student loans

evelyn #5 · October 16, 2011, 04:49:32 PM

Hi everyone I have a question. For those of you who went to college as a freshman did any of you thought of taking out student loans to pay for some parts of your transition? If you did how much did you take out and how did you spent it?

As of now am trying to look for a part-time job and i am concern that if I do not have enough money that i might be stuck half way with my transition and regress back to my old self. Money is a huge issue with me. I don't know how many 19 year olds who make like 40k, 20k, or 10k dollars. My last part-time only pay me 4k in one year. That is not nearly enough for electrolysis, hrt, endo, clothes, therapists, and other necessities. Hopefully things will get better.

Can some of you please offer advice to how to get more money because i am very desperate. Thank you 🙂

Ciao bella2 · October 17, 2011, 12:08:48 PM

That's the bomb!! They give us $hitloads of money we don't really need.....it paid for my SRS, boobs and tracheal shave!! Gotta be resourceful!

Annah · October 17, 2011, 12:17:03 PM

Quote from: evelyn #5 on October 16, 2011, 04:49:32 PM
Hi everyone I have a question. For those of you who went to college as a freshman did any of you thought of taking out student loans to pay for some parts of your transition? If you did how much did you take out and how did you spent it?

As of now am trying to look for a part-time job and i am concern that if I do not have enough money that i might be stuck half way with my transition and regress back to my old self. Money is a huge issue with me. I don't know how many 19 year olds who make like 40k, 20k, or 10k dollars. My last part-time only pay me 4k in one year. That is not nearly enough for electrolysis, hrt, endo, clothes, therapists, and other necessities. Hopefully things will get better.

Can some of you please offer advice to how to get more money because i am very desperate. Thank you

yes you can but you need to be careful. The Government usually does not do a "audit" of what you do with the money but for the most part, if financial aid gives you the refund, you can spend it on however you life.

However, as a freshman, you will not get a lot of student loans so this idea may not be ideal. A freshman, gets about 5000 with subsidized and unsubsidized loans (and that go towards tuition, room and board and books...so not a lot left over).

It may be more feasible in graduate studies. As a graduate student, you get around 22,000 a year in loans. However, graduate costs are substantially more money. For example, I get 22K a year in loans but only get about 2,000 a semester back (once it pays for my rent on campus, tuition, books)

Ciao bella2 · October 17, 2011, 12:25:24 PM

You surely do not need to wait til grad school,..bad advice
Go to a public university where tuition is always cheaper and save your
Refund each semester. By the time your a junior, you'll get back about 6000-8000 each semester....helps if you commute

Annah · October 17, 2011, 12:37:02 PM

Quote from: Ciao bella2 on October 17, 2011, 12:25:24 PM
You surely do not need to wait til grad school,..bad advice
Go to a public university where tuition is always cheaper and save your
Refund each semester. By the time your a junior, you'll get back about 6000-8000 each semester....helps if you commute

Badkitty,

Student loans are on a tiered level. A freshman only gets 3,500 in subsidized and 2,000 in unsubsidized loans. The average cost for students going to a State College and where they are in state student of that college, the tuition is $7.605.

So, the government gives you 5,500 dollars
The State college charges you 7,605 dollars

That leaves negative 2105 dollars for books, for both semesters.

Please do not give information you know very little about.

Source: Attended Undergraduate school, graduate school, Seminary and will be attending post graduate school.
http://www.collegeboard.com/student/pay/add-it-up/4494.html
http://www.staffordloan.com/stafford-loan-info/faq/how-much-can-i-borrow-under-a-stafford-loan.php

Annah · October 17, 2011, 01:13:52 PM

Quote from: EmmaM on October 17, 2011, 01:08:28 PM
When times were better I took out a few loans, I only ended up 15k in debt, which is still in forbearance. I could easily have paid it all back within 18 months if I wanted to, as I was also making more than 30k a year. Then the economy went to hell and it looms over me now like a vulture. What on earth did I do with all that money? Different time, different priorities, total cruise control.

They will give it away like candy, but be aware, the only way to get rid of it is pay it back, and they will make you - even if you go bankrupt.

oh def. Youll have to pay those back for sure!

Ciao bella2 · October 17, 2011, 02:23:13 PM

You def are confused lol....you seem to be forgetting federal grants as well as state grants?

Annah · October 17, 2011, 02:31:55 PM

The maximum amount of a pell grant is 5,550 dollars

The only way you can get the maximum amount is if your parent or guardian died as a result of military action after 9/11

The average amount is about 2500 a year for a student whose family or themselves (labeled as an independent) is considered impoverish. My family made 30K when I was a dependent on them and I received nothing. They made too much. So your family has to be like living way below middle class to be eligible for grants.

So if you did receive a pell grant it would be just enough to cover the deficit that student loans did not cover.

The only way you can even consider loans as an alternative for SRS and Transgender related medical issues (as an undergraduate student) is if you received a full scholarship and if your financial aid department will allow you to receive a grant as well as a loan on top of a full scholarship. And this is considering you picked an in state college for the lowest tuition rates available.

So even with state and federal grants, it is not enough as a undergraduate to take full advanage of various transgender medical issues. You probably will have some pocket money for monthly therapy and possibly HRT (if you are covered under insurance), but you cannot afford to pay for breast augmentation and SRS when you have the refunds to use for traveling expenses, college supplies, food, etc etc.

Ciao bella2 · October 17, 2011, 03:18:48 PM

It is very possible for an independent commuter student to receive as part of their financial aid package sub and unsub loans, federal pell grant and state grant.
I've received all and saved all refunds to finance full transition
Cut alot of corners, live with friends or relatives, ramen noodles, buying books online instead of the bookstore etc etc....I had well over $35k in refunds after 4 years

Terra · October 17, 2011, 09:57:58 PM

Yes you CAN spend the money on transition, but outside of hormones and doctor appointments I wouldn't recommend it. With the current economic situation the audits have been increasing as well, and they are really starting to crack down. You might get lucky to convince whoever audits you it was actually necessary for your academics (hormones could be explained away for psych and medical, same as doctor visits), but good luck explaining srs or a boob job.

I would recommend taking the excess and paying it back, it will lower your debt and help your credit, then you could potentially take a loan out to do your srs when you graduate. Wish I had done that 5 years ago.

Terra · October 18, 2011, 02:28:55 AM

Far as it has been explained to me is the student loans are only to be used for furthering yourself academically or to support your endeavors. So first they audit the school to see what your classes/books cost then they audit you to see what the excess was spent on. At least that is how mine went when i was still in the education major.

If they think you misspent the money not only can they demand all money thus far lent back, but deny any further lending. So that is why i say be careful if you go that route. I agree that it is your money at that point but the government apparently has a different take on the subject. I would discuss it with your financial aid office first to make sure either way.

pebbles · October 18, 2011, 06:10:50 AM

Rules on student loans are abit different here we're assigned a Maintance loan whitch covers all your loving expenses while studying... I did use it to spend on my electrolysis and hormones. I afforded it by eating nothing but cheap noodles freezing during the winter, riding my bike everywhere and also drinking no alcohol at all.

Ciao bella2 · October 18, 2011, 11:40:56 AM

Audit? I've never heard of anyone being audited on a student loan

Annah · October 18, 2011, 11:57:52 AM

Badkitty, here are some links about the audit process.

http://www2.ed.gov/about/offices/list/oig/nonfed/sfa.html
http://www.gao.gov/products/GAO-10-668
http://forums.beyond.ca/showthread/t-318685.html
http://www.canlearn.ca/eng/postsec/manage/index.shtml

The Student Loan Audit program does exist. As I said, due to the sheer amount of students per auditors, your odds are not high to be picked. I know they exist because I was audited my junior year of undergrad school. I had to provide proof that the refund I received went to food, my laptop, rent, and other materials related to my education.

If you are audited and you cannot furnish proof that you used the refund the government gave you for educational purposes, you will be place into a default status and no longer able to receive loans or federal and state grants.

So, if you do use excess monies from student loans to get breast augmentations, hrt, etc etc you will be pretty gambling on the issue of whether or not they chose you for the audit.