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Accepted! Now what?

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Accepted! Now what? [#permalink] New post 04 Jan 2009, 14:15
Well, the good news is that I got accepted to my #1 school, (Boston University) and with a very generous scholarship offer. My joy was brief however, as I soon began worrying how I’m going to make this happen. I’m wondering how everyone intends to support themselves after leaving their jobs for two years. Unfortunately I had a lot of my savings tied up in real estate, and that’s pretty much evaporated.

So, what to do about living expenses (rent, food, utilities, etc…)? I’m fortunate to not have to worry much about tuition, but that doesn’t mean that I won’t have bills for two years. I guess it’s time to focus my attention towards researching loans and other aid, but right now I’m pretty clueless. Will loans cover regular cost of living expenses, or only costs directly related to school?

I’m so happy to be accepted to a good school, and I’ll be heartbroken if I can’t take advantage of this offer. What are some of the plans of this community?
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Re: Accepted! Now what? [#permalink] New post 04 Jan 2009, 14:26
The school's financial aid office can provide more detail, but you should be able to apply for student loans to cover up to the total cost of attendance (including estimated living expenses), minus any other aid received such as your scholarship.
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Re: Accepted! Now what? [#permalink] New post 04 Jan 2009, 14:35
Lots of people take out loan to cover their monthly living expenses as well. If scholarship covers your tuition, why not take out loan to cover your living expenses for the first yr. If you get lucky and land a great summer internship, income from your summer job can help you in the second year.
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Re: Accepted! Now what? [#permalink] New post 04 Jan 2009, 14:41
Hmmm...thanks for the input. After GMAT, school research, and app writing, I hadn't researched funding. That's good to know about the loans covering living expenses. I'm definately going to contact the school financial office, but I'm glad to know that the dream isn't dead...
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Re: Accepted! Now what? [#permalink] New post 06 Jan 2009, 12:16
be careful though, coming from a guy who's real estate savings also evaporated in the past few months to the point where I'm taking loans out to cover tuition and living expenses. The loan market is pretty tight right now. The Federal loans (Subsidized, Unsubsidized, and PLUS) are limited to the very low budget that each school has. You can petition, but it's not going to give you that much more money.

The private loans like Sallie Mae are pretty tight right now. I have a pretty good credit score and for some reason when I applied for a private loan, they asked me to get a co-signer (I'm a US Citizen) and charged me up to 11% interest rate. This is compared to my classmates who got 4% rates last summer without co-signer with about the same credit scores. Times have changed...

But hopefully things will get better next summer and you can get private loans again to supplement your federal loans.

Just a cautionary tale to have a backup plan if loans don't come through.
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Re: Accepted! Now what?   [#permalink] 06 Jan 2009, 12:16
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Accepted! Now what?

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