Hello, I am a college student who was about to graduate, but at the last minute I've decided to pursue a Masters in Computer Science. My BA degree is going to be in HIstory, so before I can enter the graduate program I have to do a 'prep' year of CS classes. I deferred my graduation date to May of next year. Up until this point I received funding from Fasfa and my family as far as school and board expenses. Now I will have to fund both myself after Fasfa, which I have no problems doing.
Obviously being semi-new to student loans there is still a lot I don't fully understand, however my Finicial Aid office at my University has been somewhat helpful. My main question is, what type of loan should I apply for to cover my 'additional' education expenses: books, food, rent, utilities, travel, etc. Doing a quick budget I'd need around 15k -20k for the year so obviously it is a big loan. I know my credit score and history, although Fair is nowhere near enough to secure this type of loan so my parents will have to cosign. Should we do a Federal Plus loan? Or try something like the Education Maximizer loan from Bank of America. Right now I've been looking at www.educationfinancepartners.com, anyone use this before? I know a lot depends on the rates so I will keep an eye on that, but I just want to know what type of loan will allow such an amount of money. Thanks for the help!
Ryan
Full Version: So many different loans!?
QUOTE(masterrh @ Mar 21 2006, 05:59 PM) 
Hello, I am a college student who was about to graduate, but at the last minute I've decided to pursue a Masters in Computer Science. My BA degree is going to be in HIstory, so before I can enter the graduate program I have to do a 'prep' year of CS classes. I deferred my graduation date to May of next year. Up until this point I received funding from Fasfa and my family as far as school and board expenses. Now I will have to fund both myself after Fasfa, which I have no problems doing.
Well for starters, FAFSA is not a lender, nor do they process loans. FAFSA stands for Free Application for Federal Student Aid. It is simply a clearing house that determines what you are eligible for.
Obviously being semi-new to student loans there is still a lot I don't fully understand, however my Finicial Aid office at my University has been somewhat helpful. My main question is, what type of loan should I apply for to cover my 'additional' education expenses: books, food, rent, utilities, travel, etc.
How much have you already borrowed?? Have you used your undergrad limit?? Have you submitted a new FAFSA for the next school year??
Doing a quick budget I'd need around 15k -20k for the year so obviously it is a big loan. I know my credit score and history, although Fair is nowhere near enough to secure this type of loan so my parents will have to cosign. Should we do a Federal Plus loan?
PLUS loans require that you do a FAFSA.
Or try something like the Education Maximizer loan from Bank of America. Right now I've been looking at www.educationfinancepartners.com, anyone use this before? I know a lot depends on the rates so I will keep an eye on that, but I just want to know what type of loan will allow such an amount of money. Thanks for the help!
Ryan
Well for starters, FAFSA is not a lender, nor do they process loans. FAFSA stands for Free Application for Federal Student Aid. It is simply a clearing house that determines what you are eligible for.
Obviously being semi-new to student loans there is still a lot I don't fully understand, however my Finicial Aid office at my University has been somewhat helpful. My main question is, what type of loan should I apply for to cover my 'additional' education expenses: books, food, rent, utilities, travel, etc.
How much have you already borrowed?? Have you used your undergrad limit?? Have you submitted a new FAFSA for the next school year??
Doing a quick budget I'd need around 15k -20k for the year so obviously it is a big loan. I know my credit score and history, although Fair is nowhere near enough to secure this type of loan so my parents will have to cosign. Should we do a Federal Plus loan?
PLUS loans require that you do a FAFSA.
Or try something like the Education Maximizer loan from Bank of America. Right now I've been looking at www.educationfinancepartners.com, anyone use this before? I know a lot depends on the rates so I will keep an eye on that, but I just want to know what type of loan will allow such an amount of money. Thanks for the help!
Ryan
For starters, I really think you should find your FA webpage for your school and read it. It should explain the entire process plus what types and amounts of loans are available. It should also indicate whether they are a Direct Loan school or a FFELP school. FFELP loans generally go thru banks or loan servicers like Sallie Mae, Citibank or Wells Fargo. Direct Loans loans are directly funded by the DOE. Pull out your loan docs...they will tell you what you have borrowed. Then fill out another FAFSA for your next school year. It will tell you what you are eligible for in terms of federal funding. If there is a gap in your need and cost of attendance, then you can start looking at private loans.
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