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Author Topic: Potentially stupid question about total amount to request in a loan  (Read 999 times)

johnproctor98

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I am receiving small amounts of $ in federal loans from my law school (Boalt), but over the course of three years it's probably not going to be enough. So, I am receiving a private loan - with a private loan, you have to request a certain amount. I figure I'll need at most $50,000 to cover additional expenses that my federal loans, personal assets and parental help can't cover, so I requested $50,000. Should I be requesting only what I need in one year, or did I do it correctly in requesting the total I will need over the full three years?
In: Boalt, Georgetown, NYU
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pinkisthenewlawschool

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Re: Potentially stupid question about total amount to request in a loan
« Reply #1 on: June 06, 2007, 12:40:10 AM »
Only request what you need for one year. Also, the loans Boalt gave you are for one year also, next year they will give you more. Did you look at the threads about grad plus loans vs. private loans?

LBJFan

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Re: Potentially stupid question about total amount to request in a loan
« Reply #2 on: June 06, 2007, 02:56:43 AM »
Unless its a personal loan (i.e. a "non-student loan"), your lender is gonna send the number you requested to your school to be certified. The school is only going to certify the amount you require to cover your unmet need for the academic year. Thats not going to be 50K.

Last King of Edinburgh

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Re: Potentially stupid question about total amount to request in a loan
« Reply #3 on: June 06, 2007, 08:16:37 AM »
Unless its a personal loan (i.e. a "non-student loan"), your lender is gonna send the number you requested to your school to be certified. The school is only going to certify the amount you require to cover your unmet need for the academic year. Thats not going to be 50K.

Thats right. You should also go back into your loan profile and adjust the amount to reflect one year, that's gonna expedite the process.
Washington University School of Law 2010

johnproctor98

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Re: Potentially stupid question about total amount to request in a loan
« Reply #4 on: June 06, 2007, 05:56:31 PM »
I'll look into that. Thanks for the advice.
In: Boalt, Georgetown, NYU
Waiting: Stanford, Columbia, Michigan, University of Washington

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