It's time for me to apply for student loans. If my calculations are correct, my grand total should be near $6,500. Should I apply for $7k just in case, or should I go with $6,500? I have heard I should ONLY apply for what I need.
by 
Penny The Wise
ANSWERS: 5
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I always built in a small buffer, but made sure to not spend the extra if I didn't absolutely need it, and pay that much back asap. Unless you have some other backup support system, it can be wise, but you have to be responsible, or it just turns out to be extra money you spend and have to pay back later, with interest.
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Have you already filed a FAFSA? There's still time for the 2007-2008 school year. If you qualify for a Stafford loan, that would be great. That's guaranteed at 6.8% interest (below prime) and there's no interest at all until you graduate. (It's subsidized by the gov't, so they "eat" the interest, and none accrues while you're in school.)
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The reason they tell you to only apply for what you need is because you're going to have to pay that back someday and the less you owe the better off you will be..
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Let me tell you; I am a freshman in college just ending my first year; I would recommend going a LITTLE bit over what you think you need, by about $500. It realllyyy comes in handy, especially since there are SO many things that just pop up along the way (AKA books, lab fees, other random things); and we all need a little extra money to party, yeah? ;)
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You heard correctly. See if you can find a part time job to make up any defficiencies.
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