Taking out additional loans

Click here to go to the NEW College Discussion Forum

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.

Report an offensive message on this page    E-mail this page to a friend
Posting is currently disabled in this topic. Contact your discussion moderator for more information.

Administrator's Control Panel -- Board Moderators Only
Administer Page