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Extra Student Loans

Tyrone Said:

Does anyone goes to Everest University and know if they can get extra student loans for laptops paper pens?

We Answered: - it provides some tips about applying to US federal and state grants for college students.

Amy Said:

Will or can student loans cover extra money i would lose while not working when i attend law school?

We Answered:

You need to be really careful taking advice from non-lawyers on this one. The ABA says that, unless you're in a part-time program, a first year law student cannot work at all, and after that only 20 hours a week is acceptable.

Student loan providers allow you to borrow much more than the cost of school. You can borrow the "cost of living" amount. Law schools will figure in room, board, books, transportation, food, etc, and loan providers will give you up to that much. For example: my law school tuition was $27k/year. My cost of living adjustment was $45k-ish a year. Now the cost of living varies depending on where you are (I was D.C., so my cost of living was very high).

Student loan providers will *not* verify that you are using your money in the appropriate manner (e.g. will not ensure that the $10k for room and board is actually being used for room and board). Therefore, you can take out the maximum, live with you parents, and use the extra loan monies to pay for your bills.

Yvonne Said:

What To Do With The Extra Money From My Student Loans?

We Answered:

My recommendation would be to not accept the unsubsidized loan from Sallie Mae. A subsidized loan will not accrue interest while you are in school; an unsubsidized loan will. So, the $2000 you collect from Sallie Mae is interest free while you are enrolled. However, the $6000 is collecting interest at 6.8%. Your savings is only giving you 5% interest. So, if your school gives you $6000 back (I know you said it's more), you still end up losing 1.8% to Sallie Mae.
Unfortunately, if you have already accepted the unsubsidized loan from Sallie Mae, you cannot exactly pay it back directly. They will spread your payments over all your existing loans, as well as the interest that has accrued. The first to go would be the subsidized loan, since it is a smaller amount, and Sallie Mae is actually losing money on this account. That would leave $4000 to pay into your $6000 unsubsidized, plus interest.
I am not a financial advisor, just a graduate student like yourself, paying back loans now while they are deferred to cut back on the interest that is gained and pay more on the principal. I would recommend refusing unsubsidized loans in the future, if you can afford it, and start paying back the existing loans. Consider keeping some of the money to generate interest for yourself, because at this point, you are already locked into an interest-accruing loan.

Ann Said:

Student loans: My cosigner took out 40000 dollars in extra loans on my student loan account what do I do?

We Answered:

I'm agreeing with what the others have posted. You can also complete the forms to start the process that is called "Loan Discharge application for False Certification. Below are links to more information about it along with 2 forms that you can complete and send in.

Hope this helps, email me if you have any more questions :)

More Info -- go to False Certification

2 Forms:

Catherine Said:

Is there any way I can take out extra student loan money?

We Answered: be honest...this kinda sounds like you're trying to defraud the government...?

student loans are supposed to be spent on school related expenses only. that's why they have maximum borrowing limits. there are both yearly and cummulative limits for stafford loans.

The maximum total you can accumulate as a dependant undergraduate is $31,000. The maximum you can accumulate as independant undergrad (rare circumstance) is $57,500. Graduate limits are much higher, but I presume you are not a graduate student otherwise you would have no problem going through $60 grand.

The only other non-private loan is a PLUS loan. However, this would be a loan that your parents take out in order to help them in supporting you. It does, unlike stafford loans, require a credit check and approval. Since this would be a loan to your parents, I'm not sure if the army would reimburse you for such a cost though.

The bottom line is that it's great that you're going to be able to have the army pay for all of your schooling. You'll be debt free, which not a lot of students can say! Don't try and take advantage... :)

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