Apply for loans - one or both semesters?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
jjlaw
Posts: 299
Joined: Thu Dec 31, 2009 1:43 pm

Apply for loans - one or both semesters?

Postby jjlaw » Tue Jun 21, 2011 11:48 am

So I just got my Fall statement, and I need to take out PLUS loans. Do I only apply for loans for the Fall now? And then apply for more loans in the Spring? Or do I apply for loans for the entire academic year?

Do I also need to estimate how much I'll need in living expenses to calculate total loans?

03121202698008
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Joined: Fri Jul 17, 2009 2:07 am

Re: Apply for loans - one or both semesters?

Postby 03121202698008 » Tue Jun 21, 2011 11:53 am

jjlaw wrote:So I just got my Fall statement, and I need to take out PLUS loans. Do I only apply for loans for the Fall now? And then apply for more loans in the Spring? Or do I apply for loans for the entire academic year?

Do I also need to estimate how much I'll need in living expenses to calculate total loans?


At my school, you request the total amount for the year and they pay half at each semester. You can request more as needed though.

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DocHawkeye
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Joined: Fri Oct 29, 2010 11:22 am

Re: Apply for loans - one or both semesters?

Postby DocHawkeye » Tue Jun 21, 2011 12:29 pm

Generally, the school will send you a budget of estimated expenses for the year. This is the maximum amount the school will allow in terms of financial aid from all sources - scholarships, grants, and loans of all types.

03121202698008
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Joined: Fri Jul 17, 2009 2:07 am

Re: Apply for loans - one or both semesters?

Postby 03121202698008 » Tue Jun 21, 2011 2:06 pm

DocHawkeye wrote:Generally, the school will send you a budget of estimated expenses for the year. This is the maximum amount the school will allow in terms of financial aid from all sources - scholarships, grants, and loans of all types.


You can generally exceed the budget with private loans but it is the max for all federal loans including Grad Plus.




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