Does Financial Aid cover the full cost of tuition plus living? If not, is there a cut off amount?
What loans should I be looking to take out?
HOW DO I FINANCE MY LAW DEGREE? Forum
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S-IV
- Posts: 90
- Joined: Fri Oct 21, 2011 7:48 pm
Re: HOW DO I FINANCE MY LAW DEGREE?
Assuming you do not have scholarships or grants, you'll want to start at federal loans.
Chances are the school at which you choose to matriculate will offer a federal loan amount. Depending on your financial situation, I believe it will be either subsidized or unsubsidized. Chances are, it will be unsubsidized. Assuming this loan offer will not cover all of your Cost of Attendance, you will need to take out further loans if you cannot afford the bills and fees out of pocket. This is where you need to be careful and do what you can to take out as little as possible for the safety of your financial future (really, you should be doing this all along but it becomes increasingly important here).
For further loans, it's recommended that you stick with federal loans such as the GradPlus loan. This is because the interest is fixed rather than variable. Currently, the variable interest rates from SallieMae, etc. are much lower but can rise at any time. Repayment plans on federal loans are also more forgiving. That should get you started.
If I've missed anything, please chime in, people.
Chances are the school at which you choose to matriculate will offer a federal loan amount. Depending on your financial situation, I believe it will be either subsidized or unsubsidized. Chances are, it will be unsubsidized. Assuming this loan offer will not cover all of your Cost of Attendance, you will need to take out further loans if you cannot afford the bills and fees out of pocket. This is where you need to be careful and do what you can to take out as little as possible for the safety of your financial future (really, you should be doing this all along but it becomes increasingly important here).
For further loans, it's recommended that you stick with federal loans such as the GradPlus loan. This is because the interest is fixed rather than variable. Currently, the variable interest rates from SallieMae, etc. are much lower but can rise at any time. Repayment plans on federal loans are also more forgiving. That should get you started.
If I've missed anything, please chime in, people.
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aeiouy
- Posts: 88
- Joined: Sat Sep 03, 2011 11:07 am
Re: HOW DO I FINANCE MY LAW DEGREE?
There is a "cut off" amount. They account for tuition, books, housing, etc. in what's called the cost of attendance (COA). Every school is different, so you'll need to check your school's financial aid website for that limit. You may borrow funds up to the full COA.
Federal loans are your best bet, if you need to take any loans out. They do have limits, though, and the amount you're awarded will also depend on your FAFSA. Your school may ask for your parents' information on the FAFSA in addition to yours.
Federal loans are your best bet, if you need to take any loans out. They do have limits, though, and the amount you're awarded will also depend on your FAFSA. Your school may ask for your parents' information on the FAFSA in addition to yours.
