<p>I am new and this is my first post. Allow me to introduce myself and then ask my question.</p>
<p>I am a loan officer in NC and currently reside in SC. I have registered for York Tech community college FT (12hrs) and will start Feb 8th. I am excited!</p>
<p>I have been a mortgage guy for 6yrs and although very good when I want to be and have had very good financial success over the 6yrs… the slow economy and housing market has me desiring education. </p>
<p>I have always done well in Sales but sales does not require education and does not use too much of it either. If you are personable and have a natural financial mind you will do well.</p>
<p>Without education, Sales will always be the jobs I can/will land. </p>
<p>ok…So my question is as follows: I have recieved lottery money which looks like it pays about 1/2 of the tuition. I have also applyed for the “Stafford” federal loan and have been told that an independent student can qualify for up to $9500 per Semester.</p>
<p>This has me elated and being burnt from 10yrs of Sales work… if I can go to school FT and even have a little income from student loans… this sounds/seems like heaven to me!!!</p>
<p>Please reply and help educate me on my thoughts and outlook on Student loans. </p>
<p>You can apply for federal financial aid just the same as any student. What you receive will be based on your EFC (which is based on your income and assets). Federal grant aid required a very low EFC (4617 or less) which requires a very low income.</p>
<p>You are eligible for Stafford loans. But for a freshman independent student it is $9500 for the entire school year, not for the semester. The limits do increase a little, $10,500 for sophomore standing, and $112,500 for 3rd year and above, with an aggregate limit of $57,500. </p>
<p>You must file FAFSA to be eligible for Stafford loans. The loans plus any grants/scholarships you receive cannot exceed the COA of the school you are attending.</p>
<p>Since you are new,just in case you are unfamiliar with the FAFSA,look to the top few posts of this page for information about it and a schedule of things to do so you are not too late to get college aid that is awarded on a first come first served basis.
This is the time to get your income tax done right away. It makes it easier to get the FASFA done without having to resubmit revised data about your taxes.In most cases, the FAFSA should be sent in by 15 Feb
You could also have a short interview with the financial aid people at your school. They rarely see applicants in person ,and are usually happy to talk to you. In our experience,they treated us with great respect and no question was a stupid question. If you do go,take your 2009 tax form with you.They are busy this time of year…
There are financial aid calculators available at many college websites and other places as well.You simply plug in your numbers and the calculator will spit out the EFC–Expected Family Contribution. That is the amount that you can expect to pay without Stafford funding. Filling out the FASFA without using a calculator first is like filling out your income tax without using a tax advisor.</p>
<p>Everyone is assuming you have not attended any college before. If you had, there are lifetime loan limits which you would need to factor in.</p>
<p>There are 2 issues I see here. The first is that many returning students do not anticipate that your aid will consider money you made in the last year. They will assume you saved some for college. I’ve always though it was silly, but that’s what they do.</p>
<p>The second issue is you will have enormous loans at the end of 4 years if you start off borrowing $9,500 for the first year at a CC. What are your career goals? Will grad school be a possibility? Have you thought through paying off $50K in loans? As a banker, you know the numbers.</p>