Help - Student Loans

I am 19 and attending college. My parents recently cut me off from any future expenses (paying for housing, tuition, etc.) even though they have plenty of money. That matter aside, I need to apply for student loans.

Are there any of you out there who lived off of student loans? How much do they give you? Is the interest rate horrible? Are there better places to get loans than others? Please, I am a stranger to finances since my parents used to pay for everything. Any tips or advice would be very much appreciated. I just feel very lost. :(

Probably the best person to ask would be your financial aid counselor at the school you will be attending.  You can go to FAFSA.gov right now and apply.  I am paying for my school using student loans and a Pell Grant.  The Loans I have to repay, but are deferred until 6 months after I graduate or am no longer in school.  As far as the finance rates go; it would be hard to beat the rate on a Student Loan.  How much you will receive depends on where you live and what school you attend.  I did not ask for anything to help with living expenses, only my tuition and books.  Run, do not walk to talk to your financial aid officer.  Good luck.  I know it sounds daunting right now, but after filling out a few forms one time, you are done with half or more of the battle.

Call your school and set up an appointment in the financial aid office. They'll walk you through the different types of loans available and all of the expected costs of your particular school and whether or not the school can provide you with a better financial aid package. If your parents aren't supporting you, make sure they aren't planning on claiming you as a dependent on their tax returns next year.

For government loans the interest rates are good and they are more flexible in terms of deferments/forbearance/consolidation later, you should try as much as possible to limit yourself to subsidized stafford or perkins loans. Private loans are all over the place so I'd try to stick to government loans or any loans that your school offers.

Also, start working so you can pay some of your living expenses yourself because gigantic monthly loan payments are no fun when you graduate. But at least you got the first 2 years free, right?

This also happened in my family.  All emotional hurt aside, as you said, I agree with the advice to consult with your school's financial aid office.  They're trained to help students with circumstances like yours.  I know this is very difficult - *hugs* and best of luck to you.

Edit - my sister actually got a work-study job in the financial aid office.  She learned a ton there, got help with her loans and grants, and also made a little money for expenses.  Definitely ask about a work-study job.  :)

Do all of the above and then go to your library.  There is a book out there, its probably even on the Internet now, that lists all the possible scholarships you could apply for. (unfortunately I don't remember the name of it)  its broken down by who the $$ are intended for. for example, majors, religion, sexual orientation, race, etc.... there are a million categories and most of them no one ever applies for because people don't know about them. When I was in college ten years ago I got an average of 2,000 a year in scholarships from that book.  Its really made living off my student loans easier. 

And if you work don't forget to contact your company about tuition reimbursement.  You get the $$ at the end of the semester but every little bit helps.

Good luck

Don't forget to check with your department head.  I was a music major and received 2 music scholarships.  Also, check with your housing office if you live on campus.  The financial aid office is there to help you, so use it.

I really didn't use much government loan aid until my last two years of school.  They were very helpful and covered more than my expenses.  The FA office will cut you a "difference check" that you use to live off of while you're in school.  Since I was a music major and ALWAYS in rehearsal, I could not hold a traditional job.  The difference check wasn't much but I was able to eat PB&Js and potpies just to get me through.

Good luck to you!

Right now subsidized federal loans are at about 5% and unsubsidized are at about 6%. Repayment at present starts 6 months after you leave school and they give you about 10 years to pay your loans back. If you promise to teach, the government may forgive your loans entirely - however conditions do apply.

There are other grants and scholarships available, as well, as long as you maintain the right GPA -

Before you file a FAFSA, I would recommend contacting financial aid at your school. Explain the situation and let them tell you the correct way to be categorized as 'independant'.

I agree with everything everyone here has said, but I wanted to highlight one VERY IMPORTANT thing (it was only said once).

MAKE SURE your parents do not claim you as a dependent on their taxes.  If they do, your parents' income will be factored into the equation when you go to apply for a student loan. This means that you will be less eligible for government aid, which is totally unfair to you as they are not supporting you in any way and this should not get in the way of you paying for your education.

This happened to a friend of mine and it was a horrible situation.  Her parents still wanted the tax break that they got with her as a dependent even though they refused to help her with her college tuition. 

Your parents income is on your FAFSA until you're 24. My sister is 21 and independent but she was not allowed to file her FAFSA without our parents income.

Good luck. It's really hard to get private loans as well these days. And stafford loans don't go very far. 

Thank you all for your advice. And yes, purespark, I am very hurt. My parents are supporting my two older brothers who are doing NOTHING, yet do not want to help pay for my education. I was not informed of the "dependant" tax thing and did not realize that on their income, I save (and pretty much make) them thousands of dollars each years that is supposed to go towards me.

I am going to my financial aid's office and explain my situation. I will post how it goes. Thank you all again. :)