You’d have to check to see if semesters fall into calendar months. If a semester starts in August and ends in December (that’s the case at my D’s school), you’d need a 5 month pass just for fall semester, unless you just paid per ride for the partial months.
Over $60,000 in loans is crazy for Northeastern, even if you could get $50,000 in private loans, which you can’t without a credit worthy co-signer. The worst thing you could do is start there, not be able to get future loans, and have to drop out. What are your other options, as it doesn’t seem like this one can work.
Just out of curiosity, why are they only offering you $5500 in federal loans? Don’t they realize you’re a junior and therefore eligible to borrow $7500?
If the OP magically gets 50K in private loans, don’t most lender require that repayment starts immediately of do they allow repayment to be delayed until graduation? Either way the OP need to understand that interest start accuring immediately. If repayment is delayed until the graduation, the principal balance will GROW each month. If it is not delayed, who will be paying the loan installment each and every month?
Also understand that private loans generally do not have flexible repayment options. Forget about income based repayment plans for these loans.
If your cosigner has bad credit, you can’t get loans. Northeastern is not possible for you.
(the $2,000 are what they budget for someone who doesn’t live on campus - room&board is about 15k more.)
You are entitled to $5,500 as a freshman but if you’re a junior you’re allowed $7,500 - check with NEU but a $2,000 won’t make it affordable. Which other universities did you get into?
@noname87 The private lenders like to stay competitive with the federal loan options, so it is likely that one may be able to find an option that will allow payments to be deferred while in school. You are definitely right about the lack of flexible repayment options though. Students and families really need to read the fine print when pursuing a private loan option.
@CourtneyThurston Hmm let’s just say it’s a very American thing…that has failed before. But I don’t want to get into politics and economics right now lol