Private College Student Loan

I am 16, College Loans and Grants. Help!?

i am 16 years old and i think i posted a similar question, but theres somethings i need to know that NO ONE has answered, and it is very frustrating. I am 16 years old, soon to be emancipated, and then i am leaving from NY to go to college in long beach, CA. Yes, i know it sounds like a big step and that ateen cant do it, but when i am emancipated, i will be considered an adult, and have many adult privelges and responsibilites like being finacially independent. I need to now EXACTLY how loans work, how long it takes to get them and what they can be used for, and how much i will get. I need to know how Grants work as wel, how much, when, and what they can be used for. to my understanding loans are used for books and what not for school, and grants are used for your living expenses and stuff. I wont be staying in a dorm but i will be getting an apartment by myself, hopefully finding a good roomate. If you want to e-mail me my address is travolta730@yahoo.com, any help would be great!

Public Comments

1. How loans work is a complicated thing because there are many different kinds. The best thing to do is contact your future college's financial aid office and get advice from the finance officer. Usually you or your parents have to fill out the "FAFSA" before the school can even consider what you are eligible for. In addition to loans (which you have to pay back) and grants (which you do not pay back) the financial aid office will help you look for scholarships. You don't pay these back either. These are based on things like merit, race, hardship, what you are studying, and even what state you are a resident of. Be aware that if you are going to an out of state school the tuition will be much higher than if you went to a state school in your own state. In addition to these sources of income a financial aid office might offer you "work study" which is when the school gives you a job. These part time jobs are pretty easy and some of them actually give you time to study "on the job". (My son had a job as a computer tech from midnight to morning and he could do research and get his homework done while he was managing computers at night). Also be aware that some schools and systems don't consider you an independent student just because you are on your own without parental help, so contact the financial aid office-- that's the best and most reliable place to start. You can be perfectly honest and tell them you're on your own/ your parents are losers and won't help or whatever, but it's the finance aid office's job to help you figure out how to pay for their school. So contact them first. Also have a look at fastweb.com where you can get information about financing your college education. Wishing you ALL the best! :)
2. Perhaps you didn't get many results because most 16 year olds aren't seniors yet, but juniors. Better to focus on graduating from high school first. You can't get college loans for being a senior in high school or for taking college classes while you are a senior in hs. Loans CAN be used for books, tuition, fees, and any other school related expenses. Most freshman are eligible to borrow 3,500 in federal Stafford loans and some are eligible to borrow Perkins loans as well. You should apply for federal fin aid at www.fafsa.ed.gov after you have done your taxes (Feb) of your senior year in high school. This is the start of the process for obtaining grants and loans. This book explains everything.