Financial aid question

Published

Everyone- does anybody here know anything about PLUS loans and exactly how they work? I was told that you can use them for cost of living expenses, etc. However, when I looked them up online, the site said the amount borrowed can only be the cost of schooling minus any financial aid????

I ask because I am really trying to be able to not work the last two semesters of school but I am the breadwinner and we need to cover the cost of healthcare bennies out of pocket. I work in an office setting so going part time or occasional for them is not an option, and my hub's bennies cost almost $1000 a month to cover us all...no good solution.

does anybody have any insight into either a PLUS loan or any other grad school loan that you are allowed to use for cost of living during school? thanks in advance

Up Vote Up Vote ×

Grad PLUS loans are above and beyond the 20500 yearly limit and are based on what the school calculates as the estimated cost of attendance that includes room and board. If you have a financial aid shopping sheet it should show how much the school considers is the total cost of attendance.

Up Vote Up Vote ×
Specializes in Pediatrics, Hospice/Palliative Care.

Agreed -- it goes above the 20500 limit and the "cost of schooling" includes living expenses beyond tuition (food, housing, transportation, etc). The school determines the cost of these things.

Up Vote Up Vote ×
+ Join the Discussion