Full scholarship--do I need student loans?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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cherrygalore
Posts: 475
Joined: Wed Oct 19, 2016 11:13 pm

Full scholarship--do I need student loans?

Postby cherrygalore » Mon Feb 20, 2017 9:32 pm

Hey y'all,

I have a question. So I was offered a full scholarship + a fairly significant stipend, but I would still need additional money for cost of living expenses. Do I take out small student loans for this? How would I go about doing so?

I'm totally clueless about all this since I am fortunate enough to never have dealt with student loans before. I appreciate any advice at all! Thanks!!

LawTweet
Posts: 222
Joined: Sun May 22, 2016 8:15 pm

Re: Full scholarship--do I need student loans?

Postby LawTweet » Mon Feb 20, 2017 9:34 pm

I believe you can take out federal loans for the difference between your scholarship and the full cost of attendance (which includes living expenses). If you want to borrow beyond the school's estimation for living expenses, you'd have to take a private loan.

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cherrygalore
Posts: 475
Joined: Wed Oct 19, 2016 11:13 pm

Re: Full scholarship--do I need student loans?

Postby cherrygalore » Mon Feb 20, 2017 9:37 pm

Thank you! For federal loans would I go through FAFSA or whatever whereas a private loan would be through my bank or something?
Last edited by cherrygalore on Mon Feb 20, 2017 9:56 pm, edited 1 time in total.

LawTweet
Posts: 222
Joined: Sun May 22, 2016 8:15 pm

Re: Full scholarship--do I need student loans?

Postby LawTweet » Mon Feb 20, 2017 9:38 pm

Yup, just fill out FAFSA. Don't need to input parental information iirc.




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