Maximum? Yes, I'm pretty sure I'm taking out the maximum I can get from Stafford Loans, mostly because I'm a late bloomer and ended up going to school AFTER I became independant and thus am unable to get the parent plus loan. But that's not the issue I have now. The problem I have is I'm currently going to a school that I can no afford. After all my financial aid, I still need to take out a private loan. This in turn is bad, considering I don't have a cosigner. Yes, a cosigner is non-existant. So what do I do? I work on my jobs and barely keeping going. I commute, since I couldn't afford to move to the city the school is located. So I spend on gas, supplies, and food and any other expense. I don't know what to do, I may have to stop and be stuck with the loans I have with already. This economy definitely would not be getting my money, that's for sure. As I don't have enough to buy anything, not even a new cell.

My whole loan experience has been negative thus far. I have exuashted all of my resources getting thru undergrad. Upon exiting undergrad I am already $93,000 in debt, and want to further pursue my education. They only thin holding me back is hesitation on more loans....I am already struggleing with payments and it's only been a year since graduation....Not to mention that I have worked a full time job as well as attend schoool full-time the whole time! I personally think the system is MAJORLY FLAWED! What world do we live in the young independant person cannot get anything except loans to pay for further education!

I took out just enough to cover tuition and books last fall and spring semester of 2009. When I received my financial aid award letter for grants it was $532.00, so I did the math and got a loan for the difference, however: this semester my award letter only gave me $108.00, I paid off my credit card this year so that's not a worry. 

I believe in a way this did affect the amount that I took out. I still borrowed the maximum of those loans, but I am still unable to pay for everythong even after those loans have paid out. I borrowed from federal loans because it is alot easier to get them and not have to worry about tuition cost as much as you would have before without taking them out. The main reason I didn't try to borrow from private loans is because it is SO hard, with the economy the way it is, to get a private loan. I feel as if the loan companies feel that everyone has a credit-worthy co-sginer which is indeed not the case because everybody has a different situation. I attend a college to where our tuition was just increased on top of the (in my opinion) overly-priced tuition that we already pay. So all in all, being able to take out more has helped but there is still the fact that for some of us, that still is not enough. 

My name is parmida and I have just one parent working as an Engineer. I am not able to work because I am trying to study sciences as a biochemistry major. I am a sophomore in the 2009 and I was not eligible for financial aid; until my second year of college. I am in real need of financial aid and loans which I do not know much information about. All I am trying to do is fill up my FAFSA form and send it as soon as possible. So this loan law has not affected me and I have not been able pay a lower amount for tuition. Instead my tuition is impossible to afford and I always worry about whether or not my father can keep paying for it. I have not borrowed from federal loans, state loans. Instead my parents spending has increased just for their two college students in purchasing books, paying for tuition. The loss of classes has been increasing and nothing is being done. My father is paying for everything the house, education, and our needs in life. My mom is forced to take my sister and I to bart, so we can go to SF State. My poor sister pays more than me because she is a graduate student who cannot get finacial aid or any loans. If you have any information on how I can get loans please tell me. I have just been busy giving than receiving. The students and I have been protesting for this crisis to change for the better. But with the slow process of develpment and betterment of the education system, I don't think we will be able to study our hard and expensive majors. We won't be able to afford to go to school like so many that have depression and cannot pay for their classes. Instructors and all faculty members are suffering and particularly the students.

I have taken out my share of Stafford as well as private loans this year. However, due to the fact that financial aid is almost impossible to recieve from public universities, it looks as though I will be forced to quit school this year and go for a technical degree. It is absolutely absurd that students are coming out with upwards of $50k in loans and in this economy, not even getting job offers! My dream of getting a four year university education is not possible for less than this price.

i can not get the starford loan because my school doesn t fall under the standard  which is really crapy i am replying on every thing and anything i can get i want to become a under water welder and i need to come up with 9200 just to get in the school if any has any info please help please please please

I need HELP! I was a college student and had to take out student loans and got to the maximum that I can take out. Now I owe two lenders money and I have an outstanding balance with the school. I cannot go back to school because I have to pay the school off first so I  can have my official transcripts sent to my next school. I do not get financial aid from Fafsa since Im considered dependent. What can I do to get money so I can go back to school!!

I was in the same boat like all of you. I didn't get much financial aid at all in my freshman year and at the end of that year I had a $3000 balance. Make a long story short, I wasn't about to pay that amount due to family problems and so I waited until I was 24 years old to start over as a student without using my mothers tax information and registered at a community college as a independent student. Now I am getting like $7800 in grants and also I have borrowed up too $9000 in stafford loans to help pay for school, living off campus, and personal expences. So rigtht now I have a total balance of $16,000 in student loans. Just go to a community college. It's cheaper, you'll actually get some money back, and you can transfer to any college after that.

shit is fucked up...it is so true...and sad that it takes some people to wai 6 years to begin college  just so they can "play the system" and begin whehn they are 24 years old so they get help.......my amigo did this and he is 29 just done with a bachelors....it was cheaper....but was it worth it? i mean n one wanted to marry him cuz he was older and still in college...and he is barely getting jobs and 29!....it is scary...but in life very few things are handed free....

StephanieH1955 says ...

I am very disappointed in the federal loans, they wrote and stated that she was going to get a subsidized and unsubsidized loan, We waited for some time and then finally after contacting the school, we found out she was only getting one loan the unsubsidized. I just don't understand, everything I have been hearing on the internet and tv, is that the president is giving out more for college. My daughter barely got anything for her semester, and now i have to come up with the remaining balance. Does anyone know of other ways to get some kind of aid.

 

Response:

There could be a few things that might have happened.  I do not know all the facts, but, for instance, if your school told your that they received one check for your daughter's financial aid, it could be that you actually did receive the both sub. and unsub. loans.  They are often lumped together into one lump sum, submitted to the college, and then the college will mail you a check in the amount in excess to the cost of tuition.  This excess is meant only to pay for books, school supplies, and some of the transporation expenses incurred when driving to class.  If they truely only did get one of the loans and the school is telling you that you have to pay for the rest of the tuition expense yourself, there is something very wrong.

When filling out FAFSA forms, you are first considered for grants, which do not have to be paid back.  If your income exceeds something like 60,000-70,000 per/year, for the entire household, then grants are not an option but EVERYONE that is accepted into a college or university, is eligible to receive financial aid from the federal government (I know this because my school received my sub. and unsub. loan amount of $20,500 for this academic year).  It takes 6 weeks (on average) after the school receives the check, for you to recieve the excess amount of the financial aid minus the cost of tuition.  FAFSA will never send a check directly to you because you could potentially use it for other things rather than paying the school.

If FAFSA sent you a letter stating an actual dollar amount and said that you qualify for so much in subsidized and unsubsidized loans, that means you have been approved for the loans.  After receivng your reward letter, it should say on there how to accept the amount of loans offered and this is how you could decrease your loan amount if too high. You MUST go online, it will say where in the letter and accept BOTH loans and enter BOTH amounts of the loans you wish to receive, not to exceeed the maximum. 

If you missed one of those boxes that needs to be checked on the loan, this could be your problem and FAFSA would still mail you a letter saying that you are eligible for this amount, but it is up to you to verify that you indeed do want the available amount.  This is done twice, once for sub. and once for unsub. loans.  FAFSA is required to lend any individual, at the bare minimum.  So, there is no way that if you requested the full amount that this did not cover the full cost of tuition.

Unless you filled the forms out yourself, I would ask your daughter if she checked the boxes requesting the MAXIMUM amount of financial aid.  If she skipped over these boxes, then FAFSA could figure in your household income and interpret the way you filled the form out as though you want to pay some of the cost of tuition out of pocket.

This is a strange situation that I have never heard of and I have gone to 5 colleges thus far over a 9 year span, my credit is completely shot, and my parents won't give me a dime (plus I have over $30,000 in loans to date) and I just received a $20,500 loan (a combination of a subsized and unsusidized amount) friom CITIBANK, whom I racked up 2 credit cards with (one is now $17,000 and the other is $23,000-the amounts I owe them) and I have not made a single payment nor talked to or returned any of their phone calls for over 3 years, and they still call everyday about it.

 

You can always go back to the fafsa website and change your information, so it is not too late to receive the aid.  I think that there might have been a problem in confirming the total amount of the the loans offered to you, via the website.  All of this information is on the letter you received in the mail.  FAFSA is required by law to cover the full cost of attending a college, if someone is accepted there.  This does not include community colleges or private institutions. 

If your daughter goes to a community college, all she has to do is go to the financial aid department on campus and get a tuition reimbursement form and it will be free to attend the school, except for the cost of books.  I always just buy the books I need, go to kinkos and copy the whole thing, and then return it that day, so I never am charged $200 per/book.

There is a loan called a PLUS student loan, but it is actually a request for a loan to the parents and the check is issued in the name of the applying parent, which has to have a student in college that needs financial assitance in addition to the subsidized and unsubsidized loans provided by FAFSA, and has a far lower interest rate than a private loan through a private lender such as Astrive Student Loans (which are actually just loans that require a co-signer and ownership of property, normally a house or real estate, that the loan can be secured against in the failure to repay).  The reason why I know about the PLUS loan is because my mom is paying one off she got for me for extra cash to pay for my living expenses when I attended UC Santa Cruz..

However, there is some boxes that must be checked on the financial aid form through FAFSA in order for you to receive the maximum reward (highly recommended-nothing negative can ocur from requesting the maximum because as long as eny excess loan amounts are paid back to the lender of your choice, which is chosen through FAFSO ( I recommend CITIBANK because it has the most repayment options and lowest interest rate (3.5% for life- guareented NOT to increase).  One box stated that if you do not qualify for a grant (doesn't have to be paid back, would you like to be considered for loans?).  One box states," I am interested in receiving a subsidized loan" and another says that, "I would like to apply for an unsubsidized loan.  Then, FAFSA reviews all info, determines how much if any grants can be given, if not and the applicant wants either a subsidized or unsubsidized loan, they will look at 2 more boxes.  One states, " I would like to request the maximum amount for a subsidized loan" the other box states the same thing, only regarding unsubsidied loans.  Both should be checked. 

The reason why I know this information:

I currently have a credit score of 515, over $100,00 in credit card debt that I have not made a payment for in 3 years (i.e. my credit is shot).  I already have over $30,000 in student loans.  If you apply to fafsa, always apply for the maximum amount because if you do not need the money afterall, it can be returned and no charges accrue.  The way FAFSA works is that money is sent to the University / State College to pay for the full cost of tuition.  Every school has a financial aid department and they will describe the full process to you.  I do not know what type of college your daughter attends, I have never heard of anyone not getting unsubsidized loans.  If you claim your daughter as a dependent, financial aid can be an advantange when filing taxes, for the cost of tuition can be used as a tax deduction.  If she is claims herself, then she can do the same. 

Unsubsidized loans and subsidized loans are often sent in one balance (hence: loan amount) to the school DIRECTLY and if you used FAFSA, they are required to provide you with a minimum loan amount to cover the cost of tution, plus an estimate of the cost of books, transportation, and any other costs associated with attendign schools. 

If your household income exceeds a certain amount (I think roughly $75k-$85k) you WILL NOT be eligible for GRANTS, which do not have to be paid back.  However, regardless if your dad is Bill Gates, the federal government is still required (even under Obama and his new proposals) to provide ANYONE who is accepted to a state college, university, or private university, with both subsidized and unsubsidized loans, contingent upon correct filing of the FAFSA student loan form. 

I am receiving my master of science in Accountancy and this information is included and up-to-date.  I also learned a lot about it in my undergraduate studies as well.  Since I do not know all the facts and I am simply guessing at your specific situation, feel free to email me at palmer.thomas@ymail.com if you have further questions.  My advice: go back and check your application online and see how you filled it out.  Read the letter again and see if it tells you how to confirm the values of the loans that you are eligible for.  Have your daughter visit the financial aid office at her college and they will be able to tell you exactly what the problem is.  Often when you call them, they may give you false data or not fully understand things.  It is different if you are standing in front of them.   Hope this helps!

Thomas

I  have both subsidized and un-subsidized Stafford loans totalling $9500,00 and it's not nearly enough.By the time I got caught up on my bills and bought a computer and printer I was strapped. I'm going to take 18 semester hours because my award is based on 12 so hopefully I'll be able to get more. I'm due to register for next semeste this week once I do that  I'll be really strapped. I need to contact my lender and i hope I get some additional help.

No, sir-ree buddy, I will never take out another loan as long as I live. The last 5 years of my life have not been happy, because of student loans.

yes