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Graduate student loan question
Posted on 6/28/16 at 7:22 am
Posted on 6/28/16 at 7:22 am
My wife starts Nurse Practitioner school in August and we are looking at student loan options. My question is does anyone allow you to borrow more than the cost of tuition? We would like to borrow a little extra to pay for books, fees and help supplement her loss of income from working less.
5
Posted on 6/28/16 at 8:24 am to crazytigerfan69
Yes, you will be allowed to borrow up to the "cost of attendance" which includes living expenses.
Posted on 6/28/16 at 8:45 am to cfa626
quote:
Yes, you will be allowed to borrow up to the "cost of attendance" which includes living expenses
How is this calculated if she doesn't have room and board, meal plans, etc. like an undergrad program would have?
Posted on 6/28/16 at 8:57 am to crazytigerfan69
You can borrow $20,500 per year for grad school. It works different than undergrad, the cost of attendance deal isn't as big of a deal.
And if you work for a non-profit hospital (university, religious) for 10 years and make the minimum payments, the balance is forgiven.
And if you work for a non-profit hospital (university, religious) for 10 years and make the minimum payments, the balance is forgiven.
This post was edited on 6/28/16 at 9:00 am
Posted on 6/28/16 at 9:20 am to crazytigerfan69
quote:
How is this calculated if she doesn't have room and board, meal plans, etc. like an undergrad program would have?
When you apply for FAFSA, they will usually give you the allotted number when you're accepted for a loan.
They just hand out the money by the way. My wife and I made a combined $70k and they still gave me $20,500 for a student loan for the 2016/2017 year. I'm on full fellowship with a stipend as well.
Posted on 6/28/16 at 12:16 pm to anc
quote:
You can borrow $20,500 per year for grad school. It works different than undergrad, the cost of attendance deal isn't as big of a deal.
You can get $20,500 in federal direct stafford loans. Then you can borrow more from a private lender or through a federal PLUS loan (these all require a credit check)..up to the cost of attendance.
So if cost of attendance is $60k, then you can get $20,500 right away and you can apply for up to $39,500.
Posted on 6/28/16 at 2:05 pm to StringedInstruments
Does it pay to even fill out the fafsa if we know we make too much to get any assistance?
What companies have some good rates?
What companies have some good rates?
Posted on 6/28/16 at 2:41 pm to crazytigerfan69
Are you employed? Are you capable of covering any expenses over the cost of her tuition? I'd do anything possible to borrow as little as you can.
Posted on 6/28/16 at 2:57 pm to Costanza
quote:
Are you capable of covering any expenses over the cost of her tuition? I'd do anything possible to borrow as little as you can.
Eat Ramen if you have to. Don't go out with friends for a bit. Avoid student loans.
Posted on 6/28/16 at 3:17 pm to crazytigerfan69
She should be able to work while in NP school.
Posted on 6/28/16 at 3:32 pm to crazytigerfan69
quote:
Does it pay to even fill out the fafsa if we know we make too much to get any assistance?
There is no "free" money for grad school, so every grad school student qualifies for roughly the same: loans.
Benefits of federal loans are huge over private companies. If she gets sick, needs deferment, that can be easier with federal. Also many different repayment options, and loan forgiveness for working in public sector.
Not sure about companies with good rates. Depends largely on your credit score. Just be sure you don't pick a variable interest rate. Those lure a lot of people in.
Posted on 6/28/16 at 4:22 pm to Costanza
quote:
I'd do anything possible to borrow as little as you can.
I second the motion. If you absolutely have to, its potentially not a terrible investment, depending on what she makes now vs. conservative estimates of what she'll make after. My wife finishes grad school next month, and I'm incredibly glad that we opted for a few drastic short term lifestyle changes as opposed to taking out additional loans. It wasn't always fun, but we made it.
Posted on 6/28/16 at 11:49 pm to crazytigerfan69
Student loans can potentially wreck your financial future. If you take them to term you'll be paying back around 300% of the original loan
Posted on 6/29/16 at 9:17 pm to saderade
We definitely won't be taking the max for loans. Thanks for the advice guys.
Not once clinicals start which is the 2nd semester. Advisers told her trying to work 3 days a week even in the first semester would be pushing it.
quote:
She should be able to work while in NP school.
Not once clinicals start which is the 2nd semester. Advisers told her trying to work 3 days a week even in the first semester would be pushing it.
Posted on 6/30/16 at 10:08 am to jim712
quote:
Student loans can potentially wreck your financial future
Definitely.
quote:
If you take them to term you'll be paying back around 300% of the original loan
If you got some really, really, really shitty student loans. I mean really shitty. Higher than bad credit card interest rate type shitty.
This post was edited on 6/30/16 at 10:09 am
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