How Much Moola Do I Need?

[DutchessA]

Hello..

So, how much private loan funding are we supposed to take out, my FA told me to be cautious and take out as little as possible...but, then how am I supposed to eat.  Ideas, how much are you taking school costs $26k, got the full $18.5 in federal...

[J D]

I think federal law limits mandates that the amount of aid (scholarships, federal loans, private educational loans) cannot exceed the school's annual cost of attendance.

[DutchessA]

They said based on my need they would certify me for an additional $24,000 private loan...I don't think I need that much...but, what do you people take in general.  I plan on working P/T, should I get enough to pay rent?  More...why would they tell me they don't encourage students to take private loans, how else are we supposed to cover the remaining cost? 

Good looks and charming personality will only get me sooo far!!!

[kdeevers]

I'm sure I will get my head bit off for this one, but I suggest you take out their recommendation. (Unless you already know your living expenses - rent, utlities, transportation, food etc. and it comes out to MUCH less.)  First year is tough, and I think it's better to have too much, that you can save for next year and borrow less the last two years after having been through it for a year.  It will also be one less thing to worry about.  You know those things are taken care of and you don't HAVE to work 4 days a week or not pay your rent.  Who knows how the part time job will fit in, and what the summer will bring.  Also, I know a few people who actually worked more during 2nd and 3rd years because there is more freedom, and ended up taking out less those years anyway.

[DutchessA]

That funny..that's exactly what I figured I would do, take out more my first year, if I need it it's there, if I don't need it I can use in for my second year...I'm not sure why she gave me the, "Don't Take Out More Than You Need..." Speech...

I assume I'll work part-time, will I be able to handle it, don't know...I like your idea a lot better...

Plus, think of all the coach bags I could buy with the extra...just kidding...thanks for the input.

[kdeevers]

Plus, think of all the coach bags I could buy with the extra...just kidding...thanks for the input.

Just let me know when and where you are going shopping and I'll join you with my extra borrowed funds lol

Good luck with everything.

[risingMC]

(1) Don't work your first year if you can avoid it;

(2) Take out an amount you think you can survive on; for example, if you're living in cheaper housing, the budget might be alloting more than you really need. If you find out in the middle of the semester that you really did need that cash, you can always take it out then and have it in your hand within a week or so. 

[DutchessA]

Good advise, thanks to everyone...