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DJ - Styles asked:
I’m not getting any asnwers from why my school and they are only lending me $3000. Should it not be easy to get the amount you need from a school loan?
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Tags: Asnwers, Money Loans, Much Money, Reason, School Loan, School Loans
August 30th, 2008 at 3:50 am
It is probably because of the amount of money your parents make.
My school only offered me 1500 of the good stafford loan for a year.
Someone I don’t think that even close to covers the 13000 I will owe. BUt eh.. that is the Government for you.
August 31st, 2008 at 5:26 pm
Did you fill out a FAFSA? That is the bible for all loans- and your parents income would be the reason you’re not getting much money if they still claim you on their income tax–but you state the school is giving you $3000, that’s a different loan straight from the school, have you received any monies from government loan programs–sallie mae or perkins loans? You should get at least subsidized funding–and if you parents apply for a plus loan and are denied due to their own financial obligations, you will then qualify for unsubisidized federal loans–if they do qualify- then the should take out a plus loan and help you out……….after all, they are claiming you on their income tax and getting that tax deduction.
September 1st, 2008 at 10:55 pm
The federal government has limits to the amount you may borrow in a given year. First year students are limited to a maximum of $3500, second year, $4500, and third and fourth year students $5500 or $6500 (I haven’t dealt with those levels in a while) if you are a dependent student. While independent students may borrow additional funds, there are still limits to that as well. Please keep in mind that grade levels are not measured by the number of years you are in college, but by the number of credits you have successfully completed. You can be in college for 6 years, but if you haven’t successfully completed 30 credits you are still a first year level student.
The reason it is not easier for you to get a federal student loan of greater amounts than this is that many students borrowed in the past with no concept of the total amount of the debt they were amassing. The default rate (failure to pay) soared and the government stopped runaway lending.
Your parents can borrow more than you can through a PLUS loan or one of you can borrow, possibly, through an alternative loan for more educational funds.
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