Kendra: What To Do w/Student Loan?

Kendramama: I’m in a whirl of emotion and confusion right now, scared to death that I’m going to pick the wrong lender, put down the wrong date or amount (like, for instance, when they say, “search for available loans, do it put the exact amount listed on my award letter? both sub and unsub, or both combined?) Arggh! And I have the feeling, once I quote unquote, sign on the dotted line, there’s no turning back and what’s done is done. Plus, there’s greed poking its ugly little green head up too, especially once I saw during my first look-see at the website that I was entitled to up to nine grand per school year. Full post below.

Question: Can someone help K-Mama decide what to do with the student loan that she’s considering?

Okay, this is the Wild Card, after all, so I don’t feel too bad about broadcasting my appeal for assistance here. What may come of it, I’m not sure, but I would be happy for ANY ol’ advice from someone who’s done this before, as I am flummoxed fer’ sure.

Some of you may know that after a grand total of 12 years since my last college attempt, I’m going for it again this Spring Semester, which begins in just a few short weeks (yikes!). Full time, perhaps a bit more than, even, as I’m set for 13 credits this semester, with a couple more late-starts waiting after I test out of some of the single credit online “CAOT” computer classes.

Now, the good news mixed with bad. Most of the way I’m financing said semester is thanks to a nice fat Pell Grant via FAFSA, but another several thousand will be thru a Stafford loan (most of it subsidized, the last five hundred of it unsubidized). And although I’ve received my award letter from NIC informing me of my approval, it’s still up to me to complete the last vestiges of paperwork by visiting a couple of websites- simpletuition.com and mappingyourfuture.org. The first to sign a Master Promissory Note, the second to complete something called “entrance counseling” for the Stafford Loan.

Now, Hucksters, I gotta admit- I’m in a whirl of emotion and confusion right now, scared to death that I’m going to pick the wrong lender, put down the wrong date or amount (like, for instance, when they say, “search for available loans, do it put the exact amount listed on my award letter? both sub and unsub, or both combined?) Arggh! And I have the feeling, once I quote unquote, sign on the dotted line, there’s no turning back and what’s done is done. Plus, there’s greed poking its ugly little green head up too, especially once I saw during my first look-see at the website that I was entitled to up to nine grand per school year. Wow, you know? Of course I don’t need that much, even as a full-time student, our living expenses and other misc. crap will never call for that much… but just knowing I’m ELIGIBLE is enough to make the red dude on my left shoulder whisper in my ear how nice those extra bucks would be. But thankfully so far the white guy on the other side has been tellin’ him to shush his mout’.

Anyhow, in my standard long-winded way, this is my call for help from any current students, teachers, or recent alumni who’ve gone through this process. Not even necessarily at NIC- I’m sure the rules aren’t much different anywhere else. Could anyone out there (Digger, among a few others, you come to mind!) shoot me an email w/your phone number on it so I could call and inundate ya with a dozen or so questions? I would SO appreciate it. In case it’s not under my info here, or @ SoulDoubt, it’s kendramama@gmail.com.

Thanks, all… and hope everyone’s having the happiest of holidays.