College loans for part-time students

Ho, I'm opening a lot of threads these day. Sorry about that - take it as compliment to your awesomeness.

What are the best loans for a working DL student who will complete his coursework class by class? I've never taken any loans, so I know precious little about the topic. As far as I understand, most financial aid requires at least halftime enrollment...so would a private loan be a better idea?

*I'm non-military, non-vet, non-minority, non-everything.

 

For information purposes only:

"Stafford Loans are federal student loans made available to college and university students to supplement personal and family resources, scholarships, grants, and work-study. Nearly all students are eligible to receive Stafford loans regardless of credit. Stafford loans may be subsidized by the U.S. Government or unsubsidized depending on the student's need."

StaffordLoan.com is not a United States Government website or associated in any way with the William D. Ford
Federal Direct Loan Program, the U.S. Department of Education or Federal Student Aid.

http://www.staffordloan.com/stafford-loan-info/

Go to the following website to apply for federal student aid:

http://www.fafsa.ed.gov/

 

For information purposes only:

"Federal student loans are the largest source of education loans. You and your family can get these loans through private financial institutions such as Sallie Mae.

Federal student loans have more favorable terms than private loans. These loans are guaranteed by the government, and the government sets their low interest rate. Nearly all students are eligible to receive federal student loan money (regardless of credit score or other financial issues), and federal student loans feature a grace period after school when no payments are due.

* Federal Stafford loans
* Federal Perkins loans
* Federal Parent PLUS loans
* Federal Graduate PLUS loans

For graduate and professional students, the Graduate PLUS loan is the best supplement to Stafford loans and should be pursued before a private loan."

http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/student_loan_types/

 

I'm going to be attending part time, and since I already have a BA degree, I can't get a Pell grant- and I don't want another student loan since I'll probably have to take one out again later for my masters....but sometimes there are very few options. I'll tell you what I'm doing. I picked up a weekend job as a banquet server at a country club. Last night was my first day. I'm banking these 8 days/month to pay for my classes. I am quite surprised at the good pay, and to be honest, I should have done this years ago! LOL. I'll be earning around $150 per shift- 2 shifts per week, so that comes out to roughly $1200 per month gross which I will use totally for school. If you are going to school part time, I think working another job is a great idea to pay tuition without needing another loan. Good luck!

 

Yes, that sounds like a really good idea. Loans seem to either require at least half-time status or are ridiculously expensive. I guess I'll save up and go a little slower but debt-free.

Thanks for your help, guys!

 

All federal student loans and most federal grants require at least half-time enrollment. Your school determines what counts as half-time for your program, so you can check with the financial aid office, but if you are taking just one class at a time, it's highly unlikely you'd qualify. (You didn't indicate if you were grad or undergrad - undergrad students can receive Pell Grants for less than half-time enrollment.

The private student loan market is in dire straits these days with the economic credit crunch. I am not aware of any private student loan that will lend to a student who is not at least enrolled at least half-time.

I am a financial aid officer at a graduate school, so I know what I'm talking about, but it's always best to talk to the financial aid officer at your school, as they may have options available that you didn't even know were out there.