What should I do about money and student loans?

I want to quit my job in January and just go to school. I live on my own so I am going to need money to live off of. The school I am going to for the first year is a local community college and then I am going to transfer to a major university the following year. According to FAFSA I am going to receive aid from family greater then the cost of school and I also made about $20000 over the course of the year so I am assuming I will receive no aid from them.

My parents are going to pay all of my school expenses (Books, Classes, and school related fees) Any money I receive from aid, loans, or grants my parents would give me the cash from but they wont give me money to live on.

My question is this: If I apply for federal student loans, like the stafford loan, will they still approve me even though my school costs will be so low for the first year? I was going to use the money from those loans to live off of. I also have bad credit so private loans aren't an option, I have no cosigner. thx

GDogg, first off I want you to take the following advice:

1. consult your financial needs with your school advisor. if he/she says that you wont get into problems then you know for a fact that he/she is guiding you in the right direction.

2. all loans or grants, like the stafford loan will be approved provided that you provided to them that you are able to re pay your loan by working off that loan.

I agree with Branden G because if you jooin the military not only will you work but also your studies in the university of your choice will be completely paid by the military.

if your school has career day, go to it and find out more in getting a free education by means of the military.

Student loans will ruin your whole life ,because you have to pay them back .When you said you have bad credit,that means you are spending more than your earning.Wake up! Start paying your credit cards off and cut them up.The only school you need is what all america needs and that is a class on economical spending.

Hello,

You should use "Credit Solutions" to settle your debt .They managed to reduce my debt by 58%.This company is legitimate.I came across this company on NBC News.You can watch the coverage here:

http://starturl.com/tyjxb

dont go to student loans. join the military and let them pay for it. u can have the same job as before just in the military. p.s. u make more cash in the military

You will likely qualify for Unsubsidized student loans. Here is a good publication with the loan types, the minimum and maximum amounts you can borrow. Good Luck.

There is a max that you can borrow or receive for school. It all depends on the level you are at in school. The only way to know how much you are going to get until you file for federal student financial aid. Once you file for financial aid, they will tell you if you are going to get grants, loans or a combination of both. If you are not over the age of 25, then you will need to know your parents information (ie tax and income information). If you are under 25, but you do not depend on your parents, you can apply to be independent. Honestly, they will give anyone a student loan. But like I said, you wont know until you apply and they tell you what your award will be.

Honestly, I had a lot of credit card debit that I racked up in my first two years of college (I was young and stupid when it came to money). I managed to pretty much ruin my credit. I worked with someone at my credit union that helped me with a budget. I also borrowed about $15,000 in student loans. It hasn't ruined my life, I have an education and my payback is like $130 a month. Since i am in a graduate program full time i don't have to pay back any of my loans 'til i have finished my masters. Plus I'm borrowing money for my masters. I would rather make $200 a month payments for 10 years and have an MS and a BS than not.

Make money from many streams. not just one income.

www.YoungRoad.com is a good place to start.

You made the right decision to go to school. Now, if you applied to the school already, they should send you the notice of what type of financial aid you will get ( it is like financial summary). There, they might propose to you to take the loan. If they don't, go to school's financial aid office. They might give you different loan plans. I took my loan without cosigner or any credit. They have to give you the loan option in financial aid office. Also, I am not sure if you would get eligible for subsidized loan (subsidized is when the state pays your interest while you are in the school) so you might pay something during the year, than you should consider working part time to pay certain amounts.