Requesting more loans?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
johnDAbaptist
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Joined: Tue Jun 16, 2009 8:53 am

Requesting more loans?

Postby johnDAbaptist » Thu May 27, 2010 5:13 pm

I owe my dad about $5,000 (we split undergrad costs). Can i get more student loans to pay for it? I'm going to a state school with instate tuition, so the debt load wont be crushing. I just saw where you can request for more loans for purchases like computers, but they require a proof of purchase. thanks!

twopoodles
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Joined: Mon Nov 02, 2009 1:42 pm

Re: Requesting more loans?

Postby twopoodles » Sat May 29, 2010 8:00 pm

No. There are very few reasons to get COL increased and debt is not one of them.

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jayn3
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Re: Requesting more loans?

Postby jayn3 » Sat May 29, 2010 8:03 pm

increasing COL can be difficult but it's probably worth asking about. otherwise there's always private lenders.....i think i remember seeing something advertised as student loans at wells fargo for example

lewis louis
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Joined: Tue Mar 03, 2009 2:08 am

Re: Requesting more loans?

Postby lewis louis » Sat May 29, 2010 8:36 pm

Not to thread jack, but how do you go about requesting more loans for a laptop purchase? Thank ya!

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VA LawDog
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Re: Requesting more loans?

Postby VA LawDog » Sat May 29, 2010 8:37 pm

IMHO, taking loans from family is bad juju.

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let/them/eat/cake
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Joined: Thu Feb 12, 2009 7:20 pm

Re: Requesting more loans?

Postby let/them/eat/cake » Sat May 29, 2010 8:40 pm

VA LawDog wrote:IMHO, taking loans from family is bad juju.


tell him to . . . wait for it . . . wait for it . . .

wait for it.

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Bert
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Joined: Mon Mar 22, 2010 12:37 pm

Re: Requesting more loans?

Postby Bert » Sat May 29, 2010 8:42 pm

lewis louis wrote:Not to thread jack, but how do you go about requesting more loans for a laptop purchase? Thank ya!


LL - I think you need to get in touch with the finaid office at your school and things go through them. You have to explain to them that you need a computer for school and they just bump your COL numbers.


OP, why can't you just let the loan with your dad ride for another three years? An interest-free loan from family is more desireable than paying interest on a bank loan for the next 10 years?

Mr. Pablo
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Joined: Thu Mar 05, 2009 8:21 pm

Re: Requesting more loans?

Postby Mr. Pablo » Sat May 29, 2010 8:46 pm

Yeah, about owing your parents money, unless they are complete psychos I can't imagine that they won't let you defer the payments. The fed. lets you defer, so that should help you there. You can take out loans to pay for specific things like a computer, but you need to prove that you purchased it, then you fill out an extra form for an additional loan to cover that expense. Your school's FinAid office should be able to provide you with details.

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VA LawDog
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Re: Requesting more loans?

Postby VA LawDog » Sat May 29, 2010 8:49 pm

Mr. Pablo wrote:Yeah, about owing your parents money, unless they are complete psychos I can't imagine that they won't let you defer the payments.


True. I wonder why OP is wanting to take out a loan to pay it off so soon.

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Bert
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Joined: Mon Mar 22, 2010 12:37 pm

Re: Requesting more loans?

Postby Bert » Sat May 29, 2010 8:53 pm

VA LawDog wrote:True. I wonder why OP is wanting to take out a loan to pay it off so soon.


I was wondering the same thing.

lewis louis
Posts: 131
Joined: Tue Mar 03, 2009 2:08 am

Re: Requesting more loans?

Postby lewis louis » Sat May 29, 2010 11:32 pm

Should I wait for all the finaid to come in before i do it, or before i fill out the gradplus loan app?




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