<p>I will be able to get a shatford loan of $6500 </p>
<p>My aid situation is forcing me to get loans:</p>
<p>I need to pay $350 a month for AAU (22,000-30,000 tuition a year), my occupation which annual salary is $44,200 a year. My loan's interest rate is 3.9%. Average loan balance: $34,722. can be payed in 10.5 years. Since universities are 4 years I need 40.5 years to pay that off. Ill be 70 when i pay it off. Go for it, yes/no. OR dont pursue. I know that financially Ill suffer, if i bring home 2k a year will I be able to live or will I starve. I wish to pursue a BFA or MFA at Art University in San Francisco. </p>
<p>I have tried, but I can’t make heads or tails of this. None of the numbers add up to anything that makes sense. </p>
<p>Are you asking about borrowing 34,722 a year?</p>
<p>you don’t pay loans over 40 years. You pay them all over 10 years…sometimes stretched to 20 years. You don’t keep adding ten years to each year of college.</p>
<p>NO, it’s silly to borrow THAT much for any major, but especially for your low paying field. You won’t be able to pay the loans back. Your monthly payments would be too high.</p>
<p>Plus…who would cosign those crazy loans?</p>
<p>Go to a CC for two years, and then commute to a local state school. Work over the summers to earn/bank as much as you can.</p>
<p>Here’s the way it works with the Direct Loans (Staffords). You don’t have to repay until you are out of school for 6 months. You only have that 6 month break once, so if you use it, then the next time you are out of school, you don’t get it again. You can keep taking loans out each year without repaying the previous ones until you are out of school (you need to look at the exact definition of “out of school” regarding how many credits you are taking or not taking) You do have a maximum as a dependent whose parents are not turned down by Pell loans of $27K and that will go up with interest if you don’t qualify for subsidies (financial aid) as long as it’s outstanding. You can pay on the loan while in school, but you don’t have to do so.</p>
<p>The way most students do it, is that they borrow and then repay after they finish school. There is some flexibility as to how many years to take in repaying it, with 10 being the standard, I think 25 years is the maxs. But all of your years of the federal loans are added up and then calculated into a loan payment. </p>
<p>How much are you trying to borrow each year? If you can swing it with the $6500 Direct loan ( that means sophomore standing), and stay within those Direct Loan/Stafford amounts (max $7500 a year), that is typical. Getting more is a whole other story. </p>
<p>So, how about slowly giving us clearer specifics about your situation? Are you working full time right now? What year are you in school? How much will the school cost you each year? How much are you and your parents going to pay of that amount? What is your EFC? Are you an independent or dependent student by FAFSA rules?</p>