My Online college will not accept federal grants or loans, what can I do?
I tried applying for student loans through the banks my online college works with but was denied and the bank will not accept another application, even with a co-signer, because I have a past bankruptcy.
When I called the college for other financial options they said they will not take FAFSA or any federal grants or loans. And I know I will not qualify for a private loan. It appears I have no options left other than to not attend school. My college has little help to offer and never return my calls asking for assistance in getting me somehow registered. Is there anything else I can do?
Yes, Pure – choose another school.
Every institution that offers post-secondary education is eligible to apply for participation in the Federal Student Aid program – however, there are, as you might imagine, a list of terms and conditions that the school must satisfy in order to be selected as a participant.
You’re not interested in what all of these rules are – but some of these rules are important to you – because they help you tell the difference between a quality school and another school that you probably shouldn’t waste your time and money on.
Schools that participate in the Federal Student Aid program must satisfy requirements related to:
The quality, expertise and education of their teaching staff
The quality of the teaching materials and textbooks
The experience and credentials of the administrators
The financial integrity and solvency of the school
And probably most importantly – the percentage of graduates who are able to find employment in their chosen field.
Trust me – there are no schools that just don’t “want” to offer financial aid. That would be pretty short-sighted, because it would mean that they would be forced to turn away the vast majority of applicants – far more than half of all college students need – and apply for – financial aid.
Schools that don’t offer aid are waving a giant red flag that says “We probably weren’t able to qualify”.
Now, there can be some perfectly legitimate reasons why a school doesn’t offer aid – for example, it could be that the programs that they offer are too short-term to qualify – or that the school is too new to have established the necessary track record. Nonetheless – you should always be concerned when a school isn’t an FSA participant – and unless you’re comfortable with the reasons that they are not – you should probably steer clear.
There are no secondary types of financial aid for the “other schools” – it’s the Federal Student Aid system, your state system, the school itself, outside scholarships, private loans, or nothing. The best solution to your problem is to find an alternative local school that DOES offer financial aid.
Look at it this way – the money that supports financial aid comes from your taxes and your parents’ taxes. Why not take advantage of the benefit that’s available to you. The money is there for you – find a school where you can use it!
Good luck.
