Where do I even begin? Forum

[Cardboardbox]

This is my current predicament. Basically, I need to move out asap. I plan on starting Law School in the fall though I'm unsure where as the majority of my schools haven't gotten back to me yet (though considering the current situation, one of my safeties with a major scholly is looking really appealing right now). I've never taken out a loan in my life. My credit should be good as I've built it up over the years in College, paying my balances on time and juggling multiple cards, accounts and a CD.

I know I'll need to take out loans for Law School and I'm unsure as to what amount that will be, but in addition, I will also need to take out money to pay rent and live on (unless I switch to PT on one of my programs and keep my current job, which seems like a lucrative option as well). I would get into the details but it's messy. Basically, I need to know where to start. I feel ashamed having been an intern in a commercial bank for 4 months as well as interning at various giant investment banks for over a year, I don't know where to start looking for a loan (I mean, yea, I can head down to my local branch, but I hear about all these government loans for Law School, I reckon that's where I need to be looking). I'm fortunate in the fact that I had a full ride through UG and so have accumulated no debt aside from a bit on my CC that I'm currently paying off (the money in my CD which opens up in a few months more than balances it out, but by that time I'll have paid it off from the money I earn at work).

Sorry for this long and seemingly idiotic message. But I need to know, where's the first place I should be looking right now?

(P.S. should be noted my job doesn't currently pay me enough to rent a place and feed myself as the COL here is ridiculous. Talking over the situation with my boss might lead to a raise to compensate for that, but even so, I still have my final semester (with a whopping 19 credits i.e. 6 classes) to go before I graduate. With such a full course load I can only work maybe a max of 12-15 hours a week. So you can see that this is a sticky situation).

If anyone has any advice I'd really appreciate it.

[PoliticalJunkie]

1) Fafsa (i believe the current rate is 6.5%) fafsa.ed.gov
2) LS grants/scholarships
3) private (usually around 8.5%)

Private loans should be a last resort to cover expenses, though if you don't have assets or a cosigner and you're right out of college you'll have a damn near impossible chance of getting one.

[lawschooliseasy]

Don't use your cash to take out a CD if you have credit card debt....

[Cardboardbox]

Don't use your cash to take out a CD if you have credit card debt....

No no, I HAVE a CD. I was saying that the amount I have in my CD is enough to cover my debt, but that's inconsequential as I'll pay it off before the CD opens anyways. Sorry if I didn't make that clear.

What about Stafford? Can I only apply to that once I know where I'm attending? (and obviously after I do FAFSA).

[UCInfo]

Are you looking for a loan to pay for living expenses for the last few months of undergrad? Or are you wondering how to obtain loans to pay for law school?

As far as I know, you obtain a Stafford or PLUS loan through your law school once you enroll. The FAFSA determines your eligibility, but the school is responsible for disbursing your loan. So, yes, you would need to commit to a law school before you can obtain those loans.

If you need money now and are still in undergrad, you should talk to the financial aid office at your current school to see if there are any opportunities to obtain loans now. If you're really desperate for cash, can't you cash out your CD early?

[umichgrad]

It's also worth noting that in the vast majority of cases, the federal loans (perkins, stafford, etc) do not kick in until the first day of classes, sometimes even later. You absolutely can not rely on these the summer before law school.

[Cardboardbox]

Thanks, those were all the answers I was looking for.