Loans, Work Study, and Living Expenses

nodisrespect
Fri, 03 Jul 2009 21:46:54 +0000

Work-study is always better than taking on an additional loan. Stop being lazy and apply for jobs.



Hi, can you read? Because this isn’t what I asked. I didn’t ask for opinions on which is the better course of action. I asked how it’s done. If you don’t have anything helpful to offer don’t bother replying.



You’re contradicting yourself in this post. On one hand, you want to cover your work study into a loan of what? $3000? So you don’t have to work or job searching just seemed to hard. On the other hand, you’re looking to reduce your debt. How would converting a work study award into a loan reduce your debt?



The thing about this work study (which is 4k not 3k) is that it’s for the summer quarter, which I’m not enrolled in. 1600 of it has been allocated into my autumn quarter tuition but other than that, it isn’t supposed to be used for the year. I have an additional work study for the year in the form of an assistantship. That’s why I want this money now - so that I can take care of all the things I need handled BEFORE I begin (credit card debt, car troubles, etc). It doesn’t really matter whether I work for it or not since the summer quarter is only from mid june to mid August. I’m going to be working during the year regardless and I’d rather get the full amount of the loan than only having the option of working for some of it. Is that even how it works? This is why I asked about the conversion process because I’m not sure of the stipulations. I wasn’t looking for opinions on getting loans.

Obviously the work study is better because you don’t have to pay it back. But I’m going to be in a **** ton of debt anyway and it really doesn’t bother me to put this on top of it.

Let me copy a couple things from the SLA if it helps you guys understand what I’m saying.



I will not be able to use my Federal Work-Study allotment. Can I replace it with a student loan?
Yes, in most instances, you may convert your work-study to a student loan. Please consult with a counselor at Student Loan Administration for more information and exceptions.

Can I apply for work-study for the summer, even though I do not plan to enroll in classes?
Yes, if you will enroll for the Autumn quarter. Please refer to the Graduate Guide for more details.

You must maintain at least half time registration in order to participate in the program, except during Summer quarter. You may work up to 19.5 hours per week when the University is in session and up to 37.5 hours per week during vacation and break periods.** All jobs held during Summer quarter terminate at the end of that quarter**, and all jobs held during the Autumn, Winter, and Spring quarters terminate at the end of the Spring quarter.



It is to my understanding, and my finaid package confirms this, that this money has no bearing on the work study I will be doing during the year. That’s why I don’t care to go out of my way to find a position for it.

I am obviously aware of the merits of living at home vs living on campus and I still haven’t decided either way what I’m going to do yet. I have to put a lot more thought into the matter. But if I can find something really affordable, I’m going to go for it.