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Would making $8,700 a year hurt my chances of getting loans?
Posted: Thu Mar 25, 2010 8:09 pm
by MSachmorov
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!
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Thu Mar 25, 2010 8:11 pm
by D. H2Oman
It won't hurt your ability to get loans.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Thu Mar 25, 2010 8:14 pm
by MSachmorov
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!
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Thu Mar 25, 2010 8:15 pm
by twert
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.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Thu Mar 25, 2010 8:17 pm
by D. H2Oman
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.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Thu Mar 25, 2010 8:20 pm
by MSachmorov
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).
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Mon Mar 29, 2010 1:39 pm
by legalease9
OP, I doubt it. I made about 11k and so far it's effected nothing. So you are good.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Mon Mar 29, 2010 1:47 pm
by weee
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.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Mon Mar 29, 2010 3:18 pm
by Me-a Culpa
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.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Mon Mar 29, 2010 3:29 pm
by weee
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.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Mon Mar 29, 2010 3:44 pm
by Me-a Culpa
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.
Re: Would making $8,700 a year hurt my chances of getting loans?
Posted: Mon Mar 29, 2010 3:56 pm
by weee
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.