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OT: Scholarships/Student Loan Help

  • I'm 25 years old and decided to go back to school a year ago. Well I'm transferring from a CC and going to a 4-year. The school I'm going to attend is expensive as crap(I will be paying out of state tuition). My question is when you hit your student loan limit(Aggregate Limit) for each year and for the entire limit(57,000 dollars) how else do you pay for school? Is there other loans out there? Are there any scholarships available that would be geared toward someone my age? The school I will be attending for the next two years I will reach my yearly limit each year and problem reach my lifetime maximum. Hope someone has some experience with this. TIA

    nickxrx ●

  • nickxrx said...

    I'm 25 years old and decided to go back to school a year ago. Well I'm transferring from a CC and going to a 4-year. The school I'm going to attend is expensive as crap(I will be paying out of state tuition). My question is when you hit your student loan limit(Aggregate Limit) for each year and for the entire limit(57,000 dollars) how else do you pay for school? Is there other loans out there? Are there any scholarships available that would be geared toward someone my age? The school I will be attending for the next two years I will reach my yearly limit each year and problem reach my lifetime maximum. Hope someone has some experience with this. TIA

    There are other loans available, but they're not free. Citibank runs a loan program that you could probably qualify for.

    Keep Calm & Stoops On..

    _Mike_

  • Wells Fargo does as well. I got a few from JPmorgan Chase but I believe they don't issue new loans anymore. These loans have a very high interest (double to triple that of federal loans) and don't have the perks of federal loans. (if you die, your cosigners would still owe the money, there's less Options when paying the loan back) etc...

    del taki

  • Yea I really don't want to go the public loan route but might have too. I was hoping somehow your federal loans could be extended or something. What are some the requirements on getting the loans from citi and wells fargo? Are they pretty easy to get or what? Thanks

    nickxrx ●

  • Go to your schools financial aid office. They should be able to help you with scholarships and bursaries. They're fairly easy to get too because a lot people don't make the effort to go look for them and apply. There should be ones there based on financial need.

    signature image signature image signature image

    Canadianhorn ●

  • I got mine about 5 years ago. I had to have a cosigner and had to fill out a bunch of paper work and prove I was in school. There are two types of private loans. One type comes straight to you and the check is made out to you. These have higher interest rates because it doesn't take into account the cost of attendance. I believe most banks stopped doing these in the 2008 financial crisis. The other kind gets sent to your school. Your school takes out what you owe them, then the school cuts a check to you. It takes a little while from start to finish...maybe a month or so. So don't wait until right before school starts.

    Also, they don't tell you this when you get them, but you will have to start paying back the loans in 5 years, regardless if you are still in school or not. Federal loans are deferred while you are in school.

    My advice is exhaust all other options and use this as a very last resort. I regret getting the private ones now that I see how it all works.

    This post was edited by del taki on 4/25/2012 at 9:31 PM

    del taki

  • del taki said...

    I got mine about 5 years ago. I had to have a cosigner and had to fill out a bunch of paper work and prove I was in school. There are two types of private loans. One type comes straight to you and the check is made out to you. These have higher interest rates because it doesn't take into account the cost of attendance. I believe most banks stopped doing these in the 2008 financial crisis. The other kind gets sent to your school. Your school takes out what you owe them, then the school cuts a check to you. It takes a little while from start to finish...maybe a month or so. So don't wait until right before school starts.

    Also, they don't tell you this when you get them, but you will have to start paying back the loans in 5 years, regardless if you are still in school or not. Federal loans are deferred while you are in school.

    My advice is exhaust all other options and use this as a very last resort. I regret getting the private ones now that I see how it all works.

    Alright thanks for the info. I will probably have to go this route unless I win the lottery. Ha

    nickxrx ●

  • Canadianhorn said...

    Go to your schools financial aid office. They should be able to help you with scholarships and bursaries. They're fairly easy to get too because a lot people don't make the effort to go look for them and apply. There should be ones there based on financial need.

    Yea I plan on talking to someone but doubt I get a scholarship(I don't have the best GPA). However, I'm sure they can answer alot more questions.

    nickxrx ●

  • I sure hope this degree is worth it. Are you seriously looking at getting into more than $60k in debt for your final 2yrs of undergrad?

    stoptothink

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