LOANS question

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

cobalt31

Full Member
10+ Year Member
15+ Year Member
Joined
Apr 4, 2006
Messages
362
Reaction score
1
I just received my financial aid loans award today, and it seems like the amount of money allotted for room and board, miscellaneous, and transportation (the money for everything that's not tuition and fees) is way more than I need to live.

For example, I lived in another city with a high cost of living this past year, and all told spent about $21k on expenses (rent/utilities/food/car insurance/transportation/clothes/misc). Do I really need the 27.5k offered to live in San Antonio, which has a lower cost of living? Am I missing something?

Estimated Financial Aid Budget Breakdown from UTHSCSA website (minus tuition and fees):

Academic Year 2009-2010:

Miscelleaneous 2,839.00
Room & Board 19,756.00
Transportation 4,941.00
Total: 27,536.00​

Should I reduce the loans by a few thousand, since I honestly think I can live off of several grand less than what they are giving me, or just take the max that they offer and play it safe? Did any of you voluntarily reduce your loan awards?

Members don't see this ad.
 
It's all relative.

Your school doesn't know if you are; single, married with 6 kids, have 4 high maintenance pets, or prefer living in the hip part of town, etc. Cost of living award is the maximum award offered to a student in your program, if you don't need the amount, I would suggest not borrowing it all.

Speak to your financial aid office, they will adjust that portion of the loan to your needs (or whatever amount you request).
 
it would be a VERYYYYY smart idea to reduce the amount of loan money you take out! just multiple 27,000 dollars times four. then add interest. YIKES!!! over 120,000 for four years of living...eek!!

one of my plans to save money is to get a modest (yet clean), plain-ish apartment for about $500-$600 a month. then, i will spent a little more to buy cool decorations and furniture and make it look pretty nice and pink and girly ;) (even though the bare apartment is plain). i think investing a little more in cool furniture and a little less in paying rent is a good idea, b/c you can always sell the furniture when you get tired of it...but rent money isn't like that.
 
Members don't see this ad :)
I'm not 100% positive that every school does this but I think so. Usually you can accept a certain amount of the loan each semester, say $10,000 first semester and then 10k the second. If near the end of the first semester you realize you'll need another 1500, usually you can then accept an add'l 1500 of the financial aid. Of course, it'll save you time and effort by guessing right the first time, but I would think you'd still have the option to accept more if you need it later (obviously you can't keep accepting more past your total loan amount though). It would definitely be in your best interest to not take out much more than you need, so I'd talk to your financial aid people.
 
I just received my financial aid loans award today, and it seems like the amount of money allotted for room and board, miscellaneous, and transportation (the money for everything that's not tuition and fees) is way more than I need to live.

For example, I lived in another city with a high cost of living this past year, and all told spent about $21k on expenses (rent/utilities/food/car insurance/transportation/clothes/misc). Do I really need the 27.5k offered to live in San Antonio, which has a lower cost of living? Am I missing something?

Estimated Financial Aid Budget Breakdown from UTHSCSA website (minus tuition and fees):

Academic Year 2009-2010:

Miscelleaneous 2,839.00
Room & Board 19,756.00
Transportation 4,941.00
Total: 27,536.00​

Should I reduce the loans by a few thousand, since I honestly think I can live off of several grand less than what they are giving me, or just take the max that they offer and play it safe? Did any of you voluntarily reduce your loan awards?

I took out the max my first year to play it safe... I have not taken the max out this year, nor will I next year, or the next. San Antonio has cheap cost of living... it is your call... but I might play it safe for now... or if you want, reduce the amount, and then if you need more later, you can always do that... plus you won't be paying interest on money you don't need.

Another thing... make sure the Bursar splits your money in two payments (fall and spring) or you will have all your tuition paid up front and only 7,000 to live on... they tend to do that by default, so make sure you sign something that says you want it done this way.
 
As someone mentioned earlier, it all depends on where you want to live... there are tons of places close to UTHSCSA within walking distance, some are cheap, some are expensive... I have also heard that some of them have rat holes in the foundation... some of them have limited access gates, some don't. So it depends if you have a family, how safe you feel, etc. For me personally, I have lived about 15 minutes from campus the first 2 years... it is only 2.5 miles, but traffic in the morning (evening mainly) has made it a bit more unbearable than I would like. I am moving to the other side of the medical center, same distance from school, but not as much traffic. I like to be just enough away from school so I don't feel like I live there, but close enough so I can go up to school and do labwork, study, etc. I probably spend a bit more than majority of my classmates, but I also like to come home at the end of the day to a place that is nice, and where I feel comfortable, safe, etc. It all depends on your preferences... loans suck, but in all honesty, if you are going to be 100k +/- in debt when it's all said and done, another 1000 or so per year in my mind doesn't mean much as far as paying off your loans. Just my two cents.
 
600 bucks a months for rent???

Man i need to move to Texas.

Im paying 1700 a month in Socal at the moment.
 
Another thing... make sure the Bursar splits your money in two payments (fall and spring) or you will have all your tuition paid up front and only 7,000 to live on... they tend to do that by default, so make sure you sign something that says you want it done this way.

how do i go about doing that? just give them a call?
 
You can probably call them and have them send you the form you need to sign... if you can't do it until school starts, you can get it changed within like the first 2 weeks so you can split it in 2 checks... I would try to do it ahead of time if possible though.
 
600 bucks a months for rent???

Man i need to move to Texas.

Im paying 1700 a month in Socal at the moment.

Yeah... my brother lives in Socal... cost of living sucks. I'm in a 1BR/study/bath (~950 square feet) for $899. Probably more than I should spend... but it is nice, and worth every penny.
 
Top