How much to take out on loan?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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How much to take out on loan?

Postby jcm043 » Fri Nov 09, 2012 5:38 pm

I'm starting now to plan ahead for taking out a loan for the next three years. Luckily the cost of tuition will only $9,000 per year, $4,500 per semester.) Is there a guide to budgeting on TLS? Obviously I want to keep my loans as small as possible.

TIA, hope everyone has a great weekend!

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Re: How much to take out on loan?

Postby Lawquacious » Fri Nov 09, 2012 5:49 pm

If you enter some relevant search terms in the forums search box on TLS you might find relevant info.

My experience has been that I have needed all funds and more, but I am not right out of college and have adjusted to a lifestyle due to working for several years. I do know ppl who don't take all the loans and seem to do fine though--they get roommates and eat cheap food etc and it works out for them apparently.


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Re: How much to take out on loan?

Postby badaboom61 » Fri Nov 09, 2012 6:02 pm

You can give back loans at no penalty at all for a certain period after you take out the loans. I think it might be as long as 90 days? You can check though. Anyway, one strategy would be to take a generous amount of loans when you get there, figure out how you're living and adjusting to and how much money you need, and then give back the balance if you don't need it all.


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Re: How much to take out on loan?

Postby jeffreyangley » Wed Dec 05, 2012 3:04 am

The loan underwriting process is becoming more demanding for small businesses, and it's essential for any start-up or those wishing to expand to be diligent in knowing all the ins and outs of getting a loan.
Setting up a relationship with your banker begins with following five tips:
Set up a bank account at a bank that deals with your size and type of small business.
Manage the account effectively and avoid overdraws, bounced checks, and low balances.
Borrow a short-term loan and pay quickly to establish your business credit.
Keep your bank informed of upcoming issues, missed projections, and missed payments.
Get to know your banker and help them to understand your business.

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