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Student Loans, only kind of
Artreus
I'm a wizardAnd that looks fucked upRegistered User regular
I'm a wizardAnd that looks fucked upRegistered User regular
Okay. So fun story. Last fall I was on academic probation. I had to apply to get financial aid because my GPA was too low, the application went through. I did not so well in most of my classes and was thus dismissed from the college of Arts and Sciences at my university.
Let me back up a bit. I am in what should be my third year at Indiana University. I already have about $12,000 in student loans, which are due for repayment 6 months after I stop taking classes for at least full time. (This happens this June if I don't get into summer school, but more about that in a second) $12,000 is really not bad for the first two and a half years of university. I've been getting my tuition paid for by the government as my dad is a retired vet. Now, however, my GPA is at about 1.85 (needs to be a 2) and I'm taking the semester off. This was okay, I've been working a lot.
The only way I am going to get back into classes this fall is by taking summer classes to raise my GPA a bit and then apply for readmission, which I am already working on. I have reasons for the bad grades, personal issues, and before you say it, yes I am sure college is right for me and is basically the only feasible option at this point.
However, when I enrolled for the summer classes at my University, I had to enroll as a non-degree seeking student. You have to be in a degree-seeking program (the College of Arts and Sciences for example) in order to get any sort of financial aid from the school or government, including loans. So I go to my local bank (Chase) and see if they have any loans for me. Nope. They stopped doing private loans and are now only offering loans for people in degree-seeking programs. This is all very frustrating because I do want my degree! I just have to take these classes as GPA boosters, so I guess they magically don't count. A stupid bureaucratic term that is screwing me over.
The bank did, however, offer me a credit card with a very high limit and no payments for 6 months after the opening date (early May) and 8.25% APR afterwards (I am still not super clear on that whole.. APR thing, I guess they get a lot of college students that way?) Well basically I found out you can't pay the tuition fees with a credit card, and I can't pay rent with a credit card either. I could end up buying my school books with it, which will be helpful, but the only way the credit card will help me is with a cash advance, and I am guessing doing a $1,750 cash advance at 20% APR is a very, very bad idea, since I wouldn't be able to pay it off for 2-3 months, and that would be with other loans.
So long story short. Does anybody know of any reliable banks or... things of the sort that are still alive in this economy that are willing to give somebody with a cosigner a $1,500-$2,000 loan without completely screwng them over? This would be in the state of Indiana, by the way.
Any advice would be appreciated, aside from stay out of school for another couple of years until I can save up for it because that is really not something I need right now. I just want to finish up in another two years and be done with it. I may have left some info out so I will be checking the thread if anyone replies.
Let me back up a bit. I am in what should be my third year at Indiana University. I already have about $12,000 in student loans, which are due for repayment 6 months after I stop taking classes for at least full time. (This happens this June if I don't get into summer school, but more about that in a second) $12,000 is really not bad for the first two and a half years of university. I've been getting my tuition paid for by the government as my dad is a retired vet. Now, however, my GPA is at about 1.85 (needs to be a 2) and I'm taking the semester off. This was okay, I've been working a lot.
The only way I am going to get back into classes this fall is by taking summer classes to raise my GPA a bit and then apply for readmission, which I am already working on. I have reasons for the bad grades, personal issues, and before you say it, yes I am sure college is right for me and is basically the only feasible option at this point.
However, when I enrolled for the summer classes at my University, I had to enroll as a non-degree seeking student. You have to be in a degree-seeking program (the College of Arts and Sciences for example) in order to get any sort of financial aid from the school or government, including loans. So I go to my local bank (Chase) and see if they have any loans for me. Nope. They stopped doing private loans and are now only offering loans for people in degree-seeking programs. This is all very frustrating because I do want my degree! I just have to take these classes as GPA boosters, so I guess they magically don't count. A stupid bureaucratic term that is screwing me over.
The bank did, however, offer me a credit card with a very high limit and no payments for 6 months after the opening date (early May) and 8.25% APR afterwards (I am still not super clear on that whole.. APR thing, I guess they get a lot of college students that way?) Well basically I found out you can't pay the tuition fees with a credit card, and I can't pay rent with a credit card either. I could end up buying my school books with it, which will be helpful, but the only way the credit card will help me is with a cash advance, and I am guessing doing a $1,750 cash advance at 20% APR is a very, very bad idea, since I wouldn't be able to pay it off for 2-3 months, and that would be with other loans.
So long story short. Does anybody know of any reliable banks or... things of the sort that are still alive in this economy that are willing to give somebody with a cosigner a $1,500-$2,000 loan without completely screwng them over? This would be in the state of Indiana, by the way.
Any advice would be appreciated, aside from stay out of school for another couple of years until I can save up for it because that is really not something I need right now. I just want to finish up in another two years and be done with it. I may have left some info out so I will be checking the thread if anyone replies.
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