Would making $8,700 a year hurt my chances of getting loans? Forum

MSachmorov · Post by **MSachmorov** » Thu Mar 25, 2010 8:09 pm

Hey everyone,
I have a question regarding loans. I am a TOTAL noob when it comes to financial aid so please go easy on me! Would having a part time job making about $8,700 a year influence my ability to get need based loans or, for that matter, any loans at all (including need based grants)? In other words, would I get less funding either from an institution or the government if I had this income? On a similar note, could it help? Would making that much show that I need a lot of money?

My first reaction is that having this income could actually hurt me but I know nothing about this so I figured I would ask. I really need some answers on this so I appreciate any and all comments/advice/help! Thanks in advance!

D. H2Oman · Post by **D. H2Oman** » Thu Mar 25, 2010 8:11 pm

It won't hurt your ability to get loans.

MSachmorov · Post by **MSachmorov** » Thu Mar 25, 2010 8:14 pm

Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!

twert · Post by **twert** » Thu Mar 25, 2010 8:15 pm

MSachmorov wrote:Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!

i think it starts to matter around 16k. i'm not positive.

D. H2Oman · Post by **D. H2Oman** » Thu Mar 25, 2010 8:17 pm

MSachmorov wrote:Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!

Well, loans and need based grants are different. I doubt 8K is going to make any difference with need based aid.

MSachmorov · Post by **MSachmorov** » Thu Mar 25, 2010 8:20 pm

D. H2Oman wrote:
MSachmorov wrote:Really? So people who make no income don't get any more money than people who make some money?
-Sorry to be a nuisance. I just know nothing at all about this so I just want to be sure. Thanks for the response!

Well, loans and need based grants are different. I doubt 8K is going to make any difference with need based aid.

Oh...I forgot about need based grants. Will it make any difference in getting a need based grant? (I edited the thread, thanks for reminding me).

legalease9 · Post by **legalease9** » Mon Mar 29, 2010 1:39 pm

OP, I doubt it. I made about 11k and so far it's effected nothing. So you are good.

weee · Post by **weee** » Mon Mar 29, 2010 1:47 pm

Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.

Me-a Culpa · Post by **Me-a Culpa** » Mon Mar 29, 2010 3:18 pm

weee wrote:Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.

Not sure how to write this without coming off as gauche, but our net is over 6 figures, and the Stafford loans are an option for us. Although I haven't read much about it, I am sure they are offered to everyone regardless of income.

weee · Post by **weee** » Mon Mar 29, 2010 3:29 pm

Me-a Culpa wrote:
weee wrote:Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.
Not sure how to write this without coming off as gauche, but our net is over 6 figures, and the Stafford loans are an option for us. Although I haven't read much about it, I am sure they are offered to everyone regardless of income.

You take total COA minus EFC and if that's less than the 20k you get staffords, as far as I can tell.

Me-a Culpa · Post by **Me-a Culpa** » Mon Mar 29, 2010 3:44 pm

You probably know a hell of a lot more about it than me. I just received my financial services crap today, and it said I qualified. While I was surprised, it was probably those super expensive kids... Cannot complain, the interest rate is sweet.

weee · Post by **weee** » Mon Mar 29, 2010 3:56 pm

weee wrote:
Me-a Culpa wrote:
weee wrote:Just to answer the LOANS question, I made 80k+ last year and I still qualified for the full 20k of stafford loans per year... obviously I got 0 grant aid though.
Not sure how to write this without coming off as gauche, but our net is over 6 figures, and the Stafford loans are an option for us. Although I haven't read much about it, I am sure they are offered to everyone regardless of income.
You take total COA minus EFC and if that's [strike]less[/strike] more than the 20.5k you get the full amount of staffords, as far as I can tell.

Ooops, some corrections added (and still not necessarily 100% accurate). Basically if you're expected to pay less than what it costs to go, the govt will help you out w/ some better interest rate loans to get you started.

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