My girlfriend has a serious problem. She was accepted to NYU’s film school, her first choice. However, in spite of her nearly perfect grades and general brilliance, she only got a little less than half the cost in financial aid. What it comes down to is that she will not be able to afford to go there unless she gets a student loan (and even then there’s debt’s and stuff to work out, but that’s a whole 'nother ball of wax).
Now, we were talking about this, and we realized that the biggest problem is that we have no idea how likely it is that she’ll get the student loan. If she doesn’t get it, then she’s not gonna be going to college for a year. So, yeah, it’s kinda of important that she find out what her chances are.
Any of you guys know how they decide on who to give student loans? Do they usually loan as much as you need? Any people with experiance in this sort of situation? Any sort of info or advice would probably be helpful.
I AM NOT A LOAN COUNSILLOR. Chances are things will be fine-- they’ll lend out (ok, this is all in early 90s terms when I went to a spendy school-- these are 1992 numbers, and I dont claim them to have anythign to do with today) 8500, if she’s an undergrad with the regular federal thing, and then 4000 on the part of her parents if she can work that out (is she young and on good terms with them?) and there are a couple of other loans.Numbers are likely higher now, and sometimes the school itself has other limits. I think generally you CAN borrow enough somehow, if you dont mind being in a lot of debt. The NYU website should have a financial aid page-- generally if she needs it they will lend whatever the max amount is. Loans are not merit based-- there’s not really a competition for it.
Dude, if she managed to get half the cost of her tutition from financial aid, she is gonna have no problem getting the loans. Unless her parents make over 100k a year. Even then it still isnt hard.
Getting loans should be easy. If she’s not qualified for the subsidized federal loan, she can still get an unsubsidized, plus the parent loan, and there are a few more (perkins). Also, did she try to get Work Study? Does the school offer Work Study? Because WS rocks.
Thanks you guys! This is very, very heartening, since it sounds like she should get this without too much problems. Her parents are not rich, hence the need of a loan in the first place. So… yeah, it’s good that the news here is good.
pepperlandgirl, she is getting some work study, I’m not sure how much. I factored that in with the money she’s already got. Hmm. Will they let her do more, if she asks?
It depends. Let’s say she starts working for the Technology department (babysitting the comp lab or something), and she does such an amazing job that the department decides to keep her even when her WS funds run out. If the department she’s working for has the desire and the funds, they could keep her.
My tuition is in loans, grants, and scholarships. I was concerned that I wouldn’t get it because my husband works full time, but apparently, even if you’re a mother of four who stays at home, you still qualify. My husband didn’t make enough money to send me through school.
I imagine it would be the same if her parents don’t make enough to send her.
The people in the financial aid office at NYU are able to answer all these questions. She only needs to give them a call. I’m taking out about $55,000 a year in student loans. Banks love getting students deep into debt.