Anybody know a thing or two about student loans?

Discussion in 'The Brothel' started by UrbanRedneck, Sep 22, 2005.


  1. UrbanRedneck

    UrbanRedneck
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    I discovered that there's no way in hell I can pay for school, so I need to go tomarrow and look into loans. There's a few things I'm wondering that maybe someone here has some more info about.



    I can get a loan that will pay my tuition and books for the semester, and not pay it untill after I graduate right? Do I have to get a new loan every semester, or does it like give me the same money every time or something? My friend told me that I can go and get a loan now, and that I should get enough money for next semester too so that I don't have to do it again for a while, then next year just apply for another one for that semmester. Is this how it works?



    I also heard that I can get more money than I need, like tell them that I need to pay rent or gas or pay my parents back or something. So tell me if this sounds right. I owe them about $2100 right now for the rest of this semester, and next semester I estimate I will need 2500 + mabe 400 for books, so 2900. If possible, I'd like to get like 2500 or 3000 extra to take care of some {expletive} I'd like to get out of the way (I won't lie to you, I need to finish a few things on the Dodge and pay some other stuff). So would I go there and try and get a loan for $7500? Then pay the school their 2100, keep the 2900 somewhere safe for next semmester, and do whatever I want with the other 2500? Or should I just get $4600 for the 2100 I owe this semmester and the extra 2500, then next semmester get a 2900 loan sepereate (2500 tuition + 400 books)?



    Can the loan amount be different every time, like if i did take 2500 extra this time (I'm just toying with this idea, if it can't be done I'll be fine just getting the school money ut of the way), next semmester (or year) I would just take what I need for school (Im not gonna get personal money after this first time), so could I take a smaller loan next time or would it have to be the same amount?



    Now, as I understand it, the loans are all added up and I have to start paying like 6 months after I graduate, but the interest rate and payments are extremely low also? What if I went to a different school next year, would I still have to pay them after I graduate, or when I transfer? What if I quit school to go to a school like UTI (mechanic school) or something, do I start paying them after I quit the university, or after I graduate the trade school?



    Thanks for any information.
     

  2. Philiagorillia

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    I took out a student loan once, but in order to keep it i had to keep a C or above average and i didnt have to pay it back till a few months after i was finished with college. It might vary with each school...
     

  3. steved

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    Yes, you can request varying amounts...lots of my friends did that to pay for apartments so they didn't have to live in the dorm. You specify the amount on the request...I think there is a limit (a percent more than the tuition).



    And you need to fill out the paper work every semester or year...grades don't matter. As long as you are in school and passing. Ask your school for the paperwork to get it started.



    Just remember, it is a loan, a low interest one, but still a loan...you will end up paying it all back plus interest. I took out about 25k and have been paying $200/month for the past 10 years. You can defer for 6 months to a year after you graduate.



    IMHO, start looking into grants...that is free money. Even if it is only a couple hundred dollars, it is better than you paying it.



    steved
     
  4. greenhornet1986

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    The only thing I can tell you is my buddy gets extra money every time, different amounts. He doesnt have to work so hard then, but still works about 25 hours a week or so. I've considered it, but dont feel like doing it right now.
     
  5. King Nothing

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    you can get loans to pay for your tuition and books, as well as cash on top of that to pay for other education related expenses (room/board/transportation). When you get your loans they are for a yaer, and you get half distributed per semester (at least thats how mine work). As far as interest rates, they arent really that low. some loans have the interest deferred until after you graduate, while others accrue interest while you are in school. youll probably have to get a combination of the two, at least I did
     
  6. UrbanRedneck

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    See that's what I'm afraid of. Some people say that the loan payments are really cheap. But I barely make enough money to get by now and I doubt I'll have a career right out of college, so $200 a month is a lot.. But if I can't get loans, I have to drop out of school within the next month.



    Steve, so what you are saying is that I'd get a loan right now for this year (boths emmesters) and I can take a certain amount extra (I don't know if that's a good idea or not, but it's tempting), then next year I apply for a new loan?
     
  7. UrbanRedneck

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    Well I googled the {expletive} outta student loans and got a good bit of information. I've decided that I am only going to borrow the amount that I need to pay for tuition and books, I'd rather not worry about paying back money for stuff I don't need. From what I gather, government loans are the way to go (lowest interest and most lenient on repayment ptions). Looks like you have 10 years to pay it back, and may or may not have to pay interest while in school..



    Tomarrow I'll talk to the people in the financial aide office, maybe they can point me in the right direction. Then I'll look into it more online, and apply for something on monday.



    Hopefully over 10 years the payments will be low enough (and I'll have a real job by then) that it won't be a problem... Now I'm just worried that if I don't like this school I'll be paying back loans for nothing. But I need to do SOMETHING with my life.



    Considering the facts that this year I am no longer a dependant of my parents, I have to pay for school by myself, and I made less money than last year (a lot less), should I at least have a hefty tax return to look foward to?
     
  8. chicnbronco

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    If you haven't already, you might try looking into scholarships. They have scholarships for everything. They even have one just for being left-handed.
     
  9. BigRed01

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    I may be wrong and people please correct me if i am (as I know you all will) but i think the gov't loans are referring to loans for military vets and the Montgomery GI Bill. Again I may be wrong. Look into the grants like stated before and scholarships. Most are really easy to get with the right paperwork and you can keep applying throughout the semester until you get them. hell if nothing else join the reserves or national guard and get 100% tuition paid. Give up 1 weekend a month and 2 weeks a year for 2-4 years and get a degree and possibly a career in the process, not to mention getting a paycheck. Just an option to think about .
     
  10. BKAST

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    After I got cutoff from the parents I had to pay for my final semester at Auburn, needed about 7 grand to finish up took out 5500 from FAFSA very low rate and then got a wells fargo loan for another 5000.... allowed me to focus on my schoolwork and graduation instead of hvaing to work so much. One of the best things I have done. You can defer payments sometimes up to one year usually 6 months though after graduation, and consolidate your loans if you qualifyto around 2 or so percent, which is a very good rate. The thing is people take out tens of thousands of dollars for school, and it helps build your credit once you start making payments( by the way the minimum payment is usually only 50$ or so) which is good. So look into grants scholarships and then decent loans from your Financial aid office at your school, or even your local bank. Its not a negative thing to be in debt because of school, it shows character.



    Brett
     
  11. UrbanRedneck

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    BigRed, the government loans I wa stalking about are totally seperate from the military stuff. I thought about joining the reserves, but I don't want to because if I joined the Army I'd want to be infantry at the very least, and the reserves has no core combat MOSs that Iknow of.



    I went to the financial aid office today, and the ill-tempered old woman there provided pretty much no information at all. She simply said that I have to apply for financial aid by submitting a FASFA form, before I can apply for ANY loans (not just gorernment loans), and that it takes a month for the form to go through... If she is right, and I cannot even apply for loans for a month, I'm screwed, because at least a grand is due by mid october.



    I'm gonna fill out that FASFA stuff online, and research it more, I don't completely believe her that I cannot even apply for loans from a bank without submitting for financial aid. I know for a fact I cannot get financial aid either, because my mom makes over $60k a year, which is BS because even though that's a lot of money to me, she cannot even pretend to be able to afford to send me to school, but I guess the government sees ifferently.
     
  12. scoot

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    Have your folks empty their bank acounts thats what my aunt did for my cousin. She had 16gs saved for a new truck and said this is my truck money lol
     
  13. greenhornet1986

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    Urban, I had to fill out one of those FASFA forms too, and couldnt get anything but a couple of loans, because they claimed my parents made too much money, which to me is bullcrap. But, my dad's life insurance money(died when I was younger) goes to pay off my schooling, which is real nice.



    Fill out one anyways, and maybe somebody on here may know something to help you out.
     
  14. UrbanRedneck

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    Scoot, my parents bank acounts are empty, they spend all their money on bills and stuff.



    Yeah I doubt I will be able to get much once I fill this form out, my mom makes like 60k a year and my dad makes I think 30, but they cant even begin to afford to pay for school (but the government probably thinks they have all the money in the world). We shall see.
     
  15. PunisheR

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    urban, I am in your same position, I am going to have to take out a student loan soon, I want to move out of my parents house, and into an apartment, good news is I will have a roommate, and ill be splitting the rent. about $300 a month with utils, Plus I make about $275 a week working 25 hours (550.00 check, 1100 p/m), im hoping that I can pay off my credit card bills with the student loan, which is about $2500.00 bucks, and then that will free up 200.00 a month for my credit card bills, thus eliminating 98% of my issues.



    Now

    1150.00 month clear (Added a bit extra for tips)

    275.00 car payment

    200.00 credit card (which is technically my insurance)

    200.00 fuel

    40.00 cell

    ----------------

    $435.00 left per month for expenses.



    ***without credit card debt....



    $635.00 a month





    ***with rent



    $335.00 a month for expenses



    My payment is a burden, on the car (jetta) I might get something older in the lines of a nissan 240sx, or something) and lower my payments to around 125-150 per month. Hell I dont know, I think im fine with what I got. And I can always work a few more hours, they will give them to me.



    Another thing I was thinking about was taking a larger student loan and using it as a$$ist money for my rent, like say 100.00 a month for 12 months to help out my expenses, and what not. My tuition is paid for, no problems there, covered by work, and the little that is left over by me and my father. My roommate and I will be buying food together, so that will definetly help there. Lemme know what you do, im intersted to see what happens. -Jordan