Published Jul 25, 2001
Can I borrow $10,000 on one or many student loans at one time? I desperately need a car or I will have to quit school and work until I save enough. I am lucky that I work at home, but need to get back and forth to school. Any help out there?
wanna B an RN
Not sure, you may need to pursue other options. I received financial aid, and those payments came in 3 installments thoughout the semester.
its not likely, as the government has a limit for the amount a student can borrow... However, if you can afford to make payments, get a car loan from a local bank, and make the payments as your student loan installments come in. They way you are not having to come up with a big lump sum all at once.
Hope it all works out!
I'm not sure about getting a loan that much...definitely not a school loan. Most loans are dispersed according to how much your school tuition will be. In my case my tuition is not very expensive so my loan/grant that I applied for is not a whole lot. You may want to check with your banks. I know that Bank One will give you a student loan as well as maybe even a car loan.....either one may be able to cover your expenses while you are in school. Oh, and where will you be going to school? I am also from La. and will be starting Charity. I know parking in downtown New Orleans everyday can get expensive so I plan to carpool...saves ya money. You may want to check with your school to get some names of students that will be in your class and may be living in your area. If all else fails....take the BUS!!! (Hey, at least you will have some extra study time!!!) Good Luck to ya sweety.....don't give up on school just because of your car.....it will be worth it in the end!!
I don't think you'd be able to get that much in one lump sum. With student loans, I get about that much for a *year*, and they take out tuition and fees before I see any money, and then it is split three ways and distributed at the beginning of each quarter.
As someone else mentioned, you can look into a loan from a bank or credit union and make your payments with your financial aid checks.
You could also look into getting a cheaper car. You should be able to get something really reliable for less than half your number. :)
when i was in high school I paid 3600 for a 93 Geo Metro with 26,000 miles on it. I am still driving it, it is a great little car, and it gets close to 40 miles a gallon. Look for something cheaper. And remember, the more expensive the car, the higher your insurance will be.
Budgeting while in college is a must!
peaceful2100, BSN, RN
Hi, TLT the financial aid that you give will be the amount the school determines that you need by the application form for financial aid that you fill out. I recieve $5,500.00 with 2 loans for this upcoming semester and about $4,500.00 but I also happen to attend a private university that is VERY, VERY expensive charging $7,400.00 per semester for tuition alone. I opted for the extra loan money because I have child care costs that I have to pay for my little girl so I can attend school. Every school will take everyone's situation differently. As far as a car if you can avoid taking out a loan than by all means do so but if you must take a loan you can go to a bank and apply for a car loan. I tell all my friends in college that it is better to get something cheap that gets you around instead of keeping up with the jones because keeping up gets to expensive.
Student loans are not based just on the cost of tuition. The amount you can get for financial aid is based upon your cost of education, which is determined by your tuition, books, transportation, living expenses, child care, etc. All of those factors are accounted for when they determine financial need. For example, I go to a state university where tuition is only about $1800 per semester, but my cost of education is determined to be close to $20,000 a year. Subsidized loans are based upon that determination; unsubsidized loans are not, so you can still receive an unsubsidized loan even if you are ineligible for a subsidized one. The total allowed in loans per year, for the sum of both subsidized and unsubsidized, is determined by the government and is based upon your class rank. For a junior or senior, the maximum amount for federal student loans per year, no matter what school you go to and no matter what your cost of education, is $10,500. For sophmores or freshmen the allowable amount is less. The way those payments are dispersed slightly varies from school to school, but generally they are sent out at the beginning of each semester, so if you were approved for $10,500 you'd get $5250 each semester. You have to apply for financial aid to be eligible for federal student loans, or for Perkins loans (which are harder to get). If you haven't already applied for financial aid by filling out the FASFA, you may have difficulty because it's getting pretty late to be trying for aid for the fall semester. But...check with your school's financial aid department. They can help you with all that.
Thanks for all your input. I have been looking and think I may have found a used car. I was just getting nervous trying to get everything done in sync so I wouldn't miss any school.
To JenRn2B, I live in central LA. About 15 miles outside of Alexandria. I go to LSU at Alexandria and wish the bus came out where I live (the sticks!). Good luck in New Orleans.
CRNA is absolutely correct. I checked the website for the student loan guidelines, and this is what it says:
If you're an independent undergraduate student or a dependent student whose parents are unable to get a PLUS Loan, you can borrow up to $10,500 a year if you've completed two years of study and the remainder of your program is at least a full academic year (only $5,500 of this amount may be in subsidized loans) I got this from the fafsa.ed.gov website, the link is here:
Student Guide 2001-2002 Direct and FFEL loans
Of course, you must fill out the fafsa. Good luck!
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