (this may not be an issue with you, depending on the insurance policies)

There are several ways to get emancipated, you can do it through the legal system, and usually many college campuses will have legal council in their finacial aid department who can assist you. Or you can get married, this will imeadiately emancipate you. I think there may be a third way, but I am unsure how.

ohwilleke

Why?

The Stranger

Why is no longer important.

What is important is that I am not claimed as a dependent on their income taxes and that I need to figure out something very soon.

Worldtraveller

If you are no longer claimed as a dependant by your parents, then you need to tell the loan application office that. Trust me, I have been through this....on a yearly basis until I graduated.
You can't call them and tell them, and you can't go there and tell them. You need to do it in writing!
Make an appointment with one of the schools financial aid advisors, write a letter saying that you don't rely on your parent for financial support, and they provide no support for your schooling. You can do a legal emancipation, but I found that it wasn't necessary. The aid office will submit the letter with your loan/grant application.
That was enough for me to get financial aid and (finally) get my degree. Keep at it, it's worth the hassle in the long run.

Lane

Godless Dave

If they are not claiming you as a dependent you are filing your own tax returns, correct? That will help you demonstrate financial need. Unfortunately it won't be enough; many families try to scam financial aid by claiming a college-age child is independent when in reality they are still being supported by their parents. The more evidence you have that you are paying your own bills and tuition the better off you will be.

As a last resort, would it be practical for you to take a year off of school? Not to give up on school, but to establish financial independence from your parents, making it easier to get financial aid.

The Other Michael

This bit of info may be of interest to those in the USA with federally-backed student loans.

A couple of friends of mine recently went down to the office that handles student loans. There has been a drop in people paying back their loans of late, and they went in and offered to pay off their loans in a lump sum if they could get the amount due reduced.

I think they were able to get 25-30% knocked off. The idea is that the office gets to show the loan as collected and they actually get money back now instead of hoping that people stay employed into the future and don't default.

If you are in the position to pay things off you may be able to work out a similar deal and save some money over the long run.

cheers,
Michael