Can I get a $40,000 student loan before starting my junior year of college?

Question

I am about to start my second year of community college. Can I apply to a four year college and get accepted before January 2008 so I may start in (Aug/Sept 2008)? Can I then get the $40,000 as soon as I am accepted around January?

I plan on attending RIT. They don't go by semesters but by quarters. I have already applied for FAFSA in mid-January of 2007.
I thank all of you guys and gals for your help : )

Answer 1

I would encourage you to not borrow any money. Remember, you will have to pay this back with interest. You will be in bondage to it for many years as many others before you have fallen. Instead, go to a public school in your domiciled state, and work through delivering pizzas or something. It will be harder in the short-term, but you'll be much better off (and wealthier for not having to pay off the student loan) in the long term.... Good luck.

Answer 2

First of all, the amount of the loan you get would be dependent upon need, as determined from your FAFSA form, so no one on this site could tell you how much of a loan you could get. As to timing, I'm not sure you could apply and get accepted by January. Freshmen who apply for early admissions to those schools which have that must apply in October or November and usually find out mid-December if they have been admitted. But those who apply for normal admissions often don't find out until March, and for transfer students, it is often mid-April.

The other thing you need to know is that upon being accepted to college they don't just hand you a check for the full amount of your financial aid. Generally, it is put onto your student account each semester in equal portions, and you cannot withdraw the part that is intended to cover your tuition, which is automatically applied to your tuition bill. Otherwise all kinds of people would apply for college just to get the money, withdraw it, and then never show up to school. I'm sure you have no such plan in mind (!), but it wouldn't work if you did. The most you could get, and that only just as the semester starts, is the amount you have been awarded to cover the living expenses and supplies they have determined that you need.

Answer 3

Waht the heck do you need $40,000 fo your junior year in college?
That's insane and ridiculous.
If you borrow that kind of money, you have to pay it back with interest--which means you'll be paying it back for many many years.
You dont even know what school you're going to go to? It doesn"t sound like you are not that serious about school yet to borrow that kind of money.
Dont do it. You will live to regret it

Answer 4

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