Law School Discussion

Anyone have a cost of living loan?

Anyone have a cost of living loan?
« on: January 27, 2007, 12:59:40 PM »
Wanted to find out if anyone has a cost of living loan to help pay expenses.  How much per year did you borrow and what are the rates ?  I figured I need about $1,000 per month to supplement my wife's income to be able to go full time?  Any info here will be greatly appreciated.


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Re: Anyone have a cost of living loan?
« Reply #1 on: January 27, 2007, 02:04:40 PM »
Cost of living budget is generally calculated by the school.  Most major loan companies will allow you to borrow up to the amount your school has in their budget (including tuition, books, cost of living, etc.).  Some will let you borrow more than the budget amount, but may charge higher interest rates than for other students loans.

I think a lot of schools will also increase your budget if you have specific expenses not calculated into the standard budget (health insurance, car insurance, etc.)

Re: Anyone have a cost of living loan?
« Reply #2 on: January 28, 2007, 11:54:51 AM »
"Cost of Attendence" includes cost of living, generally. And you can borrow your total amount of COA, minus other aid. Like for example, your wife gets a scholarship, and takes out the Stafford loans, whatever you take the COA, subtract the amount of scholarship and the amount of the Stafford loans, and the amount that remains, you can borrow from like a Grad PLUS loan or a private lender. Grad PLUS loan is the way to go though..its govt, rate is like 8% or something similar, they run your credit but approval is not based on debt/income ratio or anything like that. I was just approved for $20,000 and my credit is in the shitter. (I do have to pay tuition out of that though so its not like I get 20K in my pocket)