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Info on sallie mae career training loan?
i'm currently in the military and deployed ,when i get out i plan on getting a career training loan from sallie mae,my tuition will be $17,000 but i will need an extra $5,000,to pay for room&board,transportation,food,uniform.books,(Living Exspnese)etc,i was just wondering if anyone has been approved for more than tuition fee
Public Comments
- I work in the student loan industry, so hopefully my answer will help. A Career Training loan should be one of your last options to finance education. First, make sure you take advantage of free money like grants and scholarships, then consider lower interest rate federal loans like the Stafford loan. You if haven't already done so, complete your 2008-09 FAFSA (Free Application for Federal Student Aid) online at www.fafsa.ed.gov. When you are completing your FAFSA, there is a question that asks if you are interested in loans that must be repaid - be sure to check that as yes. By completing your FAFSA, you'll also be eligible for free money through the Pell Grant and/or the Federal Supplemental Educational Opportunity Grant. Grants do not have to be repaid. Your school's Financial Aid Office will receive your FAFSA data and create a financial aid award package for you to cover your expenses. Based on your financial need you may receive grants and subsidized loans. If you don't have sufficient financial need, then you will still be awarded unsubsidized federal loans which are not need-based. Also, all schools know that students have costs over and above tuition. When the Financial Aid Office creates your award package they will permit additional expenses including room & board and transportation. If you still have a balance after grants and federal loans, ask the Financial Aid Office about possible Payment Plans that extend your payment over months so you can work evenings or weekends and pay off school expenses as you go - its better than taking a loan. If that doesn't work for you, ask them about Alternative Loan options. Sallie Mae has a Signature Student loan which has MUCH more flexible repayment terms than the Career Training loan. If you are a graduate student, federal loans will easily cover all of your expenses. If you are a undergrad, there isn't quite as much loan money available, but make sure you use it all before using a credit-based loan. Last piece of advice: before you take any loan, make sure you understand what capitalized interest means - its brutal. Good luck.
