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Author Topic: Question about Stafford Loans  (Read 516 times)

Patrick Bateman

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Question about Stafford Loans
« on: May 09, 2006, 10:54:20 AM »
If I request more stafford loans than the cost of my tuition, can I use the balance for living expenses?  Are students only allowed to use stafford loans for tuition? 

chonralda

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Re: Question about Stafford Loans
« Reply #1 on: May 09, 2006, 11:15:27 AM »
I think a couple of answers:

you cannot request any more of anything than your total expected costs, which is tuition plus everything else a LS thinks we need. So, in theory, you can request the full amount of stafford, 18500, even if your tuition is only, say, 5,000. However, if tuition plus room/board etc only comes to 15,000, then you cannot request a full stafford of 18,500, since the LS did not certify your budget at that level...otherwise, you can borrow up to the full amount on your financial aid summary...

stafford, as noted, can thus be used for anything...its given to school, they subtract what you owe them, and give the rest to you
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yiplong

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Re: Question about Stafford Loans
« Reply #2 on: May 09, 2006, 11:29:24 AM »
You can use your loan money for anything.  If you have surplus loan money after paying your tuition, the school shall send you a refund check. 

Patrick Bateman

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Re: Question about Stafford Loans
« Reply #3 on: May 09, 2006, 11:30:04 AM »
Great, thanks!