<p>And I am already one week behind for some of my schools' financial aid forms.</p>
<p>Will this be a huge huge problem? I was more worried about keeping my GPA sufficiently high and my schedule was so packed that I have had no time to fill out new forms. I understand I may miss out on things like grants, but since my family has basically nothing saved for school, and I will almost totally rely on loans even if I do get grants, will I at least get loans secured?</p>
<p>I don't mind being in some significant debt when I graduate, since I intend to lead quite a laconian lifestyle anyway and intend to pursue a career in research, I just want to know if there are any serious risks to securing loans.</p>
<p>When you say you can totally rely on loans, what exactly does that mean? The loans you can take as a student will NOT cover your cost of attendance. Will you be able to get a co-signer for your loans or are your parents willing to take out loans in their names for your education? Are you planning on attending a private school where the total 4 year cost could be $160,000 or are you living at home attending a community college for two years where the costs are more affordable? </p>
<p>The most serious risk to securing a loan is that you won't be able to repay it AND pay your living expenses as well. Taking out loans for the full cost of attendance for four years of private schooling is VERY expensive and would gobble up a huge chunk of a researcher's income. </p>
<p>My advice...do the financial aid applications and do them ASAP. I don't know the deadlines for your schools but yes, some DO have priority deadlines for consideration for some of the more sizable scholarships (and YES some of those still require the completion of the need based financial aid forms).</p>
<p>Please...check your college websites for the forms and information you need to submit. Dedicate this weekend to completing them.</p>
<p>Well, if all goes well with admissions, I'll probably have the total 4 year cost of 160,000 dollars.</p>
<p>I only have a single mother for a parent, and her credit rating isn't too good -- we've been getting harassed by creditors and I believe our income was recently frozen to repay the debts we accumulated for living expenses when we were unemployed (does that count as zero income now?).</p>
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The most serious risk to securing a loan is that you won't be able to repay it AND pay your living expenses as well. Taking out loans for the full cost of attendance for four years of private schooling is VERY expensive and would gobble up a huge chunk of a researcher's income.
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<p>As long as you stay in school that extends the deadline for paying, right? I intend to pursue an academic career, so I'll probably be in school for a good portion of my life.</p>
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The most serious risk to securing a loan is that you won't be able to repay it AND pay your living expenses as well.
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<p>Well my family has been living for 7 years on welfare, so we're not strangers to poverty... I just want the assurance that I'll get to research my desired fields. If I have to sleep in the streets to do that, so be it.</p>
<p>I am worried about co-signing, because as I have noted above my family's credit rating is far from good.</p>
<p>You might have missed thumper1's statement about loans -- unless you have a co-signer (that that co-signer needs good credit, so it won't be your mom) you are very limited on the amount of loans you can take out. They won't cover your costs. You are guaranteed stafford loans -- and if your mom applies and is denied for a parent plus loan, you can take out the maximum (provided your EFC is low -- which it sounds like it will be)</p>
<p>Freshman year loan maximum= $75000
Sophomore year loan maximum = $8500
Junior and Senior year maximum, each $10,500</p>
<p>maximum amount you can take out in stafford loans is $46,000 over your lifetime.</p>
<p>So -- it all really depends on your school and the total cost. You need to get your FA forms in ASAP! unless you meet the deadlines, the only FA you are guaranteed is a Pell Grant (maximum of ~$4100) and stafford loans -- and they probably won't cover your first year.</p>
<p>Unless you have a really nice relative with a great credit rating, you won't have a co-signer -- and thus, no way to take out private loans.</p>
<p>This shouldn't be necessary if you get your FA forms in and the school gives you a decent package.</p>
<p>galoisien - it is very important that you file your financial aid applications ASAP. Make the time. If your family income is very low you may qualify for some good non loan aid. If you do not qualify it is highly unlikely anyone will lend you $160,000 without a cosigner.</p>
<p>Staying in school to defer loans means as a student. Once you are working in a school you have to pay back your loans.</p>
<p>Please do not take out $160,000 in debt for school.</p>
<p>I think HSM has a little typo there - first year Stafford is $7,500 not $75,000</p>
<p>If you have a very low EFC you might also be eligible for Perkins loans ($4,000 max a year) and some grants like Pell (max 4731 for 2009-2009).</p>
<p>Make it your aim to file your financial aid apps this weekend.</p>