Can I still obtain a loan if my award money meets my cost of attendance

Paying for College
1

I will be attending Murray State and I have plenty of awards to cover my housing and tuition expenses. Although, I have a car payment and car insurance payment to meet. So, is it possible to still obtain a loan to cover this expenses, because I will go into default and lose my car. It’s a tad difficult to find a decent paying job in a small town in today’s economy.

2

Truthfully…college loans are supposed to be for COLLEGE exoenses…not car payments (exception might be for a commuting student who needs a car…you are residing on campus).

But to answer your question…I believe you can get the Direct Loan if you don’t already have it. Contact your financial aid office and ask.

You might want to consider not owning a car if you rally don’t need one.

Did you get the dependency override? Do you know your actual financial aid package?

3

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have plenty of awards to cover my housing and tuition expenses.
<<<

Please clarify. Awards that only cover housing and tuition do not cover COA. COA is much higher than that because COA includes: books, fees, travel, and personal expenses.

The tuition, room and board estimate is about $16k…the total cost breakdown of Murray State is about $20k.

What aid did you already get in your FA pkg…how much in grants, how much in work study, how much in student loans? What is the breakdown of your pkg?

4

And OP- a common mistake if your package includes work study- this is not money that you get in August or September, this is money that you will earn IF and when you get a work study job on campus. You will get your paycheck once the pay period ends. So if you are counting on a big check before the semester begins to pay for your books- that’s not how work study operates. You earn it- you get paid.

5

You do need to get a job now where you live with your girlfriend. Anything helps.

Are you attending a college now?

If you don’t start college until this fall you won’t be able to get any refunds from a student loan until maybe a few weeks into the term depending in the school’s refund policy.

What are you going to do about your car until then?