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school me on financial aids,..student loans..

Discussion in 'The Okie Corral' started by riddler, Mar 8, 2012.

  1. riddler

    riddler

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    Not for me but for my daughter.

    She still lives with me and will be a full-time grad student. The wife and I make enough to get around but I want to see if she can avail of any financial aid.... if there is any.

    If I can't get any help, how about student loans?? Who will I get it from??? what are the conditions??? when will I start paying it off... (I want to pay something while she still is in school and then she can finish it off when she graduates and have a job)

    Thanks!
     
  2. Dennis in MA

    Dennis in MA Get off my lawn

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    She'll get some sort of loan. Whether it is subsidized or not is based on your income. Plenty of calculators online that can help you if she can get any aid at all.
     

  3. cphilip

    cphilip

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    Here is all you need to know...

    [ame="http://www.collegehumor.com/video/6707784/student-loan-stds"]Student Loan STD's - CollegeHumor Video[/ame]
     
  4. Sgt.K

    Sgt.K They Just Work!

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    Try to get a Pell grant (though I'm not sure they are still being offered) or any grant for that matter. I would avoid the government student loan program simply because no matter what they will get their money even if you go bankrupt. They will garnish wages and take any tax refund you are due while the loan continues to add interest and collection fees. A loanshark has better rates and morals. YMMV.
     
    Last edited: Mar 8, 2012
  5. glock509

    glock509

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    Pell is a gov program. She needs to do a fasfa first. That will tell you what she is eligable for. I am in school now myself and have taken out a few small student loans that are subsidised. Also check her highschool to see what scholarships are available.
     
  6. Mrs. Tink

    Mrs. Tink Semper Fidelis

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    FAFSA: Free Application for Federal Student Aid
    http://www.fafsa.ed.gov/

    The loan and the terms are wildly varied. They will often lower the interest rate if you pay on time for 3 years. If you get a loan you will pay right away. If she gets it she will start paying 6 months after graduation or ceasing enrollment.

    If she has completed her undergraduate studies then you know that there are scholarships, etc. available through the university. Check the financial aid office for information. Some are for niche students that may be perfect for her.

    Other community organizations like the Rotary or your credit union may have scholarships too.

    Best of luck. :wavey:
     
  7. larry_minn

    larry_minn Silver Member Millennium Member

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    Go to institution she is going to. Find financial aid office and go there. Bring as much info as possible, have her stop in and find out what they need. They will give you info that pertains to THAT university in that state for residents of YOUR area.

    They are folks paid to know this stuff and paid to tell you.
     
  8. raven11

    raven11

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    bring your tax return and any W-2
     
  9. longhair

    longhair

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    As I recall, it's the government loans that are less restrictive. I believe it's the private loans that you cannot declare bankruptcy on and must be paid at all costs. They are also adjustable rates and can really be punishing.
     
  10. Patchman

    Patchman Florist

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    Another thing I learned the hard way is that the rate she has for the loan will last through out her life. What I mean is this:

    I attended college in 1977. The Federal guaranteed student loan was 7-percent. Paid everything off by 1986 or 1987. Went back to graduate school in 1991, when interest rates were like 4-percent. Took out a student loan but had to pay the 7-percent rate.

    We plan to take out a very, very modest (say $5,000) student loan for my daughter who is in college now because it will also help build her credit scores.
     
    Last edited: Mar 8, 2012
  11. devildog2067

    devildog2067

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    No Pell grants for grad students.
     
  12. cgwahl

    cgwahl Sheriffs a near

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    It can also be based on GPA. Was for me at least, things could be different now than 10 years ago.


    If you can only get an unsubsidized loan, really thing if that's the route you want to go because the interest starts accruing when you get the loan, not when (or 6 months after) you graduate.
    If the rate is low, it might be worth it, but if it's 5% or higher...it might be worth passing.



    Ouch, that sucks.


    I recall being told student loans don't help credit. Could have been false information or things are different now. Having said that, it could possibly just be better to get her a credit card with no annual fee and just not give it to her.

    EDIT: Did some searching, was wrong about the student loan/credit score thing. Good to know.
     
    Last edited: Mar 8, 2012
  13. riddler

    riddler

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    Just came from the bank to inquire. It seems that a lot of banks have ceased to do student loans because they are required to confirm that such a loan is really used for education. They would rather do home-equity for more practical reasons.... even if it is used for education.

    My daughter already filled out the FAFSA form online. I also told her to check out what grants are available specifically for her specialty.

    BTW, is anyone an OT here????
     
  14. Patchman

    Patchman Florist

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    We tried applying to several credit card issuers to get a CC in her name. Even CCs where you leave a deposit. All turned her down because at age 19, she has no significant employment/credit history.

    I just assumed student loans help with credit scores.
     
  15. rauldduke1979

    rauldduke1979

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    Graduate student? What field?

    I ask because in many fields - the social sciences, the hard sciences, the humanities, for example - you don't pay - you get paid.

    I have an M.A. in political science. I paid exactly 0 dollar and 0 cents in tuition and received a generous living stipend. What I'm describing is par for the course for most full time graduate students, although it varies for professional schools (law, business, etc).

    One caveat on what I wrote above, some universities will accept tuition from those that the university is unwilling to fund, but it is not recommended. The best strategy is to apply to a lot of programs and attend the one that shows you the money. If you have the grades and test scores, you will find somebody that will pay you.

    As others have mentioned, 1st she needs to fill out the FASFA. Depending on her age, she may or may not need to put down your income.

    How did she get this far without ever taking out a student loan or even filling out a FASFA? She wouldn't have even been eligible for a full ride academic or athletic scholarship without filling out the FASFA.
     
  16. cgwahl

    cgwahl Sheriffs a near

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    I think I was given false information because it looks like I was wrong in that aspect.

    The funny thing with the credit card, the first week of school there will probably be a hundred tables of people handing out credit card applications for free M&M's or a duffel bag or something. And practically the only qualification is you have a pulse.

    Another possibility is just adding her to one of your cards and not giving it to her, but I think I've read that's becoming less viable for building credit.
     
  17. Patchman

    Patchman Florist

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    We applied last year, when issuing credit was tight. But I trust in corporate greed. So I figured in another 12 months or so, CC issuers will go over their rejected applications and will be knocking down our door to give her (in her own name) a CC. :)
     
  18. GLWyandotte

    GLWyandotte Señor Member

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    www.fafsa.gov first. It is easy and determines what you are eligible for and also suggests loans and their options.
     
  19. riddler

    riddler

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    She got a scholarship from Bank of MomnDad. heh! heh! heh! :supergrin:

    I wish we had the option of looking for a field of study then choosing that which will pay for it. Unfortunately, she had already set her mind into becoming an OT long before she graduated from HS.