FAFSA alternatives: Seeking low-interest loans beyond Parent PLUS for tuition costs

check out ur school's financial aid office!! they usually have lists of preferred lenders that dont totally screw u over. when i got denied for parent plus i got somthing called an "additional unsubsidized loan" from the govt bc my parents were denied. did u ask about that??

When parents are denied for Parent PLUS loans, students become eligible for additional unsubsidized Federal Direct Loan amounts. Typically, dependent students can receive an additional $4,000-$5,000 per year in unsubsidized loans when this happens. Contact your financial aid office with the PLUS denial documentation to have your aid package adjusted. For the remaining gap, some options to consider: 1. Private student loans - Credit unions often have better rates than banks 2. Institutional payment plans - Many schools offer interest-free monthly payment options 3. Scholarships - Apply for last-minute and mid-year scholarships 4. State-based loan programs - Some states offer education loans with favorable terms Avoid using credit cards or high-interest personal loans for tuition whenever possible.

Don't forget to look into external scholarships too! Even with the school year about to start, there are still scholarship opportunities out there. I'd recommend checking sites like Fastweb and Scholly. Also, if you have a specific major in mind, look for scholarships within your field - they often have less competition. As for loans, I'd strongly recommend checking if your school has a preferred lender list as someone mentioned. Those lenders have typically worked with the school before and offer somewhat reasonable terms. Credit unions are also worth exploring as they sometimes have education loan products with lower rates than big banks. Lastly, have you considered a part-time job using the Federal Work-Study program? It won't cover everything, but it could help reduce how much you need to borrow.

AVOID SALLIE MAE AT ALL COSTS!!!! Their variable rates are a TRAP and they'll jack up your interest when you least expect it. I started at 4.5% and now paying almost 11%!!! They're absolute predators and don't care if you're drowning in debt. Honestly, the federal loan system is broken. Why should we have to go into massive debt just to get an education? It's ridiculous that we're all just accepting this as normal.

I ran into a similar situation last year and managed to find some workable solutions. First, definitely pursue the additional unsubsidized loans others have mentioned - that's your best first option. For private loans, I found SoFi and Earnest had competitive rates, but they're strict on credit requirements. If you need a cosigner, see if any extended family members might help. Some lenders also offer cosigner release after a certain number of on-time payments. Have you tried calling the Federal Student Aid information center to explore all your federal options? I spent days trying to get through to them before I discovered Claimyr (claimyr.com). They got me connected to an actual FSA agent in under 30 minutes when I'd been trying for days. There's a video showing how it works: https://youtu.be/TbC8dZQWYNQ The FSA agent helped me understand some additional federal loan options I didn't know existed. Definitely worth the call to ensure you're maximizing your federal aid before turning to private loans.

has anyone tried getting a job at starbucks or amazon?? they both have tuition programs that pay for school. my roomate works at starbucks and gets like $5k a year for school through their program

When my daughter was in school, we used a combination of a small private loan through Discover (their rates were decent at the time) and our state's education loan program. The state loan had better terms than most private options. Also, don't forget to look into whether your school offers an installment payment plan. Many schools will let you pay tuition in monthly installments for a small fee, which can be much better than taking out additional loans. My daughter's university charged only $50 to split tuition into 5 payments per semester, interest-free.