My fellow CC'ers, I hope some of you have some ideas for my student's situation. Student will not turn 18 until the end of October. and student's parents are not US citizens. Student is a citizen and lives in the U.S. Student is first generation and very low-income. Student received a very generous financial aid award from the college student was hoping to attend in the Fall. The award included $5500 in federal loans (both subsidized and subsidized.) The amount of loans is needed to pay student's bill on Sept. 1. Student has a federal work-study award but 60% of that must be used to pay student's bill also. College is a LAC which is not normally known for meeting full-need so I was pleasantly surprised to see such big grants in the student's award (in addition to Pell Grant).
Student applied for the loans last week and student was informed by college today that student will not be approved for loan since student is not 18 and student's parents cannot cosign since they are not U.S. citizens. College told student to try to find a co-signer which is impossible for this student (trust me). Student and I brainstormed to try to think of a cosigner (and I will not do it).
Any ideas what student can do in this situation?
I told student the following options:
1. Ask college if they can "float" student until student turns 18? Does anyone have any experience if a college does that sort of thing?
2. Ask college for more financial aid for just the Fall semester since I assume student can still apply for loan for the Spring semester? Is that correct?
3. Have student defer admission until Fall 2017-college does allow deferred admission. My concern is whether student will still received great financial aid for Fall 2017. Can a student defer their financial aid award?
Anything I am not thinking of that could help this student???
Student could not work this summer because student has to take care of siblings since both parents work 6 days a week and would not be able to work without my student watching siblings. Student lives in a very economically depressed area of our city and there are not a lot of jobs for teens in that neighborhood. Transportation is also not good, student had a three hour commute in high school and high school paid for bus pass so that would be an issue too if student looked for a job in another area of town (Student understands that next summer student must tell parents student can't watch the kids).
Thanks in advance for any help and ideas.
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