<p>I need about $3392 in loans to pay for Tuition, Room and Board. Do i have to get private loans?</p>
<p>You would be eligible for federal loans, but you must complete a FAFSA. It’s free, and it’s easy to complete.</p>
<p>Did your FA package already have federal student loans in it? If not, then you can get a loan as long as you’re citizen or green-card resident.</p>
<p>If you didn’t fill out FAFSA, then do so.</p>
<p>I already got my FA package (mostly federal loans) but it’s not enough. I need about $3392 in loans. Will I have to get Private loans?</p>
<p>Porbably yes. The only other path to larger Federal Loans is to have your parent(s) rejected for a PLUS loan. Rejection does not occur often unless there is recent bankruptcy or numerous late payment reports in recent times in the credit report. It is possible with some hard work to earn $3000 with summer work. Have you crunched your numbers to get to the $3392 you are short - is there anywhere you can trim down your costs so that the difference can be covered with a summer job and part-time work during college?</p>
<p>Can you cut costs any way? or earn some during the summer? With a summer job (or two) you should be able to earn that gap. Also, work part-time during the school year for pocket money. </p>
<p>If your parents won’t take out a Plus Loan or co-sign for you, then you won’t get a private loan.</p>
<p>If you do get a private loan, then you’ll be borrowing about $10k per year. That’s a lot. What is your major going to be? How much do you think you’ll be earning once you graduate?</p>
<p>What is the COA breakdown of your school?</p>
<p>What is the breakdown of your FA package?</p>
<p>how much was your EFC and how much is your parents going to contribute?</p>
<p>Sorry for the late reply.</p>
<p>“If you do get a private loan, then you’ll be borrowing about $10k per year. That’s a lot. What is your major going to be? How much do you think you’ll be earning once you graduate?”</p>
<p>What do you mean by this? I can’t just get $3392 in private loans? Where do you suggest I should work to get $3000?</p>
<p>If you are already borrowing the maximum amount of federal loans, and you add on another $3000+ in private loans, then your total amount of loans will be (depending on your year in college) in the range of $10,000. Which is too much. You need to run some of the loan repayment calculators at [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org) and at [College</a> Admissions - SAT - University & College Search Tool](<a href=“http://www.collegeboard.org%5DCollege”>http://www.collegeboard.org) to get an idea of how much you would need to pay each month after you finish college.</p>
<p>As for what kind of job you should get, well that depends on you, doesn’t it? What kinds of jobs are available where you live? Do you have any special skills that qualify you for a better paying job? Do you have reliable transportation that can get you to and from the workplace? Are you old enough to be able to wait tables in a bar, or personable enough to get good tips? If the only jobs in your area that you qualify for are low-paying part-time jobs, would you be able to put together two or three of those in order to earn the kind of money you need?</p>
<p>I’m 16 turning 17 on July 10. Jobs that may be available to me are probably minimum wage jobs. I’ll probably work in Retail or at a Restaurant. The Retail job may be $7.15 per hour and the Restaurant job is $5.00 per hour. Do you think I’ll be able to work at both place during the summer? I have reliable transportation</p>
<p>If you are willing to make it work, you probably can hold down two jobs this summer. Just be sure to inform both managers so that you can avoid scheduling conflicts.</p>
<p>Also, check about any rules about employment in your state/county. Where we live, Happykid had to have a work-permit for her summer jobs until she turned 18. She had specific restriction on the number of hours she could work each day and week, the times of day she could work, and kinds of jobs that she could hold.</p>
<p>If I take out loans and decide not to use them will it be easy to return it? I might try to get Federal Stafford and Plus loans</p>
<p>That is something that you need to ask the entity that originates the loan. Make sure that any loan you take out doesn’t penalize you for early repayment.</p>
<p>I need $5392 in loans to go </p>
<p>Here is my breakdown:</p>
<p>ESTIMATED FEDERAL PELL GRANT<br>
$ 2,400<br>
ESTIMATED NJ TAG ***<br>
$ 4,610
FED SUPP EDUC OPPORTUNITY GRANT<br>
$ 820<br>
FEDERAL PERKINS LOAN<br>
$ 1,000<br>
FEDERAL WORK STUDY PROGRAM<br>
$ 2,000
ASSISTANT GRANT
$ 4000 </p>
<p>FEDERAL DIRECT LOAN-SUBSIDIZED<br>
$ 3,500<br>
FEDERAL DIRECT LOAN-UNSUBSIDIZED<br>
$ 2,000</p>
<p>COA from College Board:</p>
<p>Living on-campus<br>
In-state tuition and fees: $12,069<br>
Room and board: $11,653<br>
Books and supplies: $1,431<br>
Estimated personal expenses: $1,631
Transportation expense: $714</p>
<p>My parents don’t want me to do the Federal Work Study Program so I’ll need $5392. Whats the difference between Direct PLUS and Stafford Direct Subsidized and Unsubsidized? </p>
<p>Can I defer the regular and interest payments on the PLUS until graduation?</p>
<p>What is my best option for getting $5392? Private loans?</p>
<p>TOTAL<br>
$ 18,330 without Work Study</p>
<p>The PLUS loan is a loan that your Parents apply for and take out in their name. YOU cannot apply for the PLUS loan. </p>
<p>The Stafford and the Perkins loans will be in your name. If your parents apply for and are denied a PLUS loan, then you will qualify for a few thousand more in Federal loans that you may take in your name.</p>
<p>In terms of private loans, you would likely need to have a co-signer to take out these loans. Are your parents willing/ able to co-sign these loans?</p>
<p>If I am reading right it looks like to have $11830 in grants, and $6500 in Federal loans you may take in your name. Your grants and part of your loan would cover tuition and fees, books supplies, etc… is this a school you can commute to while living at home? </p>
<p>Do your parents not want to to work while in school or do they not want you to take the work study (rather get a non-work study job instead)?</p>
<p>
</p>
<p>What??? Why on earth if you have need would they not want you to participate in work study…you need to talk to them about this. You are getting a Pell grant… you NEED work/study…not really a fair answer to you from your parents who by virtue of the Pell have a fairly low income level! BTW, work/study works like this, you get to the college or possibly you can look on line later this summer, and you’ll need to pick, find, locate a job. The college will issue you a paycheck either every week or every two weeks or twice a month depending on the particular college pay schedule. You can use this money however you like…put it against your tuition/room/board balance, or save it for books for the next semester, or use it for spending money. The job will probably be somewhere between 10-20 hours a week. Since you are only in class 15-20 hours generally there is plenty of study time…especially if you are in class 15 hours and work 10 hours…it will “force” you to manage your time well which is not a negative thing BTW.</p>
<p>You cannot take out PLUS loans. Your parents will take out PLUS loans. The P in PLUS stands for Parent. If they do not pass the credit check then you will be able to access larger Federal Direct Loans on your own.</p>
<p>The Federal Direct Loans are the loans that you will take out in your name.</p>
<p>Summer jobs generally are minimum wage, but seems to me my kids, working twenty hours a week, pull down a couple thousand dollars each summer. If you can get more hours clearly you could get to $3,000. TBD your age, a neighbor worked a third shift factory job to pull in the shift differential pay but in this economy factory jobs might be hard to find and your age might be a problem. But you will need money in August to buy your books, get to campus, pick up supplies etc. so a summer job is good for that until you can find a work/study job.</p>
<p>Will the school reduce my FA package if I commute?</p>
<p>It depends on the school. Your financial aid is based on your EFC and the COA of the school. Some schools have different COAs based on what your living situation is going to be. Some schools just have one COA.</p>
<p>For instance a school *might *have a COA for living on campus, a COA for living off campus not with parents, and a COA for living off campus with parents. In that case, if the COA for living off campus with parents is lower (which it usually is) then aid for a student living off campus with parents will be lower than for a student who lives on campus.</p>
<p>Check with your school.</p>