<p>Hello everyone, I recieved great advice on other Q so I am asking for your help again! My daughter recieved her Fin Aid Award and will have to pay about 9,000 ,if I canno get he parent plus loan what is the next best rout to go as far as sudent loans that don have o be paid until after she is finished school, I figure we will certainly be able to start paying on these loans but were do you go for this and what are good places that you can recommend to get started. Thank you all for all the help, with no one in the family that has attended college this has been a very difficult time and your help is very appreciated!</p>
<p>Your child should be able to get $5,500 in Stafford loans (no qualifications or credit check) and if you apply for the Parent Plus loan and are denied, the student can get additional Stafford money, I believe a total of $9,500 for the first year. In order to get these loans you have to have completed your FAFSA application. Have you done that and did your student also qualify for Pell grant? If so that does not have to be repaid! Good luck!</p>
<p>Hi, she did get the stanfford loan and pell grant the 9,000 is what is left the school is about 33,000 a year so we will have to find a way to come up with 9,000.her teacher at school said she should apply for student loans,he said he didnt have to pay them until he was finished and only pays about 200 a month. But we dont know were to go for this and he has been out sick for a week, I feel like we are running out of ime to get this done. I read about her being able to apply for an aditional amount of money if we cant get the parent plus loan but it would still be about 5,000 short</p>
<p>Can she work this summer, and then do work study during school? That should help some. Also, don’t be sure you can’t get a parent plus loan…they have very few restrictions and a low credit score does not automatically disqualify you. I think bankruptcy is about the only thing that keeps you from getting one. The federal student loans are easier I believe than private student loans. Also, does your school have a financial aid appeal process? That might get you another $1,000-$2,000 if you have compelling circumstances.</p>
<p>If you want a Parent Plus loan, call the college’s financial aid office and ask them how to apply. If you are turned down, your daughter could get additional Stafford (I think $4K). You could also ask the school if they have Perkins loan money but that is usually awarded in smaller amounts. (I’ve usually seen awards under $2K a year.) </p>
<p>As far as I know, the Stafford and Perkins would not have to be paid back until 6 months after the student drops below full-time status. However, I believe parents have to start paying back the Plus before that. </p>
<p>The $200/ month have to do with however much he took out. The loans are generally set to be repaid in 10 years although a student could stretch them out with an income-contingent payment plan.</p>
<p>Is ther a limit with the federal loans, with he already getting the stafford loan,We were really excpecting it to be between 30 and 33,000 like the others,they are more expensive schools but thought the package would be about the same</p>
<p>Hello 2 collegewego Is ther a way to figure out about how much the payment would be if we can get the parent direct loan and how does this work if you have to take it out ever year, is it all added together each year and would the payments go up each year she needs about 9,000 this year</p>
<p>It used to be minimum 50.00 a month and I think 50.00 per 5,000 but it might have changed in the last 4 years.</p>
<p>This is a good place to start and has a calculator.</p>
<p><a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp[/url]”>http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp</a></p>
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The stafford loans she has been awarded are the student loan. The maximum for a freshman is $5500. $9000 is a lot a year for you to come up with if your EFC is low enough for a Pell grant. Are you planning on applying for a PLUS loan? The PLUS loan is in the parent name. As mentioned above, if you apply for and are turned down for a PLUS loan then your daughter is eligible for an additional $4000 in unsubsidized Stafford loans.</p>
<p>With the loan limits increasing for subsquent year that would mean she is looking at around $40,000 in loans for 4 years. The interest on any subsidized portion of loans is paid by the govt while the student is in school plus a 6 month grace period. The interest on any unsubsidized portion of loans is payable by the student as soon as the loan is disbursed. it can be deferred until after graduation but the interest will continue to accumulate.</p>
<p>So say you daughter gets the full amount possible subsidized. That would leave her with about $6000 a year unsubsidized. Are you planning to pay the interest every year or let it grow and add to the loan? If you let it grow and add to the loan then by the end of 4 years the loan will have grown to around $45000. The monthly payments on that would be around $500 a month every month for 10 years. That is a pretty hefty debt to start life with. More than I would have wanted my kids to take out.</p>
<p>and you are still $5000 a year short.</p>
<p>Does she have other more affordable options?</p>
<p>finaid has a loan payment calculator here
<a href=“http://www.finaid.org/calculators/loanpayments.phtml[/url]”>http://www.finaid.org/calculators/loanpayments.phtml</a></p>
<p>If she can get a student loan for the9,000 we will be making monthly payment on it, I worry about the parent plus loan is its a set amount that has to be paid each month, were wih the student loan if we can only afford 300 one month versus 400 it wont hurt anything,with the economy the way it is It really worries me,</p>
<p>Oh my this is confusing,She would pay for the Stafford loans, which really dosnt worry me because she is being left money that will cover that 10 times over the problem is the 9,000 that we have to pay now for her to even attend so im just not sure whats the best way to go about getting this, a student loan or a parent loan we can make payments on but, things will be tight and i just REALLY dont want to get in over our head should something unexcpected should come up,</p>
<p>The Stafford Loan she’s been offered is a student loan. The kids can only have ONE per year (I think), so the other $9000 will have to come from elsewhere.</p>
<p>There are private student loans with different amounts, but they have to be cosigned, credit checks, debt/income ratio formulas, etc.</p>
<p>I sent you a private message -</p>
<p>It looks like paying this will be very difficult for your family. Does she have any other options that are more affordable? </p>
<p>Here is another calculator that might be helpful for you: [FinAid</a> | Calculators | Advanced Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>