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Apply for loans - one or both semesters?
Posted: Tue Jun 21, 2011 11:48 am
by jjlaw
So I just got my Fall statement, and I need to take out PLUS loans. Do I only apply for loans for the Fall now? And then apply for more loans in the Spring? Or do I apply for loans for the entire academic year?
Do I also need to estimate how much I'll need in living expenses to calculate total loans?
Re: Apply for loans - one or both semesters?
Posted: Tue Jun 21, 2011 11:53 am
by 03121202698008
jjlaw wrote:So I just got my Fall statement, and I need to take out PLUS loans. Do I only apply for loans for the Fall now? And then apply for more loans in the Spring? Or do I apply for loans for the entire academic year?
Do I also need to estimate how much I'll need in living expenses to calculate total loans?
At my school, you request the total amount for the year and they pay half at each semester. You can request more as needed though.
Re: Apply for loans - one or both semesters?
Posted: Tue Jun 21, 2011 12:29 pm
by DocHawkeye
Generally, the school will send you a budget of estimated expenses for the year. This is the maximum amount the school will allow in terms of financial aid from all sources - scholarships, grants, and loans of all types.
Re: Apply for loans - one or both semesters?
Posted: Tue Jun 21, 2011 2:06 pm
by 03121202698008
DocHawkeye wrote:Generally, the school will send you a budget of estimated expenses for the year. This is the maximum amount the school will allow in terms of financial aid from all sources - scholarships, grants, and loans of all types.
You can generally exceed the budget with private loans but it is the max for all federal loans including Grad Plus.