Student Loans

[RangerMan Premium Member]

Alright, I'm entering my 3rd year in college and I've never really thought about getting a student loan. My question is, if I apply and recieve a student loan, can I use the loan exclusively for off-campus living? I don't want the money to go to the school in any way, because I have a trust fund, and my education is pretty much already paid for. So if I get the loan, do I just recieve a check or what?

Click to read more...

 

[zachzchw 5,000+ posts]

Why would you get a loan you have to pay back if you have a trust fund?

I usually get the majority of my loan back. My college applies my grant money first, then my loan- and the grants are usually sufficient to cover all the costs.

 

[yne721 10+ year member]

if you already have money, then why use theirs? especially if you have to pay them back. i don't know whether or not student loans have interest though....

if it was a scholarship on the other hand, i cashed a scholarship and used it on car audio //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

edit: zach beat me to it.

 

[RangerMan Premium Member]

Why would you get a loan you have to pay back if you have a trust fund?I usually get the majority of my loan back. My college applies my grant money first, then my loan- and the grants are usually sufficient to cover all the costs.

There is a stipulation in my trust fund where I can only pay money directly to the school, ie tuition and text books. Otherwise, I would not really have a problem. Right now I'm having to pay for my house out of my own pocket, which is a hassle at this time in my life.

 

[bdawson72 5,000+ posts]

are a *****....no trust fund for me i have 4 of em 2 take out

 

[zachzchw 5,000+ posts]

There is a stipulation in my trust fund where I can only pay money directly to the school, ie tuition and text books. Otherwise, I would not really have a problem. Right now I'm having to pay for my house out of my own pocket, which is a hassle at this time in my life.

Ah, I see.

Im not entirely sure- your best bet is to call your college and ask them. That way you wont get loans you cant use for what you need.

I dont think youd have a problem though.

 

[Neostar63 10+ year member]

The way it works at my school is that the student loan has to go to the school. The school takes a cut of the loan for tuition, and then whatever they don't take gets reissued as a tuition refund check.

 

[swimfreak26 10+ year member]

I get my loans through citibank, and yes I can use them for off campus living.

The process goes basically like this: The school gives me a budget based on what it would cost to live on campus and attend classes, then I apply for a loan. The amount gets approved by, and sent to the school...then the school sends me a check for what's left over. Ie, if you pay for tuition with your trust fund, the left-over funds , from the loan would be sent to you.

 

[RangerMan Premium Member]

Ah, I see.Im not entirely sure- your best bet is to call your college and ask them. That way you wont get loans you cant use for what you need.

I dont think youd have a problem though.

Preciate it. I've been told different things by different people, but I haven't came across anyone with the exact situation that I'm in...I'll probably have to drop by the financial aid office next time I'm on campus.

 

[RangerMan Premium Member]

I get my loans through citibank, and yes I can use them for off campus living.
The process goes basically like this: The school gives me a budget based on what it would cost to live on campus and attend classes, then I apply for a loan. The amount gets approved by, and sent to the school...then the school sends me a check for what's left over. Ie, if you pay for tuition with your trust fund, the left-over funds , from the loan would be sent to you.

Thats the exact answer I was looking for. Thanks man.

 

[Loudrango112 10+ year member]

Student loans FTL

 

[faulkton 5,000+ posts]

you should get the money, just make sure your trust has paid the tuition bill before the student loans come in and get applied (usually the first day of class).

 

[diet snapple]

Thats the exact answer I was looking for. Thanks man.

Make sure you get a stafford loan. It will be easier on you and you get discounts and a lower interest rate.

 

[bdawson72 5,000+ posts]

what did i do to get my post deleted........i just said that i didnt have a trust fund and that i had 2 take out a loan for 4 years.....and i basically only cussed once so whats tha issue.....it wasnt like i was tryin 2 talk bad about him bcuz he had a trust fund

 

[noob with an RS 10+ year member]

is there a difference with student loan and financial aid or are they considered the same thing? ive heard stories about ppl getting financial aid.. they get like a thousand or two to spend, depening on how many classes they are taking.. and at the end of the year they dont even ask for the money bacc.. why do ppl tell me that, somettimes, they dont even ask for the money bac????