Loans....HELP!

[xMerryx]

Ok, I tried to look for a thread with this topic but it didn't help...
I'm really really confused about loans...
I'll need loans to cover tuition and living expenses (I plan to rent offcampus). I did a little research and the subsidized loans' limits per year won't cover both, I really don't want to get Unsubsidized loans and I read that private loans should be use for educational purposes only, so I think I can't use it for living expenses? And also, I thought federal loans will be disbursed to the university so it will be solely for tuition purposes. Is that right? (I receive financial aid for undergrad and that's the way it works). Sorry, I'm so confused, but I don't have anyone to ask these kind of questions

Also, is it true I need a letter from the university besides the aplication to the FASFA? This requirement confuses me because I haven't decided on where I'm going yet (I still need to go to an interview actually)

Maybe I need to keep searching but any help will be greatly appreciated!!!!!!!!!

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[xMerryx]

?

 

[jbizzle]

derr.....i need a loan too to cover my tuition and housing. But I haven't even read about it yet since I haven't gotten accepted to a single school. Where is your interview at xMerryx? Im trying to stay in Florida so tuition would be a lil' lower.

 

[xMerryx]

St Augustine on 2/21

 

[PTapp]

Ok, I tried to look for a thread with this topic but it didn't help...
I'm really really confused about loans...
I'll need loans to cover tuition and living expenses (I plan to rent offcampus). I did a little research and the subsidized loans' limits per year won't cover both, I really don't want to get Unsubsidized loans and I read that private loans should be use for educational purposes only, so I think I can't use it for living expenses? And also, I thought federal loans will be disbursed to the university so it will be solely for tuition purposes. Is that right? (I receive financial aid for undergrad and that's the way it works). Sorry, I'm so confused, but I don't have anyone to ask these kind of questions

Also, is it true I need a letter from the university besides the aplication to the FASFA? This requirement confuses me because I haven't decided on where I'm going yet (I still need to go to an interview actually)

Maybe I need to keep searching but any help will be greatly appreciated!!!!!!!!!

Unsubsidized federal loans are still better than private loans. And yes they should be used for educational purposes but in the end, if you have a credit balance at your school, they will send you a refund check and it becomes your money and you can do whatever you want with it. They won't track you down.

I am not sure what type of letter you are looking for, but filling out FAFSA should be enough for all the federal loans.

 

[xMerryx]

Thanks ptapp

 

[xMerryx]

Another question regarding Loans. I understand that tutition would be paid by loans (If I have one) and I can use the difference amount for other expenses. But this is after (usually) the add/drop period has passed (at least that's the case for undergrad) How do I cover expenses, then, at the beginning of the semester? (rent, books, etc, other living expenses)

 

[callmecrazy]

Another question regarding Loans. I understand that tutition would be paid by loans (If I have one) and I can use the difference amount for other expenses. But this is after (usually) the add/drop period has passed (at least that's the case for undergrad) How do I cover expenses, then, at the beginning of the semester? (rent, books, etc, other living expenses)

Why wouldn't you be working for that money? I'm certain I'm coming from a different perspective than most as I'm not going into DPT school straight from undergrad, but relying 100% on loans probably isn't the greatest idea either. Even if you don't want to work while you're in grad school, you can work until you start and save every penny you can until then. That should cover your expenses to start out at the very least.

 

[xMerryx]

Well, of course, I'm working right now and I planned to work on the summer but I have expenses now too so I'm not very confident in the amount of money I can save.

 

[myr11]

Why wouldn't you be working for that money? I'm certain I'm coming from a different perspective than most as I'm not going into DPT school straight from undergrad, but relying 100% on loans probably isn't the greatest idea either. Even if you don't want to work while you're in grad school, you can work until you start and save every penny you can until then. That should cover your expenses to start out at the very least.

it must be nice to be able to save every penny now! also most DPT programs make it very difficult to really make any sustainable income but of course working any bit will help with everyday expenses..

 

[callmecrazy]

it must be nice to be able to save every penny now!

Hah, yes, this is why I said every penny you CAN, not every penny you MAKE. I am well past my 6 month grace period on undergrad loans, I haven't taken a penny from my parents in 5 years, and I signed mortgage papers last week; I am certainly not able to save every penny now! I also plan on keeping my current job through PT school though; I've planned for it.

As for saving now though, even $25 or so a week is going to give you a few hundred to work with when school starts.

 

[lirpa]

what job do you have?..and when do you plan on working?..or maybe i should ask if your going to be in a flex or part time dpt program??..because most full time programs say you can not work and succeed in the program..you have class monday through friday 9-530??..32 hours of lecture and of course god knows how many hours of homework??..i mean dont get me wrong im crazy and am a server and planning on trying to work sat on sunday but from what everyone has told me already in school that wont last long you need the time to sleep and study??..as for paying a mortgage while in a dpt program full time..impossible!!!..loans are needed im fighting with the banks now st augustine will not have fasfa untill fall and i am starting in may..but for merry the fasfa amount is for 20500$..you request how much you want and as long as you didnt make a crap load of money last year you will get as much as you apply for.. there is no set rule on what you have to spend it on..the money goes to the school depending on how early you appy for the loan and the balance left over goes immediatley to you by mail..as for a private loan..you can ask for how much ever you want as long as you qualify or have a cosigner and as of right now EVERYONE needs a cosigner..no matter how great your credit!

 

[callmecrazy]

what job do you have?..and when do you plan on working?..or maybe i should ask if your going to be in a flex or part time dpt program??..because most full time programs say you can not work and succeed in the program..you have class monday through friday 9-530??..32 hours of lecture and of course god knows how many hours of homework??[...] as for paying a mortgage while in a dpt program full time..impossible!!! [...] as for a private loan..you can ask for how much ever you want as long as you qualify or have a cosigner and as of right now EVERYONE needs a cosigner..no matter how great your credit!

I can only assume this was in response to me. I actually work two jobs; I work full time in a medical research lab, and I run my own jewelry business on the nights and weekends. When I start school, the research job will become flexible to what I can/want to work, and I'll squeeze in the jewelry thing when I can. I will be in a full-time program, and I've already discussed this at length with both current students and professors. I'm more than confident that I have the ability to make it work, but I'll be sure to follow up here once I'm in the midst of it.

As for the mortgage, absolutely possible. Considering the low housing prices and current mortgage rates, if you can afford rent, you can probably afford a mortgage. I do have a husband so there are two incomes there, but he will also be starting grad school. We've sat down and budgeted at length though, and there are no foreseeable issues.

Though the cosigner mention would be of no issue to me because I have a spouse, I find it hard to believe that your finite statement is true. For someone straight out of school that doesn't have a solid working record, then yes, they will need a cosigner. However, a person with a work record greater than 2 years and an excellent, established credit rating is still in a position to borrow without a cosigner.

 

[xMerryx]

well, in my case I work in an office. Theyr're really flexible with me but still is a 9-5 job. I plan to keep this job and get a second job in the summer because right now I have no way to save money. What I earn pays my current living expenses and that's it. But still, I'm not sure I can get a job in the summer (not becaus eof time but because of job "availability"....any suggestions? (I live in Miami)

 

[lirpa]

see you guys most be in a much cheaper area..i live in san diego average rent of a room is 700$ here..mortgage 1400-2000 for a small place!..have been working for 10 years supporting myself all through undergrad have never been late once on one payment have absolutley flawless credit with a 740 fico..and was still denied due to the recession again..EVERYONE needs a cosigner that is independent, this is also of course depending on your school and if they have their own lender.....i am single and have no second income so it is of course more difficult..so best of luck to you..just make sure you do your research if you have not already started applying or know what your schedule is dont b suprised when it does not work as you have planned, of course we may be comparing apples to oranges because i dont now what program you are going into, but as for st augustines full time dpt program any office job unless sat and sunday is absolutely impossible!!!..also.i have been fighting with the bank for a month now and am not sure if i wil have the money by may 7th..

as for mery i have no ideas for florida but i do know it is cheaper there and i feel you on the job availability..i rent a room in a house which is very common here and makes things much cheaper?..also if you are in a position like me maybe a weekend serving or hosting job can help with money during school in the begining!..good luck

 

[jbizzle]

If I ever get into PT school I will be working on Sunday or Saturday (only 1 of those days) for gas, groceries and cell phone. Rent and Tuition should be paid through loans. Come to think about it, I dont know how one day can help much.

Hey lirpa..you said your single??? Hahaha..im a complete nerd, with no social life!

 

[callmecrazy]

see you guys most be in a much cheaper area..i live in san diego average rent of a room is 700$ here..mortgage 1400-2000 for a small place!..

I think we were just looking at things a little differently. Of course a room is going to be cheaper (not cheap, but cheaper than having your own place). That's definitely the way to go if you're unmarried and just trying to get through school. When I said rent is equal to a mortgage, I only meant if you were comparing apples to apples. Two comparable houses/apartments/etc will rent or yield a mortgage payment of roughly the same amount, at least in this area.

And on that note... maybe I should rent out our extra bedroom to a poor DPT student, hah.