Loans above the Cost of attendance

Paying for College
1

<p>I need to figure out if such loans exist basiclly.</p>

<p>I am a transfer into UCLA, we are extremely poor.</p>

<p>My EFC is 0
SO my financial need is the whole cost of attendace .. approx 22k for living off campus</p>

<p>The breakdown is as follows</p>

<p>about 13k Grants
2k workstudy
7k loans </p>

<p>The workstudy i will convert to a loan also, b/c i can not have a workstudy job and an additional job which i will have to keep in order to make ends meet... so basiclly the breakdown is</p>

<p>13kGrants
9k Loans</p>

<p>Now according to this all of my need is met, including living expenses and everything,..... however, the allowable for rent is not nearly enough to acutally cover rent, and the same goes for all the other allowable amounts. Are there any type of student loans that i can take out that will be above this allowable amount of 22k ???</p>

<p>22k minus the 8k tution w/books leaves 14k
about 1555 a month for 10 months, the rent for a studio near ucla is in the range of 1000-1100. </p>

<p>I fall short of about 600 dollars a month to actually make ends meet with bills and stuff....and as much as i plan on working, it would be nice if i could take out additional loans so that i didnt feel preassured to work in order to survive. </p>

<p>Anyone know of any such loans? thanks.</p>

2

<p>for living expenses you can take out either another stafford or perkins loan until you meet your limit (more if you're independent), or, go to somewhere like loanstar, sallie mae, or chase and apply for a private loan to meet expenses.</p>

<p>even though they are private loans, the same basic rules of waiting until graduation before repaying anything back will apply. if you do not have a history of credit, you may need a co-signer. good luck!</p>

3

<p>p.s. don't forget to consolidate the loans if rates are set to rise and, if you can, pay a little or all of the interest each year. :)</p>

4

<p>
[quote]
for living expenses you can take out either another stafford or perkins loan until you meet your limit (more if you're independent), or, go to somewhere like loanstar, sallie mae, or chase and apply for a private loan to meet expenses.

[/quote]
</p>

<p>If the OP has loans in his/her FA package, he most likely these are already perkins/stafford loans .</p>

<p>You can choose to turn down the work study but the school will not give you extra money and you wil lhave to make up the short fall (providing you with additional loans).</p>

<p>
[quote]
about 1555 a month for 10 months, the rent for a studio near ucla is in the range of 1000-1100.

[/quote]
</p>

<p>Is this for one person in the apartment of how much you would have to pay for a share? If this is the cost for you living alone in a studio apartment, then you may have to strongly consider taking on a roommate (and cutting your expenses in half) as this is an option you can't afford. Even with your loans it will take time before you actually get the money (weeks after your accounts have been settled with the school and tey wil then forward you any left over monies). In the mean time your rent still needs to be paid.</p>

<p>Is living in the dorms an option?</p>

<p>Even for a private loan you would need a co-signer.</p>

5

<p>I'm with Sybbie on this one ... living alone in an apartment is just about the most expensive option (even in a studio) ... what about a dorm, renting a room, at a frat, sharing an apartment, sharing a house ... there are lots of options that are probably less expensive than your initial plan. I'd also suggest talking to the FA office about their assumptions about housing in their estimates ... and for contacts at you school that can help you find cheaper housing.</p>

6

<p>Personally, I don't think that FA for undergrads calculates housing on the basis of someone living alone in a $1500/month studio apartment. I believe that they have a good idea of rents in the neighborhood and it is not unusual for students to have roommates.</p>

7

<p>i got offered a triple on campus so there was no way i would live there. </p>

<p>Cosigner is not a problem, i would have two cosigners. ... and i wouldnt really need one anyways, i have excellent credit and could easily get the loan on my own, the cosigner would just bring down the intrest rate due to my short credit history of 8 years only.</p>

<p>i am not sharing, personal reasons. </p>

<p>a lot of private loan places say the max they will give is Cost of attendance -financial aid</p>

<p>my cost of attendance is 21k.... minus the 21k i got, thats a 0.</p>

<p>i will get a rent increase form and increase the rent by 150... to 858 allowable..... </p>

<p>i converted my workstudy to loans, you can do that. </p>

<p>i bascilly want to borrow 5k in private loans over the cost of attendnace...</p>

8

<p>not sure if this is the kinda loan you're looking for, but here are a few links for the type that could help with living expenses beyond school fin. aid.</p>

<p><a href="http://www.loanstar.com/%5B/url%5D"&gt;http://www.loanstar.com/&lt;/a>
EDGEucational & Express Loans </p>

<p>chase
<a href="http://www.educationone.com/foryou/undergrad.html%5B/url%5D"&gt;http://www.educationone.com/foryou/undergrad.html&lt;/a&gt;&lt;/p>

9

<p>Who is telling you 8 years is a short credit history? </p>

<p>Credit Reports are only graded on the last 7 years....it may show that you have had an account longer, but doesn't grade you on anything over 7 years.</p>

<p>If you have a loan officer that is handing you that...go get a loan somewhere else, they are trying to convince you that having a co-signer is better...for what? Excellent credit is Excellent credit..Excellent Credit NEVER needs supplementing with a co-signer...which is technically a CO-BORROWER.</p>

<p>I hope you are majoring in something that is going to get you big bucks when you get out b/c those are hefty loans for undergrad.</p>

10

<p>So far i am only looking at 18k for undergrad... thats nothing............ if i can get another 5k a year, thats going to be 28k ... that is not bad for undergrad when your parents make 0</p>

11

<p>The first credit card i had awas at 16, now i am almost 22, making my credit history be actually 6 years, i overcounted, but...... i dont have the account i had at 16 anymore, i closed that a while back.</p>

<p>I looked up my credit report, my score ranges from 690-728which is good credit. ... but i dont have anything like a morgate or paying off a car and so on... and i have a good amouont of credit card debt and i dont make a lot .. so i probably would need a cosigner anyways but based on my credit score alone i have very good credit.</p>

12

<p>To let you know what I do for a living, I have worked in the mortgage industry for 10 years as a Senior Underwriter...that's the person that approves loans for people's homes. I'm getting ready to go back to school so that's why I'm on this message board.</p>

<p>Your credit score isn't good, it's excellent. Don't believe what you read or see on TV...in the REAL WORLD if someone hits over 700, that's Nirvana. I can count on both my hands with fingers left over how many people have a high 700's or 800's as a credit score...IN MY ENTIRE CAREER.</p>

<p>This is usually to extremely high income earners who have multiple homes or elderly people...high 700's to someone your age? Virtually NEVER happens.</p>

<p>So, that is why I am telling you if you have a stupid loan officer that is even HINTING that you need a co-signer, go find another one. A bank would trip over the carpet to bring you a note to sign for a loan.</p>

<p>I'm being VERY SERIOUS about thinking about how much money you are taking out for housing. Unless you are going to be making over $100,000 very soon after graduation, just from life experience, I think you are making a HUGE mistake with your loan amount. It's easy to take out alot of money, it's not easy to pay it back.</p>

<p>You can NEVER bankrupt student loans with the changes in the bankruptcy laws a few years ago....so that won't be an option if you get into trouble and I turn loans down EVERY DAY for people that had defaulted on student loans 15/20 years ago. It is WORSE than a Bankruptcy to not pay back student loans.</p>

<p>When you go and buy your first home you'll have your student debt counted against you...and people are buying their first homes younger and younger. Don't believe rumers that deferrment takes the payment out....it doesn't.</p>

<p>This will also significantly even impact your ability to rent in an area as expensive as California after you graduate b/c of the debt that you have.</p>

<p>Do what you want....but I would suck it up as a life lesson and get a roommate. But if you insist in taking out the money, the answer to your question is no, you will not need a co-signer and will not get a better rate because you have one. Loans don't work that way for people with excellent credit.</p>

13

<p>excellent post ina
I would also add that if you are borrowing * above* your cost of attendance- it can't be considered an education loan.
Is borrowing for room and board for daily life a good idea?
Not really
a penny saved is a penny earned ya know ;)</p>

14

<p>Although I have nothing to contribute in terms of advice, I am really wondering if you got a Cal Grant. My friend's EFC is 9k, combined with grants and Cal Grant, he got as much free money as you did.</p>

15

<p>Ok, here is what happend with my cal grant, i do get cal grant A and B, but my change of school form never went through, so i just filed it again recently.... once the change of school comes through, is hould get both cal grant A and B.</p>

<p>A covers tution, and B is 1550 for books and stuff........ HOWEVER, my grant amount is as follows, 4k pell grant and 9k university grant (its almost 9k).... from what i understood the CAL grants will reduce the university grant amount..... still making my loan amount the same.
As of right now i have about 20k in credit card debt, maybe less, like 18k... anyways, 8k of that was for surgery......... the rest was for living expenses and so on.</p>

<p>My mom has cancer and went on disability but had no disbality or SSI for a whole year while fighitng her case for the SSI, so during that time it was kind of hard for me in terms of gas money and so on.... b/c whatever i made i gave to her for housing and so forth.</p>

<p>i really always though that if i graduate from undergrad with total debt of under 50k i would be doing great, because for me , it was never an option to get the money from somewhere else....... like i knew i could never count on my mom for education expenses and so forth.</p>

<p>i havent gone to any lenders to ask for any loans yet, no one has told me i need a cosigner or anything, i am just assuming. ... </p>

<p>and the sucking it up and getting a roomate, well...... personal reasons..... sexual abuse is one of them.... i am not living with someone i dont know, its pertty much out of the question. </p>

<p>I got aplace its 800 a month, which near campus, for a two bedroom apartment, it woudl have been in the vacinity of 1600 or soanyways, so i dont see how i would have really saved much money ... granted i have to commute, but in my opinion its well worth it. </p>

<p>my primary reason for borrowing and i knwo its screwing me over, is my credit card debt.</p>

<p>my budget looks like this bascilly</p>

<p>800 rent
60 utilities
350 food
500 credit cards (by choice, i can make it 300)
250 transprotation
50 cell phone
100 toothpaste/toilatries/etc
150 cash/emergency/just in case
50 cable/other bill</p>

<p>oviously the budget is a little large, </p>

<p>so i need 2310
i have 1800 a month from financial aid and grama/mom </p>

<p>So i need to make 510 a month from work, which is oviously not a lot.. but basiclly i have to work 20 hours a week and a miniumum of 10 dollars an hour.</p>

<p>My concern was the part that i have to work, what if during finals week i dont work all week? or during midterms? thats where i would want to borrow about 5k for that whole year, to cover that situation, because i cant call up mommy and daddy and say i cant make rent this month.</p>

16

<p>I would never recommend that students take more than $20,000 in all loans for their undergrad degree
On campus jobs are much more flexible than off campus jobs & I think most students on teh CC boards live on campus- so their expenses are known and covered- not a case of calling up parents to bail them out.
If your off campus apt is close, $250, seems high for transportation costs.
Dont many ride bikes/take a bus?
60 seems low for utilities- but just one person I guess
but your other expenses- seem a little high - I don't see a lot of poor people living in a two bedroom apt for one person and having a cell phone as well as cable.
It jsut seems foolish, to be borrowing money for living expenses- how are you going to pay it back?</p>

17

<p>250 is to compensate for if i want to drive home to san diego, ... which i would want to drive home.</p>

<p>same goes for cell phone, i dont plan on having a house phone so its ok.</p>

<p>there is NO WAY i could bike to school, 1st i dont know how to ride a bike and second its 12 miles. </p>

<p>i could take the bus, but its two diffrent buses... diffrent bus lines, so two diffrent bus passes, between the two passes its about 100 bucks.... and i would still use my car on weekends, so maybe it would be about 200 for the month not 250. </p>

<p>i am renting a pool house, the lady said that utilities are about 50 bucks a month. </p>

<p>i am not living in a 2 bedroom apartments, i am living in a studio guest/pool house, ........ its like 400 sq feet or so . </p>

<p>and in terms of paying it back, well how am i paying my credit card bills right now? work.
i mean i have paid off over 15k in credit cards b4 from working, i paid it off within 2 years. </p>

<p>i plan on taking a break after graduating in 2 years to have a family ... between my fiance and me we should make over 100 in that time.... if my whole salary goes to tuition and his goes to bills we would be fine.... plus his tutioin is going to be over 100k in loans after law school. he starts law schhol when i start UCLA, we both really dont have much options in terms of asking our parents to help, its all on us.</p>

18

<p>Although I am not sure about CAL Grant reducing your University Grant, my friend got a 6k Cal Grant and a 7k University Grant, and it didn't cancel anything. Anyone can correct me on this because I am going by what my friend told me.</p>

19

<p>Well i will find out soon enough about the grant thing......... once my school change form goes into effect.</p>

20

<p>Hope that works out for you. A nice cal grant would help you out a ton.</p>