Private Loans Beyond Grad Plus + School Budget?? Forum

[Winny]

Hello,

This fall I will be a 1L and I am really starting to stress out about financing this whole experience. My situation is as follows...

- I have been awarded a scholarship of $20,000/year
- I will be paying the remainder of my tuition/fees/health insurance entirely from Stafford & Grad Plus loans
- I will also be receiving Grad Plus loans worth the entire school's estimated cost of living

Here is my problem. I can guarantee that my actual cost of living will greatly exceed the schools estimated cost of living. I have a little money of my own saved up to match this discrepancy, but that will not last all three years.

I know the responsible solution is simply to live within my limits for the next three years, but without trying to sound like a wildly irresponsible, spoiled child, that isn't really an option. Without getting into too many details, I am forced to live near campus (which is in a very expensive part of an already expensive city), have to pay some hefty vet bills, have ridiculous car insurance rates, and have recently taken some pretty big hits to my savings among other things.

So, after all that, what I'm really asking is whether or not banks or any other organizations will give student loans even if I have already accepted my maximum Stafford and Grad Plus loans. I should add that I am going straight from undergrad, so I have no real work experience, which I assume hurts my chances. I realize that interest rates will be high and I will be in massive amounts of debt come graduation. Hopefully by 3L some things will have changed and I will be able to live within the school's estimated cost of living. But, if that is not the case, I was wondering if this is a possibility?

If not, does anyone have any other suggestions?

Thank you for your time

[UFstudent]

Hello,

This fall I will be a 1L and I am really starting to stress out about financing this whole experience. My situation is as follows...

- I have been awarded a scholarship of $20,000/year
- I will be paying the remainder of my tuition/fees/health insurance entirely from Stafford & Grad Plus loans
- I will also be receiving Grad Plus loans worth the entire school's estimated cost of living

Here is my problem. I can guarantee that my actual cost of living will greatly exceed the schools estimated cost of living. I have a little money of my own saved up to match this discrepancy, but that will not last all three years.

I know the responsible solution is simply to live within my limits for the next three years, but without trying to sound like a wildly irresponsible, spoiled child, that isn't really an option. Without getting into too many details, I am forced to live near campus (which is in a very expensive part of an already expensive city), have to pay some hefty vet bills, have ridiculous car insurance rates, and have recently taken some pretty big hits to my savings among other things.

So, after all that, what I'm really asking is whether or not banks or any other organizations will give student loans even if I have already accepted my maximum Stafford and Grad Plus loans. I should add that I am going straight from undergrad, so I have no real work experience, which I assume hurts my chances. I realize that interest rates will be high and I will be in massive amounts of debt come graduation. Hopefully by 3L some things will have changed and I will be able to live within the school's estimated cost of living. But, if that is not the case, I was wondering if this is a possibility?

If not, does anyone have any other suggestions?

Thank you for your time

You are worried and you have savings? Worry when savings are depleted.
You can't borrow above the school's estimate. Your parents can.
Since you live so close to school, maybe sell you car for the money. Plus, no car save money on the insurance.
You can petition the school to up your estimated cost if you talk to the financial aide people.

[moe]

i need private loans beyond what the school is allotting me also... can anyone advise on what lenders to contact??

[nealric]

I am forced to live near campus (which is in a very expensive part of an already expensive city), have to pay some hefty vet bills, have ridiculous car insurance rates, and have recently taken some pretty big hits to my savings among other things.

Unless you have a family to take care of or are physically disabled, I don't buy this. If you have to live in an expensive part of the city, get roommates. Lots of them if necessary. If your car insurance rates are ridiculous, sell your car and ride a bike to school.

[Bildungsroman]

http://www.top-law-schools.com/forums/v ... 5&t=120896

[moe]

http://www.top-law-schools.com/forums/v ... 5&t=120896

thanks for that previous topic link.

to the person who started the thread:

https://www.wellsfargo.com/student/loans/

looks like wells fargo is the place to go!

[swc65]

Before taking out uncertified private loans talk to your finaid office. They can definitely up your budget if your rent is above their estimate. After all it is an estimated budget. They can change it and certify more in loans under the federal program. Many of these uncertified loans expect you to begin repayment immediately as well, which only leads to more borrowing to cover the payments. Also, uncert loans are not included in IBR or LRAP (Many schools' LRAPs only cover the estimated COA anyway). Taking out these loans is not a good idea. If your expenses are legitimately above your school's ESTIMATED COA, they will increase your budget. Exhaust that resource before taking out uncert loans. These private loans also have aggregate limits whereas Gradplus does not.

[phi4life940]

So I'm on the Wells Fargo website and I'm trying to figure out which loan to take out....

I need about 10K beyond my school's COA...

Someone on here mentioned Wells Fargo is the only place to go.

HELP PLEASE!!!!! I have to move this Sunday and I really need money!

[rogerjolly]

Yes there is a loan available which is called federal loan which is cover all school expenses and other living expenses also with lowest interest rate.

[Hattori Hanzo]

Before taking out uncertified private loans talk to your finaid office. They can definitely up your budget if your rent is above their estimate. After all it is an estimated budget. They can change it and certify more in loans under the federal program.

I did exactly that and the fin. aid office increase my budget by $6K for the year. Your legitimate expenses like rent/utilities will be met by a budget increase as long as you have proof. You might have a problem getting the vet bills and car insurance in though.