student loans

[lovely]

anyone have any advice on student loans.

i dont need them to pay for my classes. (being a broke, black, single mom is good for something..lol).

but folk done suggested that i use them for living expenses. and then others suggested that i not.

what do you think?

[ice-c]

don't go crazy....but using your money to keep u in school more...than working is ok.

u will need to concentrate on your studies...

some folk would get so much money...they would buy a car...

but just remember ...someday...u will pay it back

[SouthCaliDiva]

Well, I'll let you know how my process goes. I'm about to apply for a Stafford and a Sallie Mae loan, but I only need about $3,500. Basically throw them both against the wall to see which one will stick. I am broke, Black, and female but no kids.

I didn't realize student loans could be used for living expenses. Previous loan checks have always been made out to both me and the school and was for tuition, fees, books, etc. only. I can't imagine qualifying for enough to pay living expenses. Rent alone is a grand.

Ice-C, what type of loan were those people applying for that they received that much?

[mystkev]

If you don't need them I would advise you not to get them.

[Sparkles]

borrowed for just that... living expense. Most of our student who are dependent and have to provide their prent information on the fafsa usually only qualify for either very little grant or none at all, so they have no other choice but to borrow loan for the living expense...

The amount you can borrow depends on grade level and dependency status because Independent student can borrowed additional money but dependent normally cant except for special circumstances.

I dont want to complicate anyone so if you have any additional question send me a PM.

[Juicey1]

Just took out student loans yesterday for my daughter. She decided not to go back to community college, but to go to Hi-Tech Institute to study as a Medical Assistant. The tuition is 8,850.00. So she got a Stafford loan for 2,173.00 and the other 6677.00 is a parent plus loan. The money will be sent straight to the school and I don't have to start paying it back until 30 days after the 2nd disbursement which will be in Febuary or March of next year. She doesn't have to start paying hers back until 6 months after she graduates. She did get a student loan in April or May for about 1,500.00 and didn't use any of it on school. By that time, she was done with school, so she used it on whatever.

I would say, if you don't have to get them, don't.

[ice-c]

excellent info, spark...

if u r determined to get a degree...in a short amount of time....i recommend FULL TIME schooling 12plus hours....LESS JOB TIME....

but if u r just going to school because it's a nice thing to do.....u should use that time to figure out what u really want to do...and whether or not u can accomplish that goal taking two classes a semester.

but if u don't lessen your work load...there's probably no need to get a loan....except to pay for the classes and books. u shouldnt look to raise your standard of living with those type loans.

but those student loans show up differently on your credit report....not always bad. (unless u r in default of them)

[ice-c]

parent plus?

she couldnt get a loan on her own?

[lovely]

excellent info, spark...

if u r determined to get a degree...in a short amount of time....i recommend FULL TIME schooling 12plus hours....LESS JOB TIME....



finacially once i get my own place i will need another job to survive. which will make school impossible. i would like to cut back on the working hours..maybe to 3/4 time, but my car payment makes it impossible. maybe once ive paid that offf then i can cut back on working.

i want to say im scheduled for 12 hours now.

[mystkev]

Don't forget you can also apply for other non federal grants and scholarships.

www.fastweb.com

[shtalker]

Also if ya get one now the interest rate is the lowest its ever been.

2.77% for new loans and repayment would be 2.84(I think).

[Juicey1]

parent plus?

she couldnt get a loan on her own?

No. For some reason they wouldn't let her (even though she is 19). She is considered a dependent. The lady said even if she didn't live with me, she would still have to use my income because I can still carry her on my taxes. Fucked up ain't it?

[shtalker]

She not telling you the Truth Juicey
She qualifies for a Stafford or Direct student loan.
The FASFA has to be filled out by you until she is 24 but she is still eligible for loans. That is why they call them Guaranteed Student Loans.

[shtalker]

Dependent or Independent

Get loans, Plus are used to supplement what the student can't cover.

[ice-c]

straight from the "horses" uh...mouth.

[Sparkles]

her daughter rec'd the stafford as well, but supplemented her daughter balance wth the PLUS loan. However, there were ADDITIONAL loans juicy your daughter could have applied for in her name that she wouldn't have to pay back until after she graduated unlike the PLUS loan.

private (alternative) loans

dep or indep student can borrowed these loans and the amount of eligibility is higher than the stafford.

[shtalker]

her daughter rec'd the stafford as well, but supplemented her daughter balance wth the PLUS loan. However, there were ADDITIONAL loans juicy your daughter could have applied for in her name that she wouldn't have to pay back until after she graduated unlike the PLUS loan.

private (alternative) loans

dep or indep student can borrowed these loans and the amount of eligibility is higher than the stafford.



My Bad, I read it in the middle.

So scratch that Juicey and look into the Plus or Private loan as Sparkles suggested.