How do I keep the delicious graduate student loan monies coming in?

Hi all, me again. A lot has happened since I last posted here. My father-in-law died suddenly in October and my mother-in-law needed my husband to take over running the family business, so we abruptly relocated to rural Central Virginia before I could complete my MBA at UNLV. Since I already have ~3/4th of an MBA in my head, I decided to enroll in Edinburgh Business School's credit-by-exam distance MBA program. I am preparing to take all the exams during the June exam diet. Any exams I don't pass on my first try I will re-take during the December exam diet.

However, even after I complete my degree I am not optimistic about my career prospects. There aren't a lot of jobs for MBAs in bumfuck rural Central Virginia, plus some of my chronic medical conditions have worsened to the point where I doubt whether I can hold a regular 9-to-5 office job. So I may not be able to immediately re-enter the workforce.

My Plan B is to enroll in another distance graduate program.

This should solve my immediate cash-flow problems: my current student loans (all federal) will remain in deferment, I'll be able to take out new Stafford and Grad PLUS loans to cover the living expenses portion of my "total cost of attendance," and (hopefully) I'll still qualify for a student health insurance plan.

So I'd like to ask the community what has been your experience with distance graduate programs and student loans?

1) Which schools definitely allow distance learning students to take out loans up to the "total cost of attendance" (including living expenses)? Which schools definitely don't?

2) Which schools are generous in calculating their "total cost of attendance" and thus send large refund checks after tuition and fees are deducted each semester?

3) For those of you receiving loans or other financial aid for living expenses, do you mind please sharing your school/program, credits/semester, and the size of your refund check each semester?

4) Should I consider applying for private student loans, or do they all suck? So far all my loans are either Stafford or GRAD Plus -- I've stuck with federal loans because I can defer them indefinitely by staying in school, and if/when I finally leave I can consolidate and sign up for income-based repayment. How do private loans compare?

5) How difficult is it to qualify for a private student loan? Are there any that are easier to get than others?

Please advise, thanks!

Once I've compiled a list of schools that will allow me to borrow an adequate amount of money to live on, I'll start looking at the programs they offer and go from there.

 

It would be preferred if your future posts didn't contain vulgar language.

 

I'm been in rural Virginia, and currently living in rural NC, bumF&*% is more or less an apt description, not necessarily profanity! But, I know what you mean...

 

wow, just wow.
Um, I'm thinking you can take the 20,000 grad loan every year for the next....I don't know, 10 years? You'd only be 200,000 in debt. Granted, you'd still be in BumF&C& Virginia....but hey, that's that's yeeeeeeaaaars away. What could go wrong?

 

Condolences at the passing of your father in law.

You are, in my opinion, making monumentally bad decisions. I would not help you do that even if I knew how.

I think you need an education on just how deep and empty a hole you are digging. The only advisor that comes to mind is Dave Ramsey....Google "Dave Ramsey and Student loans". Loans are bad bad bad.

 

Sorry to hear about your father-in-law. I recently lost my mother-in-law. I hope your family continues to heal.

Well, I guess I get to play the "bad guy" on this one. Honestly, I think this is a horrible idea. These last few weeks we have been bouncing around threads about huge student loan debts. This appears to be a prime example of how a person could "get up there" in their student loan amount. Simply put, maybe another degree isn't for you right now. I assume that you are taking student loans because the family business can't cover the regular expenses. Please correct me if I'm wrong. If that is the case then spending more money (even if it's in loans) with no foreseeable means of obtaining a job (if I understand you correctly) is probably the last thing you should do.

 

Keep borrowing, vote Obama, and you will be alright. The rest of us will pay off your debts.

 

Take the politics somewhere else right now. If you think it's a bad idea then just tell this person so.

 

I agree with other members' replies. However, any schools can help you with private loan; even though Apsen University (DETC accrediting school). For the student loan; you can qualify for any school with Title IV for unsubsidized loan. The Department of Education is no longer offering subsidized loan to graduate and professional students. The subsidized loan only available to undergraduate student, and I think they restrict to 1st degree only. Unsubsidized loan requires student to pay interests while in school.

I would recommend you to find a job instead taking the advantage of student loan for living. This can be a mistake for most students because they take out not only for tuition, but also cost of living. I really want to attend full-time for my Ph.D program, but I feel that it does not look right for me without working. I have been working full-time since I was 17; and I feel so odd without having a job. Therefore, I am applying Colorado Tech and Nova Southeastern University for Doctorate in Computer Science and having a job as the same time. Unless I am accepted to McMaster University program; therefore, I have to quit my job.

 

Learn more about Obama's plan to forgive student loan debt and make it more manageable for students at his site.
FACT SHEET: "Help Americans Manage Student Loan Debt" | The White House

Of course it is taxpayer funded, just like all the grants people receive.

 

For a second I thought the vulgar language was the talk of all the loans.....

 

What part of "take the politics elsewhere" did you not understand?

 

I wouldn't consider that political. It was not an argument or an opinion. It seemed to to simply be sharing of information.

 

I have the same opinion about President Obama's on higher education, but I just want to keep it to myself. I hate debating about Politics, it might end-up with racial issue...even though I am a minority myself. :cool2:

 

There's absolutely nothing new here providing forgiveness or close.

It mentions
• allowing some borrowers to make lower monthly payments, while still paying off their full debt, just over a longer time.
• expanding some provisions to consolidate loans, with reductions in interest rate of 0.25 or 0.5 percent, a savings to be sure to those eligible for and who accept the consolidation who have yet to pay off their loans, but nothing like forgiveness.
• providing consumers "with Better Information to Make College Selection Decisions," with fuller disclosure; yay.

The page briefly mentions the already existing Public Service Loan Forgiveness Program. This appears to be part of the College Cost Reduction and Access Act of 2007, enacted by President Bush.

 

If you might be eligible for Supplemental Security Income, Social Security Disability Income, state disability support including income support and support for education (vocational rehabilitation), any disability support through your family members' insurances, and Medicaid, please consider looking into these.

 

Personally, I think this is a horrible idea, but if you are going to live off of debt, you are probably better off living off of credit card debt than student loans. You can discharge credit card debt in bankruptcy, but not student loan debt. Why anyone would look forward to shackling themselves with huge debt that is almost impossible to get rid of is beyond me.

Folks really need to start looking at long-term options. If you are physically unable to work, go on disability (that is what it is there for), don't rack up a bunch of debt.

Regarding Obama's student debt plan. It hasn't been signed into law, so it is irrelevant. Regardless of what a politician says, accumulating debt NOW based on the POSSIBILITY of a politician later implementing something he mentioned while campaigning for votes is idiotic. IMHO, unless and until that law gets passed, there is no point in talking about it in any area of this board other than the politics section, because that is all it is now, POLITICS, not reality.

If you do decide to rack up the student loan debt, don't come crying about it years from now, talking about how you were deceived and the system tricked you. You were warned.

 

Well said! I might paraphrase the last line into a new signature.

 

This is what I mean by "take the politics elsewhere". I couldn't have stated it any better. Thanks.

 

Sorry peacfulchaos but this thread is inherently political as the OP is salivating over using my tax dollars to fund his education. Some of us pay 50k per year in federal taxes so we do have a say in these matters.