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Student Living Expense Loans

Christopher Said:

Please help student living expense loan PLease!!!?

We Answered:

Hi, You are eligible for the PLUS loan, a federal living expense loan that will cover the cost of living. It is really easy to apply for and takes about 10 minutes to do, then you can get your money in as little as 5 days. For a step-by-step guide of how to apply, see here: http://www.ehow.com/how_5325719_apply-li…

Jimmie Said:

Does student loans cover living expenses?

We Answered:

When you fill out the FAFSA application, they will determine your financial need - which includes living expenses like rent and utilities. You can take out student loans for any amount above what is covered by Pell Grants and other grants/loans - up to the amount of your financial need or the maximum annual loan amount. That money can then be used for anything you need to use it for.

One bit of advice from someone with over $30,000 in student loans. Don't take out any more than you actually need. And when you get your payments, pay your rent ahead. If you have any left at the end of the school year, either save it for the next year or pay it back. You really don't want to come out of college owing a whole bunch of money.

Maureen Said:

Where can I get a LEGIT student living expense loan?

We Answered:

awd:

The problem with this question is that Yahoo! Answers isn't a lending marketplace. Legitimate lenders do not come here looking to develop customer leads, so the only thing you'll find here are scam artists who are preying on desperation, un-knowledgeable who would love to help, but have no real resources to offer, and people like me, who can offer answers that you don't want to hear.

The situation is this:

Up until a few years ago, private student loans were readily available and the lending criteria were fairly lax. A lot of people here have parents or older siblings who borrowed liberally, so now they're shocked to discover how dramatically different things are right now.

You were rejected by Sallie Mae and Wells Fargo for the same reason that almost everyone else gets rejected - you don't have the CURRENT income, assets and credit history to demonstrate your ability to repay the loan. If your cosigners were also rejected, that tells me that the lenders didn't feel your cosigners had the necessary income, assets and credit history either.

Lenders USED to believe that college students were good credit risks. They've been burned too many times to make those kinds of "predictive" loans any more. ALL legitimate lenders have instituted rigid lending criteria for student loans - they treat them just like they treat mortgages and business loans. They're interested only in what you have NOW, not what you MIGHT have later.

There are NO legitimate lenders who will lend you money without a cosigner - and if two of the most active student lenders have rejected the cosigners that you offered, it's 99% likely that ALL student lenders will reject those same cosigners. Your options are to find a more creditworthy cosigner candidate, or to find some other way of financing your living expenses (job, family borrowing, etc.)

If you haven't considered the possibility of a Parents' PLUS loan, that's one more thing to consider. Your parents can borrow from that program to help you with your expenses, and if they should happen to have their PLUS application rejected, that would make YOU eligible for a few thousand dollars more in Stafford borrowing.

As I mentioned earlier, I suspect that you'll reject this answer on the basis that it's not what you "need" to hear. Accept it or not, I can tell you that you will not be provided with a useful lead to a lender who applies less rigorous criteria to student lending.

Good luck to you.

Jerry Said:

A portion of my student loans were taken out for living expense, can these be discharged with bankruptcy?

We Answered:

You can include student loans in a Chapt. 13 bankruptcy. If you plan on filing a Chapt. 7, then no, this can't be included no matter what you used the money for.

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