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[sakebomb]

I finished up about one year of college after graduating HS and then
dropped out to start working. Now 10 years later I'd like to return
and get a degree, but I would like to study full time without working.
Is it possible to get a student loan while not having an income?

[Steve Blank]

Your first layer would be Stafford loans, which are made without regard
to income. As a freshman undergraduate, who by age would be an
independent student, you can receive Stafford loans totalling $6,625,
$7,500 for sophomore, and then $10,500 as a Jr and Sr. You qualify for
Staffords simply by filing a FAFSA.

If there is a need, that's the difference between the total cost of
attendance and your Expected Family Contribution (EFC) as determined by
the FAFSA, you might also be offered a Perkins loan or even some grants.
The total cost of attendance is tuition, fees, room and board if on
campus (a smaller room and board allowance if living at home), books,
and miscellaneous expenses.

Beyond that, you may take out private education loans, called
alternative loans, up to the remaining cost of attendance. Repayment may
be postponed until you finish school. You, or a co-signer, may have to
be credit-worthy.

Something else to consider - if you've been working the year before
beginning school your EFC will be based on that income. But if you don't
work once you are in school, future year EFC's will be based on the
lower income in the most prior year and you may qualify for more grants
and other forms of financial aid.

You should meet with the director of financial aid at your potential
college to discuss your particular situation. I have seen some colleges
lean over backwards to try and help the highly motivated
entering/returning adult student.

--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761


sakebomb wrote: