FAFSA Options Beyond Entrance and MPN Loans for First-Year Students?
I just got accepted to college (yay!) and i'm trying to figure out my financial options. I already completed the FAFSA and got my SAI score, but my aid package doesn't cover everything. I know about the Direct Subsidized/Unsubsidized loans that need the entrance counseling and MPN, but are there any OTHER student loans specifically for first-year students that I'm missing? My parents can't help much and I'm worried about covering all my expenses. The financial aid office at my school is impossible to reach by phone! Anyone have experience with alternative loans for freshmen?
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StardustSeeker
congrats on getting in! there's Parent PLUS loans if ur parents will cosign. private loans too but interest rates are usually higher. did u apply for any scholarships? some are still accepting apps even now
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Keisha Taylor
•Thanks! My parents' credit isn't great so I'm not sure if they'd qualify for PLUS loans. I applied for a few scholarships but haven't heard back yet. Are there any specific private loans that are better for freshmen?
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Paolo Marino
First, make sure you've accepted all of your federal aid. Your financial aid package should include any grants (like Pell Grants) and federal Direct Loans. These are always the best option because they have fixed interest rates and more flexible repayment options. Beyond that, here are additional options for first-year students: 1. Federal Work-Study (if offered in your aid package) 2. Parent PLUS loans (your parents would need to apply, but if they're denied due to credit issues, YOU become eligible for additional unsubsidized loans) 3. Private student loans (require credit check, often need cosigner for freshmen) 4. Institutional payment plans (many schools offer monthly payment options) 5. Emergency grants through your school Have you checked if you're eligible for any state-specific aid programs? Those are often overlooked.
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Keisha Taylor
•Thank you so much for this detailed breakdown! I didn't know that if my parents get denied for PLUS loans, I could get additional unsubsidized loans - that's really helpful. I'll look into state aid too. Do you know how much extra unsubsidized loan money I might qualify for if my parents are denied?
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Paolo Marino
•For dependent first-year students whose parents are denied a PLUS loan, you can receive up to $4,000 in additional unsubsidized loans. This is on top of the $5,500 combined subsidized/unsubsidized limit for first-year dependent students. So potentially up to $9,500 total in federal Direct Loans for the year. Definitely look into your state's higher education agency - many states have grant and scholarship programs with deadlines later than the FAFSA priority dates.
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Amina Bah
When I was trying to figure out my freshman year finances, I kept getting disconnected or waiting FOREVER when calling my financial aid office too. Super frustrating! I finally used a service called Claimyr to get through to my school's financial aid office and later to the Federal Student Aid help line when I had FAFSA questions. Basically skips the hold time for you - saved me hours of waiting and helped me sort out my loan options. They have a video demo at https://youtu.be/TbC8dZQWYNQ and the site is claimyr.com if you want to check it out. Helped me discover I qualified for an emergency grant I didn't even know about!
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Oliver Becker
•Does that actually work? I've been trying to call about my SAI calculation for 2 weeks and keep getting disconnected 🙄
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Amina Bah
•Yeah it actually does! I was skeptical too but I was desperate after trying for days. The Federal Student Aid line was a nightmare until I used it. Got through in like 10 minutes when I'd been trying for hours before.
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Natasha Petrova
DONT DO PRIVATE LOANS!!! I got stuck with Sallie Mae my freshman year and the interest is CRIMINAL. Started with $8000 and somehow owe $13,500 now. Try everything else first!!!
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Keisha Taylor
•Yikes, that's scary! I definitely want to avoid private loans if possible. Did you have any luck with payment plans through your school?
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Natasha Petrova
•Yeah actually the payment plan was waaaaay better. Most schools let you pay in 3-5 installments each semester with just a small fee like $50. No interest! But you have to sign up before classes start usually. Call your school's bursar office (not financial aid) to ask about it.
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Javier Hernandez
There's something important that others haven't mentioned yet. If your Expected Family Contribution (now called the Student Aid Index or SAI) is low enough, talk to your school about a Professional Judgment review. Financial aid officers have discretion to adjust your FAFSA information if your circumstances have changed since you filed (job loss, medical expenses, etc.). Also, many schools have emergency aid funds specifically for students who need additional assistance beyond their initial financial aid package. These typically don't need to be repaid. Lastly, if you're considering private loans, compare options carefully. Check both APR and origination fees, not just interest rates. Some lenders like Discover and College Ave have specific undergraduate loan programs with slightly better terms for freshmen with cosigners.
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Keisha Taylor
•Thank you! I hadn't heard about Professional Judgment reviews - that could be really helpful. My dad actually lost his job recently, which happened after we filed the FAFSA. I'll definitely ask about that and emergency aid funds. I appreciate all these suggestions!
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Emma Davis
So when I started my freshman year last fall I was in the same boat. What I ended up doing was: 1) Took all the federal loans I was offered through FAFSA 2) Got a part-time job on campus (10-15 hrs/week) through federal work study 3) My school let me do a payment plan for the remaining balance (split over 4 payments) 4) Applied for literally EVERY scholarship I could find, even small ones Between all that I was able to avoid private loans. The key is to talk to your financial aid office IN PERSON. Phone calls never worked for me either, but when I went to the office and explained my situation, they found additional institutional grants they could give me. Don't forget to check with your academic department too - many have scholarship funds specifically for their majors that aren't widely advertised.
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Keisha Taylor
•Going in person is such a good tip! I'm going to visit campus next week for orientation, so I'll definitely stop by the financial aid office while I'm there. Did you find the work-study job manageable with your classes?
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Emma Davis
•Work-study was actually great because campus employers understand your schedule comes first. I worked at the library and they let me study during slow periods. Most offices won't schedule you more than 20 hours even if you want more, specifically so it doesn't interfere with academics. Plus the money went straight to me (not my account), so I could use it for books, food, etc.
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Oliver Becker
has anyone tried those income share agreements?? my cousin did one where he doesn't pay anything now but gives like 3% of his income after graduation for 5 years. sounds better than loans tbh
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Paolo Marino
•Income Share Agreements (ISAs) are available at some schools, but I'd approach with caution. They may seem appealing since there's no interest, but if you end up with a high-paying job after graduation, you could pay back significantly more than with traditional loans. They also have less regulation and consumer protections than federal loans. They're typically only available for specific programs or schools, so you'd need to check if your institution offers them. I'd recommend exhausting federal loan options first, as they have income-driven repayment plans that can also cap payments based on what you earn, plus potential loan forgiveness programs.
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Oliver Becker
•oh i didnt think about paying more if i get a good job. thx for explaining!
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Keisha Taylor
Thank you all SO MUCH for the advice! I've made a plan based on everyone's suggestions: 1. Accept all my federal loans from FAFSA 2. Visit financial aid office in person next week to discuss: - Professional Judgment review (since my dad lost his job) - Emergency aid funds - Parent PLUS loan application (worth trying even with their credit issues) - Payment plan options 3. Look into state aid programs 4. Apply for more scholarships I'll update once I know more! This has been incredibly helpful.
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