I have decided that I will be attending Bentley University come this fall as a Junior Transfer. However my dilemma is that i would like to take out loans that would accumulate the least amount of interest until I graduate. I plan on paying them all in full the day after I graduate. So I could use some advice… The cost is $58,600 and I have $39,025 in aid so far thus leaving me with the remaining cost of $19,575.
-What loans or course of action would you advise…
-Will borrowing money from a family member effect my Financial Aid eligibility
Fall spring
14,250 14,250 Transfer Student Grant accept
500 500 Federal SEOG accept
1013 1012 Federal Pell Grant accept
1000 1000 Federal Perkins Loan accept
1000 1000 Federal Work-Study Program decline
1750 1750 Federal Sub. Stafford Loan accept
1000 1000 Federal Unsub. Stafford Loan accept
$19,513 $19,512 total year $39,025
Thanks in advance for your time and consideration on the subject, it is much appreciated.
Why in the world would you turn down work study and then take a loan? Who will co-sign your $19+K loan? How will you pay it off immediately after you graduate?
^^^
Please answer those very pertinent questions!!!
It depends on if you need the money right now or if it is for personal expenses and transportation. If you need the money to pay tuition or room and board on-campus, the loan makes more sense than the work-study since the full amount will be credited towards the student’s bill. If they need the money for personal expenses, transportation, or other costs that will be incurred throughout the semester then they should take the work-study option and avoid the debt.
As far as the original question goes – interest on the unsubsidized loan will start running when the loan is disbursed so that’s going to be the key issue here.
If you get a loan from a relative to cover the difference, you should ask them to waive interest or (if they are concerned about gift tax implications) set the interest at the lowest rate. Since you will be paying all of your debt in full the day after you graduate that should be fine. Just stay away from private student loans and unsubsidized federal loans if your concern is over accrued interest.
1.My mother will be selling our house after I graduate and will be able to give me money for the loans i take out. I have no loans from my first two years due to scholarship and grant combo
2. The work study is 10 hours a week for the semester which is time id rather have studying,getting the “college experience” that i haven’t had the past two years commuting.
3. Will the loan from family effect my eligibility for grant money in the coming year since it could be considered family contribution.
4. I have two thousand saved up that i have set aside that will pay for the un-sub loan
Bentley is known as a business school, is that correct?
Ask someone there if counting on a real estate transaction two years from now is a good idea.
10 hours a week for work-study is completely doable. Lots of work-study jobs have slow times when you can actually do a bit of homework. Even if your job isn’t like that, it will still give you pocket money that you don’t have to borrow and work experience that you can claim on your resume. Depending on what the job is, you might also end up with excellent professional references that you can use when you go looking for a better position.
Studies have shown that students who work 10-12 hours per week while in school do better academically. That doesn’t mean it’s causal though. It could be that the students who choose to work are more ambitious, have better time management and academic skills in the first place etc. In any case, many students do it and for that first job after graduation or internships, summer jobs etc. it can show industrious traits rather than having spent 4 years only taking classes.
The work-study jobs at Bentley are fairly low-key and not stressful. Most of them involve swiping a card/scanning items and you can do your homework during them anyway. The one at the gym is especially easy.
You don’t HAVE to work all 10 hours and you certainly shouldn’t turn it down right off the bat. You can accept the work study and be unable to find a job. You can accept the work study and only work 2 hours a week. You can accept the work study and only work 2nd semester. You might find a little job in your area of interest. Don’t kill your options by rejecting the work study now.
Besides, by junior year, working a bit tends to be the “real college experience” anyway lol.