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Preparing/Getting money for college

VBakesVBakes Registered User regular
edited August 2007 in Help / Advice Forum
Ok, so, Im trying to attend NEIA in spring and, needless to say, I have no where near enough money to pay for school. At the moment I live on cape and will be moving to Boston come fall(if I find a place). I wondering, for those of you who got to school with the help of financial aid and scholarships, where do I start? Where do I apply for scholarships, and how do I know if Im eligible? What are my chances of getting one? Where do I begin applying for finacial aid? And also any experiences and advice people who come from nothing but are striving to make it through school, like myself, can offer. Anyway, thanks for any help I recieve.

Therman Murman?......Jesus.
VBakes on

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    variantvariant Registered User regular
    edited August 2007
    Basically you start here:
    http://www.fafsa.ed.gov/index.htm

    and end on your school's website when you check to see how much aid you'll be receiving.

    Since it's already pretty late(as you're supposed to apply for federal and state grants in January), I doub't you'll get any grants but you can surely get subsidized loans still, they're still pretty great.

    It's mostly based on your household income(as in, including your parents).

    variant on
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    VBakesVBakes Registered User regular
    edited August 2007
    So I assume the lower my income the money I can potentially recieve am I correct?

    VBakes on
    Therman Murman?......Jesus.
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    Surt QSurt Q Registered User regular
    edited August 2007
    VBakes wrote: »
    So I assume the lower my income the money I can potentially recieve am I correct?

    To some extent. The FAFSA determines your financial NEED. Whether that need is met is dependent on the specific school. When I was in school, they were only meeting about half of my financial need (according to the FAFSA). The most you can receive in federal grants is somewhere in the range of $3000 a year I believe. So, you really should be contacting the schools financial aid office. They may have a general scholarship application as well as some specific ones depending on your major and demographic info (for example, there are scholarships specific to females going into math/science fields).

    Unless your grades and ACT/SAT scores are fantastic, you will probably end up taking out student loans. What loans you are eligible for is dependent on your FAFSA. Lower income means more federally subsidized loans. This again will be done through your schools financial aid office. As someone who is now paying back a reasonably sized student loan dept, make sure you borrow within the means of your prospective income. Mind you that what the school says is the typical income for a major is not always true. I discovered that jobs in my field where paying a good 10k to 20k a year less then I was told as the average starting salary in my field.

    Surt Q on
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    VBakesVBakes Registered User regular
    edited August 2007
    Is that misdirection purposeful? Or is it truly a mistake?

    VBakes on
    Therman Murman?......Jesus.
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    Surt QSurt Q Registered User regular
    edited August 2007
    VBakes wrote: »
    Is that misdirection purposeful? Or is it truly a mistake?

    I don't know that it was intentional. I believe that the numbers I was given before hand where national averages and the area I was in had salaries far below national averages. My only point is that if you want to get a good idea about prospective income in the area you intend to live, do the footwork yourself. The other option is just to keep your student load debt low no matter what. This is what I did and I will have mine paid off within 5 years.

    I just watched too many people treat student loans as free money. My point is that you need to remember that you must pay that back. Student loans are part of a small group of debts that are immune to bankruptcy. They can also be taken out of your estate once you are dead (although I believe that all loans are like that).

    Just trying to offer a bit of caution for a pitfall that I have watched many fall into.

    Surt Q on
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    JasconiusJasconius sword criminal mad onlineRegistered User regular
    edited August 2007
    The FAFSA is brutal, you aren't going to get any significant aid unless your parents combined income is below 40k. I speak from experience.

    If you go to anything but a state school, prepare to get student loans.

    Jasconius on
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    drinkinstoutdrinkinstout Registered User regular
    edited August 2007
    VBakes wrote: »
    Student loans are part of a small group of debts that are immune to bankruptcy. They can also be taken out of your estate once you are dead (although I believe that all loans are like that).

    Both of these are false.

    Bankruptcy can sometimes wipe out student loans (special circumstances)
    Death forgives 100%
    Full Disablity puts you into a 3 year period in which you dont have to repay them and if you continue to meet that requirement after 3 years, the loan is forgiven.


    Also, assuming you put your schooling to good use then Student Loans can be one of the best investments you ever make: yourself.

    drinkinstout on
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    Surt QSurt Q Registered User regular
    edited August 2007
    Both of these are false.

    Perhaps I should have been more clear about this. Federal Staford (and maybe Perkins) loans are exactly how I have stated. They are immune to bankruptcy and they can be pulled from your estate once you are dead. There are, however, special circumstance that they may be forgiven.

    There are other types of student loans that are basically signature bank loans. These follow the guidelines of any other type of loan regarding bankruptcy and death.

    They are, for the most part, a good investment. I am probably making a good 20-30k more a year then I would be right now without a degree.

    This, however, was not the main point of my statements. I was just offering a caution.

    Surt Q on
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    VBakesVBakes Registered User regular
    edited August 2007
    Jasconius wrote: »
    The FAFSA is brutal, you aren't going to get any significant aid unless your parents combined income is below 40k. I speak from experience.

    Heh, I dont think that'll be aproblem. Growing up we were quite, whats the word, oh yea poor. 1 parent by the way.

    VBakes on
    Therman Murman?......Jesus.
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    Surt QSurt Q Registered User regular
    edited August 2007
    I take it that your parents did not attend college themselves then? If not, then there are some extra grants and scholarships available for first-generation college-goers (or at least were).

    Surt Q on
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    VBakesVBakes Registered User regular
    edited August 2007
    Are these grants hard to come by?

    ANd no, she didnt.

    VBakes on
    Therman Murman?......Jesus.
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    HalberdBlueHalberdBlue Registered User regular
    edited August 2007
    If you need to get a private loan you'll probably need to get a co-signer, unless you have a good credit rating and probably an income (I haven't found a private loan that doesn't require you to have an income if you don't have a co-signer, but I haven't looked very hard).

    On a side note, does anybody know if your co-signer has to pay if you die? This might seen like a silly concern but my parents are only co-signing one loan and my older sister has offered to co-sign the rest and while I'm confident I'd be able to pay it all off I don't want to like, die, and leave her with a pile of extra loans to pay off (and she has over $150k in student loan debt as it is, but a spotless credit record).

    HalberdBlue on
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    drinkinstoutdrinkinstout Registered User regular
    edited August 2007
    If you need to get a private loan you'll probably need to get a co-signer, unless you have a good credit rating and probably an income (I haven't found a private loan that doesn't require you to have an income if you don't have a co-signer, but I haven't looked very hard).

    On a side note, does anybody know if your co-signer has to pay if you die? This might seen like a silly concern but my parents are only co-signing one loan and my older sister has offered to co-sign the rest and while I'm confident I'd be able to pay it all off I don't want to like, die, and leave her with a pile of extra loans to pay off (and she has over $150k in student loan debt as it is, but a spotless credit record).

    if it's a federal student loan, it is forgiven upon your death. if it's private or through a bank, it could go either way.

    drinkinstout on
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