Can I use part of my Stafford loan for summer tuition? Also, can I take out extra to buy a laptop for school, especially since I am going to take online classes? Are there particular rules about how you have to allocate the money?
2006-12-08 06:24:21 · 3 answers · asked by Becca 5 in Education & Reference ➔ Financial Aid
My daughter was able to get a PLUS loan for summer courses because she took a combination of over 9 to 12 credits combined in the two summer sessions. It all depends on what the particular school will allow and most colleges don't "normally" give out money for summer courses. So you will have to argue your way into doing it. You CAN do it if you convince them to do it. Stafford loans are limited by the amount each year. If you have enough left over and you haven't hit the yearly maximum, you might be able to get the money for summer. However, I think you have to figure it in when you apply in the Fall Semester.
As far as extra money: The rule is that all "extra" money has to be used for school....I don't think you can find a list anywhere, but laptop, gas to get to school, dorm room, books...as long as it's used for school, I think you're ok. You might also be able to get "extra" money during the spring semester to cover your summer courses. We've done that too. It all depends on the school and how good you are at arguing your case.
The trick with extra money is that you have to ask them to bump up your requested loan amount. They will not automatically give you extra money for books, supplies, transportation.....they are trained to give you the minimum, unless you ask. You should be able to get over $1500, (maybe more) extra dollars per semester. But keep your receipts so you can prove it went to school related things.
2006-12-08 06:58:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The only rule that they really talk about is that the loans must be used for educational purposes. Basically, as long as you use them for education related things, you can do with the money as you please. There is a lot of linienc (SP?)
You have certain amounts that you an take out, depending on what level of education you are at. You can buy a laptop if you want, but remember that the money has to last until the next term. :-)
As far as summer tuition, you need to check with your school. Some schools will break up the payment of your loans into 3 (semester schedule) or 4 (quarter shedule) payments. All you need to do is ask them to do so. OR, you can always take a little out of each of your payments and put them in a savings account for your Summer tuition...either way is ok.
2006-12-08 06:54:39 · answer #2 · answered by Brandon W 5 · 0⤊ 0⤋
You can use part of your Stafford loan for summer tution. I did it once when I was in school. You can take out more money than tution and spend it however you want. However you will have to pay it back after you get out of college.
2006-12-08 06:56:42 · answer #3 · answered by David W 3 · 0⤊ 0⤋