Fed Financial

I need some help deciding on a financial issue?

Well i will be attending Wyotech and the tution cost is 27,500 for me. They told me to fill out financial aid forms and all that. But recently i got a letter from a bank saying they will loan me up to 40 grand for anything college related. Now if i go with the financial aide i will have 2 loans to pay off. But if i go with the bank offer i will only have one big loan. But if i go with the bank they said i wont get any grants. So would it be better to go with the financial aide and all the grants or just one big loan that will take care of everything i need for the whole time im up there? On the finiacal aide i have to start making payments on 1 loan 6 months after grad and the other loan will be 9 months. But with the bank it says i dont have to start paying back anything untill 9 months after i graduate

Public Comments

1. Find out what the payments will be on both. Then make your decision based on that.
2. `ok think about the intrest??? and when do u have to start paying back the bank? most scholls will leet u wait till AFTER ur done with scholl before u even have to pay em back
3. Try applying for the financial aid first. You might not be eligible for it anyway (same with grants)and that would solve that problem. The loan might seem like a huge risk but EVERYTHING school related would be paid for and you have a long time to pay it back. This is a decision that ultimately you have to make yourself. Weigh your options carefully and good luck.
4. go for the financial aid and the grants.
5. get as much financial aid as you can. financial aid is a guaranteed loan that you won't have to start paying off until you graduate and parts of it won't start to accrue interest until you're no longer in school. the interest on them is generally much lower than normal school loans gotten directly from a bank. even if you get a full scholarship, it might even be worth it to take out as much financial aid as you can and simply invest it. these loans are too good to turn down for the most part. there's nothing wrong with having more than one loan out at a time. just make sure you keep track of them and pay on time when it's time to start paying them back.
6. Try to go with the school's financial aide, and apply for every grant you can get. Good luck!
7. I would be leary of banks simply because they are looking to make a profit, whereas government funded loans have low interest rates & are more concerned about educating the general public. You can always consolidate your government funded loans if you are concerned about having too many different loans, and it is fairly easy to get deferments so you don't have to pay them back until you are able (i.e. if you show financial hardship, work certain types of jobs, etc.). You might want to check the FSA/Direct Loans website or talk to one of their representatives before going with the bank.