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Somebody help with info on student loans?

Somebody help with info on student loans? Topic: Graduating college student cover letter
July 20, 2019 / By Gaye
Question: I'm the first in my family to go to college and I need help explanations on student loans. I have a lot of questions and need even the basics about them. Like can you take money out for books and off campus housing on later years or can they only be used for the things the school directly bills for. And many more questions.
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Best Answers: Somebody help with info on student loans?

Debi Debi | 9 days ago
Here is how it works in brief (which is hard to do with such a complicated thing). You will fill out the FAFSA which is an application for federal financial aid. It asks questions about you and your family's finances, if you want to dorm, what colleges you might apply to up to 10, if you want federal work study, about your family size, etc. They put your answers into a formula they use and the result is your EFC. This is not how much you get, it is just a number that represents you/your family's financial strength. This EFC is put into a report called SAR. This report is sent to all the colleges you listed on FAFSA. The colleges on that list that yuou actually decided to apply to and which invite you to attend will then look at your SAR and then create a financial aid award offer for you based on your EFC. The types of federal aid are grants, student loans like Staffords and Perkins, Parent loan, and Federal work study. Also sometimes the college itself it may offer scholarships or grants or aid and also your state. Here is a sample award offer: http://www.triptocollege.org/paying_coll... Cost of attendance COA is also called financial aid budget. This usually is the total amount you need to attend tuition, fees, books, housing, meal plan, travel expenses and personal expenses. COA minus EFC equals your FINANCIAL AID NEED. So your college will create an award offer for you with the different types of aid to come up with your financial aid need. If the amount of aid the offer you does not equal your financial aid need then you will be short so will need a private loan in order to have enough aid to pay everything. How it works is the college usually will charge your account and give financial aid by semester. So the college will charge your college account for tuition, fees (orientation, parking, gym, lab etc), meal plan and housing. The federal aid grants and loans you accept will be deposited into your college account. The college will right take away that grant and loan money to pay those charges. Any left over will be refunded to you to buy books and spend on personal and travel expenses. If you dont get enough aid to cover the charges to your account then you need to put money into the account to cover the shortage and then buy your books and personal and travel expenses yourself. About loans. Student loans go in your name, there is no credit check and your age does not matter. Usually payback starts 6 months after you quit college, fall below half time, or graduate, then payments start. Parent loans go in parents name. The does not have to accept this for you and you cannot accept it. It does go by their credit. If they want to accept it they will be directed to fill out a short application for it and they will check their credit to see if they get accepted. You will hear subsidized loan and unsubsidized loan. Subsidized means the govt pays the interest while you are in college and interest starts in payback. Unsubsidized means interest starts when you get the loan and adds up while you are in college and continues in payback. Important thing to note is pay the interest on unsub loans before the loan goes into payback. If you do not, then they add the interest to the amount of your loan giving you a higher balance and then interest continues on that higher balance making you pay more over the course of payback. Many students have these loans. 'So its very important to find a school with a low COA to keep loans down. If you pick at home then they will put nothing for housing in your financial aid budget or COA. If you pick dorming or off campus that is usually the same amount they will put in your financial aid budget. http://studentaid.ed.gov/students/public... http://studentaid.ed.gov/PORTALSWebApp/s... http://www.finaid.org/
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Debi Originally Answered: Somebody help with info on student loans?
Here is how it works in brief (which is hard to do with such a complicated thing). You will fill out the FAFSA which is an application for federal financial aid. It asks questions about you and your family's finances, if you want to dorm, what colleges you might apply to up to 10, if you want federal work study, about your family size, etc. They put your answers into a formula they use and the result is your EFC. This is not how much you get, it is just a number that represents you/your family's financial strength. This EFC is put into a report called SAR. This report is sent to all the colleges you listed on FAFSA. The colleges on that list that yuou actually decided to apply to and which invite you to attend will then look at your SAR and then create a financial aid award offer for you based on your EFC. The types of federal aid are grants, student loans like Staffords and Perkins, Parent loan, and Federal work study. Also sometimes the college itself it may offer scholarships or grants or aid and also your state. Here is a sample award offer: http://www.triptocollege.org/paying_coll... Cost of attendance COA is also called financial aid budget. This usually is the total amount you need to attend tuition, fees, books, housing, meal plan, travel expenses and personal expenses. COA minus EFC equals your FINANCIAL AID NEED. So your college will create an award offer for you with the different types of aid to come up with your financial aid need. If the amount of aid the offer you does not equal your financial aid need then you will be short so will need a private loan in order to have enough aid to pay everything. How it works is the college usually will charge your account and give financial aid by semester. So the college will charge your college account for tuition, fees (orientation, parking, gym, lab etc), meal plan and housing. The federal aid grants and loans you accept will be deposited into your college account. The college will right take away that grant and loan money to pay those charges. Any left over will be refunded to you to buy books and spend on personal and travel expenses. If you dont get enough aid to cover the charges to your account then you need to put money into the account to cover the shortage and then buy your books and personal and travel expenses yourself. About loans. Student loans go in your name, there is no credit check and your age does not matter. Usually payback starts 6 months after you quit college, fall below half time, or graduate, then payments start. Parent loans go in parents name. The does not have to accept this for you and you cannot accept it. It does go by their credit. If they want to accept it they will be directed to fill out a short application for it and they will check their credit to see if they get accepted. You will hear subsidized loan and unsubsidized loan. Subsidized means the govt pays the interest while you are in college and interest starts in payback. Unsubsidized means interest starts when you get the loan and adds up while you are in college and continues in payback. Important thing to note is pay the interest on unsub loans before the loan goes into payback. If you do not, then they add the interest to the amount of your loan giving you a higher balance and then interest continues on that higher balance making you pay more over the course of payback. Many students have these loans. 'So its very important to find a school with a low COA to keep loans down. If you pick at home then they will put nothing for housing in your financial aid budget or COA. If you pick dorming or off campus that is usually the same amount they will put in your financial aid budget. http://studentaid.ed.gov/students/public... http://studentaid.ed.gov/PORTALSWebApp/s... http://www.finaid.org/
Debi Originally Answered: Somebody help with info on student loans?
i visit understand your difficulty o.k. as I fairly have lengthy gone by ability of extremely similar sort of situation. Now i am going to share what I fairly have finished to ascertain on the right direction. I fairly have consulted British Council and they helped me a lot. i'm merely sharing you the same with you reliable success

Britt Britt
i visit understand your difficulty o.k. as I fairly have lengthy gone by ability of extremely similar sort of situation. Now i am going to share what I fairly have finished to ascertain on the right direction. I fairly have consulted British Council and they helped me a lot. i'm merely sharing you the same with you reliable success
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Britt Originally Answered: Do student loans pay for tuition only, or do they cover. (read please)?
Student loans will cover however much they can. If your tuition is more than your loan then you won't have enough left over to cover anything else. But, if you have some left over then you can use it for whatever you want. There are maximum amounts that any student can borrow and those amounts are independent of your cost of attendance. A dependent freshmen can borrow up to $5500/year and it goes up a little more each year. So, if your tuition is $3,000/year then you can use the rest to pay for your health insurance and other living expenses. But, if your tuition is $6,000 then you will not be able to get any more federal loan money because you're already borrowing the maximum.
Britt Originally Answered: Do student loans pay for tuition only, or do they cover. (read please)?
They Pay for living expenses as well, you will have to talk to your financial aid department about increasing your lend amount. But you should find out how much you need for Tuition and calculate how much you need for insurance, and other necessities you may need. When you come up with an amount that's not ridiculous then go to your advisor with that amount. Application fees generally have to be paid by you. When I started college in 08 they made me pay the application fees then i was able to go to the advisor and ask for the loan.

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