Private Loan for Cost of Living

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
Tkords
Posts: 20
Joined: Sun May 10, 2015 12:19 pm

Private Loan for Cost of Living

Postby Tkords » Sat Oct 22, 2016 9:53 am

I was wondering if any of you might have experience with private loans. I have maxed out my federal student loans which cover the estimated cost of living, but as those costs are calculated for a single individual it isn't enough to cover my actual expenses with a wife and child. My wife stays at home with my kid (there are medical/developmental concerns) and doesn't work, so apart from loans I don't have any other source of income to cover our expenses while we're in law school.

I didn't think this would be a problem since I figured I could always get a private loan when it became necessary, but all of the private loans will not lend more than the difference between the cost of attendance and financial aid (which includes my federal loans). So that is $0. Feels like a bit of a catch-22.

Am I missing something or are there other possible solutions?

Thanks in advance.

cavalier1138
Posts: 4291
Joined: Fri Mar 25, 2016 8:01 pm

Re: Private Loan for Cost of Living

Postby cavalier1138 » Sat Oct 22, 2016 10:40 am

This sounds like something to discuss with your financial aid office. They're going to be in a much better position to know if there are government programs to help subsidize things like childcare or whether they're in a position to augment your current COL numbers.

User avatar
Nebby
amateur huffpo
Posts: 29508
Joined: Sat Feb 01, 2014 12:23 pm

Re: Private Loan for Cost of Living

Postby Nebby » Sat Oct 22, 2016 10:51 am

Just be careful that you are certain you can get a job to service the debt. With federal debt, you can tie your payments to your income. Such is not the case with private loans

User avatar
A. Nony Mouse
Posts: 28066
Joined: Tue Sep 25, 2012 11:51 am

Re: Private Loan for Cost of Living

Postby A. Nony Mouse » Sat Oct 22, 2016 12:51 pm

cavalier1138 wrote:This sounds like something to discuss with your financial aid office. They're going to be in a much better position to know if there are government programs to help subsidize things like childcare or whether they're in a position to augment your current COL numbers.

Yes, I agree with this. I know that your school's financial aid office can adjust your COL based on dependants and therefore raise the cap on your loans.

User avatar
landshoes
is that cool?
Posts: 1219
Joined: Mon Jan 09, 2012 2:17 pm

Re: Private Loan for Cost of Living

Postby landshoes » Sat Oct 22, 2016 12:57 pm

A. Nony Mouse wrote:
cavalier1138 wrote:This sounds like something to discuss with your financial aid office. They're going to be in a much better position to know if there are government programs to help subsidize things like childcare or whether they're in a position to augment your current COL numbers.

Yes, I agree with this. I know that your school's financial aid office can adjust your COL based on dependants and therefore raise the cap on your loans.


Yup, then you can get more Grad PLUS instead of private loans AFAIK.

User avatar
NCGuy
Posts: 1600
Joined: Sun Jul 31, 2011 12:20 am

Re: Private Loan for Cost of Living

Postby NCGuy » Wed Nov 16, 2016 3:05 pm

Private loans should always be a measure of last resort for the reasons stated above.




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 1 guest