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LoserFace asked:
I need around 15k for college this year and I have absolutely no idea what to look for in a loan. And how do I know if I maxed out on federal aid, would my FAFSA be it, or could I call and try to get more for government loans? Any help is appreciated. Thanks
Sphere: Related ContentI need around 15k for college this year and I have absolutely no idea what to look for in a loan. And how do I know if I maxed out on federal aid, would my FAFSA be it, or could I call and try to get more for government loans? Any help is appreciated. Thanks
Tags: Fafsa, Government Help, Government Loans, Student Loans
August 2nd, 2008 at 12:46 am
First talk to the Finacial Aide Advisor at your college. They can point you to grants and loans to apply for. Sallie Mae is good for Student loans. To research grants try. Good Luck
August 4th, 2008 at 3:59 pm
Talk to your Office of Financial Aid at school, and ask if you can apply for TAP (an in-state benefits program), FAFSA, Perkins, and Stafford Loans.
August 5th, 2008 at 7:35 am
The federal loans have a yearly maximum based on your grade level that you can borrow. The school will award you the maximum you are eligible to receive. If you still need additional funding first check with the aid office to see who they recommend using for a private loan. Note that these loans require credit checks and often cosigners, so just because the school recommends the lender doesn’t necessarily mean you’ll be approved.
August 6th, 2008 at 11:03 am
If you can, I would borrower as much Federal Aid as you can of the 15K you need as these loans have the better interest rates and have Federal Benefits. If that is not enough in the end you can always take out a Private Student Loan, but these are credit based and usually have a higher interest rate than Federal Student Loans.
The maximum amount that you are able to borrow from the Federal Student Loan Program varies dependent on if you are an independent student or a dependent student and also has a maximum amount per year you can borrow. If you are in need of more funds during a given year your parents could apply for a Parent PLUS Loan, your parents would be on the hook for the loan, but the funds would go to you the student.
Your Federal Student Loans can be used for travel expenses, books, food, school supplies, etc. What will happen is the amount that you are approved for and you agree to borrow will be disbursed starting with your tuition costs for that semester and then moving to your room and board if you live on campus, then satisfying any other school fees you may have. After that the left over funds will be sent to you, usually in the form of a check and you can do what you wish with those funds.
You are eligible for Federal Student Loans as long as you are attending school at least halftime. If you are below halftime status as a student you will not be eligible for Federal Student Loan help. Your status is determined by the school and the amount of credit hours you are taking during a given semester. For more information and for a chart which breaks down how much you can borrow a year please see the source below.
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