My financial award said to take a $3500 loan.can i take it out for the whole $9000?
If you are given a total of 12K all together as a loan offer, you should be able to sign and accept the total awarded amount. I’m going to persume that $3,500 is for one type of loan, like Perkins, while the rest of the amount is under Sub and Unsub Stafford? If this is so, then you should be able to accept both Perkins, Sub and Unsub loans all at the same time.
You borrow $9 K this year, you’ll be at $10K the next because costs will rise. Most new grads find paying off loans to be a major impediment to getting a new car or affording a nice apartment alone. Qualifying for a home loan at age 30, when you still owe half the loan amount is also hard.
Pretty much you’re going to have to live poor for some period of your life. College is the time to do it because what you need is in a compact area. Despite what most people think, you can even go to college without a car. Live on campus, get a work study job, and practice your people skills on those who didn’t have to take out any loans to go to school or those who’re dumber than you, but have a car. (This will be good practice for your career since both types will turn out to be your bosses.)
Craigslist or the campus bulletin board should be able to get you home for breaks so the “gotta have a car” excuse won’t fly. Most college students don’t make enough to keep their cars going–payments, insurance, gas and maintenance ++ campus parking fees. Some colleges, Emory and GA Tech here in Atlanta for example, have Flexcar for nights on the town and orthodontist appts.