Grad & Law School Loans?

Discussion in 'General Distance Learning Discussions' started by SweetSecret, May 5, 2023.

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  1. SweetSecret

    SweetSecret Well-Known Member

    Can anyone offer me information of grad student loans with plans to continue to law school after?

    I'm preparing to go back to Walden to finish the MBA, and have 21/30 credits, although there's a chance I might not be able to transfer one class because I had maxed out the transfer credits. So far I have not taken on any debt with the MBA. I thought I was going to be able to get the last courses covered by a local grant, but I've not heard back on that. I registered to take the LSAT in June, would like to start back to the MBA classes in July, and apply to law school in the fall. I still like the idea of California Western University School of Law mostly because I'm very comfortable with online learning, and if I go that way it will have to be all paid out of pocket. I am worried about how this is all going to work if I need to take out loans. Right now I have loans, and not sure how taking on new loans will affect me.

    To begin with I'm thinking about my undergrad loans. One of my undergrad schools is one that is being sued for misleading students, but I won't qualify because I finished my degree at a different university. Regardless, I may have most of my loans wiped out by Biden's larger forgiveness plan. I think it could take me maybe 3-4mos to pay it off if I were working full time after graduating from the MBA program, or if I go back to my old job I could likely pay it in 1.5-2.5mos. However, if I take out loans to finish the MBA that would be like an additional $6,140 plus likely graduation fees if the loans cover those. Luckily, I have excellent credit, so I am pretty sure I can get the student loans without a co-signor. However:

    1) How would new student loans affect my current loans? Do I just get a new agreement so they are all lumped in together as one monthly payment?

    2) If I do need to take out more loans for law school, and the current loans are not paid off by the time I start (i.e. if I don't go back to the old job and can't find a FT job locally) would the loans from the MBA be deferred until I finish law school?

    3) If the MBA loans could be deferred during law school, would attending Western California University School of Law affect that since they don't do anything with school loans?

    4) Is there anything else I need to know or look out for or should know? I.e. best loan options, interest rate issues, etc?

    5) I wanted to have eye correction surgery in Canada, because there is a technology there that's not available in the US. When Covid hit I couldn't because of the border issues. In a perfect world I'd be able to take out a loan to do this before starting back to the MBA program in July. I think it would really help me since I am prone to migraines from the computer, but online is still the best option for me. I am not sure if it's worth trying to do that after finishing the LSAT and before starting back into the MBA program. I am thinking with travel that would be $5-8k but could make a major long-term difference. Thoughts?

    Thanks!
     
  2. Rich Douglas

    Rich Douglas Well-Known Member

    1. They won't. You can consolidate loans.
    2. Yes, assuming the school has a Federal School Code. (This means the school participates in the Federal financial aid program.)
    3. I believe you have the name of the school wrong. If that is California Western, yes. CalWest has a Federal School Code. If it is Northwestern California School of Law, no. Again, a school must have a Federal School Code.
    4. If you're taking out federal student loans, you have no options and no choices. If you take out private loans, check with a credit union first.
    5. None, sorry. Except that you take out federal student loans as part of the enrollment process, not beforehand. The loans are disbursed to the school, who then pays you anything above what you owe them for your studies.

    When I studied at Leicester the university had a Federal School Code. That meant Americans studying there could get student loans. But not distance learning students, so it was irrelevant.

    Your questions are better directed to your school's student aid office.
     
  3. SweetSecret

    SweetSecret Well-Known Member

    I was pretty tired when I posted that, but you are right, Northwestern California University School of Law. As far as I know though they don't have a federal school code. Do you think there would still be a way to get the loans deferred from the MBA if I enrolled there? I think I might be able to swing paying NWCU Law out of pocket if I am not paying huge amounts from the student loans already.

    I have not had good luck so far getting information from Walden's financial aid other than them telling me that income doesn't matter for graduate school. I would need to take out loans for the full amount. I have had the FAFSA form filled out for months, but I don't understand what the point of that is for graduate school if everyone is taking out loans for the full tuition if they can't pay out of pocket. I know Pell grants are not available in graduate school, but I was expecting that loans would be at least partially based on income but the school has me thinking that's not the case.
     
  4. Rich Douglas

    Rich Douglas Well-Known Member

    No.
    It is not. However, repayment is a different story, with help available for low-income grads. But I would think that is not the goal.

    As far as your student loans go, attending that law school would be completely irrelevant. No loans for it, no impact on your other loans during it, and no change in repayment afterwards. Attending that law school would have the exact same impact on your current loans as would purchasing at RV or something.
     
    SteveFoerster likes this.
  5. SweetSecret

    SweetSecret Well-Known Member

    Well, that's a bummer, but thanks for the information! Sounds like I better keep my fingers crossed that Biden's plan goes through, and then use the seven months between finishing the MBA and starting law school to pay off the rest of the undergrad loans. I'll see what happens to with the law schools and if I decide to go w/ NWCUL (paying out of pocket) or with a different school where I would need to take out loans.
     
    Dustin likes this.

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