I am going to attend a school which will cost about 150K. My question is can I take out extra money on a dental school loan to pay for some land that we want to build a home on when I graduate? I will only be using 150K of a loan for school since I have a husband taking home all other necessary $. I don't know if this is easy to answer, but some imput from the ones who know student loans would be really helpful!😀
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Loan question
Started by predentchick
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You can max out your student loans, but the amount you will be awarded (from government and private loans) can't be exceeded by the cost of living that your school dictates. In other words, your school will take tuition, fees, housing expenses, insurance, etc., etc., and total it for a "cost of living" number. The total of your loans that are dispersed through your school cannot exceed this amount.
Meaning, if you have money left over then you can do whatever you want with it. Many students end up with 5,10, or even 15k in excess funds, and they spend it on other things or invest it. And on the other hand, many students recognize that they don't need the total cost of living amount, so they accept the amount that is 5, 10, or even 15k below the cost of living that the school has dictated.
If you find yourself needing more money for that land, you'll have to search out some other loans (such as the common everyday loans that people who aren't students apply for).
Hopefully this made sense.
Meaning, if you have money left over then you can do whatever you want with it. Many students end up with 5,10, or even 15k in excess funds, and they spend it on other things or invest it. And on the other hand, many students recognize that they don't need the total cost of living amount, so they accept the amount that is 5, 10, or even 15k below the cost of living that the school has dictated.
If you find yourself needing more money for that land, you'll have to search out some other loans (such as the common everyday loans that people who aren't students apply for).
Hopefully this made sense.
Yes it did. Thanks!
