<p>I am in the transition summer between high school and college(UC Berkeley). Please help, financial matters confuse me.
So I have created a bank account with initial deposit of $500(my parents' money, and I do not wish to bother them any more, we are so poor). From now to the time I move into Berkeley's dorm, I need to spend a lot of money. I have to pay some fees for the college. I also have to buy many stuff for living in the dorm, and I personally need to buy a laptop.If to be used, my account will soon run out of money long before I can buy my air ticket to Northern California.<br>
So, should I take out loan now(will they let me?)? Should it be Stafford?
Thank you for all replies.</p>
<p>If you take out a Stafford Loan, the funds from it will not be dispersed to your university until sometime during the first semester. In most cases, the way you get monies from a Stafford loan is if there are extra monies at the END of the year or term and you request a refund. Perhaps someone else has different information about this...but this is what happens at my son's university. So...this money would not be available to you prior to the start of school. Perhaps you can try to keep your spending to a minimum. If you are working...buy as you have the money. If you will be working on campus, perhaps some of what you need can be purchased when you get where you are going...little by little. Also, you don't need all new things to live in a dorm. Take things you already have to save money. DS even took a used computer with him that he used for the first two years with no problems. As a rising college freshman, I would guess that you would not qualify for many loans (other than your stafford) without a cosigner.</p>
<p>Funny how you listed all the things you needed to purchase but airline ticket to school was last as a priority.....very funny.</p>
<p>Thumper1: Thank you very much, I thought I would just register and take out loan whenever I want. Guess not. Thank you again
Hazmat: ??? did I get it wrong somewhere? (my English is not good yet)
They have some programs to order dormy stuff (deadline July/29), and I have to make some payment to the college before I come to Berkeley.</p>