U2Girl1978
Blue Crack Addict
Would anyone know what the limit on Financial Aid is? Do they stop giving Aid out once you reach a certain number?
LivLuvAndBootlegMusic said:My main piece of advice is, if you're getting/have federal Stafford loans, be SURE to consolidate them EVERY summer! Many of my friends were under the assuption that you don't consolidate until you're done with school. However, the interest rate has been doubling every July for the past few years. Luckily I consolidated in June of 2005 and again in June of 2006, so all the ones from June 2005 are at half the interest rate the June 2006 ones are. Make sense? I'm not sure what the future interest rate will be, but if this continues, don't wait! Even if you only have one loan, you still have to apply to have it "consolidated" to lock it in at lower interest.
If you want more details/exact amounts, feel free to PM me! All of the stressing I did my four years in college was related to my financial situation. I think I've gained enough knowledge that I could run our FinAid office....
LivLuvAndBootlegMusic said:My main piece of advice is, if you're getting/have federal Stafford loans, be SURE to consolidate them EVERY summer! Many of my friends were under the assuption that you don't consolidate until you're done with school. However, the interest rate has been doubling every July for the past few years. Luckily I consolidated in June of 2005 and again in June of 2006, so all the ones from June 2005 are at half the interest rate the June 2006 ones are. Make sense? I'm not sure what the future interest rate will be, but if this continues, don't wait! Even if you only have one loan, you still have to apply to have it "consolidated" to lock it in at lower interest.
U2Girl1978 said:
I remember an exboyfriend who went to grad school and used up all his financial aid.
I'm concerned because I will probably be in school for awhile and I just don't want my financial aid to run out and I have no options.
BonoIsMyMuse said:Have you filled out the FAFSA? If not, that's where to start. It's not too late to get aid for this year, but it does take at least a few weeks to process at this point.
The FAFSA will determine your expected contribution, then will calculate what grants you might be eligible for. The information from your FAFSA then goes to your university, and their financial aid office will put together an offer for you, usually a combination of grants and loans, sometimes with scholarships, sometimes with work study. Freshmen and sophomores qualify for less aid than upperclassmen and grad students.
The maximum you can take each year is $8500 subsidized (you don't have to pay interest while you're in school) and $10,000 unsubsidized (you do). My advice is to try to avoid taking unsubsidized loans if you can, because that interest starts to add up quickly.
I don't think your credit rating has any effect on your ability to get student loans, but as you start repaying them, NEVER EVER default on them, because your credit will be screwed up for a loooooong time. There are so many different repayment plans that your bank or the government can help you find the right one for you.
If I'm not mistaken, the government has changed student loan regulations, and effective July 1 no student still in school can consolidate loans. I don't know why they did this, as it seems to be punishing students who are trying to be responsible.
I consolidated my loans on June 28 and still haven't gotten my confirmation. I emailed them today, because for a long time it was showing that my application was in cert status, but now it's not showing anything.
I know waaaaaay more about financial aid than I wish I did
LivLuvAndBootlegMusic said:My main piece of advice is, if you're getting/have federal Stafford loans, be SURE to consolidate them EVERY summer!
melon said:
Loan consolidation is now an effectively meaningless program, as all new federal Stafford loans are now fixed at 6.5%, I believe. This little addendum was part of what Bush called "education reform."
Melon