Loan Amount????

[jma06]

Hi Everyone,
I've been accepted to TCU, and will start in August. I am trying to figure how much money I need to get in loans. I know how much school will be, and even though they have offered, I don't want to have to depend on my parents. They do so much for us (siblings). I want to get enough money while I am working so that I don't have to get a cosigner later. I am not married and I am going to try to live in graduate housing (which my mother insists on paying for) If you don't mind me asking how much did you take out for school? I have never lived in Texas, so I don't know how expensive it is. Thanks for your help!!

[trp100329]

Congratulations on being accepted! Rayman had a great little chart about various options - hey, Ray, is that in the download section?

Anyway, if I remember where it is I'll post the link.

Terri

[darienblythe79]

Congrats, fellow Frog! It is hard to tell you exactly how much you should borrow as your financial responsibilities are different. I can tell you what I did. I got the Stafford through TCU so that you won't pay any fees. In addition I got the College Access Loan(for TX residents), and then to top off the tank I got a Sallie Mae Tuition Answer loan. That particular Sallie Mae loan (there are 2) is the loan that does not have to be certified by the school. It is an "outside the cost of education" loan, so you can borrow more than what TCU says you need to attend. Those together is enough for me throughout school. My suggestion to you is to fill up you fed loans first: Stafford then Grad PLus. Those will get you the lowest interest rates. Then go for your private.
As far as cost of living, Fort Worth is VERY affordable. It made the top ten in cost of living last year in the country. Grad housing is all bills paid, so a great deal. I have a dog or I would be there now. Gas is about $2.10/gal. Everything you need for shopping etc. is all very close by, so you won't be driving all over the world for the necessities. I am at a loss of what else to add, so feel free to PM if you have more questions. Again congratulations on your acceptance!:fest30: :fest30:

[etherdome]

Not trying to be a smarta$$ but this is the only answer to the question. ......
Make a realistic budget, stick to it, and that's how much you need. If you don't make it then it sounds like you have supportive parents for back up.
People in my class varied by as much as $50,000. It's all about the budget and the lifestyle you want to live.

[jma06]

Thanks for all the advice. I have been researching the loans, but I was trying to get an estimate. I guess mine will just depend on wether or not I sell my house or end up having to rent it. I saw a post where someone said they took 190,000. I don't want to take out too much and end up paying interest on money I don't need. Thank you so much for your help.

jma06