<p>Hi everyone. I'm in my final semester of undergrad and have run into issues with money. I have not previously taken any federal loans before and have had my all my school expenses covered over my time at college. However, this semester it looks like I will be short on my tuition payments since my parent has been cut to part-time and will no longer be able to contribute. I have my own job that normally covers what my parent does not; however, I am unable to work more hours due to my schedule at school. I have the upcoming month of rent and tuition payment taken care of, but for the remainder of the semester I'm unsure if I will be able to make enough for both from my work alone.</p>
<p>I have filed FAFSA to get loans and understand that the maximum is $7500... Is there any way to get this increased, since I have not previously taken any loans out before?</p>
<p>Unfortunately not. The only alternative is to have your parent apply for a PLUS loan. If they are denied then you can get an additional (I believe) $4K.</p>
<p>Another alternative is for your parent to co-sign a private loan. Another thing is that you will not get the full 7.5K, only half, since it is for one semester, not two.</p>
<p>Actually, the Direct Loans will give you the full amount for second semester as long as the COA is not exceeded, and that includeds the PLUS. </p>
<p>You can have a parent complete PLUS, which would not take long once FAFSA is completed. Like miniutes because very few questions are asked, as all the info they need is on FAFSA and they will approve or disprove on line immediately after the send button is pushed. If they are denied, you are eligible for addtional Staffords. If they are approved, then they get those funds and you can make a private arrangement with them regarding repayment which can be forestalled up to 6 months after you leave school. </p>
<p>It’s not something I would ordinarily advise doing, but since you are so close to the finish line already, it may be the best thing to do. Be advised that the interest starts accruinging immediately for unsub lones and the PLUS ones have higher interest rates than the student Staffords.</p>
<p>cpt is correct. As long as the student was eligible for aid in fall, the full year budget will be used in calculating the eligibility for loans. In cases where the student was not eligible in fall (such as being less than half time) but is eligible in spring, the student can still get the full year award, but a one-semester COA is used instead of the full year budget in order to calculate the actual eligibility (and since this would be one term & last undergrad term, it would also be prorated in this instance).</p>
<p>CC is a powerful learning tool - even for me, who works in financial aid. I have had to look up odd situations for people who post, and in the process I found out things I did not know. :)</p>