Financial aid

[Aspita]

Do any of you know aprox how much money do they calculate for you to live out of while in school. I am starting School mids 2006 and my husband and I are very nervous because we need two incomes to live at least ok.
My question is do they give the living expenses money to the school? or to you directly? Do they give you the money monthly? per semester?
Thank you so much for your help!

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[hona]

After you accept your loans, on the disbursement date, your school will take out their tuition and fees. then, you receive the remaining funds for the entire semester either as a check in the mail, or direct deposit to your account.
At UF we end up with about 5600 dollars to live on for the whole semester. How you use it is up to you...rent, food, clothes, bills. It is up to you to make is last.
hona
UFCD c/o 2009

Do any of you know aprox how much money do they calculate for you to live out of while in school. I am starting School mids 2006 and my husband and I are very nervous because we need two incomes to live at least ok.
My question is do they give the living expenses money to the school? or to you directly? Do they give you the money monthly? per semester?
Thank you so much for your help!

 

[Cold Front]

Will the new PLUS loans for higher education (recently signed by Bush) be in effect for this year's loans?

The current federal student loans will rise from interest rates as low as 4.7% to 6.8% on July 1, a 45% increase. I think this also means, the amount the government provides will also go up - this was mentioned at my dental school interview at Louisville.

If anyone knows upto how much a dental student can borrow this year, let me/us know.

 

[Aspita]

After you accept your loans, on the disbursement date, your school will take out their tuition and fees. then, you receive the remaining funds for the entire semester either as a check in the mail, or direct deposit to your account.
At UF we end up with about 5600 dollars to live on for the whole semester. How you use it is up to you...rent, food, clothes, bills. It is up to you to make is last.
hona
UFCD c/o 2009

5600?????? that's it? to live 6 months??? is it about the same for everybody? Thanks a lot!

 

[howui3]

5600?????? that's it? to live 6 months??? is it about the same for everybody? Thanks a lot!

between government loans and private loans you can take AS MUCH AS YOU NEED!!!!!!!!!

if you want to live like a king and have $500K of loans when you are done, you can! As long as you have a decent Credit Report (FICO) score and have a cosigner (parent, etc) you can take out a SHI* load of private loans (but these have the highest interest, usually).

Also, it depends on the school. You can take out $38,500/year just from Stafford Loans. Then there are Health Profession Loans, need based loans, loans offered from your school's endowment. And then, finally, there are private loans.

Go to your schools financial aid office, they will have all the details.

In the mean time, make sure you fill out the FAFSA!

 

[HuyetKiem]

Will the new PLUS loans for higher education (recently signed by Bush) be in effect for this year's loans?

The current federal student loans will rise from interest rates as low as 4.7% to 6.8% on July 1, a 45% increase. I think this also means, the amount the government provides will also go up - this was mentioned at my dental school interview at Louisville.

If anyone knows upto how much a dental student can borrow this year, let me/us know.

You can apply for PLUS-grad loan after July 1 of this year. Stafford Loan amount will increase in 2007-2008 school year.

 

[Cold Front]

Stafford Loan amount will increase in 2007-2008 school year.

by how much?

 

[HuyetKiem]

by how much?

They haven't announced yet until the end of April

 

[Mr.E]

I was told that by a dental school that even with private loans, you can only take out what the school determines is the maximum for living. Do you have other sources for finacial aid? B/c the amount the schools offer is crap to live on.

between government loans and private loans you can take AS MUCH AS YOU NEED!!!!!!!!!

if you want to live like a king and have $500K of loans when you are done, you can! As long as you have a decent Credit Report (FICO) score and have a cosigner (parent, etc) you can take out a SHI* load of private loans (but these have the highest interest, usually).

Also, it depends on the school. You can take out $38,500/year just from Stafford Loans. Then there are Health Profession Loans, need based loans, loans offered from your school's endowment. And then, finally, there are private loans.

Go to your schools financial aid office, they will have all the details.

In the mean time, make sure you fill out the FAFSA!

 

[eric275]

I was told that by a dental school that even with private loans, you can only take out what the school determines is the maximum for living. Do you have other sources for finacial aid? B/c the amount the schools offer is crap to live on.

For instance here at Case were are given 14k to live on through the school year, which is the amount that you can actually take out in "student" loans.

So say that your total cost for one year is 60k (tuition, fees, living), you can take out $38,500 (currently the max) in stafford loans and the remaining $28,500 you have to take out in private student loans through organizations such as keybank, access loans, etc and they do not require a co-signer. The maximum you can get through stafford and the above private loans is the total that the school reports it will cost for one year of attendance. So after taking the maximum amounts allowed in student loans through the school and they subtract your tuition and fees, they give you the remaining $14k split between the two semesters.

Now if you decide that the 14k is not enough to live on you can take out additional private loans that are usually at a higher interest rate and require a co-signer. Basically if you have a co-signer you can get about as much as you want, which may not always be a good thing.

 

[Mr.E]

For instance here at Case were are given 14k to live on through the school year, which is the amount that you can actually take out in "student" loans.

So say that your total cost for one year is 60k (tuition, fees, living), you can take out $38,500 (currently the max) in stafford loans and the remaining $28,500 you have to take out in private student loans through organizations such as keybank, access loans, etc and they do not require a co-signer. The maximum you can get through stafford and the above private loans is the total that the school reports it will cost for one year of attendance. So after taking the maximum amounts allowed in student loans through the school and they subtract your tuition and fees, they give you the remaining $14k split between the two semesters.

Now if you decide that the 14k is not enough to live on you can take out additional private loans that are usually at a higher interest rate and require a co-signer. Basically if you have a co-signer you can get about as much as you want, which may not always be a good thing.

Thanks a bunch! Do the additional private loans always require a co-signer? Or can they go off of one's credit score alone?

 

[MALOKINMARTIN]

I'm Pretty sure that "how uic3...." is wrong. I was also told that the school will not give you more than what they decide is your budget which is kind of F'd considering I hate people telling me how to live and run my finances.

 

[Trookie]

I'm in-state at VCU, and I got about $10,800 each semester for living expenses. It was direct deposited into my bank account.

 

[howui3]

I'm Pretty sure that "how uic3...." is wrong. I was also told that the school will not give you more than what they decide is your budget which is kind of F'd considering I hate people telling me how to live and run my finances.

There are private educational loans that are not affiliated with the university.

For example Citibank and Bank of America have loans based on your credit score (so you need to have a high FICO score or have a cosigner). These loans DO NOT ask to see your school costs.

Also, keep in mind there are scholarships and grants that you can get. You just have to spend some time finding them. Many of the financial people only know about the government loans and scholarships affiliated with that particular school.

 

[ItsGavinC]

There are private educational loans that are not affiliated with the university.

For example Citibank and Bank of America have loans based on your credit score (so you need to have a high FICO score or have a cosigner). These loans DO NOT ask to see your school costs.

In my experience those lenders DO want to know what you do for a living. Once you say "student," they typically contact the school to verify enrollment and at that time they receive the budget from the school.

It seems you've had a different experience, though.

 

[hona]

At UF, the $5600 that we end up with after the school takes their tuition and fees is for the semester, (just a little over 4 months)
We will get an additional summer disbursement for May through mid August.
The school doesn't charge us tuition for the summer semester but we get living expenses covered by Stafford Loans. Not sure how much more we will get.
hona