Ask MetaFilter questions tagged with loans and tuition

Ik heb... financialaidie?

zvs — Thu, 10 Sep 2009 07:43:21 -0800

NetherlandsFilter: As a Dutch citizen, am I eligible for financial aid for school in the United States? I'm a US-Dutch dual citizen, and I'm starting grad school in the US soon. I was applying for FAFSA when I realized there's probably an equivalent program in Holland.

But I can barely read Dutch, let alone Google effectively in it. Has anyone successfully done this?

Paying for graduate school out of your 401k. Stupid idea?

falameufilho — Fri, 03 Jul 2009 16:28:00 -0800

Paying for graduate school out of your 401k. Stupid idea? I have been working on a masters degree for some time now, paying out of my own pocket. It is not cheap, but I believe it will be worth it in the long run.

However, some extra income I was counting on to help me fund my tuition didn't materialize, so it looks like I could run out of money before I finish graduate school. I've been thinking about tapping into my 401k to cover the rest of my tuition, but I have a feeling that might be a stupid idea. Is it?

P.S.: I am not a permanent resident in the US, so student loans are not an option for me.

Paying for school

Anonymous — Wed, 01 Jul 2009 13:55:32 -0800

I have a pretty big tuition bill, even after Stafford and Perkins loans are applied. Can't pay it in cash. Should I take out another loan or take money out of the mutual funds? The thing that sucks is I had thought I could use all the money in my mutual funds to pay the school bills in the first place, and then when I started school last fall I lost nearly half of it. So far I didn't have to touch it, but it looks like tuition got raised and even if I saved every penny of my summer job I'm not going to be able to cover it with my bank account.

If I take out another loan, I have to pay interest on it. If I cash out my mutual fund, I'll basically be able to cover my bills for the rest of the year (and then I graduate) but I'll never see the money I lost in it ever again.

One other thing, so the money I have in the mutual fund now is about the same as how much I started with, seven years ago, but not accounting for inflation. So on the face of it you could argue I didn't lose any *actual* money, but if you account for inflation, I did. The question I suppose is whether I should wait for that mutual fund to recover or just cut my losses and use it so I don't incur more debt.

Sorry if this seems like a basic question. I am horribly bad with financial things, so the answer is not entirely obvious to me.

I wantz to bez a nurze. But I can has $$ from Prezident Catz?

sully75 — Thu, 23 Oct 2008 08:22:43 -0800

I have some student loan questions Basic situation: After 11 years out of school, I've decided to go back to school for nursing. Before this process, I had $0.00 in debt, and close to $0.00 in assets. I decided at the last minute to get the ball rolling, so paid for 2 prereq classes on my credit card. My parents, who are supportive of this, loaned me the $1000 for the classes so I could pay off my credit card. I told them I'd get a loan to pay them back, but have yet to start that process.

I already have a bachelor's degree in music. No grad school (or classes) whatsoever. I'm doing really well in my classes so far, and committed to this path.

1) I have at least one more semester of prereqs to complete, and if I'm able to do them all in one semester (microbiology, chemistry, A+P II and maybe nutrition) I think it will be really tough for me to work, and I don't think enough to support myself. I do some photography work which pays really well when it's available but it isn't consistent. I'll be taking the prereqs in Boston (I'm moving there in December). Will I be able to take out student loans to support myself and pay for classes for the semester? I don't think I'll be enrolled in a program, just taking the classes at a community college there.

2)Is the credit crunch likely to affect student loans in general in the next 2 years? I know that's a big question but is there anything I can do to prepare for this situation?

3) Does my previous degree prevent me from getting federal student loans? I'm pretty sure it's totally unmeaningful but I never took out loans during my undergrad.

4) I'm 1/2 way through the semester on the classes that I'm taking now. And have to pay my parents back for the classes. Can I apply for a student loan still for this semester?

5) I keep hearing people say "college debt is the best kind of debt there is". Why is that? I always think debt is debt, and it all sucks. The only reason I'm comfortable doing it here is because there seems to be a well paying job at the other end of the tunnel.

6) Do you just take whatever loan is available or offered? Do you have rights of choosing who provides the loans or is that usually regulated by the school?

I'm sure I could find these questions answered somewhere on the web but the whole thing is incredibly confusing to me so if you can help me out I'd really appreciated it.

How to get educational financial help as a truly independent young adult?

Tomorrowful — Thu, 01 Nov 2007 14:04:26 -0800

Help me help my friend convince college financial aid departments that her parents are not and never will be willing to provide any help for her, and get money to pay for living expenses. Posted, obviously, on behalf of a friend.

My friend "Sarah" is 23, and has a modest full-time desk job - not an income she wants to keep for much longer, but enough to pay rent, food, etc, comfortably... if only just barely. She is not making enough to make any significant savings, but neither does she have any debt. She is currently taking occasional classes at a community college, and has a 4.0 average there. She wants/needs to transfer to a four-year public school full-time soon-ish and get her degree.

The problem is that her parents are actively opposed to the idea of her getting an education. They aren't just refusing to provide help - they've refused to cosign private student loans. They've even refused to give her the information she needs to apply for financial aid. Please don't provide any responses along the lines of 'go negotiate with them' - she's tried, and they're totally unsympathetic. It's an extreme case of the classic "We didn't need college, therefore you don't" story, and they can be counted on to not lift a finger to help her, no matter how trivial that help might seem.

She also has no other relatives who could be cosigners - and yes, she's made sure of that.

What she needs is money both for tuition and living expenses, since she won't be working full-time if she's taking classes full-time. Currently her boyfriend is helping pay for her community college classes, but she doesn't want to be dependent on him - and obviously a four-year school full-time is a whole different financial matter than community college courses one at a time. So this question has two components:

First, as a 23-year-old, what can she/must she do to convince a large public university that she really truly is on her own, and will never see a dime from her parents? They seem to expect that up until 25, they're providing assistance, but she's not a minor trying to get emancipated.

Second, what kind of loan options does Sarah have to pay for living expenses, and for tuition beyond what scholarships will provide, given that she doesn't have a significant credit history (just one secured credit card) and won't be able to make enough money working part-time to pay for everything, and has no cosigner available?

Anyone know any rich benefactors?

MsVader — Wed, 01 Feb 2006 15:09:21 -0800

Help me fulfill my dream of becoming a massage therapist... I've been accepted at a good massage therapy school. It's a 6 month program that keeps me in class from 9:00 am to 4:00 pm every day (Mon-Fri). I'm all ready to quit my job (soulless government bureaucratic hell) and dive in head first. However, I just found out that the financial aid that the school can help me with will only partially cover tuition, leaving a large chunk of it up to me, as well as all of my living expenses (rent, food, gas, etc...).

I wanted to go part-time originally, but it won't work with where my job is located, where the school is located, the scheduled classes, and the hours I can work. So, my only real choice is to go to school full-time, which leaves almost no time in which to get some other job. Any job that I could get (retail) would be minimal pay, hence not solving my problem.

I'm looking at needing at least $16K. What are my options? I'm sure I could try to take out a bank loan, but I can't imagine I'd get a good rate (especially since my credit isn't the greatest). There just have to be some grants that I can apply for, but trying to find anything online has been frustrating and pointless so far. Perhaps there are some avenues to money that I'm not even aware of at this point.

I started the day being on top of the world, and it's all come crashing down after speaking to the financial aid people at the school. I don't know where to turn or what to do.

Help me, MeFites, you're my only hope.