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@chia04 wrote:The OP is a graduate student which automatically makes him an independent student, therefore qualifying him for more money in subsidized loans. Unfortunately, for most undergrads it really isn't an option. I was in the same situation where my parents made just enough money to disqualify me for most federal student aid (especially grants), but not enough where they were able to help me out with school. I had to work as many hours as I could and relied on credit cards to make up the difference.
More than restricting where money is spent, I'd like to see reform on these issues. Too many people are disqualifed for parent's income when parents aren't able or willing to help out.
yes, income will restrict your ability to get a pell grant (which does not have to be repayed) or a subsidized loan (where the government pays the interest), but does not restrict your ability to get a federal unsubsidized student loan.
@Tazman81 wrote:yes, income will restrict your ability to get a pell grant (which does not have to be repayed) or a subsidized loan (where the government pays the interest), but does not restrict your ability to get a federal unsubsidized student loan.
Actually, our kids do not qualify for any student loans because of our income. To tell you the truth, we were absolutely shocked. We first learned this with DD who was living away from home, working and going to school. We had no idea student loans would be contingent on our income. She could not qualify, because of our income, for any student loan. After we read the paperwork and thought we had it figured out, we went into the financial aid office hoping they would convince us that we were wrong. They were as surprised that we were in shock as we were surprised that DD couldn't take out a student loan - not a grant, for crying out loud.
Ah. The joys of parenthood.
Now, of course, she's married and they can take out all the loans in the world. Oh wait, maybe not. Her DH just graduated and landed a fairly well paying position. (He's almost up there with my DH). Guess they're on their own again - we'll see how they make it this time around.
@Tazman81 wrote:I would not recommend consolidating debt into a student loan because if you run into trouble down the road, there is no way to get rid of that debt.
Just in case you missed what Tazman said. This type of debt is the type that will haunt you for the rest of your life!!! You think CC debt is bad wait until you try and file for bankruptcy. The student loans stay right there. You DON'T want the Federal government on your tail. This whole thread is one halfbaked idea. -end of thread-
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