<p>So on a previous thread I posted someone said something about me still being 12,000 short if i wanna attend UT. Can i get that much in loans or what?</p>
<p>Are you talking about private loans? You can get a loan by getting a cosigner, but I really don’t recommend it at all.</p>
<p>Generally not unless you have a parent or someone else who will cosign the loan for you. That’s a lot of debt to take on, particularly as a freshman.</p>
<p>*The COA for instate at UT is about $24k per year (it will be higher when she actually is in college). Even with Pell, other small fed aid, and a Stafford loan, she’ll be about $12k short. *</p>
<p>I was the one who said that. Since you would already likely have a Stafford loan in your FA package, you wouldn’t be able to borrow more. Students are limited to borrowing the federal amounts because you don’t have income/assets to qualify for more.</p>
<p>You would need a co-signer to borrow more, and I believe you’ve said that your mom is unemployed or low-income, therefore she would not qualify. </p>
<p>If you borrow the Stafford and maybe Perkins amounts that would be in your FA package, then you’d have $30k in debt from that. Then if you were to borrow an additional $12k per year, you’d have $48k more in debt…a total of about $80k in debt. That is WAAAAAAAAY too much for undergrad.</p>
<p>I think you also said that you want to be a doctor. You won’t be able to borrow enough for med school if you borrow a lot for undergrad.</p>
<p>I hate dealing in absolutes, but in your case: never borrow more than the maximum Stafford loan over 4 years.</p>
<p>I don’t think you’ll actually need an extra $12K in loans - you should sharpen your pencil and write down/research what their COA is comprised of. First, it looks like around $4500 of that $24K is unbilled estimates for books, transportation, and miscellaneous personal expenses. That seems very high and those expenses are well within your control. Get a work study job and be frugal…don’t borrow for that stuff at all. Idk what their room and board plans are like at UT, but there’s often “wiggle room” in there as well. Many students sign up for a 19/21 meal per week plan and don’t actually eat that many full dining hall meals, so if you’re on a budget, it’s better to sign up for a lower cost plan and add money to it if you actually need to.</p>
<p>If your EFC is 0, surely there are other need based grants that are available either through the school or the state of Texas. I would do some research on what those are and make sure you meet any/all deadlines to qualify. Texas may also have a student loan program of their own. Find out what the qualifications for scholarships are at your instate publics (or any generously endowed privates that you’re interested in/competitive for). Also check on any Federal grants that may be an option, such as TEACH (for education majors). Find out what schools your local CC has articulation agreements with and if there are transfer scholarships available for CC grads. Ask your HS GC about scholarships that may be available specifically for your district/county - many colleges in our area sponsor these, often for city districts. Just focus on finding the money and leave no stone unturned!</p>
<p>Finally, if you can, start working and saving now! I know jobs can be tough for a teenager to find right now, but start networking now and be persistent. Also look for ways to earn money among family/friends…those off-beat jobs can turn into referrals to more jobs/networking opps. If you decide you’ll be better off taking a gap year, at least you’ll have some experience under your belt.</p>
<p>The student wants to be a doctor. If that is true, then taking out more loans (in addition to Stafford loans) is not advisable. </p>
<p>What’s the point of going thru a pre-med program if you’ve borrowed so much that you now can’t borrow what you need for med school?</p>
<p>She can apply to UT and see what happens, but she also needs to apply to some state schools that might give her some merit money (if her SAT/ACT is strong enough) and a state school that she could commute to.</p>
<p>Gardna is right–definitely do NOT take out more than the Stafford maximum.</p>
<p>M2CK, few 0 EFC kids can get away with taking only Stafford loans and med students have expanded eligibility for low-cost federal loans (and grants). But the majority of pre-meds never end up in med school anyway. Idk where she lives, but if there is no state school within commuting distance, or they don’t offer a good program for her field of interest, that may be a waste of time/money. The “Stafford only” rule is simply unrealistic in some cases, although I agree that debt should be minimized as much as possible and never taken on unnecessarily. With the option of using IBR/ICR for repayment, I would use the 1 x earnings rule of thumb for a very low EFC student and encourage them to look at earning an employable BA/BS while completing their pre-reqs.</p>