Would making $8,700 a year hurt my chances of getting loans?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
User avatar
MSachmorov
Posts: 43
Joined: Tue Jan 02, 2007 1:32 am

Would making $8,700 a year hurt my chances of getting loans?

Postby MSachmorov » Thu Mar 25, 2010 8:09 pm

Hey everyone,
I have a question regarding loans. I am a TOTAL noob when it comes to financial aid so please go easy on me! Would having a part time job making about $8,700 a year influence my ability to get need based loans or, for that matter, any loans at all (including need based grants)? In other words, would I get less funding either from an institution or the government if I had this income? On a similar note, could it help? Would making that much show that I need a lot of money?

My first reaction is that having this income could actually hurt me but I know nothing about this so I figured I would ask. I really need some answers on this so I appreciate any and all comments/advice/help! Thanks in advance!
Last edited by MSachmorov on Thu Mar 25, 2010 8:19 pm, edited 1 time in total.

User avatar
D. H2Oman
Posts: 7469
Joined: Tue Feb 24, 2009 5:47 am

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby D. H2Oman » Thu Mar 25, 2010 8:11 pm

It won't hurt your ability to get loans.

User avatar
MSachmorov
Posts: 43
Joined: Tue Jan 02, 2007 1:32 am

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby MSachmorov » Thu Mar 25, 2010 8:14 pm

Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!

User avatar
twert
Posts: 414
Joined: Sun Jul 19, 2009 6:13 pm

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby twert » Thu Mar 25, 2010 8:15 pm

MSachmorov wrote:Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!

i think it starts to matter around 16k. i'm not positive.

User avatar
D. H2Oman
Posts: 7469
Joined: Tue Feb 24, 2009 5:47 am

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby D. H2Oman » Thu Mar 25, 2010 8:17 pm

MSachmorov wrote:Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!



Well, loans and need based grants are different. I doubt 8K is going to make any difference with need based aid.

User avatar
MSachmorov
Posts: 43
Joined: Tue Jan 02, 2007 1:32 am

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby MSachmorov » Thu Mar 25, 2010 8:20 pm

D. H2Oman wrote:
MSachmorov wrote:Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!



Well, loans and need based grants are different. I doubt 8K is going to make any difference with need based aid.



Oh...I forgot about need based grants. Will it make any difference in getting a need based grant? (I edited the thread, thanks for reminding me).

User avatar
legalease9
Posts: 623
Joined: Tue Mar 23, 2010 8:41 pm

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby legalease9 » Mon Mar 29, 2010 1:39 pm

OP, I doubt it. I made about 11k and so far it's effected nothing. So you are good.

User avatar
weee
Posts: 384
Joined: Wed Jul 09, 2008 8:34 pm

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby weee » Mon Mar 29, 2010 1:47 pm

Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.

Me-a Culpa
Posts: 137
Joined: Fri Feb 05, 2010 4:13 am

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby Me-a Culpa » Mon Mar 29, 2010 3:18 pm

weee wrote:Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.


Not sure how to write this without coming off as gauche, but our net is over 6 figures, and the Stafford loans are an option for us. Although I haven't read much about it, I am sure they are offered to everyone regardless of income.

User avatar
weee
Posts: 384
Joined: Wed Jul 09, 2008 8:34 pm

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby weee » Mon Mar 29, 2010 3:29 pm

Me-a Culpa wrote:
weee wrote:Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.


Not sure how to write this without coming off as gauche, but our net is over 6 figures, and the Stafford loans are an option for us. Although I haven't read much about it, I am sure they are offered to everyone regardless of income.


You take total COA minus EFC and if that's less than the 20k you get staffords, as far as I can tell.

Me-a Culpa
Posts: 137
Joined: Fri Feb 05, 2010 4:13 am

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby Me-a Culpa » Mon Mar 29, 2010 3:44 pm

You probably know a hell of a lot more about it than me. I just received my financial services crap today, and it said I qualified. While I was surprised, it was probably those super expensive kids... Cannot complain, the interest rate is sweet.

User avatar
weee
Posts: 384
Joined: Wed Jul 09, 2008 8:34 pm

Re: Would making $8,700 a year hurt my chances of getting loans?

Postby weee » Mon Mar 29, 2010 3:56 pm

weee wrote:
Me-a Culpa wrote:
weee wrote:Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.


Not sure how to write this without coming off as gauche, but our net is over 6 figures, and the Stafford loans are an option for us. Although I haven't read much about it, I am sure they are offered to everyone regardless of income.


You take total COA minus EFC and if that's [strike]less[/strike] more than the 20.5k you get the full amount of staffords, as far as I can tell.


Ooops, some corrections added (and still not necessarily 100% accurate). Basically if you're expected to pay less than what it costs to go, the govt will help you out w/ some better interest rate loans to get you started.




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 1 guest