Living Expense Loans

  1. Hello There --

    Does anyone have experience with obtaining student/private loans for living expenses while attending school full-time? If so, I would really appreciate anything that you are willing to share (thoughts, pros, cons, etc).

    Thanks!!

    RMB
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  2. 5 Comments

  3. by   laurainri
    stafford loans can be used for living expences. only drawback is you have to wait till almost the semester is over before you get a check
  4. by   APBT mom
    Quote from laurainri
    stafford loans can be used for living expences. only drawback is you have to wait till almost the semester is over before you get a check

    This depends with the schools. One school I went to would issue our checks 10 days after drop/add period of the semster.

    To get a loan through the school you first have to fill out a FAFSA to see if you're eligible for any grants even if you're not and know that you'll need a loan most loans done through your school will require this to be done first. It takes 10 business days from the time you fill the FAFSA out until your school receives the ECF from them. To get a loan for the first time takes about 30 days from the time you turn in your papers until the first check drops. After it usually 10 days. Depending on the school you go to you may be only able to take out a certain amount and will have to apply for private loans. Private loans run your credit where loans from the school don't so if you have bad credit make ure that you have a co signer that has a good debt to income ratio and good credit to get approved. Most loans require repayment 6 months after you graduate and at anytime you decide to go back to school you can motify them and get a deferement until you finish from that program.
    Last edit by APBT mom on Oct 30, '07
  5. by   beepeadoo
    This is the exact boat I'm in. I quit the day job in May to do school full time and am living off of loans.

    Make sure you max out your Stafford Loans first. They're best interest rate. They will only loan you Stafford Loans up to a certain amount, depending where you are in school. For me, as an example, max per year is $10,500.

    Then look into private SUPPLEMENTAL loans... they're loans that will make up the difference between the above Stafford and the cost of attendance at the school you're at. This cost, I learned, is predetermined by the school and is based, really, on what it would take a student of typical college age living on campus, etc. There are two types of these: certified, and uncertified. Certified means they check with the school to see how much aid you've gotten and loan you the difference. Uncertified means they'll just loan you up to the predetermined amount.

    Finally, there are supplemental loans that are on top of the above; essentially private loans based on credit rating. An example is myrichuncle.com.

    Also check out: http://www.simpletuition.com/student_loans good way to do some comparison.

    Also, in some states, Kentucky, for example, if you borrow your student loans from certain lenders, you can participate in a forgiveness program, getting percentages of your loan forgiven for working in the state. Check it out with your nursing school or online.

    Hope that helps and wasn't too much.

    Best of luck,

    B
  6. by   karenrnstudent
    My stafford loans don't cover all my expenses so I get a "tuition answer" loan from Sallie Mae. You get the check rather quickly and can take out up to $40,000.
  7. by   MB37
    I get the check from my Stafford loan about 2 weeks into the semester.

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