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What did you do?

i searched the sticky and asked a ? and got no responses! hoping to figure some things out...i see that pretty much everyone gets approved for the federal loan for 18,500 per year. as far as private loans, is it the goal to take out all the money you will need for the 2-2.5 years of school in the beginning while you are still working to avoid having to apply for more money in the middle of your program and possibly require a cosigner???? i am confused when people say they were approved for xdollars per year. does that mean you will get a check for each year that you are in the program for whatever amount you were approved for? looking for some clarification on loans! thanks!

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Hi Jen,

My impression is that most people will get the federal loan each year ($20,500 per year for Stafford). It doesn't matter if you're not working for those loans.

I think most people who get private loans do try to get one loan for the entire amount they will need in excess of the federal loans. Many have said that it gets much harder to get that money once you have quit your job.

I'm taking the Stafford and maybe the grad plus I was offered, but am contemplating doing a home equity loan or line of credit primarily because of the tax savings.

Hope this helps.

Hillary

I believe that you will only get approved for a certain amount above the cost of your tuition to cover books, etc... The 18,500 is the max amount that you can take out in federal loans to cover tuition. If you need over and above that amount it will have to come from private loans.

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