Student Loans (general questions)?
February 22nd, 2012
Ok, so I’m very new at this. First year in college, and I have already been approved for 9500 in federal loans for this school year and am currently enrolled thanks to it. Question is, do I need to worry about getting approved for same amount for the next 3-5 years, or however long it takes me? Obviously, if I or my wife start earning more income I’m sure that would effect my eligibility, but let us just say that we earn the same the whole time I am in school.
I’m not worried about minor fluctuations. But the thought that one year, that for whatever reason, I do not get any money is really scary to me. Of course, I could always go with private loans at that point, but I am trying not to go that route if I can help it…
It just seems a little to good and easy to be true! I’m not understanding why people complain that they "run out of money" or can not afford college. Don’t want to start any debates here, but I would like to know whether or not I need to worry.
Thanks!!!!
Because people who don’t own their own home need more than $9500 a year for college. Tuition and fees plus room and board, meal plan, and books = more than $9500.Also, dependent students (most college students are) cannot borrow that much.
Since federal loans are not based on income, you don’t need to worry about your loan amount going down. Just remember you DO have to reapply every year.
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