Avatar

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register sp_MemberList Members

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS student-icon
When Cost of Attendance is not enough
February 21, 2018
3:46 pm
Avatar
New Member
Members
Forum Posts: 1
Member Since:
February 21, 2018
sp_UserOfflineSmall Offline

I recently enrolled in a Clinical Psychology doctorate program in Phoenix Arizona. I am already borrowing up to my COA from the federal government, but because I am married, have an 18 month old son, and a pregnant wife, naturally my COA is higher than the average student. It is not possible for me to rent an apartment with a handful of roommates, I have to buy more food to feed my entire family, I have to buy diapers, kids clothes, formula, baby, food, etc. That being said, my ACTUAL cost of attendance is higher than what my school estimates the COA for the average student. I am working part-time, and my wife is also working part-time, but paying bills and making ends meet is still a tall order for us. We do not need a lot more money, but I would like to borrow a smaller amount of money to help relieve some financial stress. Private student loan companies will still only allow me to borrow up to the COA, I know that personal loans are also an option, but I am wondering if there are any other borrowing options that available for me, that I would not need to pay back until I am finished with school? Any answers or input from someone who has been in a similar situation would be greatly appreciated!

February 21, 2018
3:58 pm
Avatar
Indiana
Admin
Forum Posts: 334
Member Since:
May 3, 2014
sp_UserOfflineSmall Offline

The tricky thing with this will be the fact that student loan lenders will all be strict about keeping things below the COA. If the loan is borrowed to cover beyond the COA, it technically isn’t a student loan… which means consumer protections like bankruptcy are back in play. For this reason, lenders want to keep the loan classified as a student loan.

As far as I know a personal loan is your best option, but it certainly isn’t ideal. Credit card debt would be even worse.

Have you contacted your school’s financial aid office? Normally when we get people looking to borrow beyond the COA it is because they want to live in an expensive apartment or for some other frivolous reason. Your explanation makes a lot of sense and you seem to have a good argument for a different COA calculation. Maybe your school can come up with a couple grants or a solution to help you out. I’d be very interested to hear what they have to say.

Forum Timezone: America/Indiana/Indianapolis

Most Users Ever Online: 27

Currently Online:
1 Guest(s)

Currently Browsing this Page:
1 Guest(s)

Member Stats:

Guest Posters: 159

Members: 4891

Moderators: 0

Admins: 2

Forum Stats:

Groups: 1

Forums: 5

Topics: 247

Posts: 729