student loans and aid

[benitz2]

I know that you can borrow up to the cost of attendance but can you borrow what you need for rent, bills, insurance, food and stuff like that?

---

Members don't see this ad.

 

[Drill2Fill]

Yes, most schools calculate the cost of living and etc., which is added to the loans.

 

[benitz2]

good to know...thanks

 

[Veneto]

If you need, but you really shouldnt, you can also take out loans from private lenders, such as banks or other financial institutions. For the students with families tht is usually something they do because whether you're single or married and have eighteen children the school approves you to take out the same amount. Interest rates are much higher for these loans, and they all gain interest while in school, but it in the end a small amount extra to let my family live in a little better area, and give my wife a few extra dollars to do things with, which is ultimatly good for the marriage; to us is well worth it.

 

[ItsGavinC]

If you need, but you really shouldnt, you can also take out loans from private lenders, such as banks or other financial institutions. For the students with families tht is usually something they do because whether you're single or married and have eighteen children the school approves you to take out the same amount. Interest rates are much higher for these loans, and they all gain interest while in school, but it in the end a small amount extra to let my family live in a little better area, and give my wife a few extra dollars to do things with, which is ultimatly good for the marriage; to us is well worth it.

You typically can NOT take out additional loans from banks and other institutions. Once you list "student" on as your occupation, the institution will verify that with your school, and that will typically result in your loan being denied. There are some ways around this, such as having your wife complete the application entirely in her name, but then she usually has to have an income source (other than your "student") for the loan to go through.

 

[diane07]

For Federal student loans (subsidized/unsubsidized) there is a cap to what you can take out each year.

Of course there are a multitude of other loans out there, but those interest rates probably won't be as attractive as the Federal student loans.

 

[johntara04]

You typically can NOT take out additional loans from banks and other institutions. Once you list "student" on as your occupation, the institution will verify that with your school, and that will typically result in your loan being denied. There are some ways around this, such as having your wife complete the application entirely in her name, but then she usually has to have an income source (other than your "student") for the loan to go through.

I do know that Bank of America will loan up to $225,000 to dental students. I am not sure if this requires a co-signer, or what, but there is more than enough money out there for anything you need/want (though buying what you want is not a good idea, because you will pay a lot more for it after interest). Here is a link for the private loan:

http://www.bankofamerica.com/studentbanking/index.cfm?template=stb_bac_loans

 

[Bugab00]

So I fillled out my fafsa back in January. Am I just supposed to wait until they process it or something? Or am I supposed to do anything in the meantime. Has anyone recieved an answer as to how much subsidized loan money they will get?

 

[munch22]

It depends on where you are going to school. This is what the financial aid people told me..... I don't have the paper in front of me so these are rough estimates:

FAFSA----you can take out about 36,000 a year through these loans (it is set max amount that everyone entering school is allowed through them and pretty much everyone qualifies regardless of your credit). They are the best b/c as others have said they do not gain interest while in school.

Private Loans/Grad + loans------These are the other types of loans you can take out. Your school should provide to you financial aid info. Lets say they estimate your total expenses will be 50,000 (this includes tuition, room & board, books, living expenses, everything you need since you prob. won't be working). Obviously you need to take out additional loans b/c you can only get 36,000 from FAFSA. You can apply for loans up to but not exceeding an additional 14,000 (50,000-36,000). The private loans/grad + loans are not allowed to be over this estimation from your school. Only exception I believe is if you have a family, the amount you can borrow may be slightly higher. I am not sure on that.

Private vs Grad +-------
Grad + are at a fixed interest rate, something like 8% with a 3% fee.
Private loans vary from about 5%-20%....if your credit is really good this may be the better route for you, but it is dangerous since you will be in school for 4 years and the rate is variable, no 3% fee.

Hope this helps!

 

[duho.O]

do you have to fill out your parents' information on FASFA if you are trying to get Federal Stafford Loan/Graduate PLUS Loan?

 

[Manyak222]

It depends on where you are going to school. This is what the financial aid people told me..... I don't have the paper in front of me so these are rough estimates:

FAFSA----you can take out about 36,000 a year through these loans (it is set max amount that everyone entering school is allowed through them and pretty much everyone qualifies regardless of your credit). They are the best b/c as others have said they do not gain interest while in school.

Private Loans/Grad + loans------These are the other types of loans you can take out. Your school should provide to you financial aid info. Lets say they estimate your total expenses will be 50,000 (this includes tuition, room & board, books, living expenses, everything you need since you prob. won't be working). Obviously you need to take out additional loans b/c you can only get 36,000 from FAFSA. You can apply for loans up to but not exceeding an additional 14,000 (50,000-36,000). The private loans/grad + loans are not allowed to be over this estimation from your school. Only exception I believe is if you have a family, the amount you can borrow may be slightly higher. I am not sure on that.

Private vs Grad +-------
Grad + are at a fixed interest rate, something like 8% with a 3% fee.
Private loans vary from about 5%-20%....if your credit is really good this may be the better route for you, but it is dangerous since you will be in school for 4 years and the rate is variable, no 3% fee.

Hope this helps!

Are you sure about these numbers? I got an aid document from arizona that says that the federal subsidized stafford loan has an 8,500 max per year and the federal perkins has a 5,000 per year max. These are no interest until graduation.

There is a federal unsubsidized stafford loan for the rest of the funds, which has a max of 34,400 per year. Interest starts accruing once the funds are wired to the school, however.

If this is still not enough money for you, you can get a Graduate PLUS loan, no loan limit and 8.5% interest. Or you can get some other private loan.
I hope you can clear this up for me bc i'd love to get 36K per year without interest...

 

[diane07]

Manyak222 . . . you are right. Your school's finance department knows what it's talking about.

You are able to take out MUCH more in unsubsidized vs subsidized loans. These are federal student loans, so there's a cap to how much you're eligible to receive - regardless of what school you attend.

Private loans - that's something else entirely.

 

[1992Corolla]

loan info

I did get a private loan through a similar program as bank of america. Us bank education one loan via chase manhattan bank.

I applied as a a'student' and needed a cosigner. Both parties had to pen the check before deposit.

 

[munch22]

you are right....i apologize, i was at work and typed that out in 2 minutes and was not paying attention. The 38,500 is both subsidized and unsubsidized combined. To answer the other post, you do not need your parents info for the private or grad +. You may need a cosigner though based on your credit. You need your parents info for a lot of scholarships though.

 

[Doctor Chief]

Private student loans are direct to consumer which means they DO NOT go through the school and ARE NOT based on cost of education. It is essentially a private loan made between a bank and an individual. And in most cases, you do need a co-signer. Unfortunately, with the low limits set on federal aid and the rising cost of education, students are forced to take out private loans.
There are hundreds out there, but compare them at http://www.finaid.org/loans/privatestudentloans.phtml

Good Luck.

 

[dddsmack]

You typically can NOT take out additional loans from banks and other institutions. Once you list "student" on as your occupation, the institution will verify that with your school, and that will typically result in your loan being denied. There are some ways around this, such as having your wife complete the application entirely in her name, but then she usually has to have an income source (other than your "student") for the loan to go through.

Sallie Mae will lend up to 40,000 per year with the "tuition answers" loan. No approval is required from the school. Just verification that you attend.