Fun Stuff > CHATTER
University/College
Grognard:
Federal student loans, friend.
I don't think you can actually be turned down.
Papersatan:
Only if you currently in default on other federal student loans.
Graduate PLUS federal loans have slightly stricter requirements: you can be currently in default on any debt.
Fig:
That's my primary concern. After my divorce I tried taking online courses and I couldn't keep up with the workload between two jobs and trying to take said courses. When that bombed out very shortly afterwards, I couldn't keep up with the loans and ended up defaulting (Which is most likely the source of one of the garnishments in my checks). I'll probably have to just use state and federal grants for as much as I can, stop once they run out, and resume when I renew the FAFSA every year.
Papersatan:
If you contact your loan holder, and get on a payment plan, you will no longer be in default, and you should be eligible for student loans again. Once you are back in school, your payments go on hold, though you may have to fund one semester on your own.
Grants pay by the semester not the year, so you can't just use the year's grants to cover one semester and skip the next, the "max per year" assumes you are attending full-time for the whole year. They max out at <$3,000 a semester. It's actually enough to cover tuition at a community college, if you qualify for the full amount, but that is more difficult than some people imagine. You can look up online what your "expected family contribution" is based on your income. That amount is what you will have to pay in tuition before you are eligible for federal or state grants.
Fig:
So I was no where near the oldest person in the room, made me feel a whole lot better about my decision to do this.
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