college loans

Have you filled out the FAFSA?  What school is he accepted at?  What does their financial department say?  The FAFSA process actually just opened, so if you are looking for next year admission, you can’t have been denied already.  The school financial aid office should be your first place to look for help as well.  Some schools prefer the CSS, another aid calculation form, but the most common, and the one you should always do anyway, is FAFSA.  I’ve never heard of applying to banks before filling out the aid forms.  Also check to see what other aid resources your college has.  They should give you an “aid packaage” including scholarships, loans, workstudy and grants.  A few schools do this on a rolling basis, but many wait until about March or so to get all their packages out.  

I’m a little unsure yet what you mean.  What is a raing balance? Trying to figure out what you meant.  What kind of school is this?

I have to say that without the demonstrated need on the FAFSA, I really don’t know of any banks who are willing to make loans for education without the government guarantee.  The federal loan program has REALLY crowded out the private lending.  It’s just too risky.  If this is a trade type school, there may not be much you can do. No one likes to loan to these.  The default rate is just too high.  If this is a private university or a public one with good funding, it’s possible they’ll let you “IOU” the current term, but not likely the next one.  You’ve spent time at the financial aid office at the school?  What did they say?  The only way I could think of that might possibly work would be to borrow against your home equity, but I do NOT RECOMMEND this at all.  I know it is hard when they want to finish school, but sometimes it’s OK if they drop out and work for a bit and return later.  When my oldest son gets back from Romania, he is going to have some challenges.  His grades slipped a bit at the end and he didn’t get his scholarships renewed; it’s going to be interesting to see how he handles it.  I hate seeing my older kids disappointed and struggling, but sometimes it’s the way things are.  Didn’t kill us, won’t kill them.  

I work with several people who work full time at the library and are going to school part-time.  It takes a little longer, but you’ll get there!