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Posted: 3/14/2006 3:37:23 PM EDT
First and foremost my parents are divorced. Well I think my Mom is going to bail on me for paying for school and I might have to be moving out. My Father says he will pick up the slack for where she is not going to pay her half(I offered to get student loans but he won't let me get them, he believes it is for the parents to pay for my education) But I am going to need a place to stay, I work currently and make enough money to cover all my bills and save a small bit of money, but I need to get a loan to cover housing/and or extra expenses that might come up with me moving out(I can't move in with my Dad as he lives in a different state than I live in/go to school in)

Who is the best place to go to for student housing loans? Private or fed? How much do they differ than regular student loans to pay for college? And whatever else I may be missing.
Link Posted: 3/14/2006 3:49:17 PM EDT
Talk to your financial advisor @ school. Fed has some good deals, subsidized interest, etc.
Link Posted: 3/14/2006 3:55:22 PM EDT
What school are you going to? The Financial Aid office is always a good resource to investigate, because you housing allowance level is often determined partly by the school/program that you are in.

You should always try to get federally backed student loans/grants, since they carry a much lower interest rate - as low as 2.5% vs. up to over 11% on some private loans.

You also get credits and deductions on your taxes while you are in school or in repayment.

Try to talk to a competent financial aid officer to see what the best way of handling your case (divorced parents, potentially bailing mom) is.
Link Posted: 3/14/2006 4:22:26 PM EDT
DONT GET A STUDENT LOAN!!!!!!!!!
sorry if that wasn't very clear, but
DONT GET A STUDENT LOAN!!!!!!!!!
I've been out of college for 9 f'n years, and my student loans will finally be paid off next month! Do whatever you have to do, work 6 jobs, beg, steal, whatever...just remember....DONT GET A STUDENT LOAN!!!!!!!!!
The bank will own you for many years to come!
Have you considered letting Uncle Sam pay for your schooling? My greatest regret in life is having not gone into the military,but YMMV.
Link Posted: 3/14/2006 4:31:29 PM EDT
What state do you live in? I know I'm in NY and my parents are divorced, one of which is practically nonexistant in my life in all ways so that just leaves me and my mom which isn't that much. So I fill out fafsa and tap and they are good with aid, thats state aid. I'm not sure how it is state to state but student loans usually have low interest rates, I have a few myself, and sure it'll take forever to pay off but if you can't get it any other way ... then thats one of the only options. Sorry if this wasn't as helpful but feel free to message me if you have any questions. Sometimes schools set you up with student loands. Mine was from the school. Banks have some too. Heard citibank does well for students. Good luck with all the fun stuff! Just don't let it get in the way of enjoying your education, I know it can get you down sometimes. Good luck!
Link Posted: 3/14/2006 4:31:53 PM EDT
Link Posted: 3/14/2006 4:35:33 PM EDT
[Last Edit: 3/14/2006 4:36:14 PM EDT by clement]
Fed student loans can be quite nice as the intrest as so very low. (The cheapest loan you will EVER get).

Just remember that should something happen in your future you CANNOT what-so-ever lose that debt through bankruptcy. They will essentially have the power to do whatever is necissary to get that money back from you.
Link Posted: 3/14/2006 4:40:04 PM EDT

Originally Posted By rob1:
DONT GET A STUDENT LOAN!!!!!!!!!


Good luck paying $30K/year tuition without one...

I've been out of grad school for six years and I still owe about $50K.
Link Posted: 3/14/2006 4:45:26 PM EDT
Apply for grants, yes...

Don't be afraid of student loans.

Strongly advise federal student loans over private. Much lower interest rate, better legal protections against having your lendor screw you over. Most of the strings that are attached (e.g. don't deal drugs) aren't an issue.

It's the cheapest you will ever be able to borrow money in your life.

As long as you make some effort to pay them after you are out, or at least KEEP IN CONTACT with the loan company (Sallie Mae, if you went federal) you will be able to pay them off and establish good credit.

Any idea what course of study?
Where are you along the path to school? Are you accepted to one, have you been applying, or just looking?

If set one one/two schools, talk to their financial aid office. It's their job to help you get the money needed.
Link Posted: 3/14/2006 4:46:49 PM EDT
[Last Edit: 3/14/2006 4:47:27 PM EDT by recoiljunky]
Get a student loan.

Hell, I have close to $100k of student loans.

The money is practically free. I pay less than 3% interest on mine. You'll never get a loan for anything else at that low a rate.

Or join the military and let Uncle Sugar pay for it. All I wanted to do when I was in the USN was drink beer. Same goes for under-grad though, I guess.

Anywho, I got my under-grad with the GI Bill, my masters and JD with student loans. I'm fine with it.

ETA: Student loans only suck if you don't finish the degree.
Link Posted: 3/14/2006 5:06:52 PM EDT
I only have one year to a year and a half left(depending on whether or not I get the double major I am looking at) so it's not like I will be needing a lot of money. I just need to find something to cover a shitty apartment(~500$ a month) I can pay everything else, food, gas insurance etc but I can't afford a place to live.

I am not eligible for any amount of financial aid as 1) My Mom claimed me on her last years taxes. 2) My parents make too much money, and .gov doesn't see me as a separate financial entity until I turn 23(i'll be 23 when I grad, turn 22 this summer), even if they don't pay for my school.

I work where I go to school, so I will be dropping by financial aid office tomorrow to see what they can do for me.
Link Posted: 3/14/2006 5:11:29 PM EDT
My three boys went through college getting grants and scholarships. I never had to put out money for their college because they kept up their grades and people are giving them money all the time. My youngest, with a 4.0 average through his junior year, has people giving him 10 -40k in school costs so he ends up getting enough money to live on as well.
I Do not advise you yo start your life out in debt...bad habit to get into. avoid credit at all costs.
Link Posted: 3/14/2006 5:16:41 PM EDT
[Last Edit: 3/14/2006 5:24:39 PM EDT by sleepdr]
Some of the generalizations in this thread really are frustrating. Yes, debt isn't always a good thing. Yes, you can get grants and scholarships up to a certain point. Well folks, I did get student loans. It wasn't because I lived foolishly, or because my grades were too poor to get grants (had full scholarships in undergrad). My parents helped with school when they could, but it wasn't realistic for them to support 4 of us in college (2 in med school) at the same time.

Med school tuition at the time I was studying was $24k/year. Living expenses were another $15-20k, even living in a rathole in Baltimore. It didn't seem wise for me to take a full-time job while learning these mountains of information, so loans were the way to go. Military? I would have loved to, but a knee injury and 2 reconstructive surgeries took that option away. Some of my classmates went through school on daddy's dime, and partied much of it away. Those of us who took loans took it seriously, because we knew we'd be paying for it later.

Face it, education is an investment. Pay what you can without debt, but don't let people here steer you away from obtaining an education solely on the basis of avoiding debt. Here's my rebuttal:

Don't be so afraid of student loans that you lose out on an education!

But don't borrow a thing unless you absolutely intend to pay it back.
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