Jul
10
10
Julia P asked:
I am starting an MBA program in the fall and will be taking 9 credits. I am hoping to take out more in Stafford Loans than my cost of attendance as I need to put money towards living expenses as I will be working less in accordance with my school schedule.
Sphere: Related ContentI am starting an MBA program in the fall and will be taking 9 credits. I am hoping to take out more in Stafford Loans than my cost of attendance as I need to put money towards living expenses as I will be working less in accordance with my school schedule.
I know that there is a $18500 per year cap on Staffords. My tuition will be something like $8800 for the whole year. Is it possible to get my hands on the remaining $10k for living expenses? If so, would I get the excess at the beginning of the semester or end of the year?
Thanks!
Tags: Cost Of Attendance, Direct Loans, Grad School, Living Expenses, Mba Grad, Mba Program, Mba School, Money, Stafford Loans
July 12th, 2008 at 8:56 am
The amount you receive will be based on your loan application (how much income you have already, cost of attendance, etc- all based on last years tax form). If you have very little income, you should qualify for the full amount. Make sure that you take at least 9 hours in the fall and spring or you will not be considered a “full-time” student by the federal govt. and will not be eligible for the full $18500 (even if your school considers 8hrs/semester full-time).
You should get half of your loan at the beginning of the fall semester and the other half at the beginning of the spring. Sometime in the spring you will be notified about additional money for the summer (if you are enrolled for the summer).
Just make sure that if you are eligible for the full $18500 and you take the full amount that you do not apply for other fellowships, scholarships, travel awards, etc. They (the govt.) takes into account any additional $$ and if they find out you were awarded $5000 extra through a scholarship, they may ask for $5000 back (long shot but you never know).
July 15th, 2008 at 1:49 am
Yes, it is possible. The amount you are eligible to receive is your estimated contibution subtracted from the cost of attendance. The cost of attendance includes books, tuition, living expenses, etc. Talk to your financial aid office directly. They will let you know when the excess will be reimbursed to you (after tuition is paid) and can answer all of your questions. That’s their job.
Add A Comment