Student Loan?

Question

My parents pay for college, but I still need money for college books, car payments, and etc. Is it possible that I could have my parents pay the school, and I take out a student loan that the bank will pay to me for miscellaneous things while I am in college, so I don't have to worry about making money while I'm in college.

If I go to graduate school, could I consolidate the undergrad loan with the loan of the graduate school, so I would not have to pay into the undergrad loan until I graduate from grad school? Thanks.

Answer 1

This is a pretty standard problem. Students need a little extra money to pay for the things that aren't part of the usual college costs. What you most likely will need is some kind of private student loan. With a private student loan, the check is sent directly to you and can be used for anything you want.
If you have Stafford loans, you won't be able to consolidate the private loan with the Stafford loans but you can defer it while you are in Grad School.
The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestudentloans.phtml
Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.