Financial Aid 4th year

[sdn24]

How does Financial Aid(Loans) work during your 4th year when you have APPEs?

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[ValeRx]

Just like normal but you'll have to take out another loan for the summer term.

 

[sdn24]

So basically your money from the Fall and Spring will be lowered because of summer?

 

[sakigt]

So basically your money from the Fall and Spring will be lowered because of summer?

You usually have to take out Grad Plus loans unless you can spread your Fall/Spring money.

 

[Modest_anteater]

You usually have to take out Grad Plus loans unless you can spread your Fall/Spring money.

OP just said he failed a year. When that happens I believe you get on probation and lose all federal funding for a year. So I hope you have good credit. Otherwise you will need your parents to cosign a loan for you.

 

[Dred Pirate]

Just like normal but you'll have to take out another loan for the summer term.

I think this varies from school to school- it was >10 years ago for me - but we simply had two semesters to pay - first semester was due June1 instead of the sept 1

 

[Amphetamine Salts]

OP just said he failed a year. When that happens I believe you get on probation and lose all federal funding for a year. So I hope you have good credit. Otherwise you will need your parents to cosign a loan for you.

ahh yes, and this is why i told myself during school i can never fail a class and be held back. because that means good bye loans, and time to suffer like hell because now you need to find money to continue school. ain't that a pain in the ass

 

[Modest_anteater]

ahh yes, and this is why i told myself during school i can never fail a class and be held back. because that means good bye loans, and time to suffer like hell because now you need to find money to continue school. ain't that a pain in the ass

And it's even worse because often they have to cosign a loan with their parents, which ultimately when they don't get a job means they will default on their loans bringing their parents down with them. Basically no different than a heroin addict stealing money or pawning rare collectibles from his parents to fund his addiction. I know someone that has failed twice and maxed out her parents credit.

 

[BidingMyTime]

And it's even worse because often they have to cosign a loan with their parents, which ultimately when they don't get a job means they will default on their loans bringing their parents down with them. Basically no different than a heroin addict stealing money or pawning rare collectibles from his parents to fund his addiction. I know someone that has failed twice and maxed out her parents credit.

I suppose there might be special situations, but in general, while I might co-sign a loan for a child who has a good academic tract record, no way would I co-sign a loan for a child who has failed. I would tell them to get a job (I would probably help them out by letting them live in my basement though.)

 

[297point1]

And it's even worse because often they have to cosign a loan with their parents, which ultimately when they don't get a job means they will default on their loans bringing their parents down with them. Basically no different than a heroin addict stealing money or pawning rare collectibles from his parents to fund his addiction. I know someone that has failed twice and maxed out her parents credit.

A bit much to compare someone failing a course to a heroin addict.

 

[Modest_anteater]

A bit much to compare someone failing a course to a heroin addict.

You're right. Cosigning pharmacy loans and then defaulting due to a lack of job would probably be MORE financially destructive to your parents then getting addicted to heroin.

 

[Modest_anteater]

I suppose there might be special situations, but in general, while I might co-sign a loan for a child who has a good academic tract record, no way would I co-sign a loan for a child who has failed. I would tell them to get a job (I would probably help them out by letting them live in my basement though.)

You realize even if a student has all A's the market can dictate that there are no jobs and they will not be hired and be terminally unemployed.

 

[wagrxm2000]

And it's even worse because often they have to cosign a loan with their parents, which ultimately when they don't get a job means they will default on their loans bringing their parents down with them. Basically no different than a heroin addict stealing money or pawning rare collectibles from his parents to fund his addiction. I know someone that has failed twice and maxed out her parents credit.

You're right. Cosigning pharmacy loans and then defaulting due to a lack of job would probably be MORE financially destructive to your parents then getting addicted to heroin.

Are you really going to post this?

Some things shouldn't be joked about and that includes addiction.

 

[Modest_anteater]

Are you really going to post this?

Some things shouldn't be joked about and that includes addiction.

Re-read it. It wasn't a joke at all. I'm not you wagrxm2000, i'm not working on being a comedian.