<p>Kind of a dumb question - in applying for a private loan, how do you account for the need for funds twice a year for four years? Assume a $10,000 tuition bill per semester - do you borrow all $80,000 up front? Or do you apply for the whole amount but only receive 1/8th at a time? Or do you apply for $10,000 first and then reapply each semester?</p>
<p>hehehe... the girl next door goes to college, and I am very familiar with her :rolleyes: According to her, She will take out out like 5K/year for four years. So by extension, i guess you should take out 20K/year for every year. So 20 X 4 = 80K in total debt ? I guess??? :rolleyeys:</p>
<p>btw, methinks 80K loan is too much. go to cheaper in-state public school instead. and thats what im gonna do, prolly 20K debts in total for me, my folks tells me they will not fork over 60K so... 4 year tution+room/board+books+miscell = 80K
80K - my folks payment (60K) = 20K
20K is the loan in my name :rolleyes:</p>
<p>Manfredman - thanks for your input - unfortunately it hasn't answered my original questions.</p>
<p>Alan- i think I did !!!</p>
<p>"do you borrow all $80,000 up front? Or do you apply for the whole amount but only receive 1/8th at a time? Or do you apply for $10,000 first and then reapply each semester?"</p>
<p>you dont borrow all $80 K, but you borrow on a yearly base like $20K/year. </p>
<p>2006-2007: 20K for your fall spring semsters
2007-2008: 20K for your fall spring semsters
2008-2009: 20K for your fall spring semsters
2009-2010: 20K for your fall spring semsters</p>
<p>You have to apply 20K loan for every year including fafsa (every year)!!!</p>
<p>Of course if you use home equity, you can borrow 80K up front -it's your call. :rolleyes:</p>
<p>So after four years you wind up with four loans?</p>
<p>no. If you are using the same lender all 4 years, you will end up with one loan of 80,000 :eek: plus interest</p>
<p>So what do I apply for now? 10K? 20K? or 80K?</p>
<p>20K!!! :eek:</p>
<p>Your loan (20K) will be disbursed to school two times - 10K on 9/06 and 10K on 1/07 :eek:</p>
<p>man! 80K is a lot of debt.. dont get me wrong i dont blame u I BLAME THE WHOLE SYSTEM!. I believe education should be free for all</p>
<p>If we can increase the tax for the rich, we can afford free college education for all- Vote for Democrats</p>