Better to borrow more for Financial Aid?

[Flipballin80]

Is it better to borrow all the money I will need for the next two years of school or should I just borrow what I need for this year and apply again next year? What have you all done and what works?

I know that if I borrow everything now, I will be incurring interest on the loans, but at least I will have the money secured. I was planning on borrowing as much now and stashing it in a high interest savings account.

Any thoughts?

[MmacFN]

Well

The FASFA and grad plus you are guaranteed. HOWEVER, you may or may NOT be able to get money from sallie mae and the like once you have a tax return which shows a ZERO income.

Now you wife can cosign and that will solve it.

The benefit of waiting is getting dinged less interest.

[RAYMAN]

Stafford and gradplus are only awarded annually. The others...I got them up front and am glad.

[beekahx4]

With my program I won't be able to take out any money my 2nd year b/c we spend the whole time in residency. Thus the gov't doesn't think that we are students and won't give us any money after we finish our 1st yr of didactic. I have taken out everything that I could.

[RAYMAN]

Really? Those hours spent in servitude don't count for credit?

[beekahx4]

Really? Those hours spent in servitude don't count for credit?

Yaaarrrrr, The only plus is that my program pays for full health insurance from the start of the program, and once residency starts, we receive a $100 stipend each week. plus tuition isn't crazy high like some other places. i think in total I will be able to take out around 62k. I have to make that money count cuz I have depleted my personal savings spending it where it counted...SNOWBOARDING!

[Flipballin80]

So I guess I should look for private loans also. I spoke with the financial aid office for my school and they said my aid package will be readjusted for my program's specifics, ie award more money. Should I try to secure some private loans now or wait until I secure my financial aid and grad plus loan?


Well

The FASFA and grad plus you are guaranteed. HOWEVER, you may or may NOT be able to get money from sallie mae and the like once you have a tax return which shows a ZERO income.

Now you wife can cosign and that will solve it.

The benefit of waiting is getting dinged less interest.

[Melanie]

The private loans are quick- no need to rush and start accruing interest. All they needed was a copy of a paystub so I applied right before starting school and quitting that job. I did my stafford and grad plus through a big bank with a good website- took all my stafford and 2/3 of the Grad Plus then went online and took the remaining Grad Plus when I needed it (has to be in that same academic year) and saved a little in interest. Remember that Stafford and Grad plus have guaranteed interest rates, those private loans are often variable interest rates. Someone's gonna have to pay for what those banks are losing in the housing market/foreclosures.
Good Luck and don't even open those interest statements when they come in the mail.

[Flipballin80]

Good Luck and don't even open those interest statements when they come in the mail.

Good to know! I prolly will plan out about how much I need to borrow for tuition/mortgage/gas/food and take it from there.

Thanks Melanie!!

[lkpippins]

When you apply for FASA and the nursing student secured and unsecured loans for graduate scchool you get $20,500 per school year it would be fair to say that it is garunteed. So for the Kaiser student then it would be totally affordable concering your cost I believe (based on thier latest expected cost info). I attended a graduate school seminar from Hawaii Pacific University and there was one student who is completing her second degree in Community nursing as a clinical specialist and educator track she mentioned that there would be no problem getting aid but aside from the Kaiser program Fasa would either cover or partially cover some of these school tuition costs only. One CRNA told me that I would find a way to pay for school. Hey if it I can attend Columbia then it would be easy as I will just live with my family back home. Anyway I think for attending the Kaiser program Fasa will cover your cost pretty well. BTW I can say for a certainty that the amount is set as that is what I am getting for my MSN program now.

[Flipballin80]

Cool Cool. I am not too concerned about my tuition as much as I am with my mortgage. Unfortunately, I cannot sell my house in this market. I was just not sure if financial aide covered living expenses. I spoke with my financial aid office and they told me that my aid package gets adjusted for my specific program. So that means that I will get more than the average grad student at my university.

[DIGNOUT]

Cool Cool. I am not too concerned about my tuition as much as I am with my mortgage. Unfortunately, I cannot sell my house in this market. I was just not sure if financial aide covered living expenses. I spoke with my financial aid office and they told me that my aid package gets adjusted for my specific program. So that means that I will get more than the average grad student at my university.

Can you borrow against your equity?

[lkpippins]

Hey I think borrowing against the equity is a good idea cocnerning mortage and all. I have a townhouse here in Hawaii and I am hoping to as I have said on another post rent it out to travelers or Military via a rental agent. I don't think selling a house is the best move but, starting over after school may be a move I would have to make. Good thing if your married or am I wrong?

[Mophet]

Robert Jordan was the man. The Wheel of Time is the best series ever!

[Flipballin80]

pulling out on equity is not going to be an option cause the market is bad in orange county. I'm better off holding on to it and probably try to refi.

[DIGNOUT]

Refi is great... interest rates can usually smoke those found in private ed loans. They are, however, an option should you get desperate.

-Dig, a.k.a Desperate

[lkpippins]

Robert Jordan was the man. The Wheel of Time is the best series ever!
I know and I am waiting anxiously for the final book!