jintonic5 said:
hey everyone,
i've been on this site for a while, i've only recently started to think about finaid. i'm graduating in december (hallelujah! finally!), but was planning on taking a full courseload next semester at UmassBoston. My parents don't want to support me next semester, so i need to find out about loans that will cover my tuition and living expenses.
Where do i start?
sorry if it's kind of a dumb question, but i'd like to get some advice from the pros 🙂 thanks guys!
As I quote from my FinAid application info packet for the 04-05 academic year:
Eligible graduate students may borrow up to $18 500 per academic year from the Federal Stafford Subsidized and Unsubsidized Loan programs. Depending upon financial need, up to $8 500 may borrowed from the Federal Stafford Subsidized Loan Program.
The combined subsidized/unsubsidized aggregate loan limit is $138 500 (not more than $65 000 of this amount may be in subsidized loans). This aggregate loan amount includes any Federal Stafford Loans (Guaranteed Student Loans) received as an undergraduate and/or graduate student
What that means for you, (assuming undergrad didn't cost you $138K) The Fed will cover you for $18 500/year; anything more than that you gotta borrow privately. Here's where it gets tricky. Either the school or the Fed(doubt it) has a completely fictional # called the "
Cost of Education" Say that amount is only $3K over the $18 500; you can only borrow another $3K, 'cause you can't borrow more than their "Cost of Education" value. If you've gotta car payment or insurance (like most non-traditionals) or any other expense; this isn't considered, and pretty much falls on apathetic ears. I would pretty much call UMass Boston's FinAid office and ask what their Cost of Education is, or what they consider it.
🙄 You can ask about loans to choose from, but I wouldn't worry about it; 'cause they'll have all that information by basically being a referral service to various lenders. I would then do this math:
Cost of Education - Tuition/Fees = What you've got left.
*Can you live off that during your academic term? It gets interesting when you can't.
I'm no FinAid rep, so I'm no expert; maybe UMass has got some better answers or solutions for you; so give 'em a call. That was just my experience this year (I'm attending the one-year Post-Bacc @ LECOM)
Well, if you or anyone else has any questions, don't hesitate to give me a PM. I'll try to reply as soon as I can, we just finished Genetics and Biochem; but will begin the almighty Physiology later today (If you're wondering on post-time, just got back from partying; yey-yay!)
-Bert
