3 Comments

1. spalmer says:
   May 13, 2010 at 7:09 am

   You cannot receive financial aid over the cost of attendance at the school. While most school’s include living expenses… $8,000 is pushing it. Plus, the interest rate for a federal student loan is 5.6% (subsidized) or 6.8% (unsubsidized). The loan money would be sent to your school to pay the fees, tuition, books, etc. You would then get a refund after everything is paid ~2-4 weeks after the semester starts.

   As for a private loan, you will probably need a cosigner with excellent credit and a good debt-to-income ratio. The money again, will be sent to the school first.

   It’s stupid to use a student loan to pay off your car. A car note can always be dismissed in bankruptcy if you find you can no longer afford it — student loans cannot. In addition, you don’t want to be paying for this car for the next 20 years or more (which some students do with student loans). Plus, as long as you keep making on-time payments for your car… you’re building up your credit score. Instead of taking out $8,000, why not take out enough to cover 4 or 5 month’s of payments each semester — and then continue paying the bill on a monthly basis. They won’t monitor what you spend your money on, but it’s legally required to be used for educational costs (which a car can be for traveling to and from school). The maximum loan you can receive will depend on your school’s cost of attendance, minus any other financial aid received, and minus anything you’ve paid in cash (cost of attendance amount is generally located on the school’s website). The maximum federal loans you can receive as a dependent student depend on your year in school: freshman can borrow up to $5,500/year; sophomore can borrow up to $6,500/year; and a junior/senior can borrow up to $7,500/year.
2. Joel Keneth says:
   May 13, 2010 at 7:43 am

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3. Niki says:
   May 13, 2010 at 8:39 am

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   Many Banks, financial institutions, online lenders etc are ready to offer the loans for students. But students considering their precious time and finds easy to via online as it provides easy access than other source. There are a large number of requirements other than college or course fees.

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