College Loans

[Gibson486]

My g/f is trying to find a college loan. However, every place she goes id cost of education minus finacial aid. That's all fine, but her parents want her to take out an extra $2,000 for food cash/book cash/spending money. You know any place that will let her take out teh extra amount?

 

[Modeps]

Originally posted by: Gibson486
My g/f is trying to find a college loan. However, every place she goes id cost of education minus finacial aid. That's all fine, but her parents want her to take out an extra $2,000 for food cash/book cash/spending money. You know any place that will let her take out teh extra amount?

Most colleges provide room and board... I believe that is covered.

 

[DT4K]

food and books, as well as a number of misc items are included in the schools Estimated Cost of Attendance, which is the number used to determine how much financial aid one is eligible for. You really shouldn't need any more than that unless you have an expensive shopping habit.

 

[Gibson486]

well, her prents want her to buy a laptop too....they would help pay for the laptop, but they are not exactly rich.

 

[Snuffaluffaguss]

look for a GATE loan, I think bank of america does them, maybe somewhere else too

 

[Gibson486]

Originally posted by: Snuffaluffaguss
look for a GATE loan, I think bank of america does them, maybe somewhere else too

her school does not support GATE loan

 

[Gibson486]

did find this though

http://educationmaximizer.com/

 

[DAGTA]

Have you exhausted Federal Subsidized and Unsubsidized loans?

 

[dullard]

1) Get a small job and don't tell anyone.
2) Donate blood a few times.
3) There is NO reason she needs a $2000 laptop when a $800 laptop will probably do just fine as will a $400 desktop.

Cash, food, books, and spending money are already budgeted for in the student loan. Thus the $2000 must be for the laptop or for lavish (unnecessary) spending.

 

[Rumpltzer]

Why the fvkc does she need a laptop??! Even if you say she needs a computer, a desktop will do better and last longer. If she's so hard up, how about just using the school's computer labs?

The estimated expenses put out by schools is inflated. I pulled it off without my parents paying anything. In fact, if she can get herslf qualified as independent of her parents in the eyes of the financial aid dept, money will just about be thrown at her by the government and perhaps the university.

I know it works because I did it.

 

[Barnaby W. Füi]

Originally posted by: Rumpltzer
The estimated expenses put out by schools is inflated. I pulled it off without my parents paying anything. In fact, if she can get herslf qualified as independent of her parents in the eyes of the financial aid dept, money will just about be thrown at her by the government and perhaps the university.

I know it works because I did it.

How?

 

[whattaguy]

Take the $2000, put it in savings, collect 4 years worth of interest, pay back the loan, and then keep the 4 years of interest.

 

[dullard]

Originally posted by: whattaguy
Take the $2000, put it in savings, collect 4 years worth of interest, pay back the loan, and then keep the 4 years of interest.

You forgot the ~4% loan fee. At today's interest rates, you won't do much better than breaking even.

 

[Whisper]

If she hasn't already gotten a federal unsubsidized loan, they'll give her one those regardless of need. The only problem is that, as the name implies, they're unsubsidized. There's also a limit per semester (somewhere in the $2500 range, though it varies depending on what year she is in school).

 

[whattaguy]

Originally posted by: dullard

Originally posted by: whattaguy
Take the $2000, put it in savings, collect 4 years worth of interest, pay back the loan, and then keep the 4 years of interest.

You forgot the ~4% loan fee. At today's interest rates, you won't do much better than breaking even.

College subsidized loans don't have those fees...at least when I took out my loan.

 

[dullard]

Originally posted by: whattaguy
College subsidized loans don't have those fees...at least when I took out my loan.

Look again
"You?ll pay a fee of up to 4 percent of the loan, deducted proportionately from each loan disbursement. For a FFEL Stafford Loan, a portion of this fee goes to the federal government, and a portion goes to the guaranty agency (the organization that administers the FFEL Program in your state) to help reduce the cost of the loans. For a Direct Stafford Loan, the entire fee goes to the government to help reduce the cost of the loans. Also, if you don?t make your loan payments when scheduled, you may be charged collection costs and late fees."

 

[whattaguy]

Originally posted by: dullard

Originally posted by: whattaguy
College subsidized loans don't have those fees...at least when I took out my loan.

Look again
"You?ll pay a fee of up to 4 percent of the loan, deducted proportionately from each loan disbursement. For a FFEL Stafford Loan, a portion of this fee goes to the federal government, and a portion goes to the guaranty agency (the organization that administers the FFEL Program in your state) to help reduce the cost of the loans. For a Direct Stafford Loan, the entire fee goes to the government to help reduce the cost of the loans. Also, if you don?t make your loan payments when scheduled, you may be charged collection costs and late fees."

I stand corrected. Thanks for the info.

 

[cchen]

Originally posted by: whattaguy

Originally posted by: dullard

Originally posted by: whattaguy
College subsidized loans don't have those fees...at least when I took out my loan.

Look again
"You?ll pay a fee of up to 4 percent of the loan, deducted proportionately from each loan disbursement. For a FFEL Stafford Loan, a portion of this fee goes to the federal government, and a portion goes to the guaranty agency (the organization that administers the FFEL Program in your state) to help reduce the cost of the loans. For a Direct Stafford Loan, the entire fee goes to the government to help reduce the cost of the loans. Also, if you don?t make your loan payments when scheduled, you may be charged collection costs and late fees."

I stand corrected. Thanks for the info.

Acutally, this depends on who gives you the loan. I had no fees for my Stafford Subsidized loan

 

[DT4K]

Originally posted by: Whisper
If she hasn't already gotten a federal unsubsidized loan, they'll give her one those regardless of need. The only problem is that, as the name implies, they're unsubsidized. There's also a limit per semester (somewhere in the $2500 range, though it varies depending on what year she is in school).

You are correct that unsubsidized loans are not need based. All that means is that you can get them even if you are rich. But the amount you can get is still limited by the college's figures for estimated cost of attendance.

It is also possible to get the college financial aid office to adjust your estimated cost. If she tells them that she really needs a laptop for school, they can (they don't have to) add that expense to her official Estimated Cost of Attendance, which would make her eligible for a higher amount of student loans.

 

[Gibson486]

Who said she is gonna spend 2 grand on a laptop? Her parents want it for spending money (books, school supplies, transportation). No, it is not factored in to the loan. It should be, but Northeastern is dumb like that. If she has any left over, she will get a laptop. ANyways, back to subject. Where to get loans that are not cost of attendence minus aid.