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HOW MUCH DOES THE LOAN COVER ???

Discussion in 'Financial Aid' started by sue, May 28, 2002.

  1. sue

    sue Junior Member
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    Well, if the admission department of your univeristy told you the cost of attendance......
    and you applied for Financial Aid as Stafford, etc....

    1)How much does it cover out of your cost
    attendance for independant US citizen?

    2) Can it cover in addition to your tuitions and fees , the books and additional life expenses that is for a stident taking in consideration that I'll be married so considered "independent U.S. Citizen" but I am not State resident?

    3)How much in advance shall we apply to guarantee that the financial aid will be due on time to cover the tuitions...?

    4)Suppose you will start from the middle of the year and you have not got any financial Aid before and your INDEPENDENT US citizen.....how much in advance shall I appply ?
     
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  3. Dr JPH

    Dr JPH Membership Revoked
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    sue

    I am surely not the best person to answer because I have many of the same questions.

    However, it is my understanding that government Stafford loans can be budgeted to cover your living expeneses as well as your school costs.

    A friend of mine who attends a medical school that runs on trimesters gets a check three times a year. The total amount of his aid was awarded, the total sum divided into three parts, and the amount for the school tuition was deducted each trimester. The balance was sent to him in a check.

    Hope this answers at least one (or part of a!) question.
     
  4. sue

    sue Junior Member
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    Thanks so much for your answer and the example you have given.....I wish that ohter friends here can answer the other questions mentioned in my previous posting.......
    I asked that question because I know Stafford loans can pay to a maximum limit for an independent US citien .......What if my school wants $13,000 .....can the Stafford loan cover that???? and if not how to manage?
     
  5. paean

    paean Senior Member
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    Sue:

    1. Stafford loans have maximum limits per year for independant students of $6625 (freshman), $7500 (sophomore), $10500 (junior and beyond undergraduate), $18500 (most graduate programs), $38500 (medical students).

    2. Loan money can be used for tuition, books and living expenses within the allowed student budget. The allowed student budget is enough to live modestly on. It does not cover a car purchase, but will cover gas & insurance.

    3. If you file all the required paperwork by the deadline published by your financial aid office, the money will be ready at the start of the school year.

    4. You need to call the financial aid office at your school and ask them this specifically.

    5. If your school tuition is higher than the loan, ask the financial aid office if there are grants available to make up the difference, or if there are scholarships to apply for. If not, ask them what to do. They should have information about private loans, work study, and other options.

    If this isn't enough information, it may be because you are not being specific enough. If you need more but don't want to post specifics publicly, PM or email me, and I'll try to help.
     

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