Student loans

  1. Have any of you taken out more $$ from your student loans than what you need strictly to pay tuition?

    I have heard some people have taken more than they need to pay off some debt...seems like a good idea to me. Hey, you can't beat the intrest rate!
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  2. 25 Comments

  3. by   studentnurse74
    My friend is in law school, so she gets much more, but she used hers to pay off credit cards and used some for a down payment on a house! I don't think they'll allow me that much, but if I have enough left over, I sure would use it for debt.
  4. by   manna
    I take out student loans to cover living expenses while I'm in school.

    Technically, students loans are ONLY to be spent on school-related expenses, and I think you sign a statement saying such when you agree to take them out. (of course, in reality, it doesn't usually work that way)
  5. by   angelac1978
    actually, if you read the fine print, you can use your loan money for things like room and board, transportation, school supplies, etc. My sister used her residual money once for a down payment on a car (hey it says transportation! ) I've always used whatever residual we've had on living expenses and have put it in the savings acct sometimes for vacations and emergencies.

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  6. by   PCGrad06
    I max mine out each term. I use the extra 1300.00 to pay off credit cards etc.
    They let you know how much you take out by the total hours of credit you have. In my state (KY) their offer is even better. For every year you work in KY as an RN no interest and 20% principal is forgiven! The best part is there is no limit I don't think so of how much you can get credit for so in the end you get money and never have to repay it. A gift from the state is the way I look at it. The website is www.studentloanpeople.com if you would like to check it out for yourself. It is for KY but it may be offered in all the states.
  7. by   manna
    Quote from angelac1978
    actually, if you read the fine print, you can use your loan money for things like room and board, transportation, school supplies, etc.
    Right - all school related expenses (you have to have somewhere to live, some way to get there, etc). I don't think a fin aid counselor would be too pleased to hear that someone was paying off their credit card bills with their student loans (though they technically could be school-related expenses, especially if you're like me and have to charge all your supplies because your refund doesn't come in until the end of the semester!) :angryfire

    Not trying to pay the bad guy or point any fingers - I can't - In the past hubby and I have even taken a mini-vacation with my school refund! :chuckle
  8. by   angelac1978
    you don't get your refund until the end of the semester??? that totally sucks! in that case, I would use it to pay off credit cards! what are they going to do, send the financial aid police to arrest you? :chuckle

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  9. by   manna
    Quote from angelac1978
    you don't get your refund until the end of the semester??? that totally sucks! in that case, I would use it to pay off credit cards! what are they going to do, send the financial aid police to arrest you? :chuckle

    A
    I haven't in the past. I think the issue is that most schools don't receive Pell monies until late in the semester. The community colleges here are too cash poor to front the students their refunds - because many times students will withdraw mid-semester, the government will withold their student aid, and that leaves the already financially strapped school "holding the bag," so to speak. For some reason, they set the loan disbursement rates late into the semester as well - probably for similar reasons.
    Thankfully I'm transferring to a senior college for my BSN this summer, so I won't have that problem anymore.

    I just wouldn't want to go telling their FA officer they needed that extra student loan money to pay off their credit cards bills. I don't think they'd be too pleased, so I'd keep those intentions to myself! :chuckle
  10. by   lisamc1RN
    My goal is to do this debt free. I have a Pell Grant for most of my schooling, and the rest is through the state of Ohio. It's the same loan as mentioned above, where 20% is forgiven for each year you are a nurse. I truly hope I don't have to take more money out. I hate to owe money.
  11. by   RedSox33RN
    I'm taking out extra this coming year. I'm going to buy a small commuter vehicle with money I've saved, but want to get a laptop. Plus gas IS $2+/gal. right now, and with a 1+ hour commute each way, at least 3x a week, I'm gonna need LOTS of gas money, no matter what kind of vehicle I get.

    I'd LOVE to get one of the Toyota Hybrid vehicles, but the only dealership within 50 miles of here has ONE, and no plans to get any more. They are a hot commodity right now.
  12. by   angelac1978
    Quote from wannaBEanRN
    I'm taking out extra this coming year. I'm going to buy a small commuter vehicle with money I've saved, but want to get a laptop. Plus gas IS $2+/gal. right now, and with a 1+ hour commute each way, at least 3x a week, I'm gonna need LOTS of gas money, no matter what kind of vehicle I get.

    I'd LOVE to get one of the Toyota Hybrid vehicles, but the only dealership within 50 miles of here has ONE, and no plans to get any more. They are a hot commodity right now.

    Honda also makes hybrid cars, but I am not sure how expensive they are. A woman I work with has a hybrid Civic that looks exactly the same as a regular Civic. She says she only fills up about once a month!

    A
  13. by   Saved_by_Grace
    ok, now i'm curious. i get a federal pell grant to attend school. it covers my tuition and books and i get a little money back at the end of the semester. but do any of you know if it's possible to apply for student loans in addition to the pell grant since it doesn't have to be payed back? the reason i ask is that i live in ky and am driving an hour each day to illinois for my classes and to missouri for my clinicals an hour and a half away. i am married and have 3 kids and i am not working right now and really need help with the gas and living expenses part. my husband works but doesn't make very much. we decided to bite the bullet and try and tough it out while i go to school to try and better our family. and if so how do you go about applying for loans? i did the pell with the free fafsa online. any info is much aprreciated!






    Quote from rnstudent,wife&mom
    i max mine out each term. i use the extra 1300.00 to pay off credit cards etc.
    they let you know how much you take out by the total hours of credit you have. in my state (ky) their offer is even better. for every year you work in ky as an rn no interest and 20% principal is forgiven! the best part is there is no limit i don't think so of how much you can get credit for so in the end you get money and never have to repay it. a gift from the state is the way i look at it. the website is www.studentloanpeople.com if you would like to check it out for yourself. it is for ky but it may be offered in all the states.
  14. by   mstewart
    contact your fin. aid office. I am almost sure that you can take out subsidized (sp?) or unsub. as much as you need (up to $6625 a year) even if you get grants. I would just let them know you need the $$ for living expenses. Yeah, that rent/mortgage doesn't pay itself!! They should be able to answer that over the phone.

    Yeah for you for taking a leap of faith. :hatparty: I'm glad you famly is supportive!

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