Loan Emergency Please Help!

[immersion]

Hey Guys,

I'm in a pretty tight jam. So I got into my dream school (UVA) for a PhD in the humanities and I am hearing conflicting information about loans. I would like to take out a loan once I'm there to cover some initial expenses despite the fact that I am recieving a pretty generous stipend. My problem is that I am hearing conflicting stories from financial aid about the possibility of getting a loan. Some folks say that because I don't have any demonstrated need I wouldn't qualify for a loan but various graduate students within my department with similar packages have also gotten loans....any advice for me? has anyone been faced with a similar problem? Anyone who goes to UVA out there?!? Please help because without some inital assistance I might not be able to handle the financial stress....

[solefolia]

By applying for the FAFSA (and assuming you have no drug charges, are a US citizen, etc) you are automatically awarded a Stafford loan, if you want it. Each student gets the same amount (based on their year -- I don't know grad student amounts off the top of my head), regardless of their financial status. However, being in a lower income bracket (or lower "EFC" bracket, I guess) will get your Stafford loans subsidzed, which means the government effectively pays the interest on your loans while you are in school. Otherwise, you are responsible for interest.

There are other government loans and grants, but most of these are need-based (Note: Apply as soon as possible -- sometimes someone with less need, but has their FAFSA in earlier can be awarded more money (in grants and loans) than someone who has more need and applied late).

Most schools don't disperse money until right before or right after the start of the semester. Not sure how soon before the semester you wanted/needed it.

But anyway, fill out the FAFSA. It's a bit intimidating, but so long as you have all your tax info in front of you, it goes by pretty quick. And if you don't have your tax info yet, apply for a PIN while you wait, since they take a day or two to get e-mailed to you.

Hope that helps