student loan

Does everyone who applies get a student loan, if they havent defaulted on one previously?

In my experience yes… but they vary on how much they’ll give you.

i have taken out a few and it is based on your cost of attendance and family contribution (aka: your mom’s). this is a bigger factor than your credit score, whether it is good or bad.

Pre 2007, yes. You may need a cosigner though. They tightened standards last year. It should not be a problem with a cosigner.

sublimity Wrote: ------------------------------------------------------- > i have taken out a few and it is based on your > cost of attendance and family contribution (aka: > your mom’s). > > this is a bigger factor than your credit score, > whether it is good or bad. And what is really annoying is that they don’t take into account that sometimes your family has the means to support you (e.g., they make enough money) but they won’t for whatever reason. I didn’t get a dime from my family for tuition all through school. But since they “could” give me money but chose not to, it still reduced the amount that the govn’t would approve. Lame.

So how would they look at an application of a person who made 6 figure income but now wants to quit the job and become fulltime student.

CF_AHHHHHHHHH Wrote: ------------------------------------------------------- > sublimity Wrote: > -------------------------------------------------- > ----- > > i have taken out a few and it is based on your > > cost of attendance and family contribution > (aka: > > your mom’s). > > > > this is a bigger factor than your credit score, > > whether it is good or bad. > > And what is really annoying is that they don’t > take into account that sometimes your family has > the means to support you (e.g., they make enough > money) but they won’t for whatever reason. > > I didn’t get a dime from my family for tuition all > through school. But since they “could” give me > money but chose not to, it still reduced the > amount that the govn’t would approve. Lame. yeah, that’s unfair since they don’t care about the more specific details. sorry to hear!

needhelp Wrote: ------------------------------------------------------- > So how would they look at an application of a > person who made 6 figure income but now wants to > quit the job and become fulltime student. i think they look at income more than wealth, so you can potentially take out loans all the same. i am 71% sure of this.

CF_AHHHHHHHHH Wrote: ------------------------------------------------------- > sublimity Wrote: > -------------------------------------------------- > ----- > > i have taken out a few and it is based on your > > cost of attendance and family contribution > (aka: > > your mom’s). > > > > this is a bigger factor than your credit score, > > whether it is good or bad. > > And what is really annoying is that they don’t > take into account that sometimes your family has > the means to support you (e.g., they make enough > money) but they won’t for whatever reason. > > I didn’t get a dime from my family for tuition all > through school. But since they “could” give me > money but chose not to, it still reduced the > amount that the govn’t would approve. Lame. this is not true if you go though an official emancipation- join service- get married, etc. I did #1 and had no expected family contribution. Process is simple but will delay entrance.

You could get a student loan from commercial banks, it doesn’t have to be from the fed

cfagoal2 Wrote: ------------------------------------------------------- > You could get a student loan from commercial > banks, it doesn’t have to be from the fed what criteria do they use to grant a loan?

I dunno, probably on the amount, interest, time span, and their perception of your ability to repay it

I’m almost positive that primary home equity is also not considered. Read something about a car too… there is an article about harvard mba’s all buying beemers somewhere out there.

Dudes, Just use the formula to calculate your EFC: http://ifap.ed.gov/ifap/byAwardYear.jsp?type=efcformulaguide Also remember that retirement assets do not count toward expected contribution. (Unless you are going to Harvard, where they expect you to pay 25% of anything over 100K in your retirement assets)