My wife works full time but we need a little extra. I am changing careers. Can I get a student loan to help cover the cost of our living expenses? Do they base this on my wifes income?
Student Loans for living expenses/wife works?
Well, you can apply for loans, but you can also file for financial aid or other govt aid. There is no harm in applying. Every college offers financial aid. Make sure you search for good loan interest rate. When you apply for F.aid, make sure you show more expenses and when your application is under process, take out money from the savings account. Show that you have only $200 or may be less.
Student Loans for living expenses/wife works?
Yes, living expenses are considered a valid reason for applying for a student loan. The best way to apply for loans and grants is through the FAFSA (Free Application for Federal Student Loans). The website link is listed in the source section below. By completing this application, you are applying for federally funded student loans and grants. If you have further questions, talk to an officer in the financial aid office at your school. They are the best resource for finding answers and solutions to your financial aid needs. Good Luck!
Student Loans for living expenses/wife works?
It sounds like you may already be in school. Presumably you've applied for federal student loans already? If not, that should be your first stop.
If, as I am guessing, you are an adult student that has already taken all the preliminary financing steps. You could look into a private student loan. These are provided by private lenders and as such the programs vary from lender to lender.
They are like a federal student loan in that you may defer payments until 6 months after you are out of school. But unlike federal loans there are credit and income criteria that must be met by either you or a co-signor. They also typically carry a higher interest rate than a federal student loan. The proceeds of the loan is sent directly to you and not the school, so you may be able to use it for any educational / living expense unlike many of the federal loans that are sent directly to the school.
Since the program terms do vary by rate, re-payment terms and fees. I'd suggest trying a couple places to get a feel for if this type of loan is right for you. I've been recommending a small division of Chase Bank that specializes in private student loans, you can reach them through http://www.usadegrees.com/chase/ it's easiest to complete the application online rather than calling in and trying to work your way through the call center. I'd also suggest trying Student Loan Advisors at http://www.StudentLoanAdvisors.com they also will call you back after you've submitted the online form. Both work a little differently and there is no charge or obligation to apply, so try both and see if this can be a tool you can use.
Student Loans for living expenses/wife works?
They would base it off of the income listed on the fafsa that you all reported. You could go to the financial aid office and ask for a budget increase and go from there.
Student Loans for living expenses/wife works?
no
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