My Federal Student Loans dont cover my full tuition cost!?

Question

I filled out my FAFSA earlier this year in preparation of attending the University at Buffalo this fall. I am 18 and was accepted as a transfer student to transfer in at the beginning of my sophomore year (fall 2012). I received today my student aid report from the government and it said that I am eligible for around $5000.00 a year in direct unsubsidized stafford loans, but my yearly tuition cost is going to be more like $16000.00, (I'm living there). I was under the impression that the federal government allowed you to take out as much in loans as you needed, apparently not. My parents will not pay for any of my college, so what do I do? I'm thinking of looking at private student loan companies such as Sallie Mae, but I'm not sure if that's the best course of action.

Also can I, say, accept the 5 grand from the federal government AND get a private loan for the difference or is it one or the other? Is there an even better answer? Any input would really help!

Answer 1

you are choosing to go to an expensive PRIVATE school. Be aware that the federal government does NOT give those like you (who want to spend more money than they have) more money for CHOOSING a school they can not afford. This means that you will be offered (same as everyone else) a federal stafford loan of 5500 a year max. A YEAR!

If you have not worked or saved for this private school than you simply can't afford it and need to find a cheaper school. One that is LESS than the 5500 a year (less the amount you have saved).



It takes a lot of planning to attend a private school and apparently you have not done everything you need to do to actually attend.



You will NOT be approved for a private student loan without a cosigner with awesome credit and a high income. I repeat you will NOT be approved. Sorry charlie. Sounds like you need to find a school that is a better FIT for you.



"Also can I, say, accept the 5 grand from the federal government AND get a private loan for the difference or is it one or the other? Is there an even better answer?"

You can get aid from as many sources as you want... federal, private, whatever... but like I said... you WILL NOT be approved for a private student loan without a cosigner with awesome credit and a high income. You won't be approved by yourself. The better answer/solution is to be realistic and find a better school. Obviously a private, expensive one isn't within your reach!

Answer 2

Best answer is find work u can do around school and pay for it.

u can only take out loans that u or cosigner can pay for.

understand if u take out 10,000$ loan, u PAY 15,000$

but u have to Earn 18,000$ to do so.

get copies of

Debt Free U(niversity) ???Zaks

How 2go2 College (almost) Debt Free BenKaplan

read and act on.

Answer 3

That is a good question