First time accepting student loans for college, a bit nervous.

Howdy everybody. I have finally delved into the financial aid sector of my college life. I got to say that Im a bit nervous now that I have accepted a loan for the Spring 2015 term. Looking at the amount of money being loaned for the coming semester, while also thinking...."Dang, those numbers are going to be quite alot higher in the not so distant future"!

I've kept away from any kinds of Government loans while going through my basics at community college (costs split between me and family). I also just finished my first class at the University I now attend. Paid for that class by myself (about $1,500).

After looking at the amount of aid the University offers, atleast for the amount of hours I am expecting to take in Spring 2015, I was kind of shocked. For example, I owe roughly $3,500 for 4 classes next semester but the amount of aid I was being offered was around $10,000. No, I didnt accept all that $10,000 but took $4,200 of it, with the extra $700 set aside for book expenses. I live at home so I dont have dorm expenses or anything like that.

This has me wondering now. How often do students actually accept all the aid offered, even if they dont need anywhere near that amount?

a reply to: buni11687

they accept it all the time.
its hard to pass up

my wife was in school when we met. community college. whatever.
she was on financial aid and she was going. every so often she would get a check.

she told me a bit about loans and something she saw all the time.
at the start of the semester, classes would be full. attendance is taken for the first couple weeks or however long. after that couple weeks, the checks get cut. once the checks get cut she said the class size was reduced by about half.
people applied and got in and stayed just long enough to get the check and split.

originally posted by: Grovit
a reply to: buni11687

they accept it all the time.
its hard to pass up

my wife was in school when we met. community college. whatever.
she was on financial aid and she was going. every so often she would get a check.

she told me a bit about loans and something she saw all the time.
at the start of the semester, classes would be full. attendance is taken for the first couple weeks or however long. after that couple weeks, the checks get cut. once the checks get cut she said the class size was reduced by about half.
people applied and got in and stayed just long enough to get the check and split.

I've seen the exact same in attendance in virtually every single class I've been in. Classes are packed for the first month, and then half just stop showing up. That was good when I was going to community college, because the parking lot was way too small and once the first month is over, there's finally places to park.

Some of the largest amounts of drops that I've seen were in some math and accounting classes. One math class started with 40 people and ended with 5. Same goes for one of my accounting classes, start with 40 and end with about 7.

originally posted by: buni11687

I've seen the exact same in attendance in virtually every single class I've been in. Classes are packed for the first month, and then half just stop showing up. .

its cause they got paid.
thats all a lot of people are in it for...its 'free' money at least at the moment

they worry about the pay back years down the road and then of course when their taxes are clipped or something, its not their fault

In my past experience, I've had to pay back any financial aid I received for classes that I've dropped. My school is pretty on it. Maybe those people who dropped out decided that they didn't want to take the course and wanted to take something out. I'm sure they're not getting financial aid for the credits they say they are taking.

With that said, always take out subsidized loans. And take any scholarships out grants that are being offered as long as it is under your total estimated cost of school (otherwise you will have to pay taxes on that). Good luck!

a reply to: ckhk3

yeah, it has to be paid back but that can take years.
might have to happen through tax intercepts down the road
i didnt mean it was actually free
they stay just long enough to get the check and worry about the payback later

Do the financial aid before you do the loan.

You can rent the books for free from the college. It will say vouchers, but i never went through that in any semester.

Plus, the only loan I am paying for, is summer school.

You have options. Just no guarantee.

a reply to: buni11687 BE sure to apply for ALL THE GRANT MONEY YOU CAN FIND. Never go in debt for a school loan of any sort. It will take longer to graduate, but paying as you go and can afford is the best way. Never become indebted to Uncle Sam for your education.

you don`t really have to pay those loans back though, do you?

I seem to remember reading that the government doesn`t even bother going after most people who don`t pay the loans back.
They do give you a long time to pay them back,my daughter was given 10 years, after graduating, to pay the loans back.

a reply to: Tardacus

i dont know if they go after everyone but i was under the impression that the irs can clip your taxes for unpaid loans.
not positive though
a loan by definition is something that needs to be back though
its not called a student gift

originally posted by: Ceeker63
a reply to: buni11687 BE sure to apply for ALL THE GRANT MONEY YOU CAN FIND. Never go in debt for a school loan of any sort. It will take longer to graduate, but paying as you go and can afford is the best way. Never become indebted to Uncle Sam for your education.

Agreed. I took my Pell grant first before I took some of the direct subsidized loan. The direct subsidized loan had a few thousand more offered but I didnt need that. I was also offered about $3,000 in a direct unsubsidized loan, but I definitely did not need that, and an unsub. loan is one of the last things I want.

a reply to: buni11687

My siblings took all the aid that they could get - they learned from my mistake of relying 100% on loans to get me my degree. Loans aren't horrible, but you need to have a plan to pay them back (and don't wait till a half year after you graduate like I did). Paying for it now - Only about 3 more years to go.

Look at it from this point - It's better to be offered more, and not need it, vs getting less than what you expect. Then again, I'd probably do like you did, and only take what I needed.

-fossilera