Student loans with money in the bank

Paying for College
1

<p>Heres my Situation I am currently 22 and work full time (actually about 80 hrs per week with overtime pay) and go to community college (4.0 GPA full time) I am cheap and save all my money, I have about 20,000 in the bank (all self made from working).</p>

<p>I plan on transfering to a University in fall of 06 I just took the ACT (got a 29) and will be applying to schools this fall or winter. </p>

<p>When it comes to financial Aid and student loans, I know the money I have in the bank will effect how much I have to pay, but I would like to use the money to live on in conjuntion with a part time job, and not have to plop it all down and be broke. I won’t be living on campus as I don’t want the atmosphere, but will be looking to get an apartment in the city (chicago) with a roomate.</p>

<p>The question is, will it be possible to have most of my tuition paid for with loans and be allowed to keep a good portion of my savings for living expenses while attending school. Also as being 22 I will be dependent in financial aid terms, my parents won’t be paying anything this is all on me. I just hate to have all my savings gone and then have to struggle to pay rent and have no backup if things go bad.</p>

<p>thanks</p>

2

<p>Yes. But you need to be familiar on student loans, tax ramifications, and general knowledge on loans itself as scheduled and nonscheduled interest loans, fixed and variable interest (which could either be scheduled and nonscheduled), etc. </p>

<p>From your lifestyle, you are being taxed very heavily and you can play with the various tax incentatives to increase your net worth while reducing your tax burden. Consult with knowledgeable and competent people. Get opposing viewpoints.</p>

3

<p>thanks for the reply</p>