Should I expect enough Loans and Aid to fully pay...

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
aabuster1
Posts: 31
Joined: Thu Jul 15, 2010 11:04 pm

Should I expect enough Loans and Aid to fully pay...

Postby aabuster1 » Wed Apr 20, 2011 10:20 pm

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Last edited by aabuster1 on Fri Sep 04, 2015 4:39 pm, edited 1 time in total.

aliarrow
Posts: 886
Joined: Tue Mar 15, 2011 6:08 pm

Re: Should I expect enough Loans and Aid to fully pay...

Postby aliarrow » Wed Apr 20, 2011 10:22 pm

Yeah, Fed loans will cover tuition + cost of living as long as you don't have an adverse credit history. If you do have one, then you can only get $20.5k in federal loans.

iowalum
Posts: 326
Joined: Mon Oct 25, 2010 5:15 pm

Re: Should I expect enough Loans and Aid to fully pay...

Postby iowalum » Wed Apr 20, 2011 10:28 pm

aliarrow wrote:Yeah, Fed loans will cover tuition + cost of living as long as you don't have an adverse credit history. If you do have one, then you can only get $20.5k in federal loans.


What are the details on this? I have bad credit, but can I get a co-sign for more money? Is this per year or total?

aliarrow
Posts: 886
Joined: Tue Mar 15, 2011 6:08 pm

Re: Should I expect enough Loans and Aid to fully pay...

Postby aliarrow » Wed Apr 20, 2011 10:32 pm

iowalum wrote:
aliarrow wrote:Yeah, Fed loans will cover tuition + cost of living as long as you don't have an adverse credit history. If you do have one, then you can only get $20.5k in federal loans.


What are the details on this? I have bad credit, but can I get a co-sign for more money? Is this per year or total?


To be specific, you can get:

$8,500 in subsidized interest Federal loans (no credit check)
$12,000 in unsubsidized Federal loans (no credit check)
And the difference between that and the budget established by your school in GradPlus loans. The credit requirements are basically no negatives on your Equifax report (you can go to http://www.Equifax.com to check for free). This means no judgments, no defaults, no foreclosures, no bankruptcies, and you can't have any outstanding debt for >3 months. If you just have bad credit because of a high debt to credit ratio then you're ok, you're also fine if you don't have a credit history.
You can have someone cosign for these if you don't qualify alone because of credit. (http://www.gradloans.com/graduate-plus- ... igners.php)

If not, you have to take out private loans, which is a very bad idea since you don't have the IBR safety net.

aabuster1
Posts: 31
Joined: Thu Jul 15, 2010 11:04 pm

Re: Should I expect enough Loans and Aid to fully pay...

Postby aabuster1 » Wed Apr 20, 2011 10:45 pm

Thank you for the quick response.

Tuition plus cost of living. Are you saying I should expect tuition plus room/board or enough to cover UofL's full estimated cost of attendance as I pasted below ($33,900) ?

Sorry to be a bother - I just want the best estimate of where I am going to stand that I can find.

Thanks again.

2010-2011 Estimated Annual Cost of Attendance for Full-time Students **

Hours Resident
Tuition $15,600
Room/Board $8442
Books/Supplies $1000
Travel $3274
Personal Expenses $5514
One time Orientation Fee $60
Stafford Loan Fees $90
TOTALS $33,980

aliarrow
Posts: 886
Joined: Tue Mar 15, 2011 6:08 pm

Re: Should I expect enough Loans and Aid to fully pay...

Postby aliarrow » Wed Apr 20, 2011 10:45 pm

Yeah, it covers all of that




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