How to pay COL during summer

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uwgbluedevil
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Joined: Tue Oct 05, 2010 12:02 pm

How to pay COL during summer

Postby uwgbluedevil » Thu Jan 20, 2011 10:58 pm

If you are unable to find a summer job. Do you build the summer months into your COL expenses when you apply for loans?

cowgirl_bebop
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Re: How to pay COL during summer

Postby cowgirl_bebop » Fri Jan 21, 2011 1:11 pm

uwgbluedevil wrote:If you are unable to find a summer job. Do you build the summer months into your COL expenses when you apply for loans?


Thats entirely plausible, but I plan on having a job. Even if I cant find a law internship, Ill work somewhere, anywhere to make ends meet. My plan is to budget out for as much of the summer as I feel comfortable with, especially in order to cover than gap between when classes end/you start working and when your firs paycheck arrives. When calculating my COA, Im looking at August-June at least.

uwgbluedevil
Posts: 178
Joined: Tue Oct 05, 2010 12:02 pm

Re: How to pay COL during summer

Postby uwgbluedevil » Fri Jan 21, 2011 1:18 pm

Thanks, I didnt know if it was something you needed to totally budget for over the summer or what. I feel pretty certain I can find a job o make ends, meet, it just worries me that in this economy, you never really know. I've also never taken out loans, so i'm still a little unsure about how they determine the amount you are eligible for etc. and if they calculate your COL or if you do it yourself

fuzzypeach
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Joined: Thu Jan 20, 2011 11:30 am

Re: How to pay COL during summer

Postby fuzzypeach » Fri Jan 21, 2011 4:58 pm

My school allowed me to take out loans to pay for summer when I was taking classes. If you aren't taking summer classes, take out a little extra and budget. Don't take out extra and buy a new racing bike. or car. or house. or bar tab for everyone and their mom. In fact, maybe you should take out extra and put it in a special box that only opens after May.

uwgbluedevil
Posts: 178
Joined: Tue Oct 05, 2010 12:02 pm

Re: How to pay COL during summer

Postby uwgbluedevil » Fri Jan 21, 2011 5:42 pm

Yeah I'm smart about money for the most part. Lived on $500 a month through college, rent, utilities, food, gas, everything. I dont tend to spend anything more then i need, i was just wondering if most people to tend to take out a little extra for the summer or if they just bank on finding a job that pays enough to make ends meet.

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swc65
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Joined: Wed Jul 22, 2009 11:27 am

Re: How to pay COL during summer

Postby swc65 » Fri Jan 21, 2011 5:51 pm

The school sets a COL budget for you for the academic year (9months) If you need money for the other three months, you will have to use money that is budgeted for the academic year. You cannot pull out any federal loans for the summer if you are not taking classes. So you'll have to spend less than they budget you for during the academic year.

You can make budget adjustments for the academic year if you "prove" qualified expenses over and above what the school sets as the standard.

fuzzypeach
Posts: 22
Joined: Thu Jan 20, 2011 11:30 am

Re: How to pay COL during summer

Postby fuzzypeach » Sat Jan 22, 2011 10:30 am

I don't know about you guys but for my grad school, I think I could have taken out something like 30k a year after tuition, no questions asked. So covering summer expenses was not an issue.

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swc65
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Re: How to pay COL during summer

Postby swc65 » Sun Jan 23, 2011 9:33 pm

fuzzypeach wrote:I don't know about you guys but for my grad school, I think I could have taken out something like 30k a year after tuition, no questions asked. So covering summer expenses was not an issue.



That seems like a lot. I'm in NYC and we can only take out 20k/yr over tuition.




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