Any student loan process vets out there?

[disneysteve]

Our daughter recently finished year 2 of college. We've funded 100% of the costs so far through her 529 plan, scholarships, and current income but the well is running dry. Years 3 and 4 will require taking out student loans (as expected).

I'm generally aware of the various loan options (Stafford, PLUS, private, etc.) but I don't really know where to start. I know her financial aid award letter for the year will list the Federal loan she is eligible for which will be an unsubsidized Stafford loan. which I believe will be for $7,500 as a 3rd year student. The balance needed can come from a PLUS loan, I believe.

For those who have been through this recently, how does it actually all work? When do we need to apply for these loans in order to have the money to pay tuition in a few months?

I emailed the financial aid department of the school to ask the same questions but I figured I'd crowdsource it too. Any sage words of experience would be appreciated.

We will continue to contribute some funds from current income and I'm hoping that the new PT job I'm starting this week will work out and boost the disposable income that we can direct toward college costs as well. But for right now, student loans are definitely part of the plan (even if we get to pay them back in short order with increased income later).

[creditcardfree]

I'm going to be following. Don't know the answer, but I'm a year behind you.

We'll be using our own funds this next year to cover housing and the tuition due after her large scholarship. We think she may need five years to graduate since she is pursuing a double major. It's that fifth year that will be the biggest burden (especially without the large renewable scholarship and at out of state tuition). We plan to take out loans the fourth year and use my husband's Post 911 GI Bill benefits for years three and five. The Post 911 GI Bill WILL cover out of state tuition in full with a housing payment, thus makes the most sense to use it during that final year if that needs to happen.

College funding is a maze!

[Thrif-t]

College Confidential is a great forum for all things college related. Those people are very knowledgeable over there.