Student loans for more than cost of attendance

Medi-Kate · Sep 27, 2009

Make sure you are getting the maximum in subsidized and unsubsidized Stafford loans. Also, you can apply for what's called a PLUS loan to make those extra expenses. PLUS loans, however, require a credit check and the interest rates are based on that instead of being determined by the federal govt. Good luck!

CyclicalEvents · Sep 27, 2009

Make sure you are getting the maximum in subsidized and unsubsidized Stafford loans. Also, you can apply for what's called a PLUS loan to make those extra expenses. PLUS loans, however, require a credit check and the interest rates are based on that instead of being determined by the federal govt. Good luck!

The interest rate on new PLUS Loans first disbursed after July 1, 2006 is a fixed rate of 8.5% in the FFEL program and 7.9% in the Direct Loan program.

Medi-Kate · Sep 27, 2009

The financial aid office at your school should have information about all your options.

emmasma · Sep 27, 2009

Yes I have looked into all these loans, but they all say that you can not borrow past the schools "total cost of attendance". How I understand it I would not be able to get more than the $12,000 total no mater where I get the loans.

I only talked to the one lady on the phone who seemed confused so I think I will speak to them in person next week when I am there taking my HESI.

I was just wondering if anyone had had experience with this.

markuskristian · Sep 27, 2009

If you wind up taking out 3rd party loans like SallieMae in addition to the federal loans then yes. I'm doing it to help me be able to live in this city and attend college.

NerdyNurse2012 · Sep 30, 2009

If you wind up taking out 3rd party loans like SallieMae in addition to the federal loans then yes. I'm doing it to help me be able to live in this city and attend college.

Sallie Mae as well as most other private loan companies have also stopped doing loans that go above the cost of attendance. I've been researching this too because I will be a second degree student and I'll be leaving a full time job to go back to school.

futurernfarmer · Oct 1, 2009

The financial aid office at your school should have information about all your options.

In an ideal world, yes. :chuckle At least at the community college I go to, CCAC, the staff is woefully uninformative and sometimes downright rude. I lucked out in that my mom works for Pitt (University of Pittsburgh) in the office of admissions and financial aid, so she got someone to talk with me a little, but even that was only helpful for what transfers. Everything you need to know can be found online. That's my motto. I don't believe what any staff person says unless I see it in writing. I've been led astray many times otherwise. If you're looking for money for full time school, you should look into Job Corps, Careerlink (in PA, I don't know what the equivalents are in other states), and welfare programs since you have kids. In PA, there are state programs to help with home heating, food, child care and health, housing, and job placement among others. Look at your state's website, financial aid websites, and ask around!

Hoping2BeStudent2010 · Oct 3, 2009

I was able to get the maximum pell and maximum stafford loans (5300 roughly for the pell and 9500 for the stafford loans). It may sound like alot, but that's for the whole year and is my only source of income so it's definitely hard to make it stretch! I would advise that you get the most that you can, and if it wont be enough, maybe get a roomate or see about getting a private loan or maybe work-study at the school, or some other part time job. Also apply for any grants that you can! Good luck!

ccbloom · Oct 7, 2009

I'm replying to this thread so I can see all the replies. I'm a second degree student and will be leaving a FT job also, with a house and family on top of it all who depend on my income. I have no idea how the heck we're gonna do it!

UVA Grad Nursing · Oct 8, 2009

Financial aid using state or federal government sources (including Stafford loans and other federal forms of loans) use two primary figures - the Expected Family Contribution (or EFC, that comes from the FAFSA) and the Total Cost of Attendance (TCA) (tuition, books, room/board). All students in a specific program at a college have a similar TCA figure. For public institutions, there would be different TCA for in-state students vs. out-of-state students. Similarly, students in a BSN program would have a different TCA than would students in a law program at the same university.

To use basic math: TCA - EFC = amount of aid that you are eligible for. You cannot receive more federal/state aid than is the TCA. Private loans or are different -- you can take out additional private loans that are more than the TCA.

allybear · Oct 8, 2009

This is the sequence I took in getting money for college:

First of all, try and apply for all of the scholarships you can through the school.

Also, fill out the FAFSA to see if you qualify for grants/federal loans/etc. Don't accept loans until you know that you cannot receive any more scholarship money or grant money. The federal loans will have lower interest rates and some of them are even fixed. AFTER you are sure you cannot receive money from scholarships or federal aid, apply for a private loan. In my case, the scholarships, grants, and federal loans have never covered my full cost of tuition, so I've had to do private loans. But I also go to a private school.

You can borrow somewhat more than what your school will cost (for books and things like that) but I wouldn't borrow very much more! For me, on my school's website it estimates that tuition + room & board & other fees is about 21,000 :cry: . I usually end up needing to take out 8000 in private loans, and I add about 1000 for books. I've never had any problems getting a loan, and the money I don't spend is left in my student account for future semesters! I hope this helps!