Quick Student Loan Question - TriStateTuners.com :: Home of Tristate Auto Enthusiast

SovXietday · 08-22-2010, 11:48 PM

I'm going back to school this year, and I've been researching pretty much every night trying to figure out financing and how financial aid works. I've gotten a pretty good idea on what I need to do, but I have one question that I just cannot figure out.

When applying for a student loan, do I apply for how much money I will need for the YEAR or do I apply for the ENTIRE expected amount of money that I will need?

If I apply for the year, I'm guessing then next year I apply for what I need for that year etc etc etc?

russiankid · 08-22-2010, 11:51 PM

You take out the amount for the whole year. The lender will send money to the school, and then depending on your other aids, the school will split the loan into two portions for two semesters. When you go to take out another loan, and if it comes from the same lender, it will all come into one big loan at the end when you have to start paying it back.

gray1g · 08-22-2010, 11:56 PM

http://www.fafsa.ed.gov/

08-22-2010, 11:56 PM	#3
gray1g Tri-State Training Wheels Join Date: Feb 2005 Member #156 iTrader: (2)	look here http://www.fafsa.ed.gov/

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08-22-2010, 11:51 PM	#2
russiankid Tri-State Post Whore Join Date: May 2008 Location: Lincoln University PA Member #7769 My Ride: 2012 Scion tC iTrader: (0)	You take out the amount for the whole year. The lender will send money to the school, and then depending on your other aids, the school will split the loan into two portions for two semesters. When you go to take out another loan, and if it comes from the same lender, it will all come into one big loan at the end when you have to start paying it back.