I will be laid. I want to go back to school, and I need money. I know I can get a student loan, but?

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I own a house. I have both first and second mortgage. I need money to live and pay for school. The fact that I have a first and a second death for my chance is always the max? estimite rough I need about $ 65,000.00 over two years. I e-mail to school and I know they’ll come back, I’m kind of wanted to get an idea of ‚Äč‚Äčthis before speaking to a recruiter. give thanks for any help you can .. Peace

3 Comments
  1. Reply
    Found-1
    May 3, 2011 at 5:00 am

    When you apply for federal student aid, your amount of debt doesn’t effect your ability to get fin aid unless you choose to go to an expensive private school that normal federal loan costs won’t cover.

    The government student loans are given out regardless of credit history. (as long as you haven’t defaulted on a previous student loan). However, 65K is a lot of money to borrow. In federal loans, the max loan amount you can borrow as a freshman is like 4 grand a year for subsidized loans (government pays interest while you are in school). So you will prob have to borrow with additional with unsubsidized loans (the government doesn’t pay the interest on these while you are in school). Private schools sometimes offer other “substandard” private loans to allow you to go over the max. But they usually aren’t government backed so you have higher processing fees, high interest rates, credit checks, you pay the interest while you are in school among others.

    Regarding being laid off. Go to http://www.fafsa.ed.gov and apply for federal fin aid. It will ask for last years income tax information. After you fill it out and submit it, go or call to the schools fin aid office and tell them you have “unusual circumstances” and have been laid off. Provide them with the letter you received from your employer when you were laid off. Likely they will be able to adjust your income.

    Also, 65K is a big commitment, be sure you are going into a field you will be able to at least earn that much money annually after you graduate. Example: borrow 180,000 to be a doctor is okay if you will earn that much when you graduate. 180,000 is not okay to borrow if you are going to be qualified to be a school teacher unless you know you can earn that much annual upon graduation.

    My advice: Be realistic, not working with 2 mortgages over your head doesn’t sound obtainable. I wouldn’t borrow money to live off of or to pay off other borrowed money, shop around at several schools, often you will find a similar program at a state school for 1/4 the cost. Or consider transferring to that school after you do a year at at a local cheaper community college. Don’t be fooled by schools fancy publications, bling bling websites, and special “get your 4 year degree in 2 years” schemes.

    I’ve attached a good publication with all the different loans and the max amounts you can borrow. Good Luck!

  2. Reply
    Sarah
    May 3, 2011 at 5:03 am

    65K for 2 years??? Where are you going?!?!?

  3. Reply
    global l
    May 3, 2011 at 5:27 am

    Student Loan can be sought through many different avenues. It all depends on your personal credit rating. The biggest challenge is finding one that offers the lowest interest rate.There are various routes to explore when seeking out a bad credit student loan and I would suggest that your first port of call would be the school for which you are about to attend. You will need to fill out a FAFSA form in order to initially apply for a federal loan. Perkins loans are combined school and government funds. A combination loan may be another alternative way of acquiring a bad credit student loan. This type of student loan enables you to consolidatestudent loans defer your payment until you have finished college. This in turn will allow you time to improve your credit rating and when you leave college you could then look into consolidating your bad credit student loan at a better interest rate. This will mean your monthly payments will be at a lower level and therefore more affordable.

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