April 1, 2017
Hope you can shed some light on this for me. I am currently a student at Elizabethtown Community and Technical College in Elizabethtown, KY. In the fall, I am going to be transferring to the University of Louisville and getting a job at UPS. UPS is participates in a program called the Metropolitan College Program. If you aren’t familiar with this, in short, it pays all of your tuition using some of their funding, financial aid, and grants.
The only issue I am going to have is that the trade off of having UPS pay my tuition means I will not be able to pay all my bills on my income alone, as this job is part time and only pays about $10/hr.
That’s where my question comes in, I am going to have to use student loans to supplement my income to pay my bills, buy food, etc. I have two questions regarding this:
1. I’ve read that student loans go directly to the school first to pay tuition, and then you get what is left. Since UPS pays the tuition, is it possible I would have an issue with the student loan money going to the school and paying the tuition before UPS can pay it, and therefore using the money that I needed to live on?
2. I am going to need some additional funds to help me pay for moving to Louisville for school (new apt. down payment, general moving costs, etc). I am planning on moving to Louisville about a month to a month and a half before the semester starts. Is it possible to get student loans in your bank account early enough to use it for something like this?
Also, is there any other advice you think I should know with my given situation?
May 3, 2014
Awesome questions Jonathan.
First of all. Congrats on the great job with UPS. The extra work you are doing now is awesome. In the future you will be so glad you saved yourself this money.
As far as your specific questions, both of these are logistical issues that your schools financial aid office can answer much more accurately than I will be able to. Procedures like this can vary from school to school, so you will want to know exactly how your school will handle it.
As far as general advice, I’d caution you to be very careful to limit or eliminate your student loan borrowing, especially on private loans. I’m actually halfway through writing an article on the things to consider before borrowing, so I’ll get a link posted here as soon as it is done.
May 3, 2014
Jonathan – here is an article outlining the things you should consider before taking out any further student loans: https://studentloansherpa.com/private-student-loans-borrower-beware/
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