Hello,
I applied for a living expenses award. My loans and grants go directly to my school, but would like to recieve the remaining to help buy needed software (for some classes) and for childcare expenses while I am testing or studying. What should I expect? I know it will increase my loans, but I really need the help right now.
Please ask if you need any more information :)
Thanks. It all depends on your college's financial aid resources in most cases, you are correct in expecting to apply for additional loans. If you have already applied for all your subsidized and/ or unsubsidized loan(s) than you may have to tap the "alternative educational loans market," that are pegged against Prime or the Libor rate. These educational loans are not federally guaranteed and will check your credit and many cases take into account your debt to income ratio. You are in a tight situation since you need the additional funds "right now," but you should plan for next semester or year if you will still be enrolled in a degree program. |
