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student loan questions

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Janice
Sweet Jessie Quinn

Member since 5/05

27567 total posts

Name:
Janice

student loan questions

hi, I never had to take one out, so I have no idea how to assist my sister.

She is at Suny Buffalo right now. she went to financial aid, they made her do an application for parent plus loan. she did it, still waiting for results, 3 weeks, but does not want to go this route. My other 2 sisters have parent plus loans and my mom and dad are always on their case.

what is the next step she can take to get a loan on her own. As for her Fasfa,she only got 1300 for loans. thanks!!

Posted 9/20/05 8:05 PM
 
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CathyB

Member since 5/05

19403 total posts

Name:

Re: student loan questions

It's been a while, but I worked in the loan office when I was in college. I think she can ask about an unsubsidized loan. I remember that you can take out more money and you have to pay interest on it, but they let you put off paying the interest until you start paying back the loan at 6 months after graduation. The loan officers at her school should be able to go through her options with her, including private loans that have higher interest rates.

Or, she could ask your parents not to claim her on their taxes anymore and she'd be independent and eligible for a lot more money. But from what I saw most parents are not too keen on this.

Posted 9/20/05 8:12 PM
 

Janice
Sweet Jessie Quinn

Member since 5/05

27567 total posts

Name:
Janice

Re: student loan questions

thanks for the answers!! Do you think she can get approved for unsubsidized or private loan even though she is not working? She is currently on a job search, but nothing as of yet.

Posted 9/20/05 8:15 PM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: student loan questions

I really don't know. It's been over 10 years, so a lot of the rules may have changed. But where I was the loan officers were really good and would spend an hour with a student if it took that long.

Usually they made you meet with financial aid counselor first (sounds like that's what she did since they just did the typical ask your parents to take out a loan) and then the students who knew to asked for an appt with the loan officers. I hope they can help her!

Posted 9/20/05 8:20 PM
 

mrswask
Pookie Love

Member since 5/05

20229 total posts

Name:
Michal

Re: student loan questions

I'm a former Financial Aid counselor - been a couple of years, but trying to remember...
Any chance your parents will get denied for the Parent Plus? If they do, she will automatically qualify for add. loan money. If they've already been approved for two of them though, I doubt they'd get denied. What year is your sis? Some schools have emergency loans based on what year you are in school. DId she qualify for TAP? She should definitely speak to a FA Counselor at school but typically the students to get approved for the private bank loans in their names - banks realize the student can't pay yet and charge high interest ratesChat Icon
Did she get Federal Work Study? Has she looked into any internal endowments or scholarships?
Best of luck to her!

Posted 9/20/05 8:29 PM
 

Janice
Sweet Jessie Quinn

Member since 5/05

27567 total posts

Name:
Janice

Re: student loan questions

thanks guys. she is a freshman. The FA said that maybe my parents will get denied since my sisters really loaded the loans on them. she wasn't approved for work study this semester. she received a Tap for 250.00.

she goes to her FA every other day to check on the status of the plus. one lady she said is nice, the other is not so nice. thanks

Posted 9/20/05 8:39 PM
 

steph4777
**************

Member since 5/05

11726 total posts

Name:
Stephanie

Re: student loan questions

The only way she can get a unsubsidized loan is if the PLUS loan application is denied. Then as a freshman I believe that she'll get 4K.

As for a private loan, since she's a freshman and may not have credit history they may ask for a co-signer.

Posted 9/20/05 9:35 PM
 
 

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