Rewind from the "Study" thread....I'm just starting school

[m73m95]

I'm 31 and wanting to go back to school for Mechanical Engineering. I've been brushing up on my math skills before I take the placement tests.

Anyway, since Mech. Engineering is somewhat labor intensive...I'm planning on getting enough student loans to cover both some school (After FAFSA and grants), and my living expenses for the next 4 years.

Can you guys give me the low down on private loans? Hints, tips, good ones, bad ones... I'm thinking I need close to $100k for all 4 years.

Anything you can tell me about private loans will be greatly appreciated!!!!

TIA

[m73m95]

Really?

All of you guys in school have rich parents that paid cash for your education?

[JBird]

I am on my 6th year of college now. I'll be 25 in July. I have only ever taken out federal loans through FAFSA and I have now reached my maximum loan limit because I have over 280 attempted credits total. The government sets a cap on how much loans you can take out and that limit is 280 attempted credits. It sucks because about 90 - 95 of those credits were all free because my mom used to work at the college I went to.

I am almost finished with my bachelors degree, just about 9 more classes to go. After that, I want to get a 2nd bachelors degree in Computer Science, so I'm not sure how loans will work out for that.

I don't think I have ever taken out private loans. My parents might have actually for me to live on campus the first year. I'll check with them and let you know how their experience was.

What school are you going to?

[MaksV]

Really?

All of you guys in school have rich parents that paid cash for your education?

No. State of texas paid for my undergrad. I am going to pay for my Masters.

[Mossman]

I'm at Umass for mechanical engineering, 3 semesters left. You could definitely work while going to school, I'd say I'd probably do better in school if I worked 20 hrs a week and actually had to use my time well. But I'm lazy.

Umass is cheap cuz I'm in state, and about half of my tuition is covered by various grants and scholarships. (federal pell grant being the biggest).

Your government aid will depend on your income for last year, my gross adjusted income was zero and I'm old enough as you are to not be dependents under our parents so I got the max help.

There are 2 kinds of loans, subsidized and unsubsidized. Subb'ed the gov pays your interest while you're in school and the rates are more favorable. Unsubb'ed is probably better than anything you could get from a bank these days but it's just a regular loan, interest is adding up always.

Thing to do is fill out your FAFSA as soon as possible and send it to all the schools you are applying to. Calling and talking to someone in financial aid at any schools you are seriously interested in couldn't hurt too, that's what they do for a living.

Good luck broheim

[TurboJake]

27, started at 25. Unconventional student and independent status helps a lot, but it pretty much all depends on your income for FAFSA granting and loans. Without that knowledge (Which I don't want), you're pretty much on your own. The less you made last tax year, the more granting you will get.

I'm officially a zero EFC. So I get everything. Staying within state will pretty much cover it, but 100k is a LOT to take out, and you'll never get that with subsidized, or unsubsidized loans. The max you could possibly get is 45,000 for four years in direct loans.

This will help you understand what you can get. http://studentaid.ed.gov/PORTALSWebA...udentloans.jsp

But again, it's on a sliding scale dependent on last years income, you very well may not get a single penny from government grants.

Understand that private loans you will have to start paying pack immediately. There is no waiting until after you've graduated for it. It can be the difference between graduating, or not being able to afford it anymore and having to drop out.

Stay away from them as much as you possibly can.

[m73m95]

I am on my 6th year of college now. I'll be 25 in July. I have only ever taken out federal loans through FAFSA and I have now reached my maximum loan limit because I have over 280 attempted credits total. The government sets a cap on how much loans you can take out and that limit is 280 attempted credits. It sucks because about 90 - 95 of those credits were all free because my mom used to work at the college I went to.

I am almost finished with my bachelors degree, just about 9 more classes to go. After that, I want to get a 2nd bachelors degree in Computer Science, so I'm not sure how loans will work out for that.

I don't think I have ever taken out private loans. My parents might have actually for me to live on campus the first year. I'll check with them and let you know how their experience was.

What school are you going to?

I'm going to start at a Community College to do my core classes, then move to UNLV for my major is Mech Engineering.

How did you support yourself while going to school? You're older than the avg college kid. Do you live on your own? (Not trying to sound condescending..).

I'm at Umass for mechanical engineering, 3 semesters left. You could definitely work while going to school, I'd say I'd probably do better in school if I worked 20 hrs a week and actually had to use my time well. But I'm lazy.

Umass is cheap cuz I'm in state, and about half of my tuition is covered by various grants and scholarships. (federal pell grant being the biggest).

Your government aid will depend on your income for last year, my gross adjusted income was zero and I'm old enough as you are to not be dependents under our parents so I got the max help.

There are 2 kinds of loans, subsidized and unsubsidized. Subb'ed the gov pays your interest while you're in school and the rates are more favorable. Unsubb'ed is probably better than anything you could get from a bank these days but it's just a regular loan, interest is adding up always.

Thing to do is fill out your FAFSA as soon as possible and send it to all the schools you are applying to. Calling and talking to someone in financial aid at any schools you are seriously interested in couldn't hurt too, that's what they do for a living.

Good luck broheim

Everyone I've talked to at UNLV said that there is no way I could work a full time job while doing my major. Most of them said it couldn't be done in 4 years. Most of them are going 5...

Maybe UNLV students are not "average" engineering students? Spend to much time at the strip clubs, or craps table, and not doing Homework?

27, started at 25. Unconventional student and independent status helps a lot, but it pretty much all depends on your income for FAFSA granting and loans. Without that knowledge (Which I don't want), you're pretty much on your own. The less you made last tax year, the more granting you will get.

I'm officially a zero EFC. So I get everything. Staying within state will pretty much cover it, but 100k is a LOT to take out, and you'll never get that with subsidized, or unsubsidized loans. The max you could possibly get is 45,000 for four years in direct loans.

This will help you understand what you can get. http://studentaid.ed.gov/PORTALSWebA...udentloans.jsp

But again, it's on a sliding scale dependent on last years income, you very well may not get a single penny from government grants.

Understand that private loans you will have to start paying pack immediately. There is no waiting until after you've graduated for it. It can be the difference between graduating, or not being able to afford it anymore and having to drop out.

Stay away from them as much as you possibly can.

Thanks for the link.

I agree with trying get as little private money as possible. I own a house, car, am a single parent. I'm not able to move anywhere less expensive. IF I can work while going to school, I certainly will....I'm just afraid I won't be able to work enough to pay my bills, and still get a passing grade in school. I figured I could get more loan than I needed, as a safety net, then when I graduate, If I had money left over, I could just make a big payment and cut my pay-off time short.

Not a good plan? I'd rather not lose my house trying to educate myself lol.

[TurboJake]

Thanks for the link.

I agree with trying get as little private money as possible. I own a house, car, am a single parent. I'm not able to move anywhere less expensive. IF I can work while going to school, I certainly will....I'm just afraid I won't be able to work enough to pay my bills, and still get a passing grade in school. I figured I could get more loan than I needed, as a safety net, then when I graduate, If I had money left over, I could just make a big payment and cut my pay-off time short.

Not a good plan? I'd rather not lose my house trying to educate myself lol.

Do you have the ability take out the loan on home equity? That's one less bill a month compared to a seperate private loan, and won't be terribly much more than you're paying now as compared to a higher percentage private loan. Especially so if you've owned your house for quite a bit of time and is worth more than when you bought it. But judging by your age you were part of the housing bubble and paid more than it's worth in current times. I hope the former is true for you, and anybody really.

You're going to be faced with tough odds. But the fact that your a single parent will probably yield you much more fundage, and granting. I'm sure there's help out there for you in that regard.

I'm actually continuing my education at Michigan tech in the fall. I'm in the process of buying a house because it's a lot cheaper to do that while going to school than renting. I can afford a $250 w/taxes a month house payment way better than I can afford a $500 month apartment payment, both being before utilities. So I think I have a good idea at you're looking for.

I think do anyways.. I could be very wrong.

[Thizzelle]

I'm 31 and wanting to go back to school for Mechanical Engineering. I've been brushing up on my math skills before I take the placement tests.

Anyway, since Mech. Engineering is somewhat labor intensive...I'm planning on getting enough student loans to cover both some school (After FAFSA and grants), and my living expenses for the next 4 years.

Can you guys give me the low down on private loans? Hints, tips, good ones, bad ones... I'm thinking I need close to $100k for all 4 years.

Anything you can tell me about private loans will be greatly appreciated!!!!

TIA

damn son, start off at your local junior college to get all the general ed out of the way. save mad money that way.
cost me less that 20k for my BSME (just school alone with books), housing is another part you have to look at.
also you can have a job and do ME classes, learn to party/be lazy less. time management (you'll hear it alot)

[m73m95]

Do you have the ability take out the loan on home equity? That's one less bill a month compared to a seperate private loan, and won't be terribly much more than you're paying now as compared to a higher percentage private loan. Especially so if you've owned your house for quite a bit of time and is worth more than when you bought it. But judging by your age you were part of the housing bubble and paid more than it's worth in current times. I hope the former is true for you, and anybody really.

You're going to be faced with tough odds. But the fact that your a single parent will probably yield you much more fundage, and granting. I'm sure there's help out there for you in that regard.

I'm actually continuing my education at Michigan tech in the fall. I'm in the process of buying a house because it's a lot cheaper to do that while going to school than renting. I can afford a $250 w/taxes a month house payment way better than I can afford a $500 month apartment payment, both being before utilities. So I think I have a good idea at you're looking for.

I think do anyways.. I could be very wrong.

Housing prices have plummeted here in Vegas. My house payment alone is $1500/month.....thus my estimated $30k/yr living expenses I need to get loans for. I can't sell it, so I can't move. Foreclosure is out of the question. Why ruin what I already have for a degree that I might not be able to make up the difference on? I know the country is hurting for Engineers right now, but I have nightmares of finishing 4 years of school and having to work at Burger King lol

[JBird]

How did you support yourself while going to school? You're older than the avg college kid. Do you live on your own? (Not trying to sound condescending..).

Well, I started out living on campus the first year which my parents took out a loan for. Then went back to living at home with my parents, so I didn't have to pay rent or anything. Then during my Junior year, when I was about 20 years old, I moved in with my boyfriend and he now owns a house so I still don't pay rent. I also worked part-time all through college, making between $10 - $12 per hour. I tried to keep my weekends free from work and classes.

I now work pretty much full time, or whenever I don't have classes as a year-long Intern at Intel making about $58,000 this year, or however much that works out to per hour ($27 or something..)

I also had no car payments and my parents still pay for my cell phone. The only things I normally ended up paying for and that I still pay for were food, entertainment, books, gas, car parts/maintenance, electricity bill, 1/2 cost of basic household items, and of course taking the time to do basic responsibilities around the house.

[freeride53]

Mad props dude! Wish I didn't waffleswaffleswaffleswaffleswaffles out of electrical engineering at Cal poly.