One Year of College Left: How do I pay for it?

Paying for College
1

<p>How much is too much in loans for one year, or maybe what is a good estimate? Is there an easy way to go about taking them out? I am new to the idea of loans.</p>

<p>I have one year of college left, up to this point I have been on scholarships which were awarded and renewed annually. Unfortunately I have used up the maximum number of years (4.) I am an engineering student so 5 years to complete an undergraduate degree is not uncommon. </p>

<p>I am married, my husband and I make too much money to qualify for grants but we do qualify for loans. I have been working at least part time since I was 16(full time through my associates degree(I'm 22 now)). After this school year I will not be able to work during the school semester and will not be receiving the aid I used to receive.</p>

<p>Tuition and fees total to $2,904 per full time semester I currently make about $1000 a month, so should I just plan to take out $7,000 for tuition and fees for the year(2 semesters) and then $9000 to make up for the lost income? </p>

<p>This seems like a lot of, money to me, I have not needed to use any loans up to this point. I am concerned about the payments and time it will take to pay them off. I have applied for four different scholarships and will wait to here from them before I take any loans out, I am hoping I receive something.</p>

<p>Also, how long does the loan process generally take from application to receipt? How early will I need to apply? I called my school's FA office, but they haven't called back yet. Sorry for such a long post, I have been lurking for a bit and haven't seen/found what I am asking about and I wanted to give everyone as much info as possible so they don't have to ask me too many follow up questions.</p>

<p>Thanks!!</p>

2

<p>I commend you for being able to get through the 4 years without any loans. In your case, I would certainly take out the loans for the one year. As an engineer, you are likely to be in good shape to repay the loans, especially someone like you who has been so fiscally responsible.</p>

<p>Many feel that the Staffords are the maximums that students should take in loans as they are what the government gives without so much as a credit check to undergraduates. I look at it that way too. But even they can add up to a heavy debt burden for young adults who are going to have a tough time finding a job paying a living wage. I am not as concerned about those who are taking courses that pretty much ensure a decent salary and employment. In your case, I would say, go on ahead. The amount is well under the above maximums and I think the important thing is to get that danged degree and move on. The loan will be well worth it.</p>

3

<p>Before this current school year ends, quickly apply for a student loan for this CURRENT school year. Chances are your scholarships didn’t cover what the school considers to be full COA…so you can borrow that uncovered amount. </p>

<p>For the above, you’ll use the FAFSA that was available Jan 2010 </p>

<p>Then, submit the 2011 FAFSA for the next school year and take out a student loan.</p>

4

<p>If you move fast, you may be able to borrow some Stafford money now for 2010-2011 and stash it in the bank. Then with a bit more borrowed for 2011-2012 you should be covered. Stop by your financial aid office and ask if this would make sense.</p>

<p>Good luck!</p>

5

<p>Thank’s everyone!</p>