Should I take my full student loan?

Paying for College
1

<p>I am currently attending a community college and my tuition and books have been paid for with Pell Grant. I have never had to pay for any part of college. I have been going for 2 years at the community college. After this semester Spring 2011, it will be the end of my 2nd year here. I now will be attending the 4 year university which is directly connected to the community college but it is an hour away from where I live. </p>

<p>I will be taking 2 summer classes that will be on monday, tuesday, thursday and friday. These classes are at the college that is an hour away.
In the fall I will be continuing with my full time schedule at the college.
I am in the bachelor program for computer science and my classes are starting to get more difficult and time consuming.</p>

<p>I live at home with father and I work part time at walmart, friday, saturday, and sunday. This hasn't been that big of a problem because the community college is about 20mins away from where I live. Although I do wish I had more time for studying, but I was able to manage. </p>

<p>My problem is all of my classes, 4 plus 1 lab, will be at the other college which is an hour away. my classes are monday - friday, I have two classes a day accept for on wednesdays. </p>

<p>My father does not provide me any money, I live there but must pay for all my own stuff, gas, car insurance, food, cell phone, (internet, and cable-we split in half), all my diabetic suplies, I am type 1 Diabetic, of course all my random stuff. </p>

<p>But I am now worried that when I start in the fall that I will not have enough time for my classes outside of class and still work.</p>

<p>I have filled out the FAFSA and my school says that I am eligible for $22,000 for loans, I do not yet know how much of that is pell grant, subsidized and unsubsidized.
I know that I want to be able to get good grades, understand what I am being taught, have time to study the material. </p>

<p>last year I made less than $10,000 and I was fine, I think that if I took the $22,000 I could be fine for the school year, not have to work, and be able to pay for my living costs. I have hopefully 2 years left of college and I will have my bachelor's in computer science, and I will be looking for work immediately in the field. But I do not want to go in with C grades and barely know how to do what my degree says I should be able to do, and not get a job because I can not do it very well just because I kept a part time job.</p>

<p>Anyways I just really need some guidance, my dad is not helpful, he barely makes money, and is just not supportive, don't really need to say more.</p>

<p>If anyone could shed some light on what you think is the best solution, or have some type of helpful tips that would be great.</p>

<p>Also I am planning on going to the doorms on campus next spring if I am able to, my girlfriend is also in college but she still has classes to finish next fall out at the community college before she has to go to the other one.</p>

<p>Thanks for taking the time to read this.</p>

2

<p>You must be misunderstanding something. There is no way you qualify for $22,000 in federal student loans in a year. The annual cut offs for federal loans are much lower than that. Unless perhaps this includes parent PLUS loans?</p>

3

<p>Well when I log into my school website, and click on the financial aid tab, and then click for 2011-2012 it says, “You have been awarded financial aid which totals $22,000.00.”
“Your estimated cost of attendance is $22,057.00.”</p>

4

<p>Looks like it is total cost for all year both fall 2011 and spring 2012</p>

<p>Fed Dir Sub Stafford Loan Requires acceptance by student </p>

<p>$2,750.00 x2 = $5,500</p>

<p>Fed Dir Unsub Stafford Loan Requires acceptance by student </p>

<p>$3,500 x 2 = $7,000</p>

<p>*Work Study Elig. Requires acceptance by student </p>

<p>$2,400 x 2 = $4,800</p>

<p>*SEOG Accepted
$250 x 2 = $500</p>

<p>*Pell Grant Accepted
$2,100 x 2 = $4,200</p>

<p>SO $11,000 per semester</p>

5

<p>Oh, are you aged 24 or over? I did not realize that. That does make you eligible for higher loan limits. </p>

<p>It is quite a lot in loans for a year. The subsidized loans are a good deal as the interest rate is low and the govt pays the interest until you graduate or drop below half time. The unsub loans have a 6.8% interest rate and you are responsible for paying the interest from day one. I would only take out as much in unsub loans as you will actually need. But if you just have 2 years to go, it is not too bad a loan total.</p>

6

<p>Fed Dir Sub Stafford Loan Requires acceptance by student</p>

<p>$2,750.00 x2 = $5,500</p>

<p>Fed Dir Unsub Stafford Loan Requires acceptance by student</p>

<p>$3,500 x 2 = $7,000</p>

<p>*Work Study Elig. Requires acceptance by student</p>

<p>$2,400 x 2 = $4,800</p>

<p>*SEOG Accepted
$250 x 2 = $500</p>

<p>*Pell Grant Accepted
$2,100 x 2 = $4,200</p>

<p>SO $11,000 per semester </p>

<p>In reality, your loans will be $12,500. The SEOG and Pell are grants given to you. The work study is pretty high. You will have to work about 20 hours a week to make it, if you can find a job.</p>

7

<p>Yah I am 23, I have been going to college since 2008, but was not full time, on and off for a semester at a time. I had originally planned on going to the military, but was discovered that I was diabetic, so thus began my college career. </p>

<p>Anyways, so you are saying that it is not a horrible idea to do it that way? accept loans and take off work?</p>