COL Financing for First Years.

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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fangonk
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Joined: Mon Feb 15, 2010 7:57 am

COL Financing for First Years.

Postby fangonk » Sun Mar 07, 2010 4:49 am

I am broke. My parents literally have no indoor plumbing. Im going to a t14 school and I don't feel like I can keep up a part-time job that pays for COL, at least for the first year. I know this is a really basic question but I couldn't find another topic that addressed it. Is there financing/loans that will pay for COL expenses? How do other poor people pay for this stuff if they can't work? How does this work?

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Chromakey
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Re: COL Financing for First Years.

Postby Chromakey » Sun Mar 07, 2010 5:16 am

The school will factor a COL allowance into your total financial aid package. Check the school's website under their tuition and fees to get an idea of how much you will be able to borrow.

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fangonk
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Re: COL Financing for First Years.

Postby fangonk » Sun Mar 07, 2010 5:22 am

Chromakey wrote:The school will factor a COL allowance into your total financial aid package. Check the school's website under their tuition and fees to get an idea of how much you will be able to borrow.


So I can get low interest loans to pay for COL stuff?

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Chromakey
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Re: COL Financing for First Years.

Postby Chromakey » Sun Mar 07, 2010 5:35 am

fangonk wrote:
Chromakey wrote:The school will factor a COL allowance into your total financial aid package. Check the school's website under their tuition and fees to get an idea of how much you will be able to borrow.


So I can get low interest loans to pay for COL stuff?


You can borrow up to the cost of attendance (which as noted before, will be determined by the school's financial aid office and will include a COL allowance) through the Grad PLUS program. These loans have a fixed 8.5% interest rate. You may qualify for other forms of aid, but most students who are not receiving significant scholarship money will need PLUS loans. If you are looking for more detailed information on loan types and interest rates, I suggest you check out http://www.finaid.org/loans.

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fangonk
Posts: 35
Joined: Mon Feb 15, 2010 7:57 am

Re: COL Financing for First Years.

Postby fangonk » Sun Mar 07, 2010 5:45 am

Chromakey wrote:
fangonk wrote:
Chromakey wrote:The school will factor a COL allowance into your total financial aid package. Check the school's website under their tuition and fees to get an idea of how much you will be able to borrow.


So I can get low interest loans to pay for COL stuff?


You can borrow up to the cost of attendance (which as noted before, will be determined by the school's financial aid office and will include a COL allowance) through the Grad PLUS program. These loans have a fixed 8.5% interest rate. You may qualify for other forms of aid, but most students who are not receiving significant scholarship money will need PLUS loans. If you are looking for more detailed information on loan types and interest rates, I suggest you check out http://www.finaid.org/loans.



Oh great, this is just the kind of info I was looking for. Thanks!




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