Koinaka

I have been paying for my community college myself, however, I plan on transferring to a 4-year college next fall a couple of hours away from my home. I would love to not have to work while I finish my degreee, but I am wondering if that would be possible with loans. I will have at least $6700 saved up by then, and that would cover my bills (car insurance, car note, cell phone) for 2 years nearly. I am turning 24 soon, so I will be considered an independant student next year. I was just wondering how much I will beable to take out in loans. I am hoping to get enough for books, tuition, dorm and meal plans and maybe a little extra to put in savings for bills. Is this possible or am I being unrealistic? I know that I will have to pay these off, but I am willing to do that.

Koinaka

I'm just bumping this. Pleassee help

dt123

No one here has enough details about your financial situation or the cost of your school to be much help. I suggest you make an appointment with the financial aid office of your intended school to discuss the specifics and get answers tailored to your situation.

Koinaka

I'm sorry, I should have been more specific What I meant to ask was if anyone knew what the maximum subsidized and unsubsidized student loan an independant student could take out?

hsmomstef

http://www.fafsa.com/stafford.htm

independent sophomores can borrow up to $7,500 and independent juniors and seniors can borrow up to $10,500 per year with a cap on the amount of stafford loans that an undergraduate can borrow of $46,000.

If you are awarded Perkins loans, that is separate.

Be very careful borrowing money -- it sneaks up on you fast and is hard to pay back.

Are you planning on going to an in-state school? That is usually the least expensive way to go.

As an independent, your earnings and savings from this year will effect your EFC. My first suggestion is that you decrease the amount you have in savings (as it will count directly against you) and pay off your car. Also use the money to pay off any other debt you have (especially credit cards) and then you won't have that expense. They don't account for debt when figuring student aid.

Next -- if you have a job now, but will lose it when you move and go to school (which I assume you would) your EFC will reflect the amount of money you were making at the job. you will need to request a "professional judgement" from the FA office at your new school. You want to do this ASAP -- it make take some talking back and forth with your new school to get them to adjust the income level to reflect that you will no longer have your job. You can file FAFSA at the beginning of January -- call and make an appointment to talk with someone shortly after that regarding the adjustment.

As an independent student with low income, you should qualify for pell grants, state grants and institutional grants. You will probably also be awarded a work-study position. If you live frugally, you should be able to attend school with minimum loans.

Remember that your EFC is based on you income and savings, so the key is to talk to them about the loss of your job, reduce your savings by paying off all bills and debts, get your application (both admission and financial aid) filed ASAP and do a good search for merit aid at both your community college and the university.

good luck!