Law School Discussion

Nine Years of Discussion
;

Author Topic: How to exceed cost of attendance?  (Read 5292 times)

alphadog24

  • Sr. Citizen
  • ****
  • Posts: 159
  • Kage Bunshin No Jutsu
    • View Profile
How to exceed cost of attendance?
« on: May 13, 2007, 02:41:54 AM »
My plans have hit a minor snag in that, I thought law schools and lenders were happy to let you get in as much debt as you pleased, so they would be able to collect more fees and interest from you in the end. I just recently discovered that there is some kind of federal law which prohibits schools from allowing you to borrow more than the school's stated Cost of Attendance.

Does anyone know of any way to get loans where they pay you directly instead of going through the school, AND also allow you to pay the debt after you graduate like a regular educational loan? I am trying to buy a car on my own without going to my family for money, but that is seeming less and less possible unless some other option opens up.
Emory Law 2010

jillibean

  • Sr. Citizen
  • ****
  • Posts: 874
  • I'm the pretty one.
    • View Profile
Re: How to exceed cost of attendance?
« Reply #1 on: May 13, 2007, 01:10:47 PM »
My plans have hit a minor snag in that, I thought law schools and lenders were happy to let you get in as much debt as you pleased, so they would be able to collect more fees and interest from you in the end. I just recently discovered that there is some kind of federal law which prohibits schools from allowing you to borrow more than the school's stated Cost of Attendance.

Does anyone know of any way to get loans where they pay you directly instead of going through the school, AND also allow you to pay the debt after you graduate like a regular educational loan? I am trying to buy a car on my own without going to my family for money, but that is seeming less and less possible unless some other option opens up.

if you write to some schools and tell them why you need the coa increase they may approve it-but you have to get the school involved. You can get an outside private loan but you have to start paying back right away.
Just get a regualar car loan- it may be your best and only option
UMiami c/o 2010

alphadog24

  • Sr. Citizen
  • ****
  • Posts: 159
  • Kage Bunshin No Jutsu
    • View Profile
Re: How to exceed cost of attendance?
« Reply #2 on: May 13, 2007, 06:58:25 PM »
Thanks for the post Jilli. But, the situation is, if I did get a car loan, if the school does not agree to increase my cost of attendance to accomdate for the car payments, I wont be able to afford a car. You HAVE TO have a car in Atlanta. I've already made up my mind on going to Emory, so I am not sure what to do here. I dont really have access to other money.

I thought because I received a scholarship (18k/yr), I would'nt have any money problems. But it seems like that only affects your money after you graduate, in that you have less debt. Once i hit the amount of aid they allot for cost of attendance though (scholarship counts in this), then thats all im getting.
Emory Law 2010

alphadog24

  • Sr. Citizen
  • ****
  • Posts: 159
  • Kage Bunshin No Jutsu
    • View Profile
Re: How to exceed cost of attendance?
« Reply #3 on: May 13, 2007, 07:20:19 PM »
Nevermind. I found the answers to my prayers. My friend took out a loan where they paid him directly (not through the school) AND they let him pay it off after graduation. Here is the link for anyone in a similar predicament:

http://www.chasestudentloans.com/student-loans/private-education.html
Emory Law 2010

jillibean

  • Sr. Citizen
  • ****
  • Posts: 874
  • I'm the pretty one.
    • View Profile
Re: How to exceed cost of attendance?
« Reply #4 on: May 13, 2007, 09:21:01 PM »
Nevermind. I found the answers to my prayers. My friend took out a loan where they paid him directly (not through the school) AND they let him pay it off after graduation. Here is the link for anyone in a similar predicament:

http://www.chasestudentloans.com/student-loans/private-education.html

Sorry to burst your bubble but the amount of money you can get from the loan is based on the COA your school determines. You may want to look at the site again.
UMiami c/o 2010

alphadog24

  • Sr. Citizen
  • ****
  • Posts: 159
  • Kage Bunshin No Jutsu
    • View Profile
Re: How to exceed cost of attendance?
« Reply #5 on: May 14, 2007, 12:50:09 PM »
Hey Jill. I am not sure what you are looking at on the site, but I dont see anything there that says you are limited by the school's cost of attendance.

You got me a bit worried though, so I decided to call them on the phone to verify. They said that, in fact, the loans i receive from them are not contingent on any aid I am receiving from other sources or the cost of attendance that the school has set.

What they did say thoguh was that each school has a maximum amount I am allowed to borrow per year through this Education One Program. Emory has a maximum of 35K per year. I'll only need like 10k more, so I think im pretty set.

Money problems are not fun. Glad I got that straightened out. So glad I could  :'(

I dont wanna drive a KIA.
Emory Law 2010

smack

  • Sr. Citizen
  • ****
  • Posts: 295
    • View Profile
    • Email
Re: How to exceed cost of attendance?
« Reply #6 on: May 14, 2007, 02:19:32 PM »
I recently applied for a private loan from Chase.  I jumped through all of the hoops, sent in the forms, and received an e-mail this morning stating that my loan was denied.  I called and they told me that the school was not on their list of "approved schools."  I called the school and they told me that they do not "allow" students to take private loans because they know the students take more than the cost of tuition.  Very frustrating, because I am a single mother and the COA is low at my school. Hope this is not the case for you Alphadog.

Pink

  • Sr. Citizen
  • ****
  • Posts: 162
    • View Profile
Re: How to exceed cost of attendance?
« Reply #7 on: May 14, 2007, 09:37:07 PM »
I recently applied for a private loan from Chase.  I jumped through all of the hoops, sent in the forms, and received an e-mail this morning stating that my loan was denied.  I called and they told me that the school was not on their list of "approved schools."  I called the school and they told me that they do not "allow" students to take private loans because they know the students take more than the cost of tuition.  Very frustrating, because I am a single mother and the COA is low at my school. Hope this is not the case for you Alphadog.

if you can show that the COA computed for you is insufficient for you and your kid, won't the school be willing to raise it?  Pardon me if you're referring to the new COA taking expenses for your kid into account.  I know Harvard, for instance, will raise your student budget if you can provide a lease showing that you're paying much higher rent than anticipated by the student budget.
HLS '10

alphadog24

  • Sr. Citizen
  • ****
  • Posts: 159
  • Kage Bunshin No Jutsu
    • View Profile
Re: How to exceed cost of attendance?
« Reply #8 on: May 15, 2007, 06:06:25 PM »
I recently applied for a private loan from Chase.  I jumped through all of the hoops, sent in the forms, and received an e-mail this morning stating that my loan was denied.  I called and they told me that the school was not on their list of "approved schools."  I called the school and they told me that they do not "allow" students to take private loans because they know the students take more than the cost of tuition.  Very frustrating, because I am a single mother and the COA is low at my school. Hope this is not the case for you Alphadog.

Sorry that did'nt work out for you Smack. Fortunately, Emory is on their list of schools. The only issue for me is I will probably need a cosigner. I can get someone in my family to cosign, but I would rather just finance my education myself if possible. That looks like the worst of it though. Wish me luck.
Emory Law 2010

Brett McKay

  • Sr. Citizen
  • ****
  • Posts: 262
  • The Frugal Law Student
    • View Profile
    • The Frugal Law Student
Re: How to exceed cost of attendance?
« Reply #9 on: May 18, 2007, 06:18:22 PM »
You could try myrichuncle.com or prosper.com. You won't be borrowing from a bank, but individuals who are lending money as an investment. The only problem is that the rates are usually pretty high.