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Colin M asked:
I already recieved one for the maximum allowed ($3000 for a dependant freshman), but i was wondering if i can apply for more of the Stafford loans, or do i need to move on to others, such as the Perkins Loan, or the PLUS loans.
Sphere: Related ContentI already recieved one for the maximum allowed ($3000 for a dependant freshman), but i was wondering if i can apply for more of the Stafford loans, or do i need to move on to others, such as the Perkins Loan, or the PLUS loans.
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Tags: Freshman, Maximum, Perkins Loan, Stafford Loans
August 13th, 2008 at 6:06 am
There is an ceiling for what you can borrow in any given academic year. Your eligibility has to do with the information resulting from the FAFSA you filed. You cannot take more than one Stafford loan in an effort to accumulate more funds. You may be able to get a Perkins loan if your school deems it part of your aid package.
PLUS loans are taken out by your parents and have a different repayment structure. They are granted based on credit worthiness. If you’re short on aid, discuss the possibility of a PLUS loan with your FA advisor and explore other options as well.
August 16th, 2008 at 6:16 am
Yes unfortunately you will have to apply for a different loan such as plus loans or perhaps a parent plus loan. Parent plus loans would be cheaper in interest.
August 16th, 2008 at 5:53 pm
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August 17th, 2008 at 10:33 am
It sounds like you have maxed out on your Stafford loans. The Perkins loan is the best loan to take out (better interest rates) so you should always take those out priority over the Stafford. But if you qualify for one, the school will automatically offer it to you. If it was not offered, then you likely aren’t eligible. But def try.
Yes PLUS (parent) loans are a good alternative. Just be aware your parents will start having to make payments on them immediately.
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