Taking out additional loans





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Discus: Financial Aid and Scholarships: May 2004 - Archive: Taking out additional loans
By Silvermyst (Silvermyst) on Wednesday, June 09, 2004 - 06:35 pm: Edit

I am hoping someone else has done this before. I recieved notification of my financial aid package and it just isnt going to be enough. My income appears to be fairly decent on the FAFSA because I am currently living in Alaska which has a high cost of living and a much higher minimum wage. My EIC is going to be approximately $1200 a semester and I simply cant afford that. I will already be recieving $5500 in subsidized loans. My question is - Can I take out an additional unsubsidized stafford loan? Any help or suggestions would be greatly appreciated.

By Thumper1 (Thumper1) on Wednesday, June 09, 2004 - 08:53 pm: Edit

I believe your Stafford Loan is limited to the amount you indicated ($5500 for upperclassmen). No..you can't take out additional Stafford Loans. BUT your family would likely qualify for a PLUS loan or some other kind of college loan. I know we have gotten TONS of mailings about college loans.

By Silvermyst (Silvermyst) on Friday, June 11, 2004 - 01:22 pm: Edit

It's all on me. I dont have any family who could take out a PLUS loan. I have gotten several mailings as well, but some of the companies seem a little shady and I dont want to get stuck with a loan from some horrible scammy company.

By Res077y1 (Res077y1) on Saturday, June 12, 2004 - 02:54 pm: Edit

If you are an independent student you can take out an additional $4000 per year in unsubsidized loans. If you are dependent then your only ioption is the PLUS loan or private loan.

By Silvermyst (Silvermyst) on Sunday, June 13, 2004 - 01:19 am: Edit

Was this information on the FAFSA website? I have been trying to get through it all, but there is a lot of information there. I am an independent student. I hope I can make it work without the additional loan, but knowing there is something to fall back on helps a lot. thanks!

By Res077y1 (Res077y1) on Sunday, June 13, 2004 - 05:18 pm: Edit

Yeah it's on the FAFSA website. When you get your offer letter, the additional unsubsidized loan money will probably appear on there. It did on all of mine.


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