HELP! Can't attend part-time...money issues

[rllnyc]

I just found out that I cannot attend my journalism program part-time. My original plan was to continue working at my full-time job and attend school part-time. Guess this is no longer an option.

 

I live in NYC and I must pay rent & living expenses. Fortunately, I was offered a scholarship that covers tuition for the first 2 semesters (and there are only 3 semesters to the program). 

 

Would I be able to get a student loan simply for my expenses outside of school? I'd only be in school for a year & a half....please help me, I don't want to have to turn down this opportunity There must be a way....

[mpheels]

Yes, you should be able to get loans to cover living expenses. The federal government will loan you up to the cost of attendance, minus any other aid. Cost of attendance is defined as tuition/fees required by the institution as well as the cost of living while in school. Your school should have some documentation for cost of attendance, including rent, travel, and misc living expenses. If you Google your school + "cost of attendance" and you'll probably find it. There are annual and lifetime limits for Stafford loans. If you exceed either limit, you can try for a PLUS loan, which has a higher interest rate and is dependent on you credit history.

 

You can also borrow from a private lender, but I wouldn't recommend it. Private lenders are likely going to have a higher interest rate, and are not as helpful when it comes to repayment. With federal loans, there are a lot of options for income-based repayment or forbearance, and several loan repayment/forgiveness programs. The biggest disadvantage for federal loans is that you cannot discharge the loans through bankruptcy.

[rllnyc]

Thank you, that's very helpful.  I am hoping to make this work by perhaps keeping my job part-time, but it's good to know that loans should be able to let me survive if I can't do so!