Student loans

javamom · Nov 30, 2002

When I rec'd the allowed amounts on my student loans, they give me the amount I'm "allowed" to take and I can also lower the amount as well. I took the full amount even though I didn't need it all to pay direct to the school. I use mine for day care, books, etc.. we basically use it for necessities (which includes day care)

studentdeb · Nov 30, 2002

Stacey,

I was told that the money goes directly to the school? Is this true and if so, don't they only give the amount needed for classes and books?

thanks

Rena RN 2003, RN · Nov 30, 2002

i take the max amount i'm allowed because i couldn't afford day care otherwise. i'm determined to get through school and student loans are the only way i can do it.

the money goes to the school first. then they take out the funds for tuition and/or books (if you've deferred them in the book store) and then the school cuts you a reimbursement check.

we don't get our reimbursement until the 6th week of the quarter. this gives the school time to determine if the classes we signed up for are actually being attended. student loans work on the amount of time you are registered for classes.

say you are allowed $1000 for one full time quarter (12 hours).

if you are only attending 6 credit hours, you would only get half of the money.

studentdeb · Nov 30, 2002

How does that allow for extra to cover the daycare?

Sorry if I sound dumb. I've always paid for my tuition out of pocket but since I can't work and go to nursing school, I'm not sure how to handle it all.

Thanks

Mkue · Nov 30, 2002

Whatever you have leftover from tuition, fees, etc.. you should be able to havewhat is left as a "refund" and use it how ever you wish:)

Mkue · Nov 30, 2002

Say for instance your tuition and fees are : 1800.00 for a semester, you want to take out X amount in loans.. see how much loan $ you qualify for Sub and Unsub then go from there.

Say you can get as much as 3000 in loan money, you get whatever is left over after subtracting tuition and fees.

Have you filled out a FAFSA for 2002-2003? As far as I know you can still collect for this semester and for Spring 2003. You might want to talk to Fin. Aid office at your college.

You can e-mail me if you like, my PM doesn't work.

[email protected]. Hope I didn't confuse you;)

studentdeb · Nov 30, 2002

I understand now. I guess I need to figure out how much I can get and will ultimately need. I did fill out a FAFSA and it came back stating I didn't qualify for a pell grant, but possibly other aid. I didn't know what to do with it after that. I paid my fall tuition out of pocket but will need assistance for January. I just received a packet today for student loans I requested from my credit union.

thanks for all your help, I appreciate it.

Rena RN 2003, RN · Nov 30, 2002

the amount of student loans you take out largely depends on you. there is of course a cut off amount set by the student loan people.

i'll give you a rough estimate in my case.

i don't qualify for pell either. so i applied for student loans both sub and unsub.

the school gives me an estimated cost of attending for that quarter. i estimate my cost of attending (books, sitters, etc.) i then apply for student loans in the total amount of the 2 combined. this assures that my tuition is paid plus i know i will get a refund check to pay my "cost."

the sub loans were relatively easy to come by. my unsub amount was over the recommended amounts. so i provided a statement from the sitter stating what i pay for daycare. this gave my school's financial aid dept. leverage with which to work the system and get me the unsub. loans. i don't know if this is how all financial aid departments work though.

Loubell RN 2B · Nov 30, 2002

I just wanted to chime in on this one... I am not eligible to receive a Pell Grant either, so I got some information from the Financial aid office about alternative loans that are out there. I chose Wells Fargo Education Loans. They let you take the amount that you are approved for and you can choose to pay only the interest for up to four years. The funds come directly to you depending on the school you apply to and it can be used for any school related expenses. I hope this helps.. I have two little ones that I am going to have to put into daycare myself.