Right now I don't have much experience with loans and such. I'm fortunate enough to have parents paying for my undergrad. Obviously medical school (should I be fortunate enough to ultimately get in) will be different.
My brother-in-law is currently going to law school. Recently he bought a new car (32 thousand dollar lexus) and is buying a new house with my sister. My sister makes maybe 40k a year tops, so I know she isn't the one paying for it. I casually asked how he could afford a brand new Lexus while in school and he replied 'College loans'.
What I'm wondering is, how much do they give you? I know it differentiates between individuals, but do they give you more than you need? It seems to me like buying a home, new car, etc on a loan would be a poor choice because you'll have to pay it back, most likely with steep(?) interest rates.
Another aspect of it I was curious about is whether or not you can specify the amount. I don't mean asking for a million dollars or some other absurd amount. I was thinking more along the lines of if you already had money. If college was, say 120k for example, and you were given 40k by the family, would you still get the loan amount to cover the 120k for school or could you take a lesser loan?
Sorry for the dumb questions guys, I'm just trying to figure out everything I need to know before draining my energy into a pre-med undergrad. Thanks all
My brother-in-law is currently going to law school. Recently he bought a new car (32 thousand dollar lexus) and is buying a new house with my sister. My sister makes maybe 40k a year tops, so I know she isn't the one paying for it. I casually asked how he could afford a brand new Lexus while in school and he replied 'College loans'.
What I'm wondering is, how much do they give you? I know it differentiates between individuals, but do they give you more than you need? It seems to me like buying a home, new car, etc on a loan would be a poor choice because you'll have to pay it back, most likely with steep(?) interest rates.
Another aspect of it I was curious about is whether or not you can specify the amount. I don't mean asking for a million dollars or some other absurd amount. I was thinking more along the lines of if you already had money. If college was, say 120k for example, and you were given 40k by the family, would you still get the loan amount to cover the 120k for school or could you take a lesser loan?
Sorry for the dumb questions guys, I'm just trying to figure out everything I need to know before draining my energy into a pre-med undergrad. Thanks all
