| First step on financial aid is to fill out the family financial form,
(the name changes more often then some of our product names.)
This you have sent to the college and they determine financial needs,
and will offer a package including how much of a student loan they
figure your daughter will need.
I think she can borrow up to 3000/year through the Stafford program
with other programs available for parent loans, as well. the (current
and very subject to change) rules make it more advantageous for her to
carry the loan, even if you help pay on it, because the student loan is
interest deferred for x amount of time after she gets out of school.
Good Luck!
Meg who is getting ready for the fourth year with her oldest through
college.
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| I believe it is 3K for the stafford max. there are other student and
parent loans that can also be received, but as far as I know they are
not interest deferred.
Call the financial aid office. These people are really good at helping
you get all the grants, work study, loans, scholarships, etc that you
can qualify for.
Lolita's stuff also requested that if we had a change of income over
$2000 that we call them to update.
the FFA, or whatever they will call it this year, helps figure what
your daughter's contribution, and your contribution should be before
aid. the school has a certain amount of need, and no-need scholarships
available, and the earlier you all get this stuff filed, the better off
you will be if the need determination is great.
FWIW and YMMV, Lolita costs me about the same, whether she is in
private or state-funded schools, based on what the FA's office has
determined I should be inputting.
meg
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| My last year of college I need an additional loan to finish paying for
school. The guaranteed student loan was not enough and your only
allowed to borrow the $2,500/year (that may have changed since then).
So, I was able to get some kind of loan through the Bank of Boston (I
forget the name of it), but it was student related.
The payments were not deferred - I started paying while still in
school, although the payments were set up like a credit card payment
is. You had to pay at least the minimum, but you could also pay more.
I ended up paying the loan off in 1.5 years instead of the 3 years that
the loan was originally for. The other drawback was the interest rate
was not fixed and it had something to do with Wall Street. Some
months, I was paying like 19% -- but you do what you have to to put
yourself through school.
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