Do I have to wait until fall term before applying for students loans, and getting them or do I need to do them prior? I’ve applied to the school I’m going to in the fall. I’m just worried if I have to wait until the first week or so that the money will take even longer to get here, and I need it sooner rather than later because of living expenses as well. I’ve been awarded a financial aid award with all the information of what I’m supposed to receive (accept for one error, but financial aid should fix it). What was your experience in student loan(s) (all subsidized, unsubsidized, perkins, private possibly and any others).
You should start to request the loans as soon as possible. It take a few weeks for the school to process the loans.
When my Ds were entering college they had a portal that had the requirements to apply for the loan (filling out the MPN) and recommended deadlines to meet the school’s dates for tuition, etc.
Did you submit your FAFSA and accept loans/aid?
What is your aid package?
FAFSA submitted. Went through Master Promissory Note (It says action needed. I’m not sure if my school has received it…? Should I call financial aid office and ask? I definitely did it possibly twice even, but I know at least once for sure) Went through Entrance loan counseling. I’ve received an award letter thats given me a merit scholarship (wrong one because of updated grades and g.p.a. that they haven’t changed (so I didn’t accept that yet because last time I asked my financial aid advisor said wait. Other than that I’ve received “Oregon student achievement award” (good g.p.a. so more extra financial aid), Phi Theta Kappa (honor society) scholarship award, Max Pell grant, “S E O G” grant, “Oregon Opportunity grant”, School grant, and it shows I qualify for Federal Subsidized and Unsubsidized student loans, Perkins Loan, and finally some Work Study. Otherwise its showing I’ve submitted required documents, and its “supposedly being reviewed” No dates have been shown for deadlines yet, but school is getting closer, and closer.
Yes, call school and ask about the merit award and if the loans are processing.
…Federal Subsidized and Unsubsidized student loans, Perkins Loan…
What will be your total annual loan amount? Are you considering parent plus loans (or other private loans) also? I think you are a transfer student from a community college to private liberal arts university.
Subsidized - $5,500. Unsubsidized - $2,000. Perkins - $5,000. Will probably do private loans as well, but not sure how much I’ll need at this point. Yes I’m a transfer student to a private liberal arts university.
Do you have a co-signer for private loans?
What’s the COA?
No I don’t have a co-signer for loans (live on my own, and my parents have terrible credit anyways. My little credit is better I believe). I have a credit score prob like a 720ish (not good, but not bad - from like 1-2yrs of credit from credit cards basically). Cost of Attendance is “direct costs for the 2016-17 academic year are $52,876, which includes $41,054 for tuition and fees and $11,822 for housing and food. Indirect costs are estimated to be $2,730, which includes $1,050 for books and supplies, $960 for personal expenses, and $720 for transportation” (award letter). got awarded $41,865.00 for year, but that is supposed to change I believe because of updated gpa from merit scholarship but should be close to that ballpark. I don’ have housing or meal plan too (I rent a room and buy my own food/eat with roommates).
Your credit score is not the on,y thing you need to get a loan in your own name. You would need to be a qualified borrower…and that would mean you would need sufficient income and collaterol to get a loan. Without those two things, you will need a cosigner for a orivate loan even if your credit score is perfect.
It doesn’t matter that you have a good credit score. You don’t have the income to show that you can pay the money back. That is why a cosigner is needed who has BOTH the income and credit score.
How do students with parents who have bad credit get private loans then?
^the parents take out Parent Plus loans?
A) They don’t.
B) They find a different co-signer.