Questions about taking out loans...

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Hey guys, really just need a little insight from those with experience on this topic. I'll be going into my junior year of undergrad and am beginning to wonder about paying for PT school. I have no problem with taking out loans but have absolutely zero experience with them.

Fortunately for me I'll come out of undergrad debt free because of a basketball scholarship. My question is how easy are these loans to get (stafford and grad plus mainly), since I have no credit b/c I've never needed a credit card. From what I've gathered so far you don't necessarily need good credit to be accepted for these loans, you just can't have BAD credit. Any input would be much appreciated.

Hi. I'm pretty sure once you are a graduate student you are considered an independent student so you don't have to put your parents tax information down, whih in most cases will help you. But if you go through FAFSA I think it's pretty easy to get loans if you don't make a lot of money.

Getting the loans shouldn't be any problem. I would suggest seeking out help though. As soon as you know which program you are going to, contact their financial aid department. They are a wealth of information and can walk you through the whole process. They can explain options and answer any questions you have. At my university, you coul call, walk in, or make appointments, and I think finaid departments are really underutilized by students.

That is true what you said about credit. You cannot have an adverse credit history (bankruptcy or things of that nature). When you fill out your FAFSA, you will only need to list your income information (not your parents) since you are now a graduate student.

FAFSA will assess your financial need based on your income and will determine how much money to lend you through the unsubsidized Stafford loan. If you need money above and beyond what the Stafford loan provides (you can get a maximum of $20,500 per academic year with the Stafford), you can get the Grad PLUS loan (the school you attend will give you info on getting the Grad PLUS). The Grad PLUS loan will give you up to the cost of attendance, minus whatever the Stafford loan and any other scholarships and/or loans gave you.

The school you attend will apply the loan money towards your tuition/fees and will give you whatever is left after classes start. You can then use that money to pay rent, buy food, etc. Loan money obviously must be used for academic purposes (you can't run out and buy a brand new car with it or something like that).

For more info, check out these websites:

http://studentaid.ed.gov/PORTALSWebA...udentloans.jsp

http://studentaid.ed.gov/PORTALSWebA...ofstudents.jsp

Hope this helps!