Additional Loans while under HPSP

[thedrknows]

Anyone know what the best route to go for additional living expenses would be while in school?

I am married and have a daughter and am not sure if I will need additional money for month to month expenses. What is the best loan options for small amounts (maybe $500/month)?

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[CougarDental]

I don't know where you go to school and the cost of living there but I go to school in a pricey metropolitan area and I'm in a similar family situation. Just to give you an idea, my stipend covers groceries and rent on a good month. Fortunately my wife works so we haven't had to get loans yet but I'm assuming your best bet is to just go through the financial aid office at your school. That means filling out a FAFSA and other req'd paperwork to get Federal Stafford Loans with a lower interest rate. Regardless of how much they CAN give you, you are able to accept less than the full amount if I'm not mistaken.

 

[thedrknows]

So just the Stafford federal loan is the best option? I guess I would just take the minimum and use only what I need and just bank the rest?

My wife will be working, so I only expect I will need <$500 a month.

 

[toothfixeralex]

I went to school at USC so $2000/month wasn't near enoug to live in Los Angeles and at the time my wife was going to school also so no income there. For the first 3 years I pulled out subsidized loans at the max value (about $8500/year) so there was no interest while in school, however they've stopped subsidized loans for grad school if I remember correctly. My last year I took out $8k from Discover Student Loans as an adjustable rate beauase the rate was low when I was in school and you'll be protected under the Servicemember Civil Relief Act once you go active and you're interest will be capped at 6% (which is lower than the Stafford Loan fixed rate).

All in all I had about $32k in loans when I left so I'm paying those back during these 4 years that I'm active and will leave the Army with 0 debt.

Hope that helps.