Is it possible to live entirely off student loans?
I'm asking because I'm getting surgery. I have a physical job and would like to just take a year to not work and just concentrate on finishing my bachelors degree. But is it possible to live off student loans?
- Anonymous8 years agoFavorite Answer
Well Direct Stafford Loans vary depending on if you are a dependent or independent student and whether or not you are a first year or second year student. It also depends on whether you are at a community college or a university.
Direct Subsidized Loans are for students with demonstrated financial need, as determined by the federal regulations. No interest is charged while you are in school at least half-time, as well as during your grace period and during deferment periods.
Direct Unsubsidized Loans are not based on financial need; interest is charge during all periods.
Direct PLUS Loans are low-interest loans available to parents of dependent students. Interest is charged during all periods. PLUS Loans are limited to the student's cost of attendance minus any other financial aid. Credit approval is required.
Amount Amount Total
1st Year $3,500 $2,000 $5,500
2nd Year $4,500 $2,000 $6,500
1st Year $3,500 $6,000 $9,500
2nd Year $4,500 $6,000 $10,500
Do you qualify for the Pell Grant or any other grants? Also what is your EFC score from the FAFSA (That also helps your school's financial aid advisors determine how much aid you get)
Hope this helps!Source(s): I work for Pierce Community College - Financial Aid :)
- nancyLv 78 years ago
Federal student aid is first sent to the college where the school's charges such as tution and fees are deducted. If there is money left over after the charges are paid, the difference is sent to the student. However, there are limits to how much you can borrow each year ($5,500 for a full time, first year dependent student or $9,500 for an independent), so generally there isn't that much left. You could borrow additional private student loans, but as a rule they would limit you to the remaining cost of attendance at your school.
Student aid is only intended to pay for educational costs, not personal living expenses. It is unlikely that you would receive enough to be able to live off your student loans without working.
- 하하Lv 78 years ago
Can you pay for all of your educational expenses and living expenses on a max of $10,500 a year?
- Anonymous8 years ago
Possibly, but not realistically.