Living Expense Loans?????

  1. i just registared to start pre-req's, and filled for financial aide. at the counselers, she said i won't have time to work and study. i'm taking on 15 credits to get the ball rolling quickly and down hill. i have two yong children, one just turniny 1 y/o. a freind said i can fapply for a living expense loan to pay bills, ect. i live with my mother, just seperating from hubby of 10 years, and she is helping alot, state will pay for child care, but i don't have a car, and want to help with bills and need money for clothes for kids, going out on occasion for sanity reasons, ect. has anyone used these loans? are they easy to get? i have no credit history, and can't even get a wal-mart card. how do you go about finding one that is available and low a.p.r.? would i get enough to buy a decent used car ($2000-2500) and pay insuance, gas, repairs? do you apply for one large sum, or is it in quarters or bi-annually? do you have to apply more than once? $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
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  2. 6 Comments

  3. by   All_Smiles_RN
    Student loans through your financial aid office are guarenteed by the federal govt, meaning you get it regardless of credit history. The Stafford loan is subsidized by the govt, meaning they pay the interest while you are in college. You are responsible for paying it back starting 6 months after you graduate. Interest rates are super low for student loans, like 2 or 3%. You have to apply once a year (guarenteed approval) and you'll get the payments split up, usually once in the fall and then one in the spring. The maximum you can borrow is about $3000 per semester, but that includes a Stafford unsubsidized loan too. On that type of loan, interest acrues while you're in school.
    About taking 15 credits, that is a LOT to take in one semester, but can be done. I would recommend not working while taking so many credits at once. Good luck!
    ...Jennifer...
  4. by   Saved_by_Grace
    My school doesn't participate in the federal loan program. Does anyone know any alternatives. I have horrible credit because of a divorce where my husband filed bankruptcy. Any info appreciated
  5. by   francine79
    Quote from WannaBLPN2005
    My school doesn't participate in the federal loan program. Does anyone know any alternatives. I have horrible credit because of a divorce where my husband filed bankruptcy. Any info appreciated
    My advice would be to find a different school. I don't think I would have much confidence in a program offered at a college who is not eligible for financial aid programs. If I am right, someone correct me if I am wrong, the reason why schools aren't eligible for federal financial aid programs is because their curriculum is not in accordance with federal guidelines.
  6. by   All_Smiles_RN
    It sounds strange to me too that they don't offer Federal Assistance.

    Here's the first step tp getting financial aid of any type for college, by filling out a FAFSA. You can fill it out in any financial aid office, or to speed up time, right here on the web: http://www.fafsa.ed.gov/
    ...Jennifer...
  7. by   Saved_by_Grace
    [font=lucida sans unicode]i get a pell grant which is federal assistance. it covers all my tuition and books i just have nothing left over for other expenses such as travel,(i drive 1 and a half hours one way to get there.)the school just doesn't participate in the federal loan program. they go through something called teri loans which you have to be credit worthy for. they are an accredited school, i was told by the financial aid office that the reason they don't do the federal loans is because they are a community college and since their classes are less expensive than a university they therefore choose not to participate in the federal loan program but that you can pursue a private loan through teri loans only. so i don't know....there aren't any other schools close enough to choose from so my options are limited.
  8. by   aegirl
    you might want to try sallie mae loans. you do have to have credit though...or a co-signer. the website is www.salliemae.com hope this helps some.



    Quote from wannablpn2005
    [font=lucida sans unicode]i get a pell grant which is federal assistance. it covers all my tuition and books i just have nothing left over for other expenses such as travel,(i drive 1 and a half hours one way to get there.)the school just doesn't participate in the federal loan program. they go through something called teri loans which you have to be credit worthy for. they are an accredited school, i was told by the financial aid office that the reason they don't do the federal loans is because they are a community college and since their classes are less expensive than a university they therefore choose not to participate in the federal loan program but that you can pursue a private loan through teri loans only. so i don't know....there aren't any other schools close enough to choose from so my options are limited.

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