Student Loan advice

[friday]

With 2 more semesters of school left, but no more HOPE credits remaining I think it's time to get a student loan, but I have some questions.

What are the best options for getting student loans?

How long does the process of getting the loan take?

How do I use the funds? Am I given just given the loan and use it or do I have to submit a tuition statement to my loan provider and they take care of it?

I have never had a loan or credit card so I am venturing out into unknown waters here.

[mgeoffriau]

Well, the best bet is to go talk to your financial aid advisor at the school. You'll fill out a FAFSA and then they determine what aid you are eligible for, as well as what loans you can take out.

[lazybones]

Yes start by talking to financial aid at your school. They'll direct you to the steps to take. Make sure you fill out your FAFSA form too. And whenever your aid goes through, the school will take out everything from the check that was required for tuition + fees, etc., then you'll get a leftover check. People think it's smart to go ahead and start paying off your loan with the check you get, but DON'T. Interest starts accumulating as soon as you make a payment. So if you do want to be "smart," just put that money in savings towards paying off your loan. Otherwise, give your car some maintenance you can't afford on a bi-weekly paycheck or something.

[nickt93]

Don't be afraid to take out loans. An education is the best investment you'll ever make. I'm still paying off grad school - it's the easiest check I write every month. Comcast, on the other hand, those guys get $130 a month from me for what?!? I don't ever watch TV!

[friday]

Thanks, I will start reading about the FAFSA tonight. I can claim as an independent so I should have no problem covering the rest of my tuition.

[91LudeSiT]

Depending on your income you should be able to get some grants, but loans are just as easy. It only takes a short bit to get them setup and disbursed.

[MoD_Scotty]

Grants and loans FTW. The interest rates are reasonable, they're really flexible if you need a forbearance later on (if for some reason you can't make the payment, they'll let you basically just take the months you can't pay and tack them on to the end of the loan).

Plus, if for some reason you can't get a job after college and decide to join the military, most branches will pay off your student loans as part of your enlistment package.

[friday]

Just completed my fasfa. Kinda annoying that for some reason it wont let me claim being an independent even though I am no longer claimed.

[Dr.Drew]

Yeah, do the Stafford loans (which you get through your school by filling out the Fafsa). If you can only take out the subsidized loans that was you won't have to pay interest. I've had to take em out a few times.

How old are you? You can't claim independent till 24. It sucks too because it cuts into your EFC big time. Also it prevents a lot of people from getting PELL (woot free money!).

My biggest advice is to avoid private loans. I took out a small one and I have several friends with $35K+ in private loans and those guys are ruthless. They sent one guy to collections after only missing one payment. They also won't do deferment. With your Stafford loans if you hit hard times you can request a deferment to stop paying for a little bit. With private loans they inform you that you can go **** yourself.

[iamdallas]

Just completed my fasfa. Kinda annoying that for some reason it wont let me claim being an independent even though I am no longer claimed.

Then something is messed up somewhere. Go back and recheck.

Do a subsidized loan. There are no payments or interest until 6 months after you graduate. If you can pay it off in time you will not have lost any money.



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[friday]

I am now waiting for my school to get back to me. Hopefully by next week sometime I will know. At this point I would really like to get enough to cover this semester and about 600-700 left over for a computer. Hopefully the Stafford comes through for me.

On the claiming independent issue, The first question they as when figuring out your status is if you were born before Jan 1st 1988. I am feb 1988 so that screws me over.

[Otto]

independent status is done off of age unless you claim legally that you are emancipated from your parents. my old college roomate did that and went from the standard stafford loans to being able to pay for everything straight from completely free grants

[oldgrayfrog]

Avoid private loans, the interest is scary high, and they will harass you before you even graduate. Do apply for as many Pell Grant or any other kind of grants you can find. Goverment Stafford loans are the best, they don't ever go away, you can be in prison and that ***** won't die, no bancrupcy, the Fed will get theirs, chuckle...but the interest is dirt cheap, there is no harassment, and you can pay from graduation until you start getting Social Security checks. I congratulate you for getting all this way, and this being your first loan. My better half, Amy works with an office full of Lawyers with combined student loans undergrad and law school, of over $200k, who are married to other lawyers with similar debt. They are paying off a nice home in Alpharetta each month that they don't ever get to live in. Thankfully Amy was smart in a lot of ways and never had to take any loans. Thank God!

[iamdallas]

I thought I was considered independent... I guess not. Hmmmm