Extra loans versus work-study?

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BrittaBot
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Extra loans versus work-study?

Postby BrittaBot » Mon Apr 04, 2011 7:44 pm

I received my financial aid letter from a public state university recently. There's a scholarship, some subsidized and unsubsidized Stafford Loans, and then $3000 "Law Federal Work-Study."<----All my questions are regarding this.

1) What does this even mean? Is it just a normal work-study thing like in undergrad?
2) At one point in the letter it says, "If you decline your work-study award, you may be eligible to receive additional loans. Contact the Student Finance office for more information"

I've done work-study during undergrad with minimum-wage. While I made $4000 total last year, I'd venture to say most of that was made working during the summer, rather than the school year. At this point, I'm thinking it might be a better idea to "contact the Student Finance office" for more information about a $3000 loan rather than taking the work-study. It's no guarantee that I'll find a job on-campus, even have time for a job, or even MAKE $3000 at what is most likely going to be a minimum wage job. Plus, if I need to pay the bill upfront….um I wouldn't make that money until throughout the school year. Advice?

Also, I apologize if I'm being really stupid about this, but are Stafford Loans the same thing as GradPlus loans, or are they two different things? If I call the office and request more loans, will they most likely then be GradPlus?

I am going to call their office shortly, but just wanted to get people's advice on the work study versus loans thing. Thanks!

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NancyBotwin
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Re: Extra loans versus work-study?

Postby NancyBotwin » Wed Apr 06, 2011 12:21 am

BrittaBot wrote:I received my financial aid letter from a public state university recently. There's a scholarship, some subsidized and unsubsidized Stafford Loans, and then $3000 "Law Federal Work-Study."<----All my questions are regarding this.

1) What does this even mean? Is it just a normal work-study thing like in undergrad?
2) At one point in the letter it says, "If you decline your work-study award, you may be eligible to receive additional loans. Contact the Student Finance office for more information"

I've done work-study during undergrad with minimum-wage. While I made $4000 total last year, I'd venture to say most of that was made working during the summer, rather than the school year. At this point, I'm thinking it might be a better idea to "contact the Student Finance office" for more information about a $3000 loan rather than taking the work-study. It's no guarantee that I'll find a job on-campus, even have time for a job, or even MAKE $3000 at what is most likely going to be a minimum wage job. Plus, if I need to pay the bill upfront….um I wouldn't make that money until throughout the school year. Advice?

Also, I apologize if I'm being really stupid about this, but are Stafford Loans the same thing as GradPlus loans, or are they two different things? If I call the office and request more loans, will they most likely then be GradPlus?

I am going to call their office shortly, but just wanted to get people's advice on the work study versus loans thing. Thanks!


1. I don't know how the disbursement works for Work Study, but you really don't want to be working during your 1L year, if at all possible, unless you're going part time. I highly recommend contacting your financial aid office to find out about the other loan option, which is probably GradPlus.

2. On that note, no, Stafford is not the same as GradPlus. Stafford Loans are JUST the subsidized and unsubsidized loans. They are not based on any sort of credit decision, but are automatic. GradPlus loans are based on credit, though they are still really easy to get (even with pretty bad credit, as long as you don't have anything major). The GradPlus loans are at a higher interest rate than Stafford loans, and there is usually a small fee taken out right away (I don't remember what the fee is called, but it's normal). If you're maxed out on other loans (20,500 total between the sub/unsub Staffords)/need-based aid, then yes, you're most likely to get GradPlus.

firemed
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Joined: Wed Aug 11, 2010 7:36 pm

Re: Extra loans versus work-study?

Postby firemed » Wed Apr 06, 2011 12:40 am

The other day at an event I was told that work study at my future school consisted of being a research assistant for a prof. But you couldn't apply until your second year, as first year was simply too busy to consider working.




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