Saturday, November 14, 2009

Student loans for student teaching?

I'm finishing up my master's degree in education (career change), and I have to student teach for 4 months. I obviously have to quit my full-time job. Can I take low-interest student loans while I student teach to pay my bills?

Student loans for student teaching?
I took out a student loan for like 5000 my last year for student teaching. I did it through citibank and it was a loan that I just got the money, although it had to go through the University and they weren't very good about communicating.
Reply:As long as your student teaching requires you to be enrolled in credit hours at the school (and it usually does) then, yes, you can apply for student loans. Your best bet are the student loans offered by the federal government. They usually have lower interest and fees and better repayment terms than private loans. You can apply on line at http://www.fafsa.ed.gov and have the results sent to the school. Assuming you are student teaching this fall it is not to late to apply.
Reply:If this is for this upcoming academic year, you've missed your universities priority deadline for financial aid from the university, but you may still want to go ahead and fill out a FAFSA and submit it. You still may be able to get a un/subsidized Stafford loan. Other than aid from the university, you can always apply for a private loan from your bank...whether it's low-interest depends on the loan and your credit! Good luck!
Reply:If you are going to be student teaching and still enrolled with your school, you can probably find some kind of loan to cover your costs. It might be a private loan, or if you haven't used up all of your eligibility, something with a better interest rate that's deferrable or subsidized.





Otherwise, if you're not enrolled, you wouldn't be eligible for student loans. However, if your loans are Direct Loans through the Department of Education, there's a six month grace period after graduation during which you don't have to pay anything. Unfortunately I'm no good on other loan programs, but you should probably check with your school's financial aid office to be sure.


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