pcho Posted January 14, 2011 Share Posted January 14, 2011 Hello, I will be starting PA school this summer (may) and have begun the painful process of researching/requesting loans. I am currently 24 years old and have moved back with my parents after graduating college last year. My question is this. Should I request my loan as an independent or dependent, and why? Obviously I'm not too educated in the world of loans so I am currently researching and seeking advice from those that have been through it. Thanks in advance! Link to comment Share on other sites More sharing options...
c0untingstars Posted January 15, 2011 Share Posted January 15, 2011 Independent! Otherwise you will have to provide your parent's income and may not get as much $$$ Link to comment Share on other sites More sharing options...
Zeus Posted January 18, 2011 Share Posted January 18, 2011 Hello, I will be starting PA school this summer (may) and have begun the painful process of researching/requesting loans. I am currently 24 years old and have moved back with my parents after graduating college last year. My question is this. Should I request my loan as an independent or dependent, and why? Obviously I'm not too educated in the world of loans so I am currently researching and seeking advice from those that have been through it. Thanks in advance! Just browsing through the forum and thought i would add to your post. When taking out loans watch out for "plus" which are basically loans made out to your parents for your education. If you were considering it, NHSC will not pay these loans back. Just an FYI for if you were considering this as an option later on down the road ;) I took out a federal loan and then did a private loan through wells fargo, used my dad as a co signer and got a good interest rate. If your parents are a co signer NHSC will still pay the loan back as long as it is in your name Link to comment Share on other sites More sharing options...
bosox2k1 Posted January 18, 2011 Share Posted January 18, 2011 If you take a PLUS loan out in your name, NHSC will pay you back... Link to comment Share on other sites More sharing options...
Zeus Posted January 20, 2011 Share Posted January 20, 2011 (3) What types of loans do not qualify for repayment? a. Loans for which the associated documentation does not identify the loan as applicable to undergraduate or graduate education. b. Loans not obtained from a Government entity or commercial lending institution. Most loans made by private foundations to individuals are not eligible for repayment. c. Loans that have been repaid in full. d. PLUS Loans (made to parents). e. Personal lines of credit. f. Residency relocation loans. g. Credit Cards Yes you are correct I apologize, it is specific to loans taken out in the name of the parents. Link to comment Share on other sites More sharing options...
Guest guthriesm Posted January 21, 2011 Share Posted January 21, 2011 The FAFSA defines a graduate student as independent - you cannot use your parent's income for assistance in loan approval. There are Direct Plus loans which are similar to the PLUS loan in that they are lower interest (but not that low) loans that can be taken out after the Stafford loans have been maxed out. Direct Plus loans are still through the federal government (thanks to law changes) but they will not be subsidized and have a higher rate than a Stafford loan. Link to comment Share on other sites More sharing options...
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