A Catch 22?

[DangerMouse]

Hello,

I want to go to a community college. I've been out of high school for 6 years and I think that this would be a good way for me to get back on track. I've haven't been to any college yet. I plan on transferring to a 4 year school when I graduate from community college.

The community college that I'm looking at in Massachusetts does not provide housing for students. So I'd have to get an apartment somewhere near the college. I don't have a car. So I'd have to get a loan for the car or something along those lines. Then there would be other bills as well.

The gist of this question is...how do I pay for non-tuition type bills while going to a community college full time? Can federal financial aid help with this?

Thank you,
.Sean

[elSicomoro]

Originally posted by DangerMouse
I want to go to a community college. I've been out of high school for 6 years and I think that this would be a good way for me to get back on track...The gist of this question is...how do I pay for non-tuition type bills while going to a community college full time? Can federal financial aid help with this?

Well...sorta.

You will not get a whole lot from the Feds in the first year. When I took out my Federal loans (1997 and 1998), I was already in my fourth year, so I got the max--$2750 per semester. (I took out $8250 from the guvment total...and am currently in my 3rd year of repayment, with 9 more to go.) I'm not sure what the limits are now, but for the first year of college, you used to get like $1500 per semester, then $2000 your second year, then the max each year after that.

Now then, the rules stipulate that you must use the funds for school or school-related expenses. I don't know your current living situation, or if the school is near where you live now, but if you need the car and apartment for school, then technically, they are school-related expenses.

You can also try a private bank or credit union. Given the interest rates right now, you may be able to lock up something good. The only problem is if the bank bases the repayment on interest rates after you graduate.

I worked 20-25 hours/week, and went to school full-time (12 hrs/semester) for all 9 semesters I attended college. I worked full-time and went to school full-time for one semester, and it nearly wrecked me. It depends on what you can handle. Plus, if you choose not to go to school during the summer, you can work full-time and save for the winter.

Also, I'm not sure what the going rate for community college is in Massachusetts...IMO, the costs are through the roof here in Pennsylvania, but extremely low in Missouri. My brother pays $50/credit hour to go to community college in St. Louis. As a whole, community colleges are generally about half the cost of a 4-year public university. So, if you're paying, say, $100/credit hour in Massachusetts, you'll have a little bit of money leftover from a Fed loan...although the other fees will probably eat that little bit up.

Good luck! It's always good to see people wanting to go back for an education.

[Scopulus Argentarius]

Hmm 6 years from HS...that would put you somewhere around 24..which ain't a bad thing concerning loans. You're probably 1/2 way there; check with your school about loans through them. There is an age when you easily apply for loans if your not pullin down a cool mil or two a year. Sounds close enough. It worked for me on my 2nd degree.


sa