This is topic Student Loan Referral in forum General Talk at Northern California Ford Owners .
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Posted by General Butt Naked (Member # 4831) on
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I'm trying to find out for my girlfriend who attends Modesto Junior College. I was pretty shocked to see this on their website.
M.J.C. "does not participate in the Direct Loan Program, Federal Perkins Loan Program or any of the Federal Family Loan Programs Guaranteed Student Loan including Federal Stafford Loan, Parent Loan for Undergraduate Students or Supplemental Loan for Students"
Does anyone know where I can obtain a loan that only accrues interest after graduation?
Posted by 50 Deep (Member # 6216) on
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Wow that's pretty crazy. Most lenders go through ur school. When you complete your fafsa the school should show what your financial awards are. I believe the stafford subsidized loans are the ones the govt pays the interest on while ur in school. When the school allows you to accept or decline your awards/amounts u usually have the option to select ur Lender. I might look into another JC
Posted by phil a (Member # 6951) on
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Sallie Mae has some loans, but they accrue interest while in school. Their new policy is that you make the interest payments on the loans while you're in school so that you avoid capitalized interest (paying interest on interest) when you're out. It's kind of ridiculous, but I'm making monthly payments on my interest using the loan I just took out to do so. It didn't make sense to me, but the lender said that's basically one way to do it.
But I'm with 50Deep - he's right on about all the fafsa and govt subsidized loans.
Posted by General Butt Naked (Member # 4831) on
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Yeah crazy huh. She called me once she left the financial aid office there. I thought they were telling her some bs until I saw this...
http://www.mjc.edu/prospective/getting_started/paying/financial_aid/fa_types_loans.html
This is the first time she's applying for loans. Here FASFA stated she doesn't qualify for free money because of her parents income.
Posted by 50 Deep (Member # 6216) on
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Yeah man I'm in the same boat. At least until I turn 23 and they consider me an independent. Once she hits 23 she won't have 2 report her parents income though. But yeah just have her take out only enough to cover tuition & books. That's all I did. I work/school full time so I just take enough to keep my head above water. That way u don't spend hella years payn off loans after u graduate.
Posted by N8 (Member # 6048) on
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Believe it or not a lot of institutions have dropped all of that stuff. What you should try for is the Pell Grant, Cal Grant and Board of Governors Grant (this one you can get after your first semester). Also seek out private scholarships. Your school should have a big binder of scholarships that private folks offer. And you would be surprised what scholarships they have. Some will really make you laugh. There are several sources of funding you just gotta really seek it out now.
Good luck
nm I read your second post if her parent claim her yea she could be tore up as for getting the grants. She may have to suck it up and attend for a few semesters to open up some doors with her grades. Be sure to apply for book vouchers tho. Books are hella expensive
[ August 24, 2009, 10:39 PM: Message edited by: N8 ]
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