SRS OT, teach me about student loans..

Discussion in 'On Topic' started by poz, May 27, 2009.

  1. poz

    poz New Member

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    Gonna be headin off to college soon, and I am going to have to take out a few loans. I am receiving 75% bright futures scholarship for tuition, and I also have florida prepaid for at least three years of tuition... I am quite confused on what is going to happen though. I received the cost per semester for my dorm and its going to be around 4900 (including a mealplan and 500 dollars for on campus food). The housing and shit is what is going to cause me to take out loans, because I am not sure how I am going to be paying for it.

    If anyone is from Florida and has had prepaid/bright futures, one of the main questions I have is: What is going to happen to the money left over for tuition... My parents paid for a couple of years (if not all) of tuition, and I am still receiving the scholarship, so will that leftover money automatically be put towards the cost of housing?

    I accepted the $5500 unsubsidized loan from the government, and I will be putting that towards housing. I also am guessing that the leftover money from the tuition will be put towards that as well.

    When should I be applying for the private loans (that I'm pretty sure I'll have to take out)?? I submitted a fee deferral form for my housing a few days ago, and I'm assuming that everything I take out will just be paid after I get out of college?

    This whole process is pretty god damn confusing, and the financial aid people (at FIU) aren't really helping much. :hsd:


    Thanks. :hs:
     
  2. bummerkit

    bummerkit New Member

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    Have you looked into off campus housing? I would have a hard time feeling good about paying over 1200 per month for rent and food.
     
  3. CorpseStreet

    CorpseStreet New Member

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    I understand financial aid can be pretty confusing and the people there aren't always so helpful. Have you tried seeing if you can get a housing grant to cover the cost of housing?

    As far as the bill is concerned if your tuition is paid off in full from your parents paying and the scholarship the extra money will go towards the unpaid portion of your bill. You generally don't get much say as to what money goes towards what. For the Bursar's office you owe X amount and whatever money has been paid will go towards that total unless specified by the type of grant or scholarship. After that if the housing and tuition are paid with extra to spare this will be a credit to your account. At this point you can either leave the money there so it will go towards your bill for the next year (which I recommend) or you can have the Bursar's office cut you a check for the amount.

    To me it sounds like you probably won't have to take out any additional money for your tuition so you shouldn't be too worried. Just examine the difference between how much will be paid towards your bill total and how much the bill will be regardless of where the money is coming from. This will give you a real idea as to how much you will need.

    Also, I would not look into off campus housing as a freshman. Chances are your school won't let you live off campus as a freshman but in addition starting out you should live on campus so you have the umbrella of your university in the event something happens as you try to get acclimated. Landlords won't always ensure your quality of life is decent but the university will. Plus do you really want to commute?
     
    Last edited: May 27, 2009
  4. poz

    poz New Member

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    No, I haven't and the main reason for that is freshmen have to live on campus for the first year.

    No, I haven't checked out housing grants. My family is around middle to high class for our area, but it's pretty expensive to live in south florida, so they don't necessarily have the cash to fork out for housing costs because they're busy paying for other necessities.

    I really don't think I'll have to take out that much of a loan (other than the unsubsidized one that the government is giving me). To be honest, I really don't have a problem taking them out, because usually every kid at a university does at one point or another, but I don't want to end up 60-70k in debt and I don't think I will... soo.
     

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