Funding summer program at UPENN...!!!

[shraz]

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If any who knows the options available for us to fund this extremely expensive summer program, please shar with us your experiances and informations.....

 

[Babak]

As far as I know there are not many options , you need to go and get a personal loan ! Its best to get a student personal loan or maxmimizer or ...... So you dont have to start paying back right away.
Be careful , dont apply for a loan that needs school verification or approval, school will not approve it.

 

[JAKE.]

If any who knows the options available for us to fund this extremely expensive summer program, please shar with us your experiances and informations.....

Hi shraz,

I am sure Babak is right. You have to get a personal loan. So this part of the program is not approved by the school loan program. So go into a Bank and try your luck. All the best.

 

[rtvj]

jus out of curiousity..how much does the summer program cost?

 

[Babak]

jus out of curiousity..how much does the summer program cost?

Its a little less than 17000 US$

 

[shraz]

I called the bank, and they told me that the loan should be certified by the school....!!!

Do you think that I am able to borrow more than budget...?
For example; the budget for the first year is 72,000$. Can I borrow 100,000 insted of 72,000.......????

 

[Babak]

I called the bank, and they told me that the loan should be certified by the school....!!!

Do you think that I am able to borrow more than budget...?
For example; the budget for the first year is 72,000$. Can I borrow 100,000 insted of 72,000.......????

No, I called the school they let you boroow a maximum of 5% more than the school budget.

 

[NileBDS]

I called the bank, and they told me that the loan should be certified by the school....!!!

Do you think that I am able to borrow more than budget...?
For example; the budget for the first year is 72,000$. Can I borrow 100,000 insted of 72,000.......????

Hey SHRAZ.
Well, the maximum amount the school will let you borrwow (maximum amount of personal loans they will certify) is the COA (Cost Of Attendance) minus any financial aid you are receiving.
In other words, if the summer program is not included in UPENN's list of COA expenses, then the school can not certify it.
Usually the COA includes;
Tuition
Fees
Books
Computer expenses
Cost of living (rent, personal expenses, transportation)
So, say for the basis of the argument, the COA amounts to $60,000/yr, and you are receiving a total of $38,500/yr in Financial aid ($8,500 subsidized and $30,000 un-subsidized federal loans), then the maximum amount UPENN's financial aid dept. can certify for you will be
$60,000 - $38,500 = $21,500.
Having said that, I guess the funding for the SUMMER COURSE would have to be completely in personal loans (basically just like buying a new car or any personal loans), which have nothing to do with the school Some banks may make it easier for you to borrow that money, IF and only if, you can prove to them that you wil be paying it for educational purposes,
I hope it clears up some of the thoughts in your mind.
Good luck.