Will Graduate PLUS Cover These Expenses... Forum

[jrodz80]

I am planning to attend LS on Aug of 2011. I have determined that I will be able to defer all my student loans during LS except for one. Can I include the monthly payments of that loan into something like miscellaneous expenses that can be covered by Graduate PLUS loans? Thanks!

[vanwinkle]

Technically, once they give you the money, you can use your loan dispersal in any way you want. You can use the money to make monthly payments on your existing debts, but the money you have for actual COL while in law school will be reduced by that much.

[jrodz80]

I've heard that you can borrow up to the "cost of attendance". Can someone give me a specific breakdown of items included in this list (that the school would certify)? Thanks!

[jrodz80]

I've heard that you can borrow up to the "cost of attendance". Can someone give me a specific breakdown of items included in this list (that the school would certify)? Thanks!

I meant with Graduate PLUS loans. I am aware that you can borrow up to $20,500 annually from Stafford loans.

[kalvano]

I've heard that you can borrow up to the "cost of attendance". Can someone give me a specific breakdown of items included in this list (that the school would certify)? Thanks!

The schools provide the breakdown.

Here is Wake's -


Tuition

Tuition for the 2010-2011 academic year for JD students is $36,514. Below you will find an annual budget for total cost of attendance.
Tuition $36,514
University technology fee 400
Health fee* 316
Charges billed by WFU $37,230
Room, board, utilities 11,000
Books & supplies 1,200
Personal expenses 2,500
Transportation 2,700
Insurance (health & renter's) 1,700
Estimated other costs $19,100
Total estimated costs $56,330

[Kohinoor]

I've heard that you can borrow up to the "cost of attendance". Can someone give me a specific breakdown of items included in this list (that the school would certify)? Thanks!

I meant with Graduate PLUS loans. I am aware that you can borrow up to $20,500 annually from Stafford loans.

That doesn't sound like something they'll cover. I've had heated talks with our financial aid people over my inability to fund my trips to the Glitter Factory. They don't budge. Beyond cost of living, federal loans are authorized for a list of about 5 things and existing loans aren't one of them.
iirc:
laptop loan
emergency medical expenses loan
health insurance loan

.... Yeah, scratch 5 things. You can go beyond cost of attendance in about three scenarios.

[vanwinkle]

I've heard that you can borrow up to the "cost of attendance". Can someone give me a specific breakdown of items included in this list (that the school would certify)? Thanks!

I think you might be confusing things a bit. Some schools will provide a detailed breakdown of items to show how they arrived at the total COL (Cost of Living) number, but others won't. The truth is, it doesn't matter. All that matters is how much they give you, because they will literally give you that money in a lump sum check. You don't have to prove you're spending it on the "costs of attendance", you don't need receipts or to show that you're within their planned budget or anything, nothing needs to be "certified". They just give you up to that much money to live off of, and after that you're on your own.

Just don't tell them you're using the money to make loan payments. Those loan payments are part of your expenses, so use it for that. You'll just have less money to pay for everything else, so budget accordingly (eat cheaper food, rent a cheaper apartment, etc).

[Bustang]

Anyone know when you receive your GradPlus loans? Is it during the same bullshit reimbursement period as the other loans? I'm going to have to float my books on a credit card for a week

[vanwinkle]

Anyone know when you receive your GradPlus loans? Is it during the same bullshit reimbursement period as the other loans? I'm going to have to float my books on a credit card for a week

Yes, it usually is.

[Kohinoor]

Anyone know when you receive your GradPlus loans? Is it during the same bullshit reimbursement period as the other loans? I'm going to have to float my books on a credit card for a week

Uh... it may be more than a week. Plan accordingly. Not kidding.