PLUS Loans

[winterallsummer]

For those who took PLUS loans, how did you know how much to take (as far as calculating your budget etc)? Did it end up being not enough/too much?

[mainiac]

I only took out PLUS cause it was a better deal.

I figured out my current expenses:rent, car loan, car ins, health ins, gas, car maint., cell phone, utilities;

plus school costs: tuition, books, equip; plus I added additional funds (just in case).

 

In clinical year we were sent all over new england & had to pay for rent & gas to get there; internet on the go.

its a tough choice. If you have a spouse you may have additional funds to help you; I did not.

 

Plus once you graduate you wont have a job & will still have expenses to live, rent & pance cost; unless you can live with family/etc.

[Acebecker]

I just took what was offered and made ends meet as well as possible.

[IdahoPA]

I just signed my MPN last night. *tears* Anyhow, I also added up the expenses and realized I would need all of it. I plan on being very careful with it, though; I used one of those loan calculators and interest on $80K is nearly $40K and it starts accruing the moment you receive the money.

 

Not sure if it works with PLUS loans but for the unsub ones, you could decline part of it and later change your mind if you were short.

 

I didn't even think about the "not having a job but still having to pay living expenses" part. Thanks for sharing that.

[stillstandingMD]

Have you guys been able to borrow enough to cover all of your expenses completely.is there a fixed amount that's a cap that can be borrowed

[jmpetersen]

stillstanding - The maximum amount you can take from PLUS is the COA (cost of attendance) of your program MINUS other loans/grants/scholarships. Your school has already determined the COA; ask the financial aid office or your program director. It includes expected living costs, health insurance, books, etc. For example..If your COA is $40,000 and you take out the maximum stafford loan (around $11,000), then you can take up to $29,000 from PLUS. If you have savings that will go towards your cost of living, or if you have ridiculously cheap/free rent or something, then you could take less than the maximum based on your estimated budget. At least that is how I understand it!

[IdahoPA]

From what I understand, yes, there is a fixed amount. It varies by program as jmpetersen mentioned. I know some people in my program are looking into private loans because they won't be receiving enough federal loans and because some interest rates are lower.

[PAdaddy]

but if I understand it correctly...private ed loans will still only loan you what the school considers "total cost of education" so if they say you should be able to live on 18k/living expenses for Spring-Fall that's all you would get TOTAL since they require you to report all funding sources.

[stillstandingMD]

Thank you for the responses. So as I understand it, it would be probably unlikely that they would lan enough for "living expenses: to cover a family of 6? ow do the private loans work? Thank you all for your time and info

[PAdaddy]

You need to speak with the school you plan to attend and ask what they allow per semester for "living expenses". I am a father of 2 and my wife teaches school (so we're not rich) and my school offers 18k for "living expenses" for 9 months of classes. That expense is separate of the tuition/other school expenses. This will basically cover my mortgage and grocery cost per month and my wife's salary will subsidize ALL other expenses until school is out.

 

Sadly we're still finding things to add to our monthly budget but you, like us can make it work I'm sure.

 

JD