<p>Hi!</p>
<p>For this year I have been given a few scholarships that have covered most of my expenses, however, I did get offered around 2000 for a PLUS loan (for the past 3 years I have had an offer of 4000) and 2000 for work study.</p>
<p>Now, I have a job off campus that pays more than minimum wage (and is better experience), however, I still need to close that $2000 gap that work study has created. Is it possible (if my parents qualify, which obviously they do) to tell my financial aid off NO to the work study and when my parents apply for the PLUS loan, just put $4000 instead of $2000? Is that possible or will i have to get another private loan to cancel out the dang WS?</p>
<p>You can say no to the workstudy…and if your parents agree, they can borrow the amount for Plus. </p>
<p>Curious though…if you’ve found a job that pays better than WS, then why the need for extra Plus? Won’t your earnings close the $2k gap??? Or is the extra Plus really just covering the amount that the scholarships used to cover???</p>
<p>Well it goes like this:</p>
<p>Im doing an internship across the country from my school and I have a lot of expenses here (even though the position pays well) and so when I come back Im going to be completely drained until I start my normal position again…however I am planning on buying a new car in December (my current car is 16 years old and is the reason I am in some financial issues as we speak) so even with a decent paying position, itll be as though it doesnt exist because I am replacing my car. So the funds that would normally go to help pay for food/rent/etc. will not exist.</p>
<p>First of all, it is NOT clear that your parents have qualifed for PLUS. The college is just throwing it out there as a possibility for them to consider. A parent will have to apply for the PLUS loan and get approved. If credit is bad, s/he can fail to qualify. THen you may be allowed to take out up to $4k (as a freshman, more if you are an upperclassman) throught the Stafford Loans on an unsub basis. </p>
<p>Your parent, if approved, can borrow up to what your college COA is, less any other financial aid such as loans, grants and Work study funds, from PLUS.</p>
<p>I am assuming you have already tapped Staffords for the maximum amounts. If not, check them out firsts, since the interest rate, even on an unsubsidized basis is lower than PLUS></p>