What should I do to help pay for school? (UVA in particular) Forum

[No1ustad]

I ED'd to UVA and got in. Pumped! but, like most ppl in my situation, that means I'll likely pay full price.

I'm worried about the federal loan (edited) limit of 20.5k/yr, and am wondering where I should be looking to find money. private & public sources. Any help would be greatly appreciated!

[angioletto]

First, the $20,500 is not a federal grant - it is a loan amount and it does have to be paid back.

Then there are GradPlus loans, which are credit based.

After GradPlus you can pretty much choose whichever private lender you would like to go through but with both the GradPlus and private loans you will need to have good credit. If you don't you will need a cosigner.

Did you already fill out your FAFSA? After the school receives that is a good time to contact their financial aid office for assistance. You can probably contact them before but the more info they have the better they can help you. I know a lot of people who seem to be scared to talk to financial aid. It's not hard. Just walk in, give them the facts and they will tell you what options you have.

Good luck.

[im_blue]

Not sure what you're worried about - almost every law student with decent credit can borrow the full cost of attendance in loans. And as mentioned, the $20,500 is Federal loans, not grants.

[No1ustad]

oops. yea, that's what I meant. Are most people resorting to private loans, i.e. keybank and the likes? if so, which ones exactly are people choosing?

[Cavalier]

After GradPlus you can pretty much choose whichever private lender you would like to go through but with both the GradPlus and private loans you will need to have good credit. If you don't you will need a cosigner.

GradPlus loans don't require good credit (unless they changed their policy since last year). GradPlus loans simply require that you don't have an "adverse credit history," so as long as you haven't failed to pay your bills you'll be fine.

[angioletto]

I think a lot of people choose a bank they are affiliated with - like where they have their checking account or where they have other loan (car, mortgage) accounts.

[the_assassin]

Traffic drugs. I've heard theres good money driving carloads of cocaine out of Mexico. You could prolly fund law school and purchase a nice loft.

[Puffy]

After GradPlus you can pretty much choose whichever private lender you would like to go through but with both the GradPlus and private loans you will need to have good credit. If you don't you will need a cosigner.

GradPlus loans don't require good credit (unless they changed their policy since last year). GradPlus loans simply require that you don't have an "adverse credit history," so as long as you haven't failed to pay your bills you'll be fine.

Hmmm, what if you haven't failed to pay your bills recently.

[eandy]

It depends. Most places don't report it on your credit unless it's more than 45 days late. What does recently mean?

[wired]

It depends. Most places don't report it on your credit unless it's more than 45 days late. What does recently mean?

According to one of the people I spoke with at my loan institution, it means within the past three years. Obviously big issues (bankruptcy, liens, etc.) would remain longer, but late payments only last that long.

[erniesto]

After GradPlus you can pretty much choose whichever private lender you would like to go through but with both the GradPlus and private loans you will need to have good credit. If you don't you will need a cosigner.

GradPlus loans don't require good credit (unless they changed their policy since last year). GradPlus loans simply require that you don't have an "adverse credit history," so as long as you haven't failed to pay your bills you'll be fine.

Hmmm, what if you haven't failed to pay your bills recently.

If I understand what you're saying here: You might have adverse past credit history.

If this is so, don't PANIC!!!!!!!

A friend of a friend who I knew through my mother's late poodle had a credit score which was something like .5 out of 800. However, they found a little utilized trick to fix their credit: challenge everything you don't want on your credit report with credit agencies. Any company or person who has ever put a line on your credit report must confirm everything within 30 days (unless you agree otherwise). Many companies don't want to waste the time or resources to confirm, or actually would prefer you be in good standing with them and won't confirm their past lines, or will agree with your challenge.

Google: Fixing credit for advice on this method.

Friend of a friend's credit is now ~700.

Ethically questionable? Maybe. Ethically defensible? Most likely.