How many of you have taken out school loans?

PennyLane, RN · May 3, 2004

My EFC for this year was $10,000. What a joke. I'd only been working since graduating from college in '97. For next year it's something like $7,000. Still pretty unrealistic. However, tuition for my college is only $6K or $7K per year. Even though my EFC was more, I still qualified for govt loans b/c they factor in cost of living, too. So my total cost of education for one year tuition + living expenses was around $25,000.

studentnurse74, LPN, LVN · May 4, 2004

My EFC is over $5,000, and my schooling will probably be less than $15,000. I SURE don't have $5,000 laying around. :crying2:

marilynmom, LPN, NP · May 4, 2004

I know I certainly could not do it without student loans as well. My EFC is only $300 so I pretty much qualify for everything. I always though that pretty much anyone (except those with prior degrees) could get a student loan....I had no idea that were based on how much you made.

I think that sucks because why do they care since they are going to be getting their money back PLUS some with the interest?

Good luck to everyone struggeling with paying tuition out of pocket though! What about most of the nursing school scholarships?....we have TONS at my school that pretty much anyone in the nursing program can and does get.

Marilyn

marilynmom, LPN, NP · May 4, 2004

I still qualified for govt loans b/c they factor in cost of living, too. QUOTE]
How do they factor in cost of living? I had no idea they did that....
Marilyn

Tony35NYC · May 4, 2004

I think that sucks because why do they care since they are going to be getting their money back PLUS some with the interest?
Marilyn

Marilyn,

They care because the interest on the stafford loan is subsidized by the federal government, and they don't want anyone to benefit from it twice. It actually makes sense that they have such restrictions in place otherwise it would cost them millions more $$$ in interest subsidies.

I quit my job in January, but according to them I made too much money last year and the year before to qualify for need-based aid. The college has lots of free money to give away but they also use the EFC to determine financial need, and if the government says you don't qualify they won't give you a dime. Believe me, I've tried every trick in the book.

CaterpillarGirl · May 4, 2004

Marilyn,
They care because the interest on the stafford loan is subsidized by the federal government, and they don't want anyone to benefit from it twice. It actually makes sense that they have such restrictions in place otherwise it would cost them millions more $$$ in interest subsidies.
I quit my job in January, but according to them I made too much money last year and the year before to qualify for need-based aid. The college has lots of free money to give away but they also use the EFC to determine financial need, and if the government says you don't qualify they won't give you a dime. Believe me, I've tried every trick in the book.

yeah, but only part of the loans are subsidized, at least for independant students. Freshmen can receive $2,625 in subsidized, and $4,000 in unsubsidized.

It just seems strange... my boyfriends EFC was something like $12,000 and he was still able to get stafford loans. They weren't subsidized because of his EFC, but they were stafford. Did you have a prior degree? There is a lifetime max of like $46k, that I believe you can't even go over if you've already paid some off.

klone, MSN, RN · May 4, 2004

Marilyn,
They care because the interest on the stafford loan is subsidized by the federal government, and they don't want anyone to benefit from it twice. It actually makes sense that they have such restrictions in place otherwise it would cost them millions more $$$ in interest subsidies.

No, only some of the loans are subsidized. Even when I was 19, living on my own and making $800/month, all I qualified for then were unsubsidized loans.

Tony35NYC · May 4, 2004

Ok, let me try to explain. I earned a bachelors degree from a private university that cost $18,000 per year. After books, insurance, and other fees and expenses, my total expenses over the four years was close to $90,000. About 20% of this amount was covered by private merit-based scholarships, my parents paid about $30,000 out of pocket, and the rest was covered by state grants, and federal loans. The tuition, boarding and books were so expensive that I qualified for a lot of need-based aid. Back then, I was 19 with a minimum wage part-time job at Taco Bell and claiming myself on my own 1040. I never thought that one day I might be changing careers and would need to go back to college for another undergraduate degree. It seems to me that a lot of people are doing this these days. I wonder how many of them are in the same position regarding funding their education?

That was several years ago. Now, I'm playing with an entirely different deck of cards. During the past few years, I've had a management job with a pretty decent salary. According to the government, I was making a bit too much money to qualify for any need-based aid. They also said I already maxed out the benefit for assistance with an undergraduate degree, which means I don't even qualify for unsubsidized loans.

studentnurse74, LPN, LVN · May 4, 2004

I still qualified for govt loans b/c they factor in cost of living, too. QUOTE]
How do they factor in cost of living? I had no idea they did that....
Marilyn
I don't know how they factor it, but my fin. aid counselor told me that cost of living was basically gas, child care if necessary, and if I quit my job they would also consider that. I will still like to know what all is included in my EFC, though, what I'm expected to pay for myself.