Getting a student loan that pays living expenses?

[jsh1138]

I have been doing this awhile and worked my way through my first BA. I have gotten student loans for a couple more. But I always got just enough to pay tuition, with maybe a few hundred left over or something like that. 

I know some people take out enough to cover living expenses while they're in school but does anyone know how that works? Do you just ask for X amount of money and it's automatically given to you or do you have to interview for it or what's the process? Since you aren't working I guess it's not based on your income? 

Someone help me out please

[SteveFoerster]

Seriously, don't do this. You'll be paying it back forever, and will end up seriously regretting it.

[Heartstrings]

If you're not working you might qualify for grants and may not need to use loans. You can't interview to determine how much you need. The school calculates tuition and cost of living, books, etc. Student aid will give a certain amount determined by your level and school and also if you're still considered a dependent under your parents, working based off your tax information. Whatever amount they give if its not enough will have to come out of pocket, parent plus loans, independent loans, etc. The best thing to do if possible is to work while you're in school and not take any loans out if at all possible. This will give you employment experience and help avoid taking loans out. Right now things are up in the air regarding paying back loans. Good luck!

[Duneranger]

I did this but I was in a doctoral program that was full time and I could NOT work.

For an online school that is part time? This is a horrible idea.

[jsh1138]

Me: "Where's a good place to get a hot dog around here?"

You guys: "Don't get a hot dog. Hot dogs are terrible. You want a hamburger anyway. It would be better if you made hot dogs at home. Hot dogs cost money you know!"



It might be cool if just one person could answer the question that I actually asked but no problem. I've only been posting here 8 years, maybe one day

[Jonathan Whatley]

You've contributed here significantly. Thank you. It's a fair question and I hope our community can give you a range of responses that address it. Student loans are not much within my expertise.

One bit of bad news is that because you hold a bachelor's degree you can essentially no longer get a Pell Grant.

One corollary question is what degree to take within this plan. What are you thinking? That can affect how much is left over after tuition, how long it takes to complete, and your repayment plans.

[Heartstrings]

Me: "Where's a good place to get a hot dog around here?"

You guys: "Don't get a hot dog. Hot dogs are terrible. You want a hamburger anyway. It would be better if you made hot dogs at home. Hot dogs cost money you know!"



It might be cool if just one person could answer the question that I actually asked but no problem. I've only been posting here 8 years, maybe one day

Sorry you don't feel like you got the response you were looking for. There are millions of student borrowers in the US that are complaining right now because they can't afford their monthly payments and have money left over to survive and did exactly what you want to do with student loans. Plus jobs are not where they used to be for availability for recent college grads. If you see someone driving on the wrong side of the road hopefully you would warn them. Since you want to go flash forward go for it. You can't interview with the school to get more money. Your Fafsa is your interview. They give you what they give you. If you need additional income you need to take out a private loan, Parent plus loan, or pay out of pocket.

[Jonathan Whatley]

I continue to hope DF can help. You might also want to look at these subreddits on reddit.com:

r/StudentLoans, where searching for "living expenses" will show similar questions and answers, and

r/povertyfinance, which offers "Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially. No Judgement, just advice!"

[SteveFoerster]

Me: "Where's a good place to get a hot dog around here?"

You guys: "Don't get a hot dog. Hot dogs are terrible. You want a hamburger anyway. It would be better if you made hot dogs at home. Hot dogs cost money you know!"

It might be cool if just one person could answer the question that I actually asked but no problem. I've only been posting here 8 years, maybe one day

LOL, I can't deny that charge.

If you tell your institution's financial aid representative that you want the maximum you can get, they'll have some sort of direct deposit option where they just drop the overage into your account after they're sure your school-related expenses have been covered for the term.

[Jonathan Whatley]

Disagree about ideas here, but avoid it becoming personal among DegreeForum members, please.