Full Scholarship but still needing loans

[LittleDarlings]

Is it possible to have a full scholarship and still need loans? I am just wondering.  I am still worried about living expenses I know that there is a stipend with the field training but I don't know that it will be enough to pay for housing and utilities groceries etc... I am still thinking I might have to take out a small loan or use credit cards. Any experience with this? 

[GeoDUDE!]

Is it possible to have a fulltime job and still need loans, or extra support? Yes. Why would graduate school be any different? 

 

Many people can get by on very little if they are willing to back. My living costs ~8-9k a year including rent ect.

[LittleDarlings]

Well how will I know? I know I won't be taking out a lot I just don't know that the monthly stipend will be enough I would maybe try to work too because I would rather not do loans

[GeoDUDE!]

Well how will I know? I know I won't be taking out a lot I just don't know that the monthly stipend will be enough I would maybe try to work too because I would rather not do loans

 

budget ? 

[LittleDarlings]

budget ?

Never had to do that. I can though I am a bargain shopper

[overworkedta]

You should run a budget.

 

Even with a fellowship and stipend, I end up having to take out a tiny bit in loans every semester.  I use it to ease the burden of my summer expenses and to cover things like medical expenses that wouldn't be met by my funding (even WITH insurance).  File the FASFA.  You aren't required to take out money at all if you do, but if you need something mid-semester, they can get it to you.  Without filing, you will have serious delays and be ineligible for emergency aid.

[JBums1028]

Never had to do that. I can though I am a bargain shopper

 

Definitely run a budget. Start by dividing up your stipend into how much you will make per month. Then subtract out your necessary monthly expenses (rent, utilities, cable, internet, any other bills you are responsible for, transportation, food, etc). If you have money left over after doing this, congrats! You can probably get by on just your stipend. If not, I would look for ways to save money in some of those areas first before taking out loans (can you get another roommate? Can you get by with just internet instead of cable? Is there public transportation available so you can save money on gas?). If you still don't have enough to cover basic living expenses, then I would look into taking out just enough loan money to cover what is left over.

 

The only situation I don't recommend taking out loans for is if you're looking to have extra disposable income. The interest rates on federal loans are way too high for that. I'm sure that's pretty obvious and straightforward, but still important to note.

 

Definitely file FAFSA. Most states recommend filing about this time of year for maximum consideration. You don't have to take anything out if you file. But that way it's available to you if you need it.

 

Hope this helped!

[LittleDarlings]

Definitely run a budget. Start by dividing up your stipend into how much you will make per month. Then subtract out your necessary monthly expenses (rent, utilities, cable, internet, any other bills you are responsible for, transportation, food, etc). If you have money left over after doing this, congrats! You can probably get by on just your stipend. If not, I would look for ways to save money in some of those areas first before taking out loans (can you get another roommate? Can you get by with just internet instead of cable? Is there public transportation available so you can save money on gas?). If you still don't have enough to cover basic living expenses, then I would look into taking out just enough loan money to cover what is left over.

 

The only situation I don't recommend taking out loans for is if you're looking to have extra disposable income. The interest rates on federal loans are way too high for that. I'm sure that's pretty obvious and straightforward, but still important to note.

 

Definitely file FAFSA. Most states recommend filing about this time of year for maximum consideration. You don't have to take anything out if you file. But that way it's available to you if you need it.

 

Hope this helped!

Thanks I filled out a FAFSA I have to read the break down of the awards when they send it later this week then I can figure everything out

[Luna1]

Also factor in the cost of living in the city you are planning to move to. Some funding packages/stipends count for high costs of living, but others do not. Check the stipulations on your funding regarding having a summer job etc... and email asking if there is other work to be had for the university (i.e. RA, TA, GA, etc...). The rule of thumb I have lived by in terms of supporting myself are to never let rent and utilities equal more than half of my funding (after tuition/assuming you having tuition remission), shop around for cheaper internet than the large providers, try not to pay for transportation when you don't have to (i.e. walk everywhere), 

 

LittleDarlings makes a great comment comment about roommates because it is not just splitting the cost of rent, but utilities, and cable/internet, which eat up a lot of income. 

 

A lot of schools provide cost calculators and there are other cost calculators all over the net. I would add about 1000/2000 to the number you get and that will generally be correct.