Okay, I'm all set with college tuition. But how do I pay for the massive living expense of the city?

My rent is too high!  The phone bill is not paid!  I'm broke the first week I get my monthly paycheck!  Heard it, seen it, been through it.  Bills, bills, bills! 

If you live in a big city like Boston, you know the standard of living is through the roof.  Really, why can't the school understand that a student needs more money?

I mean, apart from the rent and utility expense, there are also books to buy, there are transportation costs, there are medical expenses, there are unseen personal expenditures, there are sport events to go to,  and there are weekend parties to throw and attend.  Responsible or irresponsible, these are ALL a part of the college experience. And a student needs to be a part of it!

Each school has a Cost of Attendance (CoA) which takes into account the cost for tuition, room and board, and other living expenses for the academic year. The total amount of financial aid you receive (scholarships, grants, loans) cannot exceed the schools set Cost of Attendance (in principle).

HOWEVER, there are always exceptions to the rule.  In the event you've reached your schools Cost of Attendance and need extra funds, you are allowed to submit a budget appeal to your financial aid office. In the appeal you should provide documents such as your lease agreement, utility bills and other relevant document supporting your appeal. If your expense surpass the schools set budget for that particular item, the school may increase the Cost of Attendance, thereby allowing you to receive more aid. (check with your financial aid office on what items they'll allow a budget increase)

This is a right that many, if not most students are unaware of.  Should schools be more open about it?  Are they not because they feel students may abuse this privilege?  Are they right or are they wrong?  I can't say. What I do value as a student in a school, or a staff at a company, or a member of an organization, a right to seek and a license to learn.

Why is it so hard to get a student loan? And what can make it so easy?

Okay, the buzz words these days are the "economy sucks!"  I hear all the time "my credit is terrible."  "My dad lost his job."   "I've been denied a loan before, and so I'll be denied again."  And the list goes on.


Sure, times are bad.  But let's be straight.  Most lenders have lessened or amended their credit criteria so customers can continue to be approved. (their existence depends upon it)  Those that did not, have opted out of the business.  Students have continued to find ways to attend colleges and colleges have become more accommodating to those students.  America has a way of toughing it out!


So then really, why is obtaining a student loan such a hassle?


My sister's friend Sunita tells her "I applied for a student loan through this company.  I was really nervous since I received a 5 day eviction notice from my college dorm.  And so naturally my calls to the lender increased many fold.  They told me fax your tax document. I did. They told me they didn't receive it, fax again.  I did.  They told me it didn't come clear, fax again.  I did.  They told me they received it.  I was like voohooo thank god!"


My sister rejoices "finally!"


Sunita says "Yeah, but then they say, 'however we haven't received Schedule C of the tax return.'  I re-faxed it.  They told me they have it, but the tax return is missing my signature.  I signed and faxed.  They told me its not legible.  At this point I received a 24 hour eviction notice from my dorm and have nowhere to go!  I was totally frantic on the phone with the lender, and unable to communicate anymore.  Every time I had called, a different representative picked up and gave me a different answer!  So I just hung up and cried."


My sister asks "so you got kicked out of your dorm?"


Sunita replies, "Not yet.  This guy noticed my weeping, and asks me what happened.  I told him. He offers to help because he used to work for a student loan company and understands the process. 


My sister questions with surprise "you trusted him?"


Sunita answers "the alternative was to be homeless." 


My sister inquires with suspicion "then what happened?"


Sunita says "well, I sobbed while he spoke to the representative.  I gave him 3rd party authorization to speak on my behalf.  And every couple of minutes he hands a new tissue to me.  After a few minutes he asks the representative 'so you don't have a signed tax return, but you do have her paystub?  Ok very good.  And your company's criteria is to verify the student has an income, correct?  Ok great. So then you don't need the tax returns, you already have the paystub that clearly shows she has an income.  Would you be able to close this loan?  Very nice.  Would you please fax us a status confirmation that this loan is closed so we can show the school?  Awesome.  The fax # is _ _ _ __ _ _ _.  Thank you very much.'  I was amazed!"


My sister exclaims "wow!"


Sunita reacts "yeah, I went back to the dorm and my door's lock was changed.  I showed the staff at the dorms my status confirmation of approval and they let me in!  Couple days later, the money was at the school."


My sister asks "who was that guy!?"


Sunita responded "a farishta."  (an angel, in hindi)


Is it really that simple?   Are there some people out there that can exert little time and effort but produce astounding results?  Are there angels amongst us?