Serious question about student loans!

[ExplodingCake]

Why not try financial aid grants , just try at all. If you get approved they send you money based on the information entered regarging tax income and expenses. I applied 2 years ago , I was approved because I have low income. 1 month later, a check of $4,000 came in to my mail. It's yours and there are no rules, it's your money use it when and how you like it. Now I have a higher income than it was 2 years ago, hopefully I still get approved. Try it man, you got nothing to lose.

It isn't as easy as that.

1) Just because you needed a cosigner in the past, does not mean you will need one in the future. All incoming freshman are required to have one, regardless of credit. It is because the drop out rate of freshmen is very high.

2) If it is an educational loan, the school must certify the amount you are allowed to borrow. If the school does not certify it, you will not get it.

3) In order to qualify you typically have to be enrolled at least half time, which in most schools is 6 credits. If you are not enrolled full time, the amount the school is allowed to certify you for is less. That includes half time enrollment.

4) The amount the school can certify you for is based on the cost of attendence and any other related expenses, such as cost of living or housing allowance. The amount certified typically gives you just enough money to exist, and not much else.

You can spend that money on other related living expenses, but you will probably end up short by that amount in your budget.

It honestly, isn't the wisest move.

Exactly. Very well said.

[owequitit]

Why not try financial aid grants , just try at all. If you get approved they send you money based on the information entered regarging tax income and expenses. I applied 2 years ago , I was approved because I have low income. 1 month later, a check of $4,000 came in to my mail. It's yours and there are no rules, it's your money use it when and how you like it. Now I have a higher income than it was 2 years ago, hopefully I still get approved. Try it man, you got nothing to lose.





Exactly. Very well said.

The same terms and conditions apply to grants. The school has to verify enrollment.

And, whatever money you get in grant money is removed from the amount you can borrow through loans. So whatever the total was that the school could certify your loans for is now Total-grant amount= new amount school can certify for. Grants are always better than loans, but the system is designed to prevent abuse. It is supposed to guarantee access to education for people who couldn't afford it otherwise. It is not designed to buy you a new car under favorable terms.

[TheNextAZN]

The same terms and conditions apply to grants. The school has to verify enrollment.

And, whatever money you get in grant money is removed from the amount you can borrow through loans. So whatever the total was that the school could certify your loans for is now Total-grant amount= new amount school can certify for. Grants are always better than loans, but the system is designed to prevent abuse. It is supposed to guarantee access to education for people who couldn't afford it otherwise. It is not designed to buy you a new car under favorable terms.

nicely said. lol but i have to admit i splurge for that 24pack of soda..when i shouldn't!! haha..

I've also heard(correct me if i'm wrong) that ur only allow 4 years of finacial aide?

[Bboy_Trevstuh]

But I need it I can't get to school my peeps work and my car is down!

[Djmoua]

just call the loan center...they'll tell ya what you need to know..if you dont get it..just keep asking...took me awhile to find out my needs Call them...they should be on your mailed letter they sent ya some time ago..idk

[owequitit]

nicely said. lol but i have to admit i splurge for that 24pack of soda..when i shouldn't!! haha..

I've also heard(correct me if i'm wrong) that ur only allow 4 years of finacial aide?

There is usually money built in to eat on, but it isn't much. The occasional 24 pack of soda isn't going to kill you. The occasional $4K car will.

There is usually a dollar amount limit to what you can borrow. Some programs (like med school, and the degree I got) typically take longer than 4 years, and they understand that. As long as the school is certifing your enrollment, and you haven't borrowed your limit, then it should be fine.

[Bboy_Trevstuh]

Cause see my school is 30k a year and Im going for 4 years so I figured it wouldn't hurt!

[owequitit]

Cause see my school is 30k a year and Im going for 4 years so I figured it wouldn't hurt!

It might if you need extra money at some point. Also, if you spend $4K on a car, how are you going to come up with the money you will be short for the semester/school year?

[Bboy_Trevstuh]

Work harder!

[owequitit]

Work harder!

Why don't you work harder to get the money for a car, and then you don't have to cut your future short if you are unable to work harder.

I highly doubt that your current car can't handle the rigors of school, and if it can't, then the other boosted option you are looking at isn't going to make the most sense, even if it is what you want. Of course living on campus can solve both issues.

[alb_accord]

sali may loans hmmmm think about the percentage you have to pay back. lol
that is a good place to take loans and specially loans that don't requiere school aproval.

bottom line is that
yes you can get $4000 in loans.
if you use it to buy a car...... you are a dummy.
if you use it for school, books, and other school related things then its a smart decision...

work hard and save hard. thats how you gonna get what you want.....

[Bboy_Trevstuh]

Ah it's all good I didn't call them I'm just gonna get a stock cb7 and have 2!