abaugh75 Posted July 20, 2011 Share Posted July 20, 2011 I am the main breadwinner in my family. My salary covers our mortgage and utilities. Well, it did until I lost my job a month ago. I'm trying to get the details worked out regarding PA school. I get that Stafford loans max out at $20,500. So to determine how much you get for Grad Plus, you take the cost of attendance and subtract the Stafford amount. In my case the cost of attendance is $60,835 for the 2 yr program. So am I wrong in assuming that the Grad Plus loan is only going to cover the rest of the tuition costs, after the Stafford loans? Tuition is $29,500/yr. How do I get enough to make sure my mortgage is paid? Is this even a possibility? Thanks in advance. Link to comment Share on other sites More sharing options...
abaugh75 Posted July 20, 2011 Author Share Posted July 20, 2011 I am the main breadwinner in my family. My salary covers our mortgage and utilities. Well, it did until I lost my job a month ago. I'm trying to get the details worked out regarding PA school. I get that Stafford loans max out at $20,500. So to determine how much you get for Grad Plus, you take the cost of attendance and subtract the Stafford amount. In my case the cost of attendance is $60,835 for the 2 yr program. So am I wrong in assuming that the Grad Plus loan is only going to cover the rest of the tuition costs, after the Stafford loans? Tuition is $29,500/yr. How do I get enough to make sure my mortgage is paid? Is this even a possibility? Thanks in advance. Link to comment Share on other sites More sharing options...
NewtonsApple Posted July 20, 2011 Share Posted July 20, 2011 My understanding is that you are never going to get government loans for more than what the school releases. Past that you have to go private. There are many lending institutions that tier the loans according to how much they think you will make when you graduate, safer bet on their part. Law, PAs, and Docs are the top of the tiers last I look, so they are more willing to help you and give you more with better offers than other professions (credit always and issue obviously). If you have not tired already, you can sometimes get your financial aid office to increase your 'need' for the year. Of course, if they do this than you will be allowed more money through the gov't via Grad Plus since you used up stafford. I am not sure how much your mortgage is or what your family life is like, but my roommate rented out his house which is a few hours away from school. Saved him from more oans and making double payments. Link to comment Share on other sites More sharing options...
NewtonsApple Posted July 20, 2011 Share Posted July 20, 2011 My understanding is that you are never going to get government loans for more than what the school releases. Past that you have to go private. There are many lending institutions that tier the loans according to how much they think you will make when you graduate, safer bet on their part. Law, PAs, and Docs are the top of the tiers last I look, so they are more willing to help you and give you more with better offers than other professions (credit always and issue obviously). If you have not tired already, you can sometimes get your financial aid office to increase your 'need' for the year. Of course, if they do this than you will be allowed more money through the gov't via Grad Plus since you used up stafford. I am not sure how much your mortgage is or what your family life is like, but my roommate rented out his house which is a few hours away from school. Saved him from more oans and making double payments. Link to comment Share on other sites More sharing options...
TheLifeofRylie Posted July 21, 2011 Share Posted July 21, 2011 I would contact the financial aid department at the school you are attending. The $20,500 is per year for stafford loans, the total amount you get depends on your school and if they ask for the maximum you can get a year for stafford and grad plus loans. I just received my award notice the other day and if i accept the full amount of the loans i will have about $25,000 a year for books, supplies and living expenses once I subtracted tuition. Check with your school. Good luck! Link to comment Share on other sites More sharing options...
TheLifeofRylie Posted July 21, 2011 Share Posted July 21, 2011 I would contact the financial aid department at the school you are attending. The $20,500 is per year for stafford loans, the total amount you get depends on your school and if they ask for the maximum you can get a year for stafford and grad plus loans. I just received my award notice the other day and if i accept the full amount of the loans i will have about $25,000 a year for books, supplies and living expenses once I subtracted tuition. Check with your school. Good luck! Link to comment Share on other sites More sharing options...
GREATMDPA Posted July 23, 2011 Share Posted July 23, 2011 I am the main breadwinner in my family. My salary covers our mortgage and utilities. Well, it did until I lost my job a month ago. I'm trying to get the details worked out regarding PA school. I get that Stafford loans max out at $20,500. So to determine how much you get for Grad Plus, you take the cost of attendance and subtract the Stafford amount. In my case the cost of attendance is $60,835 for the 2 yr program. So am I wrong in assuming that the Grad Plus loan is only going to cover the rest of the tuition costs, after the Stafford loans? Tuition is $29,500/yr. How do I get enough to make sure my mortgage is paid? Is this even a possibility? Thanks in advance. Total cost of attendance = tuition/fees+books+all personal expenses (including room/board, food, transportation, etc..) Every school determines its own amount for personal expenses. For example, my school tuition and fees total about $31K/year but we're allowed to take out a max of $75k/year from Stafford and Grad Plus. Link to comment Share on other sites More sharing options...
GREATMDPA Posted July 23, 2011 Share Posted July 23, 2011 I am the main breadwinner in my family. My salary covers our mortgage and utilities. Well, it did until I lost my job a month ago. I'm trying to get the details worked out regarding PA school. I get that Stafford loans max out at $20,500. So to determine how much you get for Grad Plus, you take the cost of attendance and subtract the Stafford amount. In my case the cost of attendance is $60,835 for the 2 yr program. So am I wrong in assuming that the Grad Plus loan is only going to cover the rest of the tuition costs, after the Stafford loans? Tuition is $29,500/yr. How do I get enough to make sure my mortgage is paid? Is this even a possibility? Thanks in advance. Total cost of attendance = tuition/fees+books+all personal expenses (including room/board, food, transportation, etc..) Every school determines its own amount for personal expenses. For example, my school tuition and fees total about $31K/year but we're allowed to take out a max of $75k/year from Stafford and Grad Plus. Link to comment Share on other sites More sharing options...
PAruby Posted October 31, 2011 Share Posted October 31, 2011 I was offered enough in my grad PLUS to cover the rest of tuition.fees, books, ets. PLUS my rent, utilities, car payment, groceries. etc. I will have to budget, there will be no luxury living, but it is going to be very doable. That said, I'm single and have no kids. You'll likely get enough to cover your education costs and modest rent and utilities, but may need to take out private loans as well if you're expected to cover all the costs of a multi-person family without assistance from a significant other. Link to comment Share on other sites More sharing options...
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