Finance Question

[yankeern]

I program starts Jan. 2013 so I have a little time. I will be moving and unfortonatly due to the housing market will not be able to sell my condo. Will it be hard to get enough financial aid and loans to cover both my mortgage (will try and rent but will not be able to cover all of the mortgage) and rent?

[NatSRNA]

From what I have seen having just gotten my financial aid package is that the school will determine an estimated cost of living expenses that you can apply for a loan to cover. At my school it adds up housing and other living expenses to about $1700/month. However, depending on the cost of your tuition, you may exceed Stafford Loan limits and need a grad plus loan to get the full amount of the financial aid package. Grad plus loans are credit based so you may need a cosigner if your credit is not good. If all that money still won't cover it then you can apply for private student loans through banks, but these are notoriously hard to get these days. More than likely, the school will NOT take into consideration that you have to pay a mortgage and rent at the same time. Most of the exceptions that they make to increase cost of living expenses are related to things like the estimated cost of childcare. For more specific information though, talk to the school's financial aid office. They can give you the most realistic expectation of how much federal loans you can get.

[james123]

Ok, I can help you here a pretty good bit. The number one piece of advice I can give you is punch in "student loans" into key words and it will take you to threads where this topic has exhaustedly been covered. However, I am a super cool guy...step
2. Do your FASFA. Nothing can go forward until done. Takes schools a few weeks to process
3. Some schools act like gate keepers, meaning they will not open the gates to the money if you don't know what to ask. Private schools generally are very helpful but state run schools generally don't
4. From the sound of things you will need Grad Plus, absolutely. Be careful what private loans you pursue and DON'T take them if they affect your grad plus
5. Itemized bills (something like that). The school will give you and everyone else the same amount of money. How to get more? Ask to start the paperwork to itemize your personal bills. They will tell you what you can and can't include
6. Wells Fargo. The only bank that loans students money for school outsode of personal generalized loans. $25,000 a year max and you will need a cosigner. Expect interest to be around 12%
7. Finally, it is a learning curve. You are not going to know all the loops and tricks until you start

Good luck

[premaseeker]

From what I have seen having just gotten my financial aid package is that the school will determine an estimated cost of living expenses that you can apply for a loan to cover. At my school it adds up housing and other living expenses to about $1700/month. However, depending on the cost of your tuition, you may exceed Stafford Loan limits and need a grad plus loan to get the full amount of the financial aid package. Grad plus loans are credit based so you may need a cosigner if your credit is not good. If all that money still won't cover it then you can apply for private student loans through banks, but these are notoriously hard to get these days. More than likely, the school will NOT take into consideration that you have to pay a mortgage and rent at the same time. Most of the exceptions that they make to increase cost of living expenses are related to things like the estimated cost of childcare. For more specific information though, talk to the school's financial aid office. They can give you the most realistic expectation of how much federal loans you can get.

She is correct. I'm was in the same situation as you - own a condo and am renting it while I am in school in another state. My mortgage is cheap and my family is very supportive of simple living, so we haven't had any $ issues thus far, 14 months left! Point is, it is possible but you might have to only eat every other day :)

[NatSRNA]

She is correct. I'm was in the same situation as you - own a condo and am renting it while I am in school in another state. My mortgage is cheap and my family is very supportive of simple living, so we haven't had any $ issues thus far, 14 months left! Point is, it is possible but you might have to only eat every other day :)

I recommend instead eating half as much each day. It's a good weight loss plan and slightly more tolerable.