How much more money can you request for student loans over what tuition costs?

Bjazzman · #1 08-01-2009, 08:40 PM

My wife and i might be making a move from Minneapolis to Chicago. Right now we're both working and kinda living paycheck to paycheck. It's definitely going to be a step back financially as moving always costs.

but here's my question:

if my wife gets into nursing school for the fall, she'd be going full time and we'd need to take out student loans to cover what i don't make on top of covering her tuition.

has anyone done this? what do you think we could get or should try for if her school is $6000 per semester, do you think we should ask for$10,000?

we don't have alot of time before september to figure this out.

im interviewing for jobs on monday down there and will most likely get the job but im not sure i'd get paid what im making now. In my field of work you probably need to start over and show them what you're capable of before getting paid more(band repair)

i appreciate your input

Sterling_Bass · #2 08-01-2009, 08:43 PM

What kind of student loans are you referring to? Has your wife applied for FAFSA? It's the Federal Financial Aid department. I believe it is too late to apply for this coming fall, but you can always check. Were you referring to bank loans?

Bjazzman · #3 08-01-2009, 08:50 PM

yeah it would be with fafsa

Bjazzman · #4 08-01-2009, 08:52 PM

it says for illinois that the deadline is either aug 15th or sep. 30th

Sterling_Bass · #5 08-01-2009, 08:53 PM

You can not request any amount with FAFSA. They give you a certain amount in subsidized and in unsubsidized loans. You can either accept or reject the loans. Did she apply for it yet?

bui · #6 08-01-2009, 08:55 PM

After you fill out FAFSA, they let you know how much you qualify for, based on family income, cost of attendance, etc.

For grad school, they were going to allow me $5000/semester (tuition was significantly cheaper for grad school than undergrad since I went from a private university to public), but I only took out what I needed to cover tuition and books, and then an extra hundred or two/semester for incidentals. Like someone told me, borrow conservatively...although if you get the one I got (subsidized Stafford loan), the govt picks up the interest, so there's less damage in the future.

Bjazzman · #7 08-01-2009, 08:59 PM

Quote:

Originally Posted by Sterling_Bass

You can not request any amount with FAFSA. They give you a certain amount in subsidized and in unsubsidized loans. You can either accept or reject the loans. Did she apply for it yet?

she hasn't applied yet since we're waiting to find out if she got accepted. she just applied 2 or 3 days ago

i had faxed my resume to this company on tue and got a call saying they want me. this is happing very fast. we weren't prepared when they said they would offer me a job

we thought about finding her a job as a medical assistant but since she wants to be a nurse might as well get that out of the way

i hope everything works out in this month

bassguppy · #8 08-01-2009, 09:01 PM

Here's a couple links to get you started.

http://www.fafsa.ed.gov/

http://salliemae.com/

First thing will be to fill out the FAFSA, that determines your eligibility for federal aid, state aid, and student loans (Stafford, Perkins, or private). If grants and aid do not cover the full cost of tuition you can get student loans from Sallie Mae, Chase and a number of other lenders. For student loans you can defer payments until 6 months after your wife graduates or quits school, the interest rate is low.

There is no credit check for Stafford or Perkins loans, there may be one for private and the interest rate may be higher on private loans as well.

The Financial Aid office at your wife's school should be able to help but definitely you need to start with the FAFSA as that will get the ball rolling. Many schools will also defer your tuition paymnet if you already have a FAFSA and generally they know if you will qualify for federal aid.

Sterling_Bass · #9 08-01-2009, 09:04 PM

I hope it all works out for both of you. I'm curious to see how the FAFSA goes since it is so close to the deadline.

bassguppy · #10 08-01-2009, 09:05 PM

nursings a great field to go into also as some employers or state jobs have a need for nurses and MAY pick up some of the costs or pay off her student loans.

Bjazzman · #11 08-01-2009, 09:05 PM

my wife thinks that you can't apply for financial aid until you get accepted to the school

Sterling_Bass · #12 08-01-2009, 09:09 PM

I would apply now anyway. She could get accepted to the school before FAFSA even takes a look at her application. Also, it is not just based on what schools you are enrolled in; there is the option to do the application based on a few schools. I would highly suggest advising your wife to get on it right away. It is a long process.

bassguppy · #13 08-01-2009, 09:12 PM

Quote:

Originally Posted by Bjazzman

my wife thinks that you can't apply for financial aid until you get accepted to the school

I'm not 100% sure, but I'm reasonably certain you DO NOT need to be accepted to a school in order to apply for the FAFSA, I think the FAFSA form has an option where you can send a copy to multiple schools whether accepted or not.

Sterling_Bass · #14 08-01-2009, 09:19 PM

You are correct, sir.

Bjazzman · #15 08-01-2009, 09:22 PM

how do they know how much to give you if you haven't applied yet?

bassguppy · #16 08-01-2009, 09:23 PM

Quote:

Originally Posted by Sterling_Bass

You are correct, sir.

My wife has been filling out the FAFSA every year for about 10 years. She's going for her PsyD in Psych.

..she's gonna make me homeless if she takes out another loan.

bassguppy · #17 08-01-2009, 09:26 PM

Quote:

Originally Posted by Bjazzman

how do they know how much to give you if you haven't applied yet?

most schools have a formula based on what the maximum amount of aid a student should qualify for or a maximum they will give no matter who the student.

I'm not sure what the max for a Pell grant (free fed aid) is but the max an independent student (which your wife is because she's not claimed as a dependent under her parents) is about $9,500 in Stafford loans per year.

Is the nursing school your wife is applying to private or public?

Also you stated that you're moving from MN to IL. Your wife may have to wait up to a year to qualify for any State of Illinois aid as you need to be a resident. If you move to IL she'll need to get a drivers license or something else to prove she lives in the state.

Sterling_Bass · #18 08-01-2009, 09:29 PM

I'm sorry to hear about that man, but your wife is going places! If you're lucky she will take you with her.

NJL · #19 08-02-2009, 12:15 AM

great thread!!

warwick.hoy · #20 08-02-2009, 12:25 AM

Get on the FAFSA,...they like to make you jump through hoops,...make sure you get copies of your income tax returns from the IRS while you wait on the FAFSA decision because they can and will ask for those (to determine income, W-2s won't work AFAIK),...

I got the advice that you should never borrow more in student loans than it costs to go to school. I'm not in that position, but I imagine that it sucks to graduate and have a whole heap of debt.

Consider other options, cut costs, save save save,...in this economy the last thing you want to do is go into debt...