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Monday, October 26, 2009

Will mentioning a $30K student loan in a scholarship app. help or hinder my odds of getting a schola

My husband and I took out a private student loan before we quit our corporate jobs to go back to school for nursing. Now that I%26#039;ve been accepted to a school, I%26#039;m curious if mentioning this $30K student loan (which I%26#039;m %26quot;only%26quot; a cosigner for...its in my husband%26#039;s name) in the %26quot;fatcors that contribute to my financial need%26quot; section of the scholarship application will help or hurt my odds of getting a scholarship? I have a 4.0 GPA and am well qualfied for scholarships in general, but I don%26#039;t know how this financial factor plays in. Thanks for your help!



Will mentioning a $30K student loan in a scholarship app. help or hinder my odds of getting a scholarship?

I would say that the student loan would be neutral or potentially negative.



Considering most students take student loans and most students leave school with $30k or more, your scholarship committee probably won%26#039;t care. They%26#039;re also evaluating your need based upon your financial situation, not the amount of debt you have taken out to attend school already, and may think it is insulting that you want %26quot;free money%26quot; when you have access to loans (which at least means your credit is decent) and others do not.



If you are able to get scholarships without mentioning it, then don%26#039;t.



Will mentioning a $30K student loan in a scholarship app. help or hinder my odds of getting a scholarship?

Why aren%26#039;t you taking out a federal student loan? Private educational loans are bad news and should be avoided at all costs. You should be eligible for federal student loans by filing your FAFSA at www.fafsa.ed.gov.



That said, the answer to your question is no, the loan should not hinder nor help you in obtaining a scholarship.

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