Loan Request Forms....Just how much do I borrow?

[SonOfKrypton]

Hey all! So I'm stuck with a problem. Well, two actually.

First of all, it seems like every school you're accepted to wants you to fill out a Grad Plus Loan and Stafford Loan Request form. The problem is, I have no idea how much to ask for? I mean, how do I know that what I request won't end up being too much? That could be the case especially if I request the maximum. If you don't feel one should request the maximum, then how exactly do you decide how much to put down? Do you just use the estimated student budget sheets that most schools give out (listing all expenses you'll come across)? Because they are just that - estimates. Do they know with certainty that my rent will be 600$? Unlikely....

I'm sorry. I feel like I'm asking a stupid question. Finance stuff has just never been my strong suit. I feel like all this financial aid talk is just going way over my head. Almost like applying to med school and filling out secondaries and all that was easier to do than this is. Does anyone know of a good website that delineates the difference between different loans and different options and such?

It's times like this that I wish I were a finance major.

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[TMP-SMX]

You need to calculate your own budget. Keep in mind that if you take too much you can return the money to your school/lender for no penalty within a certain period. You can also take out more and have it within a week or two if your school does direct deposit and the funds are transferred electronically through your school. So in the end, just do your best to calculate your budget and take out what you need. If you think you might need grad plus you should take it out in the beginning though. That's the reason why you need a ballpark figure for your loans. I haven't needed grad plus and I'll be starting my fourth year in a few months. So it is school-dependent and also area-dependent.

 

[SonOfKrypton]

You need to calculate your own budget. Keep in mind that if you take too much you can return the money to your school/lender for no penalty within a certain period. You can also take out more and have it within a week or two if your school does direct deposit and the funds are transferred electronically through your school. So in the end, just do your best to calculate your budget and take out what you need. If you think you might need grad plus you should take it out in the beginning though. That's the reason why you need a ballpark figure for your loans. I haven't needed grad plus and I'll be starting my fourth year in a few months. So it is school-dependent and also area-dependent.

Thanks so much for your response TMP. I appreciate it. Helped alot.