(Closed) How Hard are Student Loans to Get

posted 7 years ago in College
Post # 3
Member
474 posts
Helper bee

Federal student loans are based on need, so they take into account what he made last year or even his parents, if he is under 24 (from tax info). Private loans and some federal loans (PLUS) are based upon credit, so they may be more difficult to obtain if you are younger and lack credit history (like most students). I never had any trouble obtaining federal loans; however I needed a cosigner for a private loan. Do your research  on private loans and do not take out more than he needs to attend school, as he will be paying them back no matter what after he finishes.

Post # 5
Member
474 posts
Helper bee

At the end of the fafsa it should have told your your EFC (expected family contribution). He should also get information from the financial aid department that will lay out the aid package that he will be able to receive, then he can accept all, or part of the offer. When I said “don’t take out more than he needs” I meant, don’t take out extra to help pay for a wedding, or go on a fancy vacation…just take out enough for tuition and living expenses

Post # 7
Member
29 posts
Newbee
  • Wedding: July 2011

You might want to check out your library to see if they offer help with filling out fafsa forms. I know ours does. And just remember that everything you take out you’ll be paying plus interest. $28,000 seems like a lot for a five month program. Is the course through your local vocational school? Those normally have better prices.

Post # 8
Member
1486 posts
Bumble bee
  • Wedding: September 2011

If his EFC is zero he should not have any trouble getting student loans/financial aid.

Post # 9
Member
2313 posts
Buzzing bee
  • Wedding: August 2011

If his EFC is zero, he should be fine getting a Pell grant, and possibly some student loans, though they limit how much you can take out in student loans. For example, if you are a first year student with X amount of credit hours, you can only take out a certain amount- and it’s not a ton. Then the amount increases each year with the more credits you have earned. I’m not sure he’ll be able to borrow the entire $28,000 with Federal loans; he may have to go through private lenders like Sallie Mae to try and make up the difference. Federal loans just will not disburse $28,000 in a single loan to a first-year student.

Post # 10
Member
1940 posts
Buzzing bee
  • Wedding: July 2010

It’s $28,000 for 5 months?  Is that just for tuition or cost of living expenses as well?  Either way, it seems pretty high.  Is it a “for-profit” school?

Edit: if you’re concerned about paying back loans, you may want to look at this loan repayment calculator.  It looks like if you pay back a $28K loan over 10 years with a 6.8% interest rate, the payments are about $322/month.

Post # 11
Member
2271 posts
Buzzing bee
  • Wedding: August 2009

Oh they aren’t all that hard to get. Paying them off is the hard part. I am still paying mine off and I graduated 15 years ago!

Post # 13
Member
2313 posts
Buzzing bee
  • Wedding: August 2011

@truitjen:

No, if his EFC is zero, that is just so FAFSA understands that his family has no money to contribute and can’t be expected to help him pay for school. It’s just a guideline they use to determine how much money someone is eligible for. Like when I was applying for college, I had to use my parents’ tax information so the government could see how much they made, and from that, they determined my dad could afford to contribute $40,000 a year for school. (How they came up with that I have no idea, he certainly doesn’t have 40k in extra cash floating around every year, LOL.) So basically, they weren’t going to offer me any need-based grants and only a certain amount of money toward school, figuring my parents made enough to help pay for some of it. It’s done on a case-by-case basis, so it’s impossible for us to know just how much they will offer your fiance, though if his EFC is zero and his income is not very high, he might get a good amount. It’s just hard to say.

Post # 14
Member
1458 posts
Bumble bee
  • Wedding: January 2015

http://www.commercialdivingacademy.com/

Is this the school?  I don’t know… I’d be weary of it.  It looks a lot like a for-profit school.  $28,000 for five months is outrageous, and I would question their projected salaries.

Post # 15
Member
2889 posts
Sugar bee

Has he applied for financial aid from the school? Generally, and I’m speaking from experience with Universities, schools offer financial aid but require you to fill out a FAFSA to determine eligibility. Therefore a EFC of 0 would likely make your Fiance eligible for some level of financial aid. Usually you fill out the FAFSA and also apply for financial aid at the same time as applying to the school and then you get acceptance as well as a financial aid package. Usually this aid package covers all costs in some way. For example, considering total cost of $28,000, the package may entail $5,000 financial aid, $5000 Pell grant, $12,000 federal student loan and 8$ private loan. So, it accounts for the fact that he does not have a contribution and suggests loan possibilities to cover what they can’t offer in aid. Wioth luck, this is slightly negotiable if he calls the school financial aid officer, sometimes they can increase the financial aid (not by much but it’S worth a try).

If he’s looking for a career in a highly in demand profession, would he be able to get a job which trains him? If he can get a job the will reimburse his tuition even it would be a great improvement and help him/you avoid the debt. I would also suggest start saving now to cover living expenses during the course or even defer enrollment a year so he can save money and reduce loans. I tool out student loans to live during my Masters and know now, it would have been smarter to prepare for such an expense beforehand if possible.

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